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As a shareholder I would like to thank you for putting the spotlight on the Imperial Parking merger. I agree with your opinion, we really don't know if management could have done any better.

Is management losing their equity interest at $26 a share? I doubt it. The proxy should say.

If mgt is not forced to sell (e.g. retain stock, or partnership units, or options, or profit-sharing) then they have traded one boss -- Gotham -- for another (a longtime friend) and stiffed the other shareholders.

If mgt equity interest increases, then it is worse.

As for options, it seems doubtful that IPK with the free cash flow it has and $20 million in cash couldn't take out Gotham if it wished. It would be awkward, without a doubt, but doable. But it would have interfered with mgt's plans for expansion (and career development) so better to stiff the shareholders. They likely are thinking that we idiots deserve it for investing with Gotham.

As for the $20 million -- remember that it was $8 million 3 years ago (and maybe more than $20M now?). It is hard to fake cash without building up debt. They may have reasonable plans for that cash, but their first obligation is to the shareholders.

Ah, enough. Read the proxy, see how mgt did for themselves.


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