Liquidation Worksheet

Date: 01/08/12 Stock name: Tuesday Morning (Tues.) Market Cap: 146.34 (M) Shares outstanding: 42.66 (M) Price to date: 3.43$ Insider ownership: 2.40% Adjusted Book value per share: 6.10$ Liquidation Value per share: .51$ Cash per share: .45$ NCAV per Share: 4.20$ Is there a dividend? Is there any long term debt? Is the price within 10% of its 52 week low? Any off balance sheet liabilities? If so what are they? Notes: Tuesday Morning, (Tues.) is an asset play. Tues. is a Net Net that just so happens to be a worth more alive than dead. There is an alarmingly low insider ownership level, maybe they know something we dont or maybe they dont see the value in their own company only time will tell. There is a stock repurchase plan; hopefully this will unlock enough value to make a profit. Buy (yes buy) no buy Buy In price: 3.50$ Sell out price: 4.20$ - 6.10$