TANGIBLE Book Value is an interesting thought (in regard to valuation), but perhaps the core of valuation manipulation rests within the inability of our sovereign government to control rouge capitalism -- which is the result of discretionary abuses.
Post Enron, we see on-going abuses where the foxes are front-running the chickens and making rules, which are engineered to be broken by those in the know and in the loops.
KKD has complex financials which are blessed by many accounting firms and analysts but as we are seeing, the smoke and mirrors used in this game are being scutinized by skeptics and doubting Thomas superhumans looking for opportunities to speculate on a congame gone wrong.
TANGIBLE Book Value places doubt into a dark place and just suggests that the game has been somewhat adjusted (for the next wave of rubes), and like Enron, the market will bury the guilty beside the innocent and the only winners will be those who played the spread.
God save the dumb bastards and let the fun begin; may they all drown in sweet donut glaze!