Replies to post #11797 on IAHL Corporation (IAHL)

[RDG013]

GC, Ruth Chris is a highly overrrated franchise imho. Living in the land of Steak Houses, Chicago, I would never go there. Far better places here. Once the locals in FL find out for themselves that it is a name and name only, any intial negative impact on our business should be minimized.

Of course I am posting this without ever eating at one of our places, so can't compare. Would be interested inthose reviews if you got em.

[PsychoTim]

Cozze review from Naples News:

http://www.naplesnews.com/news/2006/nov/24/dining_out_cozze_steakhouse_better_second_time_aro/?enter...

Yikes!

[AngelHillCorp]

IBCX .... Value Figures ...

Colony has Cozze listed for Sale for $2.2m
Coldwell Banker Naples
Sold as leased income property ..

Colony owns Cozze with IBCX 1st right of purchase
IBCX must have included property purchase in $4.1 sale
Therefore $2.2m goes to Colony for property ..
Colony may try to sell it 1st
but IBCX has right to refuse buyers

Basic Formular ...
Fl Restaurant Business Sales (Property not owned)
1 1/2 to 2 X Net Earning + Amenities Assets = Sale Price
2 X $300k Net + $200K Amenities = $800K Cozze leased Sale Price
$800K is fair value for Bonita Springs restaurant business sale

$800K Rest business + $2.2m building = $2.8m to $3m full Cozze ownership

Cozze Net Figure ...
$90K Sales Tax 8mths / 6% Fl Tax = $1.5m 8mth Rev
$1.5m / 8mths = $187,500 mth
$187,500 x 12mths = $2.25m potential yr Rev
$2.25m Rev X 15% = $337k yr Net
Ave Fl Rest Net formular = 10% to 15% of Rev

Cozze Rest $600k business sale + $200k amenities = $800K
$800K + $2.2m property = $3m
IBCX leases from Colony owner
IBCX has 1st right to purchase

I have not looked at Sanibel Palms Sales Tax figures yet
Sanibel is leased and sold as business with amenities
A rough figure of $3m to $4m yr revenue
Sanibel business + amenities sale = $1m to $1.5m

Cozze $3m with property + Sanibel $1.1m = $4.1m
$2.2m would go to Colony for building
$1.9m to IBCX - $500k bills due & cost = $1.4m net cash

$1.4m Sanibel Sales cash + $1m Hotel (51%) = $2.4m net cash
Thats if Hotel 51% is sold free clear for $1m ...
Hotel sold value may be worth $2m to $4m ...

[antisubmarinewarfare]

GCRox99,

I was here in January '07 when this was posted on this board. You stated in this, your 1st message to our board, that you were 'a shareholder' and you had this to say. We should always welcome 'factual information'. ~ASW~

binzur:
I live in SW Florida not far from the restaurants and can tell you that there is probably no way their is an offer for 4.5 to 5. million for the restaurant business'. I believe Hayter first pr'd the offer in October and nothing has happened since. This is probably going to be a paper transaction with another pink sheet that Hayter has an interest in...thats all!

This is not bashing as I have been in and out of ICAN/IBCX, made some money, lost some money. Currently in at a loss. If anyone thinks I am bashing the restaurants I will post the last reviews written up in Naples News and Bonita news. They are not good, I think they gave Sanibel Palms a one star for food! and Cozze didn't fair much better.

Cozze (Sanibel-Bonita) was purchased for $900,000 last March after Ruths Cris announced that they were opening their first SW florida location 2 tenths of a mile up the road. I sincerely doubt that they could get what they paid for it at this point in time. Cozze is rarely busy and that the truth.

At this point I'm just thankful they never went through with the purchase of the Sanibel Steakhouse in Naples as Ruths Cris is opening there on February 1st!