I agree with many of the things you've put forward. On the point of
the price and the voting rights not being accounted for in the price,
I think you are right. Looking at Berkshire, Class A is financially
considerably more expensive than class B stocks.
But also, Buffett is known for this shareholder friendliness, yet he
maintains a dual share structure. He holds the majority of shares in
class A yet people dont complain about him taking full control. One of
the many reasons being, he clearly articulates his methods and his
results prove what he says.

So if another manager is able to be candid and lay all his cards out
on the table, you have a clear choice between agreeing and trusting
with what they plan or just moving on. Plus I don't recall stating
that a dual structure displays good management.
Looking at Nichols record, his entire career has revolved around the
footwear industry. He and the current (I emphasise current) management
has been through 2-3 of such cycles. A majority of his and his
families fortune is probably based in KSWS. Paraphrasing Buffett,
"find comfort that if you see your wealth drop, my wealth is dropping
with you". I assume the same will go for KSWS and a lot of other good
managers who put their money where their mouth is.

Now, I do want to make it clear that dual structure SHOULD be
considered before making a decision. You can also just rule out all
companies based on dual share structure since there are thousands of
other opportunies you can put your money in. However, I like to
overturn as many rocks as I can rather than walking by after just
glancing at them.

In terms of profitability, if we look at the FCF, ROIC or CROIC, we
can see that KSWS is a profitable company.

Bottom line: A company doesnt have to be ignored because it has a dual
structure.

cheers
http://www.oldschoolvalue.com