"JCP Investment Management disclosed that it owns 412,633 shares (5.3%) after purchasing 79,730 from Aug. 17 to Nov. 4 at prices that ranged from $7.95 to $9.88. JCP said that it had bought the shares based on the belief that they represented an attractive investment opportunity."
Either he's related, or his employment history contains an ironic coincidence. If brightscope is accurate, he's putting roughly half of his investment fund's eggs in the DAVE basket. No indication whether this has anything to do with the Pappas restaurants at all; merger/takeover is not impossible but seems unlikely given that they have their own BBQ line already.
Hopefully we get a buy out here soon. Company seems unable to grow on their own. Buying out the New York/Jersey restaurants was a good thing and this new footprint might work, but it takes them forever to move on this stuff. A larger company with more experience could really do well with Dave's. Seems like a no brainer.