LUBY’S INC., $1.56, symbol LUB on New York, operates 146 restaurants in the U.S., including 84 Luby’s Cafeterias, 60 Fuddruckers, and two Cheeseburger in Paradise locations. Franchisees operate another 105 Fuddruckers, across the U.S. (including Puerto Rico), Canada, Mexico, the Dominican Republic Panama, and Colombia. On November 27, 2018, New York-based hedge fund Bandera Partners, which owns 8.9% of the Houston-based restaurant operator, sent a letter to Luby’s board of directors. Bandera argues that the company’s investments in its Luby’s and Fuddruckers chains have failed to deliver sufficient returns. Bandera has a problem with the company having paid down debt by selling valuable real estate. It notes that since 2008 Luby’s has sold $88 million of its assets. That amount is close to double the company’s current market capitalization. So far this year, Luby’s has also closed 21 locations and laid off some of its corporate staff in an attempt to further reduce its debt. That now stands at $39.3 million, or a..