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  • fastmoneyla Aug 3, 2010 10:50 PM Flag


    I don't like the high interest payments but, management is making many smart long term improvements and I expect continued financial improvements over the next two quarters.

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    • With all due respect, I fail to see what you refer to. I live part time in Miami Beach and went a couple of weekds ago to see their swim suit presentation and they were in a third tier type of environment. They simply were not a big player in any of the demonstrations. I believe that they window dress the whole corporate image and then figure out how to steal money from the shareholders by paying out high interest expenses to cronies that accomodate their capital structure. There is absolutely no need whatsoever in today's corporate finance world to justify interest payments of at least 15%. I have at least two companies in my portfolio that are not high grade and they still manage to borrow at just under 7% recently. FOH to me is a set up for the insiders and nothing more.

      • 1 Reply to santosias
      • They did get face time on So. FL TV but it is sales that matter in the end. The final sales are not to the top eschelon today but they are doing the right things to come back. They are eliminate stores that are unprofitable when the lease runs out and consolidating their manufacturing. They are creating marketing and sales partners and looking global. They have a 49% owner that has warrants at higher eps pricing and a very small oustanding short position.

        The 49% owner is calling the shots and that with the restructured business will move a sale eventually or towards stronger operations. You may not like the loan terms but they still maintain a $20 million line with Wells Fargo and I don't see the 49% owner allowing a default. I just think they grow out of this. A good turn around and restructuring story.

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