5.7% real return on 4000+ notes? WHY IN THE WORLD would you find that to be an acceptable return when you can get 2.25% RISK FREE with T-Bills? To subject yourself to that level of risk for a measly 3+% more return is insanity.
Given recent performance and the guidance, it is clear that Sather (CEO) cannot get the job done. Just like MCD, the impact of a new CEO can be dramatic and this company is a perfect candidate for such a turnaround. Sather has made it painfully clear that he is NOT the man to do it. This company has a fundamentally good product and business with plenty of room for expansion (outside of CA). It would make a sweet takeover target for a much larger competitor. But, its long past time to say "adios" to Mr. Sather.
For many years now it has been apparent that TRC has a vast store of value that has been allowed to languish through a series of inept management and BOD actions (or lack thereof). Well, maybe the cavalry is on the horizon and riding to the rescue. Towerview LLC has quietly amassed a large position in the stock. These are VERY smart guys (Tisch family) and I find it hard to believe that, given the poor performance of the company and its stock, that they'll remain passive investors for long. As the largest private landowner in California (dating back to the original Spanish land grants) with vast mineral, oil, agricultural, developmental and water rights, this company is a storehouse of value that has been allowed to lie fallow. It is LONG past time for someone to find a way to monetize these assets. Hopefully, Towerview is ready to do it!