Over Sold, page-422

The business is only as good as the amount of new franchises they can sell considering how hard current conditions are for the brands they have. The negative publication shot that business model to pieces. They would be fine if they are net debt positive, in which case they can swallow the bitter pill and restructure to make sure franchisees are happy but they are from it and there is no way that they can refinance now. I just don’t see how RFG can survive as a company. There is always value in anything so $1 would probably be fair at this point.