RE:$100M market cap I think this is an amazing post, and should be revisited. It was certainly an angle I wasn't focused on at the time. I did not verify the numbers but am more than confident that BJ did.
Fowler tried to take the company private, in the midst of the chaos of Covid, while talking doom and gloom about the company, when the share price was at its all time low. And he (effectively being SIR) was offering half of what "he" owed the company (SRV) in loans!
While doing this, SIR was operating another brand (Renegade) out of OUR kitchens, advertised to OUR customers through OUR mailing lists, canabizing OUR sales, for sales on which he had zero intention of paying any royalties on.
Most interestingly, he was not purchasing units himself, which he could have easily done (and profited very handsomely) because that would have been seen as a sign of confidence for the company and its future.