Looks value now, page-5

Hi Volf,
On the $5.5M of ongoing costs - are you basis that on FY22? Or FY23?
As they sacked a ton of staff, as they had bitten off more than they could chew, and had a ton of execs earning $400k+ (public and private equity, head of private credit... all now off the payroll).

I would have assumed that they are fairly 'breakeven' once you factor in the mgmt fees from their hotels fund JV, and the recent credit deals.
100% agree that their incentive plans are WAAY, WAAAYYYY to generous. My central this is that occaisonally, just occaisonally.... I like to see Execs spend some of their $800K salaries on company stock. Don't always need them 'gifted' in STI's.