Agreed.  And you can see the actual rent paid thru the cash flow statement from sir Corp in financing activities.   They paid $4.4 million last quarter, and adjustments for lease abatements is just $65k in the notes.  

to qualify for the govt rent subsidy, they have to pay the rent .   Which gets to the point that not being franchised has been an enormous disadvantage for sir Corp versus others.   Because they are the single owner, they cap out while franchised operations mean that each franchisee can qualify for up to the maximum.  

the asymmetry of the risk reward which I flagged under $2 (300 percent upside vs 100 percent downside) is not nearly as favourable now.  While 100 percent downside is likely off the table, the upside target is more muddled.   Plus is a position that needs babysitting which is distracting.   Too many other interesting names out there with less noise.

good luck to all.