That's the Board's pay Sonic, not managements. Don't forget...

That's the Board's pay Sonic, not managements. Don't forget Sexton has now made himself Executive Chairman. That won't be a gift to the company, plus he's still getting 1.2% of the gross asset value per year as a management fee.

Your description of the Ferguson situation is partly correct. It's true that the Ferguson's suffered a family tragedy losing their son this year, nobody ever wants to hear things like that. However they were looking to buy Beston out before that and afterwards, well, understandably they just want out. There is no love lost between the Ferguson's and Beston from what I have been told. The other issue I see in this is that Ferguson haven't made a profit in years so finding a buyer that values the company at an amount that gives Beston their purchase price back will not be easy. 

I've said it before, I like their cheese. I hunted it down in IGA's at first and I think it's better than their competitors. The problem is that it's also more expensive. This must be driven by cost because their margins are okay without being huge. This has to affect their wholesale selling as that market is cost focused. I would also be interested in what they are buying their milk for and what is happening to milk that is excess to their needs. I assume they must be on-selling it but that is probably at minimal if any margin. 

It's a big hole to get out of. Not impossible but definitely not easy. I'm sure they are looking for an exit very soon so I hope for your sake there's a buyer willing to pay at least asset value.