To me this seems exordinately bad news. The implication the way I see it is that the shares of KATX are practically worthless. One property that was supposed to be very valuable has been given away for next to nothing (80% of it that is). Why are the other properties a hundred times more valuable than the Lucky properties?
I have acted with post haste seeing the implications of this deal and sold about two-thirds of my shares at a very nice profit. My remaining 130,000 shares are free shares. If pps goes to dollars they will be quite valuable. I don't think that will happen.
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