This thing is effectively a scam. No self respecting management, assuming it viewed this company as having the future earnings potential that the bulls think it does ($2-3 in EPS??) would issue shares at this price.
They sing the praises of how "undervalued" the things they acquire are....but then they never justify that with the returns they get on the purchases. (i.e. SCAM)
They are building the strongest and largest nationwide network possible, at a "pay any price" (in terms of dilution of TA shareholders) mentality, because they DON'T CARE about TA shareholders. They are operating the company "for" HPT and the Portnoys. Because TA management are schills for Portnoy.
TA is, and always will be, as long as the Portnoys are involved, HPT's #$%$." It exists as a CAPTIVE SLAVE for HPT.