How do come up with valuing their real estate at $415 million? According to their 10k, almost all of their 90 campuses at the end of last fiscal year were leased. So, for those to have value, you must believe that their lease rates are below market and they could sublease them for more...or sell the lease. However, when they announced the closure of several campuses, they took a large hit to the P&L in the form of a reserve. This would seem to indicate that they don't believe they'll be able to get out of those leases for anything near what they are obligated to pay. Your post lacks any facts to support your claim. Do you have any?