"Death-spiral" is more than a bit gloomy. Usually when I see a death spiral, I see a company with high debt weighing them down. This company does not have that problem. The other thing I see is nothing to change the current trend or nothing going on. That is not the case either. 70% full at this point is pretty good....
Worst that could happen is that franchising does not work out.. he breaks even... stock would then slide like it was prior to any of this. then what doe she do with 4M in the bank.. there is no turning back now.
Stock price represnets nothing more than potential future earnings, there is no debt/equity ratio to worry about.
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