In Big J's defense: He makes some excellent points and there absolutely is value in the JACK franchise and Qdoba. That the company has been mismanaged is a given. The menu also needs focus (although they sell the hell out of those 99cent tacos). The stores have been upgraded and the weaklings weeded out so some good things are happening. Unfortunately, the company is highly leveraged to the Calif. economy and that is showing few signs of really turning around. This company has perennially disappointed and will be dead money for some time. Likely to be under pressure through year end as asset managers will want it off the books for the quarterly report. Still, they have a strong franchise with lots of stores and good name recognition. This is not easy to duplicate. With extensive private equity involvement in the space, it is only a matter of time until one of the big players recognizes the value and makes a run at the company. New management, new focus and a new menu will go a long way to boost the stock price. I wouldn't add to the position here but it is worth a "hold".