Nexttime, thanks for the great summary of your opinions. It is worth reading several times.

Regarding point 9, it was my original contention that the better Applebee's, in locations like Texas with a stronger economy, were the ones successfully franchised, and the dogs could not be sold. But, seeing how results have changed since the sale of those restaurants has made it all very perplexing. Needless to say, Applebee's simply either cannot sell the other company-owned restaurants, or would take a substantial hit on them if they were sold. And, I don't see anything that is going to change that. On the other hand, I have no idea whether they can dodge their covenants. There is just so much guesswork involved.