Near as I can tell, the board has been very careful about staying just the right side of the law on this. An extra $2MM to Cohen for doing what he is already being paid to do through the management agreement might have been a stumble, though. Needless to say, I consider this a healthy development.
I can definitely see where the value can be here -- my main "internal struggles" has been with the structuring of the earnings -- placement of assets -- and some of the comments made in the conference call. Seems like the underlying business is there but the management seems flaky. For example one of the questions was:
Sidoti & Company
What was the reasonably large gain on sales disposal of assets?
President and CEO
Sure, so that’s actually a strategic action that we took in the quarter, it’s been in play, it’s actually been in process for about 18 months that was sale of seven stores in a secondary market to us to frankly to strategic investors that we know very well and have been partners with the company in the past, recent past as well. So they are going to develop the market, we’ll have every opportunity to take that back at some point, but that’s really what that was about. And I know it shows a gain on sale on the one line, there were costs associated with it that really are buried in other lines that we didn’t show, but that’s what that is.
What costs in what other lines that they didn't show??