Ann: Update on Business Activities / Integration, page-131

I've been following this company for almost 5 years now and had sold out. But the thing that strikes me is that the regulatory environment is not only going to impact CAJ. It will impact everyone won't it?

CaJ one of the larger operators and could be in a position to widen is footprint.

I'm sure the managers and the industry will find a way to be profitable.

The only issue is the debt and cash flow.

At 100m this company would be an absolute bargain. At 150m its cheap. At 600m it is ridiculously priced.

I'm tempted to build a small position and watch it. Will these guys find a profitable way to build a business? Will they find a way to turn the economics in their favor?

The best news this week is that I'm expecting funds to not only sell out but totally stay away from this stock for a few years.