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Kona Grill: Riding a Wave of Trouble

Boy, you think it’s tricky keeping your restaurant’s head above water right now. Be glad you’re not in Marcus Jundt’s shoes. He’s chairman, president and c.e.o. of the 22-unit upscale casual dining chain Kona Grill, and he’s taking heavy fire, very publicly, from his investors. Their complaint: lousy same-store sales, a stock price swoon and share dilution via a below-market rights offering limited to Jundt’s father. Their forum: Kona’s first quarter conference call, where open rebellion prevailed. Greenwich, CT-based Mill Road Capital, which owns 10 percent of Kona Grill, bills itself as a “Berkshire ...

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