So Miller has added more than 300,000 shares in the last couple of months taking him up to 2.1 million shares and making him the single largest shareholder in Cosi. Miller happens to be a director for Advantica Restaurant group as well as for Cosi. Wonder what he knows that we don't?
I see a "John Miller" who is a Director for Denny's (formerly Advantica Group). Not sure he's the same guy but I'll defer to the experts. I'm not sure there's any logical connection between Denny's and Cosi....very different concepts and facilities. Lloyd Miller has several other holdings that are non-restaurant related.
What I do know is that Llyod is underwater on this investment and is painting himself into a corner. The only thing he could be doing is attempting to gain control of COSI and utilize it as an investment platform to aggregate other businesses. I don't know if Llyod has that kind of scratch or access to credit...but he may. He will have to recapitalize COSI if he wants it to stay publicly traded. Otherwise fundamentally I'm not sure what he sees. He could be brokering something behind the scenes, who knows. FYI, he no longer is a director at Advantica aka Denny's.
He must know something we don't. He's clearly not throwing away money on purpose, so the fact that he's confident to keep buying in to COSI makes me have a little optimism going forward. I'm very tempted to get in around these 2.15 levels