This was a former holding. We lost a lot of money. Permanently. Among several terrible mistakes – which include the difficulty of properly valuing a dispersed group of real estate holdings and grossly underestimating the extend of an overbuild in senior living – was a sense that the “Board” could be trusted to act in the best interests of shareholders. After all, wasn’t the largest shareholder an esteemed NY Hedge Fund and had two Board seats? Wrong.

The company is now basically executing a public bankruptcy restructuring, as noted below, and the PR move is “zero” vs “minimal” – take the minimal. My point here as we drive by the highway fatality is that a Board that is responsible for a complete disaster is still here. The minimum of decency here would be for the board to en-masse resign as a condition of a shareholder vote “FOR” and let newco take the reigns.

If you are asking.