Eight months ago, I wrote that while EZCORP (NASDAQ:EZPW) had some interesting turnaround potential, I really didn't like the company's operating/ownership structure, nor its operating model. Prior to an announcement in May that I believe is transformative for the company, the shares were tracking down around 5% and the quarterly results were still showing some pressure. While the company is likely to see ongoing pressure in scrapping, comps should start getting easier later in calendar 2014 and the company's valuation is undemanding.
Fixing A Large Problem
One of the things I really disliked about EZCORP was the "advisory agreement" between Madison Park and the company. EZCORP paid over $7 million a year in fees and expenses for...
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