Why keep same mgmt that presided over a 28% decline in ad dollars last year ?
Alpha Media Group Inc. put Maxim up for sale a year ago. The publication has struggled, with ad dollars dropping 28 percent last year to $80.7 million, bucking a 1 percent gain for consumer magazines overall, said the Association of Magazine Media
BH is a holding company - no staff of Executive VPs to send to NY and run the magazine. Every takeover is accompanied by the message that the current management team will be kept, so that they don't bolt for the doors and create chaos. In time, the right people will be put in place. Cheap entry - a vision on how to increase cash flow - the numbers, when announced should be quite impressive. The same "yammerers" that the BH letter predicted are evident on this board. If you don't see the cost of capital reduction in BH - just go buy an index fund; save yourself the perpetual confusion.
BH does not have anyone else to take over right now. They will probably hire some new management, but I am willing to bet Biglari thinks his own ideas will work. He usually wants to believe that he is smarter than everyone else in the room.
"He usually wants to believe that he is smarter than everyone else in the room."............Reminds me of you...................2 peas in a pod...............Western Sizzlin could be in BK soon....SNS is in the dumps.....CWE is in the dumps and could be headed for BK and the price of CBRL, his only hope, is falling.