This is a relatively new purchase for Cove Street and we are delighted to see something thoughtful and intelligent to assist our cause.

“While we are not an activist fund, we have the requisite operational and turnaround experience and strong alignment with stockholders to credibly lead this effort to unlock value.”

The only reason this is happening is because Founder and CEO Jeremy Stoppelman sold enough stock to sunset his voting control. We repeat – securities that convey voting control over public companies that is not directly commensurate with economic ownership is nearly immoral, and makes a number of companies uninvestable for us (Okay – not all – Mr. Malone).

But as you skim through this presentation which frankly we could have given you in 6 pages, the critical variable in our process was the ability of the “market” to hold people accountable for the fact that a $45+ reasonable value was selling in the market at $28. To repeat one of our favorite paraphrases: mediocrity will continue to exist if highly paid fiduciaries do not want to do anything about it.