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The other thing I could see them doing is buying out/merging with HLC. Armoyan likes real estate and the hotel business, so they could...
Good point on the liquidity issue. I don't think it is in winddown mode as they have taken a stake in FFF but I could see the taking...
It would have been large shareholders who were looking for liquidity. The volume is low with Clarke, in that if you want to move big...