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Clear as mud….

Cabela’s (CAB), the outdoor sports chain that is a perpetual favorite of Jim Cramer based on the fact that he’s talked up the company at least 4 times since mid-February, had an interesting disclosure buried at the end of its recent Q. It’s entered into an agreement with a company called Mudhead Enterprises that allows Mudhead to “lease” certain Cabela’s employees. It’s not clear what Mudhead does, though the Q lists Cabela Chairman Dick Cabela as the contact person for Mudhead and Nebraska state records show that the company was incorporated on Dec. 31, 2003. An exhibit that is supposed to outline how many employees are involved, exactly what the leased employees are doing and how much they’re going to be paid is conveniently missing from the filing.