the "market" is not that stupid. Anyone who spends more than 2 minutes looking at BID's financials can figure that one out. I think the underlying problem here is that SG&A looks out of control.
I like the idea of buying into a space that is a fairly high margin oligopoly (Butter and Christies are their only real comp) with high barriers to entry and etc, but there appears to be a real problem here with the overhead, I know this is a relationship business and the rainmakers and all the affiliated folks need to be compensated highly, but I think a real effort toward tightening-up is in order. It's like its being run for the employees and not the shareholders. I think the only salvation here for investors is for someone like Blackstone or Cerberus or some other vulture/value shop to buy the thing and fire a lot of people.