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VANole --

Excellent work. If you or anyone else is still checking this board, I'm starting to do some work on JOE.

The yellow flag is already out -- "returning" to the shareholders by announcing repurchase while eliminating (not just reducing) the dividend.

But the value of their land is not zero. Laying off or outsourcing 750 employees, according to Yahoo 3/4 of their work force, certainly will reduce expenses.

JOE has an income stream from leased commercial property. Their reorganization plan looks good, but I wouldn't call it a plan. (If they had eased into it a year ago, THEN I would call it a plan.)

So there are only 2 small questions we need to focus on:

What are the remaining assets worth?

Will they have the cash flow to stay alive long enough to execute their plan?
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