This is what will happen to Luby's in this order:
1. Luby's stock price tanks to 3.25 or lower on news of the next bad quarter
2. Pappas' decide to close a few more units tumbling the stock price further
3. At this point, a stock price of 3.00 -3.25 is the price the Pappas bought in at
4. They approach the Board and discuss options for the company to go private
5. Pappas offer 7.00/share for buyout. Board approves
6. If you own the stock at 3.50 or so, you got yourself a double
7. The next thing is the worst part-they close 70% of the stores and try to sell real estate-this will happen next year. 70% of Luby's employees lose jobs, employees get nothing
8. Luby's remains open with 30-40 profitable units.
Houston Metro Area-12 stores
Dallas/Ft Worth -5 stores
San Antonio- 5 stores
Austin-2 stores
Corpus-1 store
Valley- 3 stores
El Paso 2 stores
Tyler/Longview stay open
that's it folks-all other properties sold
or reopened with another Pappas concept that is more profitable
Why is this basically going to happen?
1. Cafeteria delivery system no longer profitable with labor = 35% or more company wide
2. Real estate profitable
3. No future with expansion of cafeteria model
4. Pappas Brothers near retirement-consolidation of businesses
What business can you tell me has a 35% labor cost and remains open?

The smart play on the stock. Wait for the numbers to come out on the next quarter, announcing in Sept. DO NOT BUY HERE
Stock will fall to 3.50 slowly until September-then tank to 3.00 or so. The only reason some new money may buy is because of the real estate. This stock will be a real estate play only
KEEP THIS POST NEAR THE TOP. I won't be wrong.
If anyone wants to reply, I'll be happy to discuss what I know