Parsad

Yes, but only if it's a very delicious ham sandwich! Some half-assed bologna on Wonderbread with Miracle Whip and processed cheese won't do. It's got to be Rosemary Ham, dijon mustard, real mayo on either fresh sourdough or rye! The U.S. Justice system doesn't do half-assed! Cheers!

If you've been balanced by them, then I'm Mitt Romney! Cheers!

This article in Vancouver Magazine makes it sound like Jaffrey bought all of The Keg! I'm not sure LFG could swing $150M+ for even a majority stake...I'm guessing they bought 20% or less. Cheers! Cactus Club Co-Founder Takes a Juicy *Stake* in The Keg - Vancouver Magazine

C'mon! You guys love it! Dwy000 and LC are like Glen Close from Fatal Attraction to you two! And I have to admit, Cubsfan is like Rainman to my Charlie Babbitt. It would probably take the craziest road trip in history to bring us together! "Ah oh, two minutes to Hannity! Two minutes to Hannity!" Cheers!

Is it me or has the last 3-4 days on this thread been more civil? Wow, what a difference! No, I didn't do anything. I think we're being boycotted by a few people. Cheers!

The Keg is a very busy restaurant chain...they are definitely not throwing in the towel. You cannot find a better steak than what is offered at The Keg for the price. The service is also usually excellent. I don't think this has anything to do with The Keg. More to do with getting Jaffrey and Hawksworth. David is already Chair and not managing The Keg day to day and it looks like he will retire at some point. Nick Dean is carrying on David's legacy. Jaffrey will help take The Keg into the next couple of decades in terms of growth, refreshing the food/brand, etc...he's just brilliant when it comes to developing concepts and new restaurant designs. You just have to make sure he's not growing too quickly, which he ended up doing with Cactus Club. Fairfax also has the capital to help fuel some of LFG's growth in their restaurant brands. David Hawksworth's food is superb at every level through Bel Cafe to Nightingale and his flagship restaurant Hawksworth. Especially Bel Cafe and Nightingale can be growth to fairly large numbers in terms of locations. Nook already has multiple locations in Vancouver and is something that could also be grown to 40-50 restaurants in just BC and Alberta. Cheers!

What is the ownership split between Fairfax and LFG Growth Partners? Who is the majority partner? Almost certainly Fairfax is the majority partner. LFG is very small. Enterprise value: What is the value of the Keg as a standalone company? Does the transaction surface any value for Fairfax? Do we see a realized gain when Fairfax reports results in Q3? The stake was probably sold at a premium...the thing to be careful of around Jaffrey is that he will spend...it was what got Cactus into trouble in the first place and why he had to sell to the Fuller's. Jaffrey was formally one of their top managers. Capital structure: What is the equity / debt split? With recent take private transactions at Fairfax, we have seen a large amount of the purchase price come from the issuance of debt that is held at the operating company (that is non-recourse to Fairfax). Is this transaction largely a cash out for Fairfax? No, I think it's essentially to bring in Jaffrey as a possible advisor for The Keg and also have access to what LFG builds as they continue to acquire restaurant brands...especially Nook, Hawksworth, Nightingale and Bel Cafe as stand alone brands that could be dramatically expanded. They essentially have partnered now with David Hawksworth, one of the premier chefs in Canadian history, as well as Jaffrey, who is brilliant at developing restaurant concepts. Conclusion We should get more details on the spin out of the Keg as a stand along company at Fairfax when the company reports Q3 results in late Sept/early Oct. Based on the small amount of information we have received so far, I like it. Fairfax has done a very good job in recent years with their capital allocation decisions - my guess is this has the potential to be another good one. They monetized a portion of The Keg probably at a premium, which will force it to be repriced upwards on the balance sheet, maintained majority control, partnered with Richard Jaffrey who will maintain The Keg's history while refreshing the food/brand, have access to acquiring David Hawksworth's businesses and possibly any other winners that Jaffrey develops over the next couple of decades. Removing The Keg from Recipe is a good thing as Recipe is mostly made up of low-level, mid-level restaurants...The Keg is a premium brand more in line with what LFG owns. It also opens up the possibility that this group may one day acquire the entire Fuller Family chain of restaurants (Earls, Cactus Club, Joeys and Birdies)...probably the best run group of restaurants in all of Canada! Cheers!

Nope! The left is just trying to stop the senseless killings and injuries incurred by the liberal use of guns that permeate the U.S. Cheers!

Must be more nutjobs and leftist trannies in the U.S. than the rest of the world! LOL! Cheers!

Are you kidding me? People call for gun control every day...including when Trump was shot and when Kirk was shot. But the Republicans are perfectly happy letting their own get killed by not enacting stricter controls. Cheers!

Ben Graham's principles will never go out of fashion. There was no golden age of value investing...that's a myth. The GFC proved that...the Pandemic proved that...every time a stock falls to a third of its intrinsic value is proof of that! Half of the board has made a killing in a mis-priced Fairfax Financial over the last four years! Just look for ideas and then invest when you find a mispriced one. Cheers!

I don't have a problem with different views...as I said before, my best friend is MAGA, my uncle is MAGA...but they've learned not to spread bullshit stories with me, because I will call them out on it. There are a number of people who are spreading false narratives and stories on here...both sides...and people are calling each other out on it. This has rarely happened with other Presidents...it increases and spreads through the site every time Trump sits on the throne. And it's directly because he's destroyed any sense of decorum in the way the President should behave...this trickles down the ranks to the common people. And we get this animosity and division. Cheers!

I can't do that because every time I try and limit politics, everyone ignores it...whether its a left-leaning or right-leaning member. I've tried that in the past, and instead the fucking morons post this shit every so often in every thread! Which starts to ruin all of the threads...so I try and limit the damage. In terms of perpetuating the problem, I'm simply trying to counter the bullshit that I read about. Just heard from one person that teachers in Sacramento and Utah were putting out kitty litter boxes because some students related as furries. But it was utter bullshit...the story was spread by Joe Rogan after hearing the made up story from someone else. This never happened! But people keep perpetuating it. I also have a very strong belief in science, how it is evidence-based and in 99% of cases thoroughly vetted. So when I hear the Governor of Florida is now letting people decide (not mandatory) if they want the most basic, reliable and time-tested vaccines, I become extremely worried. Cheers!

Oh my God! This was a very limited issue...and any risk was even lower. There are more pedos released into the public every day by each state...the chance of something happening in the schools was extremely low-risk. They are more likely to die from measles now in Florida than any risk of molestation. Cheers!

We still don't understand the point of tariffs! Trump may be a pedo...and maybe Clinton as well...neither of us have proof one way or the other...the client list isn't being released! Cheers!

Again, this reinforces the whole saying about "an eye for eye, leaves everyone blind!" Both groups are wrong. Cheers!

This is not what he said at all. What he said was that the right was saying it was a leftist trannie that killed Kirk. Kimmel said that the killer grew up surrounded by a MAGA family. Essentially, he may have been leftist, but he grew up in a MAGA family...that everyone was to blame, not any one single group. But of course people took offense to it and maybe Kimmel should have made it clearer what he meant. Cheers!

Haha! The President lies every day, was convicted on 34 charges and has essentially provided himself blanket protection against defamation. Although he uses defamation to shut all of his critics! Cheers!

He was fired after a MAGA outcry and the President's hand-picked choice leading the FCC made calls to ABC. They didn't even make up a story about the show being a money-loser. They just plain out pressured a company to fire a television personality because they didn't like his criticism or jokes. Trump had warned that Kimmel was next after Colbert! But don't let the facts get in your way. Cheers!

+1! Cheers!

Reds, we had none of these issues or problems before 2016! For the next four years, we had to delineate the threads and create a political thread because it was all getting out of hand on here. Then we had four years of relative quiet and things became semi-normal, even though we were in the midst of a pandemic. Then last year, the same problems appeared all over again...the divisiveness, the name-calling, the animosity, the infighting. Notice a pattern? It all comes down to the animosity Trump's conduct in his 1st and 2nd terms creates. Some will say it's the left getting their undies in a knot...but it's far more than that. For whatever people may say about Dubya, Obama and Biden, the tone and spitefulness in Trump's conduct is at a whole other level. He revels in taunting, berating, firing, controlling, supplanting, eliminating and deceptive behavior. He gets what he wants no matter how he has to get it! So yeah, it does always come down to Trump of late! Cheers!

I love Jimmy Kimmel's show, but he was doing too much on Trump every night...like Colbert...Seth Myers as well...even SNL for a couple of years. People watch the show to get away from this shit...so some jokes, sure...but it was becoming all about Trump and MAGA. That being said, to use your political clout to do stuff like this...that word keeps popping up, because the definition demands it...humanity's awareness to recognize it also demands it. But that's the problem...half the population doesn't recognize it until it eventually bites them on the ass as well. And then you wonder why we silenced the likes of the Jimmy Kimmels...gnat-like comedians in the grand scheme of things...why did we do it...but then it's too late! Cheers!

Are you fucking kidding me? Go back and read all of the shit-stirring stuff he's posted...not to mention just him, but others on both sides! But please use me as the foil here if necessary to get the board back to what it was before Trump ever arrived. When people casually on occasion voiced their political opinion instead of what it has become on this thread. Cheers!

How about free and open speech in the U.S...Trump is going on an all out blitz of firing/silencing opposition voices. I just banned Cubsfan for 48 hours because one of his posts was a little over the top. Doo is next! Isn't this ok with you Reds...your commander in chief is doing the same thing...even greater lengths to get what he wants. I'm only doing it to slow down the rhetoric and animosity on here from people who used to get along great 10 years ago! Cheers!

I would hope that the Political thread would lead to some political discourse...not the rat-shit haven it's become...from both sides. Doo, stop polluting the thread with this stuff. Cheers!