I was doing some research on TAST. They've got a lot of sales leverage, which I like.
They got a low EV/EBIDTA ratio, which I also like.
BUT THEN IT HIT ME OVER THE HEAD.
They've got about $100MM in 11.25% bonds out there!!!!
Who owns this company? I would argue it is the bond holders! They are secured vs. shareholders and they get 11.25% INTEREST. I wonder if the bonds are traded? I further wonder if they trade at a discount to par?