The Unintelligible Investor
Long/short equity, value, growth at reasonable price, long-term horizon

National Research Corp: Research That Pays

Split Decision

There has been some very audible table-pounding on Seeking Alpha about a little company by the name of National Research Corporation. I have never been one to shy away from a commotion and so I decided to inject a few of my own thoughts into the debate. I won't rehash everything that's already been said. I encourage you to read this, this, and this if you want greater details.

NRC underwent a somewhat unusual share recapitalization earlier in the year. The share recap involved the creation of a dual class structure (NRCIA and NRCIB), each class with different features as follows:

(click to enlarge)

An important point of note is that the CEO, Mr....

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