tag:blogger.com,1999:blog-7294165939647321702.post5936295939663000481..comments2024-03-28T13:45:43.362-04:00Comments on <center><a href="http://www.barelkarsan.com">Barel Karsan - Value Investing</a></center>: TravelCenters Of America: It's ComplicatedSaj Karsanhttp://www.blogger.com/profile/04493152766022812984noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-7294165939647321702.post-42194382937338395182010-02-03T14:36:28.894-05:002010-02-03T14:36:28.894-05:00Hi Anon, They do pay some rent, but they also have...Hi Anon, They do pay some rent, but they also have been deferring $5M in rent per month since July 2008. That unpaid rent balance also started accruing interest charges of 12% per annum on January 1, 2010. So by my count that equates to a $95M off-balance sheet liability to Feb 1.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7294165939647321702.post-60041437558613112432010-02-02T21:23:05.322-05:002010-02-02T21:23:05.322-05:00Hi Steven,
Yes, I have assets minus liabilities a...Hi Steven,<br /><br />Yes, I have assets minus liabilities at around $350 million...do you have something else?<br /><br />Hi Anon,<br /><br />You are right, "hasn't actually been paying any rent" is an overly sweeping statement. I have corrected that line, but the point remains that they have major rent liabilities coming due which makes the cash position not as good as it would otherwise look.Saj Karsanhttps://www.blogger.com/profile/04493152766022812984noreply@blogger.comtag:blogger.com,1999:blog-7294165939647321702.post-82908899270707780732010-02-02T21:13:30.327-05:002010-02-02T21:13:30.327-05:00Your article is riddled with inaccuracies, the mos...Your article is riddled with inaccuracies, the most notable of which is, "The company has been recognizing rent expenses on the income statement over the last little while, but hasn't actually been paying any rent!" Saying the Company hasn't been paying any rent is completely wrong. The company has actually paid the majority of the rent due under their leases. You should check your facts.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7294165939647321702.post-28752765737537266862010-02-02T14:31:27.057-05:002010-02-02T14:31:27.057-05:00i thought that book value equals totals assets - t...i thought that book value equals totals assets - total liabilities ..have you discovered any off-balance sheet liabilities??Steven Dallnoreply@blogger.com