LTF, you may be right. But TA's management is sitting on millions of $ in unexercised options. I would think they would want at some point to collect those millions? Also, the proceeds from the secondary offering were used to purchase, free and clear of liens, properties that are wholly owned by TA. I'm not sure I follow your reasoning since TA bought all those sites for themselves. And HPT being the largest shareholder to my knowledge had their shareholders diluted along with the rest of us.
You're allowed to be long and still criticize the company. You dont have to blindly blather on about how everything is fantastic. LTF probably owns some, but he also probably sold some into post earnings strength.
I mean we all know the TA/HPT relationship is funky, and lowers TA's valuation. I will say I dont really agree with LTF that it matters at this point whether TA's use of the funds raised in the offering has been accretive or not (except to judge managements smarts/integrity).....imo, thats water under the bridge and not really material for valuation purposes.