Im going thru this $LTNC stuff.
The co says they are a brand management co now. Ok, I give them props for their marketing capabilities, and an asset lite approach could make sense. So thats not entirely all bad (notwithstanding my concerns of asset handling and self dealing).
So if they say "revenue from the private operating companies — Scofflaw, Khalifa, Adios, Nakatomi — does not automatically become LTNC revenue." Kultura only gets whatever the management agreements say it gets. Then the question that really matters today is:
What do the management agreements say LTNC gets and who are the counter parties to those agreements.
