Message from wfrazee on Jun 23 1997 4:43PM EST
Last I talked with IR, the company was still negoating with creditors on a settlement on the debt.
I hope it does get worked out as it would put the company in a much better position and a forseeable future.
I think the last 10Q indicated some kind of deal to put about 10 slots in the Vegas restraunt.
I read somewhere they do plan on putting in about 15 slots. That is all that is needed. The theme idea is enough, the gambling may bring extra income, but I don't think it is a necessitie.
I think the $250,000 was payments for two former company officer's who were kindly asked to leave when new management took over. It was a retainer that's supposed to run out very soon. Definately, this capital could be used better elsewhere.
Maybe. Again for me, if I can get through my distrust at they way it looks on the outside, it looks real enticing. I thought his other board of directors though were going to pull in some dough though. <g>
The Orlando investment was put on hold or canceled until finances get better. I think that would be a great place to locate a flagship restraunt. I don't know Alanta very well but I never did have a warm fuzzy about the long term prospects of a restraunt there. Why not Branson, Tennissee, or some other "Country" locations? If the Vegas restraunt doesn't start improving, then I question the long term viability of the company.
My thoughts are they should be looking at tourist stops. The Buckhead community in Atlanta is a nice area, but I don't consider it a tourist location. Maybe a move to downtown Atlanta would make a bit more sense or some other site of tourism and not some upper scale community. In order for a restaurant to survive, it needs customers and the theme type restaurant definately needs tourists or some form of repeat business by the locals to survive.
I don't like the idea of a reverse split, but the don't want to get delisted either. I don't like the increase in shares - I think they are asking for too many.
I understand their wanting more shares so they can generate capital to work with and I can see why they want a reverse split to bring the price up, but I have to wonder if the shares being asked for will be too many. On the surface it looks great, but something just doesn't look right to an investor at this moment. After a reverse split and after they show they can turnaround the Atlanta restaurant or dump it completely, then it would be a better environment to invest in this company.
I'm not concerned about the youthful crowd running this company, seems they've already made more logical business decisions than the last group. The temp closed Alanta to stem the losses, they started to work a deal with creditors, brought in limited financing, and halted the ambitious expansion plan that would have soon put us in bankrupcy. Their long term stragetic plan makes sense if we can get over the short term financial problems.
Yes, the age is not the thing, but the way it looks like friends were brought in when they may not be needed thus wasting salaries on monies that could be used to get things a growing again.
Anyone else wish to place some comments, please do. Actually, I would like to hear what others are saying as I would really like to invest in this company, but am shy without knowing the outcome of their debt problems with the creditors and waiting for the reverse to happen soon, and as a final note, what will transpire with the Atlanta property. While it's firsth month could be nice, how long can a theme restaurant stay in business in a community that really isn't a tourist stop?
Tim |
