Lights out / expect common to be canceled
I did a quick look at the 2015 Q1, ending March 31, 2015. It looks like a disaster. Equity is over $100 million negative as of 03-31-2015, and they probably lost another $ 10 million so far this quarter.
1: There is no way the common shares are going to get anything, and will be wiped out.
2: The liabilities can expect, at best, 41% ( $101 million in assets Q1 minus another $10 million in loses for $91 million in assets DIVIDED by $219 in liabilities listed on Q1 report so 91/212 or 41%). Some of the debt might recover if it is secured, but then the unsecured part will end up with a lower percentage.
Louis J. Desy Jr.
