Luby's (NYSE:LUB) shareholder Bandera Partners sends a letter to the company's board detailing its issues with the company.
"Since fiscal 2008, Luby’s has sold $88 million of assets. This capital, more than double the current market capitalization, is gone and forever lost to shareholders."
"The strategy of plowing cash flows back into restaurants works with good concepts like Pappadeaux and Pappasito’s, but it has been a failure at Luby’s."
"Luby’s has hired a very sophisticated and expensive corporate defense lawyer instead of engaging in substantive negotiations to improve the Board with fresh, independent faces".
Bandera goes on to nominate a full slate to the board, which includes former Senator Phil Gramm.
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