Feb. 27 at 7:02 PM
$CODI I believe ADW Capital Management is correct that the liquidation value is greater than the stock price now, but it isn’t close to
$26. The problem is the management team has their fee deeply embedded into the structure of this company. That means 2%, or 50-60 million dollars is taken off the top and distributed to the management team – a collection of about 25 individuals in a Connecticut office. This includes all sorts of vice presidents and directors of anything you can think of. They will produce all sorts of uplifting statements about corrections taken and progress being made, while the stock pays no dividends and goes nowhere. This can go on indefinitely.
