Shrinking the pool is not great, especially in high throughput locations like this.   As unit holders, there is the adjustment (reduction in class a units) in Jan 2022 to account for this, but that is a one time adjustment, whereas thriving restaurants help to pay dividends for years to come.  

If Fowler elects to rebrand and not vend in new brands to the pool, it isn't great, especially if additional Jack's/scaddabush are closed. 

NOw clear that BNS is preventing them from paying out accrued royalties, given their statement to that fact.  That debt agreement comes up for renewal in mid summer I believe, so we will have to see what takes place at that point.  

This whole thing has become messy and not as confident as I once was on realizing that $6-7 share price on the units by end of 2021.  Still been a nice ride from $2, but tough to stay engaged when management doesn't appear to be on the side of minority investors...disappointing.

Good luck.