Elevator Pitch
By way of introduction, I would like to start by pointing out that when USAT was last written up on www.valueinvestorsclub.com in the summer of 2018, the comment thread centered around the perceived failings of existing management and their inability to properly manage the business. These concerns were prescient, as only months later an accounting scandal unfolded, which led to the company being delisted from Nasdaq and a ~75% decline in the stock price.
Fast forward to today, and consider that after a lengthy activist battle, the company is now Chaired by Douglas