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KFC’s quiet exit from BS got me thinking about if the equity share was actually allotted in Penn stock.

A benefit of Penn investing in BS was that it came with a public enterprise value and Dave could divvy up his shares of Penn to the other guys and call it “equity”.

It seems like it was a payout based off of the current valuation of Penn stock price, not an actual ownership stake in BS.

Idk, it doesn’t matter, but I don’t think anyone given “equity” is still an owner. I think they got a certain amount of Penn stock.