"If you're happy with that return on $123M plus, then squandered isn't the right word. But if you're pretty confident that a diffferent group of people with a different set of skills and a different outlook and different allegiances could have created more than $9M in value, and by that I mean MUCH MORE, then squandered is a very appropriate word, perhaps, even a bit too forgivng."

If the number were $123M NET, after taxes, after all expenses, and after the dividends, your argument would hold more water. But look at that $123M, over three years. At 40%, about $50M went in taxes. $32M went in dividends. Some amount went to buying back the warrants. Some amount went for OH and general operating expenses. Some amount went to Fish. $17.5M went for acquisitions/investments (sans ARS). So figure all that out, find your net number, and apply it. I'm actually amazed that the market cap has increased, recognizing the above - and what the PTO has put us through.

And you may want to think about that "squandered" comment again, in the context in which it is presented, i.e., "squandered ALL the revenue". While money paid to the IRS and CA could be considered "squandered", the bulk of the rest of the above was not.

I note that you've extended the meaning of "squandered" to include what potentially could have been done with the money, or the net money available, toward an ROI. Realistically, considering what has occurred to the markets over the past couple of years, are you really THAT confident ANYONE could have gotten a decent ROI? Maybe if they'd loaded up with stock of a rock-solid stalwart company like Lehman Bros.? Properties in Vegas? Please consider what you're saying and the circumstances surrounding. Any investment that wasn't seriously crushed in the last two years was extremely lucky.

FWIW,

SGE