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Don Sniegowski's picture

IFA on success in stopping state franchise bills

This email was sent out from the IFA to its members to report on its progress in stopping state franchise relationship bills and other intitiatives. This is from Steve Caldeira, CEO of the International Franchise Association. -don


Dear Colleagues:

We have had a busy few months, so I wanted to provide you an update on some of our strategic priorities. 

State Initiatives

The defeat of Maine LD 1458 last week continues the growing momentum of state legislators rejecting state legislation that would severely harm the franchise model.  We reported in New Orleans that we were 31-0 on our state legislative efforts since 2010.  I’m pleased to inform you that we have added an additional six incidences where we killed or tabled troublesome bills, including Connecticut, Hawaii, Maine, Massachusetts, New Hampshire and Puerto Rico, bringing the total to 37-0 through today. Additionally, IFA is fighting other state legislation that would have negative implications for the industry.  These bills include executive compensation restrictions, soda taxes, food labeling, independent contractor status, and other issues important to IFA’s various state legislative coalition partners. 

To achieve these kinds of results, we have strategically deployed all of our assets—grassroots, paid and earned media, social media and lobbying by IFA staff, members, coalition partners, and our state lobbyists. It is also very important to note the ongoing contributions (in myriad ways) from IFA Board member, Michael Seid, who has done yeomen’s work in many states for us, most notably, in Maine. We have benefited from many of you and other franchisors and franchisees who have traveled to various cities to educate lawmakers, but no one has contributed as much intellectual and personal financial resources, passion and true grit than Michael has on these critically important efforts. So Michael, on behalf of the industry and the entire IFA membership, a hearty thank you.  Also, a very special thanks to IFA staff members, Matt Haller, Dean Heyl, Erica Farage, and Riley Titus for their continued outstanding efforts at the state level. 

To support our ongoing efforts, I’m very pleased to announce that Chris Krueger will join IFA May 12 as Director of Grassroots Advocacy.  Working very closely with Erica Farage, IFA’s Senior Director, Political Affairs, Grassroots Advocacy and Multi-Unit Franchisee Engagement, Chris will lead IFA’s grassroots recruitment and engagement with a strong focus on building awareness and understanding of the franchise business model directly to state legislators.  Chris comes to IFA from the Private Equity Growth Capital Council where he successfully led the private equity industry’s grassroots programs and helped legislators better understand and appreciate the importance of private equity to the local and overall U.S. economy.  You will meet Chris at the Summer Board Meeting in Middleburg, VA.

Federal Legislative and Political Update

Robert Cresanti, our new Executive Vice President, Government Relations & Public Policy, came on board last week as we accelerate our efforts to advance our pro-growth agenda before Washington pivots fully to the mid-term elections in the fall.  For instance, we are aggressively working to leverage the momentum created by the recent passage by the House of the Save American Workers Act that would change the 30-hour definition of a “full-time employee” within the Affordable Care Act to the more traditional definition of 40 hours per week. 

We are conducting opinion research to measure the public support for our efforts and the preliminary data shows that there is overwhelming support for this change in the health care law.  We will use this research in our outreach to key members, as well as in our earned media efforts to keep the pressure on the Senate to consider the bill. 

As we discussed at our last meeting, our political activities are focused on supporting pro-growth candidates.  To date, we are sitting on steering committees for 20 Republican candidates, including House Speaker John Boehner (R-OH), Senator Marco Rubio (R-FL), Senate Candidate Rep. Cory Gardner (R-CO) and Former Massachusetts GOP Senator Scott Brown, who is running for the New Hampshire Senate seat against incumbent Jeanne Shaheen (D).  We have personally hosted events for 17 Democratic and Republican members of Congress, including House Majority Leader Eric Cantor (R-VA), House Small Business Committee Chairman Sam Graves (R-MO), Sen. Joe Manchin (D- WV), Rep. Denny Heck (D-WA), Sen. John Cornyn (R-TX) and Sen. Mary Landrieu (D-LA).

As a member of the U.S. Chamber of Commerce Public Affairs Committee, I have been integrally involved in the process to support nine republican candidates in primaries who we think are more electable in the general election, including Senate Majority Leader Mitch McConnell (R-KY), Sen. Thad Cochran (R-MS) and House Candidates Carl DeMaio (R-CA) and Mike Simpson (R-ID).  We have participated in or have committed to a dozen events supporting pro-growth candidates. 

Franchise Relations

We are making headway in implementing the recommendations of the Franchise Relations’ Best Practices Taskforce.  Next week, we are launching a new member forum onFranSocial called Franchise Relations Dialogue to provide a place for IFA members to exchange information and best practices in this critical area.  The forum will be featured in the IFA Insider, on our website and on FranSocial, moving forward.  In addition, we will step up our coverage in Franchising World about franchise relations under the Franchise Relations Dialogue brand.  Thanks to Aziz Hashim and Franchise Relations Committee Chairman Barb Moran for spearheading this new forum.  The forum will launch with a post from Aziz sharing an article that he and Brian Schnell, partner, Faegre Baker Daniels, LLP wrote titled, “A New Era in Franchising Continues to Emerge: Should a More Balanced Franchise Agreement Play a Role?”  We urge you to read the article and post your thoughts on FranSocial to help increase the dialogue. 

Other updates include:

  • Participation at key franchisee events. I had the pleasure of providing a public policy update to the nearly 2,000 attendees at the recent Restaurant Leadership Conference in Scottsdale, AZ which was headlined by former President Bill Clinton. The IFA has been a partner of the RLC general session agenda since 2011 and I have been a part of the conference's Leadership Advisory Council since 1997, so we are aggressively leveraging our partnership to engage multi-unit franchisees into the IFA.
  • Aziz Hashim and Steve Romaniello will conduct a question and answer session next week at the Franchise Media Update Multi-Unit Conference, and IFA staff will exhibit at the meeting and share the IFA Statement of Guiding Principles and the Franchise Relations Best Practices Taskforce report. 
  • The IFA Legal Symposium, scheduled May 4-6 in Chicago, will include an update on our state efforts and the important role that franchisees have in our advocacy efforts, as well as an update on the great work of the taskforce. 
  • We are sponsoring the Franchise Media Update Multi-Unit Conference during the International Franchise Expo in New York City in June and we are continuing our dialogue with the International Council of Shopping Centers to further strengthen our partnership in reaching multi-unit franchisees.
  • The Summary Profile Document has been integrated into the IFA website.  As we build the new IFA website, this feature will be expanded to allow users to compare and contrast opportunities. 
  • The IFA Educational Foundation is finalizing “The Franchise Toolkit,” an online program to help prospective franchisees learn about franchising and to navigate the Franchise Disclosure Document. Completion is expected by mid-summer.
  • We are also aggressively recruiting candidates for the Vice President of Franchisee Engagement & Industry Relations position and we are hopeful to have someone identified, if not on board, by the Summer Board Meeting. 
  • We are beginning the development of a short video that will help educate prospective franchisees, the media, and lawmakers about franchising and the franchising industry. Our DC-based supplier member, Leading Authorities, is producing the video and we will share it  with you during the June meeting. 

Capital Campaign Passes Half-Way Mark

The IFA Educational Foundation’s capital campaign is off to a successful start with more than $5 million raised toward the goal of $10 million.  To date, 15 volunteer leaders have pledged more than $3 million in donations, which coupled with IFA’s lead gift of $2 million, brings the total to $5.1 million.  Campaign Co-Chairs Doc Cohen, CFE, and Jerry Crawford, CFE, are working with staff and the Foundation’s fundraising counsel on a number of major gift proposals being considered by IFA members, including individuals, corporations, and foundations.  Funds raised during the campaign will go to support increased industry research, CFE education,  professional development programs, and expanded outreach assistance to women, minorities and veterans through IFA’s two flagship programs, VetFran and the Diversity Institute.  Funds will support new Foundation initiatives, including the Franchise Enterprise Fund to provide grants and start-up assistance to qualified veteran and minority franchisees, the Students in Franchising chapter program at colleges and universities around the country, and scholarships.  For more information about the campaign, contact John Reynolds, CFE, Foundation president,[email protected], or by phone 202-662-0764.

International

We are also making headway on implementing the 5-year International Strategic Plan. 

We signed an agreement with the Office of Strategic Partnerships at the Department of Commerce that will strengthen our engagement with the office and provide additional resources to members.  We have completed an IFA member survey on international initiatives, and we will provide the results to members in the July issue of Franchising World, which is the “international issue” of Franchising World.  Josh Merin and I will travel to Sao Paulo, Brazil this weekend, where we will attend the World Franchise Council meeting, which is being held in conjunction with the Brazilian Franchise Association Annual Convention.  I am the outgoing chair of the Strategic Planning Group.  Lastly, we are in the process of finalizing a July trade mission to the Philippines with spin-off matchmaking meetings for attendees in Malaysia, Vietnam, Korea and other nearby markets.  

Technology

Last week we signed a contract with a member company Carrousel 360 located in Alexandria, Virginia to begin the development of our new web platform that will allow our digital platform to be mobile and to significantly enhance our tools for franchisee prospects to learn about franchising and compare different opportunities easier.  Our technology conference, FranTech 2014 was successfully held in Denver in mid-April and attracted almost 170 attendees, up slightly from last year’s conference. A special thanks to IFA SVP of Communications & Marketing, Alisa Harrison, for her leadership of this now annual event. 

Strategic Planning Group

The IFA Strategic Planning Committee has been assembled and will begin work on a new strategic plan at the Summer Board meeting with the target of having a new plan presented to the Board in February 2015.  The Blue Sky Group, chaired by Steve Greenbaum, is tasked with taking a long-term view of the opportunities and challenges facing the association, and will meet in Denver on May 12.  This group will provide an update to the Board in June. 

We of course will keep you posted on these and the many other initiatives that we are working on.  As always, thank you for your support.

Best,

Stephen J. Caldeira, CFE
President & Chief Executive Officer
International Franchise Association

We've Seen This Q Rerun Before

To see why Quiznos failed just watch as the new owners take a well worn page from the Schaden playbook to bend the franchisees over one more time. Overpriced, cheap quality, and stale roll-outs like the pork barbque, a bogo blizzard, a mandatory redo of Q's cartoonish decor to a more cartoonish decor, NO change to the rip-off distribution system, no network tv advertising, and no cash infusion. Q franchisees meet your new boss; same as the old boss.

Ric Cohen rare mis step: NOT

Actually, Ric, er Dick, Cohen was one of the Quiznos wrongdoers from the very beginning. He did not "mis speak" to a Franchise Times writer, rather he reached out to her, in an attempt at damage control just before the Quiznos Chapter 11 hit.

"Ric" is one of the three Dicks involved in the Quiznos fiasco. I'd hate to have primarily supported Quiznos over my legal career and then have in blow up as it did.

Millionaire Richard Quick Esq's picture

What Can Brown Do For You?

Flatulence Abatement is the next hot franchise concept! and the law firm of Quick, Duhk & Hyde is busy search-and-replacing FDDs for a number of hot new concepts including Tooter Time,  The Gas Guys!, Aussie Stinkmobile, FartSmart, 2 Men and a Butt, Mr. Methane, Pootie PaTootie and Fart Doctors International (FDI).

We haven't been this excited about combining cutesy names with doomed concepts since meal preparation kitchens and eBay Drop-off stores!

No doubt all the sales guys and brokers will be on board, blowing hot air at the next IFE show... Entrepreneur will give them high "rank"ings and as soon their franchisees starting blowing off steam on StinkyFranchisee.Com the IFA will release a study saying all franchising is strong, all franchisors provide value, and all franchisees are above average.

Get in on this hot trend and reap yer commissions quick, ye dreamsellers, because it won't last long!

Richard Quick, Esq.

Senior Partner

Quick, Duhk & Hyde

 

Ray Borradale's picture

Flatulance could save the planet Lionel

Lionel very few of today's Australians have tasted kangaroo meat preferring to keep them for transport down to McDonalds. With petrol prices running at around $1.60 per liter [$7.27 per gallon] they are now an essential. Apparently duplicating the kangaroo flatulance results is proving to be extremely difficult however Australian scientists have had great success with our politicians. A recent study identified a reduction in dangerous emmissions in our nation's political capital when our politicians are out of town promoting their value to the electorate. Always beside the delectable kangaroo is the mighty dumb emu. The very exportable emu only just kept its place on the national emblem following a tense debate with out prime minister. If Australian scientists were to save the world I'm sure we will read about in an official government media release.

Franchise Buyers BEWARE

Being a franchise owner, I have a suspicion that many franchises (like mine) are misrepresenting financial performance information based on region (salaries, workers comp costs, commercial insurance costs, etc.). For example, workers comp costs in California and New York are far more crippling to a business than other states. This misrepresentation makes it impossible to construct an effective business plan and pretty much guarantees failure. It is absolutely dishonest and fraudulent if questions are posed by potential franchisees and the franchise does not answer or provide information in a transparent manner. And worse, the franchise will act as if they are not familiar with issues a new franchisee may encounter when they know full well the franchisee who owned the territory perhaps 4-5 years prior encountered the exact same issues (and failed because of them).

The franchise brokers will flat out lie to prospective purchasers about former owners in a territory and success rates (since by law, the FDD only goes back three years). Buyer beware and good luck to the franchisees in this case.

Many major franchises only want the big chunk of change and will leave you dangling in the wind once they have it.

Rare misstep by Ric Cohen

The answer to Janet Sparks' final question is that Ric Cohen would have difficulty representing any client which sues another client.

He is a very smart attorney, but not the best at marketing. Here he has given an interview which is not only misleading, but also not in the best interest of at least one of his clients.

Schaden is an attorney who prefers to litigate than build a business, and Cohen's tactics fit Schaden's strategy.

Current ownership needs to attempt to save the franchise system, and does not seem to share Schaden's perverse love of unnecessary conflict.

Cohen's interest in giving the statements he gave is clear: to promote his law firm.

How did Cohen's interview help his client(s)? It did not help any of them.

Inhouse counsel seeking representation is going to have to weigh Cohen's legal acumen against Cohen's inability to keep his mouth shut when a reporter calls.

Cohen is one of the sharpest minds in his field, but he needs to leave the marketing to a pr firm that knows when to keep a low profile

Lionel Hutz PA's picture

Australian taxpayers to the rescue

UPDATE:

After hunters killed 3 kangaroos for meat (the meat is quite tasty, according to Jenny Buchan), researcher Scott Godwin of the Queensland Dept. of Agriculture, Fisheries, & Forestry collected the foregut microbes from the deceased 'roos.

Aussies have long known that marsupial farts, though stinky, are low in methane. (How the residents of Australia came to this knowlege is something we don't want to know.)

The Aussie researchers identified a bacteria known as Blautia coccoides and they are now seeking ways to boost production of that bacteria in cows, the goal being to reduce cow fart emissions to the healthy kangaroo levels.

Full report in ISME Journal, March 13, 2014

Just Another Schaden Crony

The guy is a Schaden crony who represents Smashboogers as well as Quiznos. The guy is probably trying to decide whether to sue or defend D!ck Schaden, Papa, and assorted Q-t@rds in the looming Quiznos Secured Creditors lawsuit. Unless of course he's included as one of the defendants. As Schaden's consiliare he's one guy who should know where the bodies are buried; to coin a phrase.

Lionel Hutz PA's picture

I think this is a new flavor of Peep

you're likely earning a portion of your income via the ass kissing I spoke of

Is this a lucrative profession for you?

If you administer a single kiss, does the recipient respond in kind or simply turn the other cheek?

DId you get any information from Mr. Coady?

I'm wondering if you ever heard from Mr. Coady after this inquiry?

Responsibility not the same as Accountability

I think you've hit on an important distinction that should be repeated. You question the wisdom of claiming that the CEO is the ultimate owner of the customer experience. Indeed, confusing 'responsibility' with 'accountability' is a trap into which many companies fall.

I wrote a post several months ago that may add to the discussion for your readers: Great Teams Share Objectives, Not Roles http://bit.ly/U4pBIH

Quiznos was a branding, management and franchise Model failure

Paul: agree with the last sentence, but other points not quite. Poor branding, ownership, management and a franchise store economics business model failure all came together to doom Quiznos. It could be seen coming a long way off. I know you were an ex-Subway operator, and may have some fond memories, but:

Poor Management (Schaden, JPMorgan Partners, CCMP, CCP, Brennerman, MacDonald and Mathis) influenced all other factors. Quiznos prior research never was strong (I've seen it). Subway had the advantage of staying with Jared and then somehow implmenting $5 footlong before the great recession). Somehow, Subway has gained a "quality halo" that even now shows up.

The private equity ownership model failed.

Bad marketing existed way before the singing rats and the homoerotic oven.

Bad store economics were apparent from the very beginning.

Quiznos had bad lawyers (see Fredric Cohen and Rich Emmett discussion).

Quiznos still now has poor value perception, due to the supply chain fiasco and much else.

The real lesson is bad management, and associated greed, killed it. Don't take management off the hook.

Thanks Janet... for "The Rest of the Story"

Janet, I love how you peel back the onion of the "spin machine" known as Ric Cohen to tell "the rest of the story" (as the late Paul Harvey liked to put it). Ric has never had anything but a favorable spin to every litigation brought against Quiznos. All of which begs the question, why so much litigation and why has the Quiznos chain fallen apart? The truth being quite naturally that you take everything Ric Cohen says and reverse it, to get to the real truth. Ric Cohen is purely a highly-paid mouthpiece for Quiznos. No more, no less. Objectivity is not in his vocabulary. A one-sided story will always be just that...one-sided.

Paul Steinberg's picture

Quizno's not a branding problem. A greed problem.

I remain puzzled by Mr. Passikoff's focus on branding as the reason for Quizno's demise. I don't see that is supported by the facts.

Quizno's today is a shadow of its former self, but back in the day it had a strong brand message and it was not simply toasting, it was quality product.

Even when Subway introduced toasting, the Quizno's bread formula was designed for toasting and that showed in the flavor profile vs. Subway. The Quizno's meats and cheeses were (back then) of high quality.

Passikoff asserts that Subway's imitative adoption of toasting ovens plus the "healthy" message were a detriment to Quizno's.

Having been a Subway owner for part of that time and knowing many Subway owners (and a few Quizno's owners), I can tell you that Passikoff is not correct.

The Jared campaign began in 2000, well before Quizno's was a national threat to Subway. In fact the perception that sandwiches could be part of a "healthy" diet actually was a benefit to the entire sandwich sector, as Subway poured oceans of money into a national television campaign telling people to eat more sandwiches as part of a healthy diet.

And Jared was not the first attempt by Subway to promote itself as healthy: before that, there was the Billy Blanks Tae-Bo campaign, and the Subway commercials circa 1995 which showed the bicycle riders in the mountains.

Quizno's came to prominence after the "healthy" sandwich meme, and it did not harm Quizno's--it benefited Quizno's and grew the entire sandwich category. Quizno's peaked around 2007, long after the Jared story.

In support of his theory, Passikoff says:

What was worse for them was that the fast-casual restaurants were coming into their own with the perception of healthier, more natural food than Quiznos could offer up. Quiznos barely made our Loyalty Engagement Index list this year, ranking last.

Passikoff then lists 10 chains. Apart from Subway and Chik-fil-A (which has had branding controversy of its own), the remainder of the names are hardly "healthier, more natural food than Quizno's"

Are McDonald's, Burger King, Wendy's, Taco Bell, Popeye's, KFC, and Hardees really perceived to be "healthier, more natural food than Quizno's" ???

I also disagree with the interviewer's assertion that:

At one time Subway franchisees also directed the marketing firm and advertising agencies that launched the story of Jared losing weight while eating "healthy" Subway sandwiches and the legendary "5 dollar footlong" marketing campaigns.

The Subway franchisees did not develop the Jared story. It sprang from a local media interview done by Jared, and it was all over the international news well before Subway headquarters (let alone the franchisees) did anything. The 5 dollar footlong campaign was thought up by a franchisee, and it was taken national. But as with the Jared story, the 5 dollar footlong campaign was pushed by Subway founder Fred DeLuca.

The idea that Subway franchisees were running the ad campaign would have been laughable to any franchisees at the time. The ad strategy was run by Fred DeLuca, and whatever his faults may be you need to give him credit for the brand positioning. In fact there was a huge multi-year litigation when Denis Rottinghaus & Bob Dowell, which caused DeLuca to arm-twist the ad fund board into changing the election rules (so that the franchisees would not get elected); ultimately Rottinghaus and Dowell were awarded an arbitration verdict of $300,000.

The factual history makes Passikoff's statement not only a bit odd, but also contradicts the premise of the interviewer's question.

The interviewer (incorrectly) says that the Subway franchisees ran the show and that accounts for Subway's success, but then Passikoff blames the failure of Quizno's on the franchisees being in control:

Being almost totally dependent upon the franchisees didn't allow Quiznos the power to create an engaging and differentiating position (and menu of offers) and so they ended up – not a brand – but a placeholder in the category. Why go to them when you could go to real brands?

Totally dependent upon the franchisees??? Somewhere in that franchise in the sky, Bob Baber is laughing heartily.

Even the choice of artwork contradicts the premise of the story. The quirky Quizno's ad campaign was meant to differentiate the brand by skewing younger and edgier. Finding Jim Parsons when nobody had heard of him was one example. The sexual subtext of the "Toasty Torpedo" ad and sucking on the wolf mother's teat in the Jim Parsons ad were designed to show that this was not your parent's sandwich restaurant, and it was designed to cut through the clutter.

One can debate whether the Quizno's ad strategy was the best strategy. But ten years later we are still talking about the advertisements, and the consumer perception of Quizno's was markedly different from the perception generated by the more mainstream (some might say, stodgy) Subway campaigns.

To say that the collapse of Quizno's was due to branding errors is not only false history, it blinds us to the real lessons of Quizno's.

I doubt there will ever be a Harvard Business School case study of Quizno's as a branding failure.

But if we want a cautionary tale about how greed and franchisor overreaching can destroy a brand, then Quizno's fits the bill.

 

Definition of a bad CEO

If a bad CEO has a company that makes a lot of profits for franchisees, he by definition, is a good CEO. If franchisees overwhelmingly go bankrupt, he's a bad one, despite his name being offered for sainthood in his church for his work with the homeless.

Bad systems create bad habits, bad leaders

Whether justly or unjustly, Quiznos leaders, whether now or then, were largely thought of poorly after they led in Quiznos. They haven't been able to change the system for the better and in fact seemed inebriated by the chain's narcotic dynamics to make their own bad decisions while driving.

If you think that because a CEO is a nice guy therefore the franchise system is tuned into the market and will be profitable for you, you've got a major business lesson to learn. Beware: this lesson is going to cost you a lot but it's a worthwhile one to learn.

Bad Branders, Bad People

The one constant in Quiznos ever shrinking world is the bad people who have occupied the senior levels of management through the years. That's the reason it has failed.

Bad branders

"This was a chain that didn't rely on retail and royalties but the wealth of thousands of franchisees locked in to bad a bad agreement for its' revenue. And that's why it failed."

Possibly. But even if they hadn't locked franchisees into abusive franchise agreements to take their money in sold stores that were never opened or selling franchisees products from vendors with high kick backs to the franchisor, it looks like Quiznos management and leadership have made bad branding decisions on top of those ills. Their focus has been toasted when that is largely a commodity and increasingly irrelevant. They launched the disastrous "every day low price" campaign. Remember the $2 Sammies? Baby Bob? Everyday Foodie? The man-to-boy flirting oven? The floating rats ad? Free subs? Bagguettes? Bullets?

Once marketers join this firm, they somehow become and continue to be out of touch, despite their feeling that they know what to do.

Why Quiznos Failed

Actually the Q critique would be spot on if Schaden's focus was on building a 15,000 restaurant chain. But Schaden's focus wasn't on building a major national chain. His goal was the transfer of wealth from franchisees to Quiznos. Selling franchises, churning restaurants, kickbacks from vendors and suppliers, and over-charging for every item franchisees were forced to buy. That's why the Wall Street guys wanted in. This was a chain that didn't rely on retail and royalties but the wealth of thousands of franchisees locked in to bad a bad agreement for its' revenue. And that's why it failed.

Actually,

the same as you had in yours. Move along as you're likely earning a portion of your income via the ass kissing I spoke of. And thanks for clearing up, via enumeration, the difference between and article and a post. Clearly, you're expert at blogging.

Can I Have A Little Decorum

I've got some bad new and some good news for D!ck Schaden. The forensic accountants are going through Schaden's Q books and don't you know there's probably plenty of evidence of impropriety that will be used in Secured Creditors Vs Schaden, D!ck Sr, Pious Greg Brannerman, and assorted other Q cronies. That's some really BAD NEWS. The GOOD NEWS is Schaden and company are secured creditors as well. They "win" either way. Hahahahahahahahahahahahahahahahahaha

HaHaHaHaHaHaHaHaHaHa

Are you a five year old - or just simply the most immature person that posts here?

Bad News For Q Secured Creditors

Wow, secured creditors down 200 million. Franchisees bailing every day. No assets to sell. The management team is still in place. That's some really Bad News. But what I find troubling is that these smart guys want to sue Schaden. Really? So when franchisees sued for the same reasons the wall streeters called them bad operators. But when Schaden took their money they're innocents taken by Schaden. Sorry boys. I don't believe it and I'm sure your investors don't either. Time to bend over and take your medicine. And remember, he who laughs last, laughs best.. Hahahahahahahahahahahahahahahahahahahaha

Re: Plenty of Substance

Two things

1. You did not write an article you wrote a blog post

2. Your blog post did not have any substance - all it had were innuendos.

Having a verified fact usually is required to call something more than innuendo. Exactly what verified fact did you have in your post?