Here's some news:
"To vote on a non-binding advisory resolution to approve the compensation of the Company's Named Executive Officers..."
For - 367,672 (33.29%)
Against - 505,345 (45.75%)
Abstentions - 231,404 (20.95%)
I guess shareholders think Duane Geiger is overpaid...
But Gomer, if you add 15 back to cash flow, then your FCF multiple drops from 10x to 7x. 30% is quite significant, no?
Im typing on an ipad...so no mouse.
Hey Gomer, you've got a problem with your calculations. If you include "Lease Obligations" in your EV number, then you need to add "Rent Expense" back to cash flow.
I haven't looked at the numbers, but doing that will cut your FCF multiple down quite significantly.
You also need to deduct the deferred taxes from the value of the CBRL, UNAM, etc. stakes. That will increase your FCF multiple.
You, Guber, and Sparky can calculate the numbers. I'll be interested to hear what they are.
Over the last 2 years, Biglari Capital has earned $57,000 (no zeros omitted) in incentive fees from The Lion Fund.
Over the last 2 years, Sardar Biglari has earned nearly $14,000,000 in incentive compensation from BH.
Seems like the BH shareholders screwed up when they approved the comp plan for Sardar in exchange for 100% ownership of Biglari Capital.
That's so obvious that even smacys should be able to see it. Heck, I bet smacys has made more money in the last 2 years than Biglari Capital.
If you read the author's responses to the comments, you will also see that he is now promoting a potential buyout of TA. Give me a break. What's next...is the guy going to say that his aunt's next dooe neighbor's brother's cousin works for Goldman Sachs and is actively putting together a deal?
My Uncle Bingo is still receiving royalties for the game he invented.
I'll be d*mned if Biglari charges me a royalty for my yahoo name though.
Go back and read all of Sardar's BS regarding the reverse split. You know, it leads to "long-term" shareholders, blah, blah, blah.
If you believed what he wrote then, then you should vote against this stock split.
I predict that Biglari will get the new class and in 18 months propose a reverse split on the B shares.
Biglari's letter justifying his new pay package (or maye it was one of the filings related to the WEST merger). It had a bunch of "conservative" projections of the Lion Fund's AUM and the related earnings of Biglari Capital. Needless to say, those projections were just a wee bit off. Of course, Sardar is still getting paid...
I should also say that I agree that there is a lot of money to be made in this business. The problem is that HPT is taking all of the money and just leaving the scraps for TA.
TA may be selling for the same price per share as it was in Sept 2009, but the # of shares has increased 73% since then. So in actuality, TA is selling for 73% more than it was back then.
You're double counting, you dope. The assets produce the cash flow, so you dont value both of them.
That's like saying, "I just bought a taxi cab for $10k. The present value of all my future fares is 12k. Therefore, my taxi is worth 22k today!"
Looks like you also forgot the liabilities...
Who is this Buffett fellow and why does he so blatantly copy Mr. Biglari's writing style??
Next thing you know, he'll sit up at a podium at the Berkshire annual meeting and answer questions just like Mr. Biglari does.
<<January's int payment is factored into the EBITDA results for 2010.>>
Do you even know what EBITDA stands for???
It's Earnings BEFORE Interest...
Get a clue dumbass.
You keep saying paid bashers are bringing the price down so their employers (the evil short sellers) can cover cheaply. Given that, doesn't it make sense that longs would employ paid pumpers so they can sell their shares at an inflated price?
Seeing as how none of your shit makes sense (BBI selling shares @ 6.25...come on), you've been consistently wrong for 6 months, and that you never post relevant financial facts about BBI, I can only surmise that you're a paid pumper.
I hope you're proud of yourself for misleading all of the longs on this board.
Got any new conspiracy theories?
CSTR just released 2010 guidance. It's guiding for EBITDA of 250-265 million. It has an enterprise value (market cap + interest-bearing debt) of about 1.2-1.3 billion. Therefore, you are paying roughly 5 times EBITDA for it.
For 2009, BBI is expecting EBITDA of $200 million. It's enterprise value is approximately 1 billion. You're paying 5 times EBITDA for it.
CSTR has been growing quite rapidly. BBI has been shrinking quite rapidly (I'd be shocked if BBI guides for any EBITDA growth in 2010). Why would you pay the same multiple for BBI that you'd pay for CSTR?
The only thing BBI has going for it is leverage. It is so leveraged that IF it survives, the equity could easily double or triple.
At this point, BBI equity is no different than a call option. An investor will likely either make a killing or lose everything. IMO, losing everything is more likely, but far from certain.