You caught my attention quickly, since I've had a PF membership for several years.
I'm not registered, so I'm unable to read the whole thing. My two major interests right now would be the structure of the tax receivable (I'm guessing it may be R/E or tangible personal property type rebate/agreement), and the non-recurring revenue. Obviously, the recurring revenue are membership fees, but the non-recurring? Maybe one time set up fees?
I will say this....People like this who perform heavy duty research and then short the stock based on the facts, are generally very successful. The best one I've met is Manny Asensio.
