National Bank of Greece ADR (fka NBGGY)

[MasterBlastr]

It was a total liquidity crisis, banks were run on and were out of cash, non-performing loans something like 53% of portfolio. They and other Greek banks all failed a stress test, and had to raise cash. The bank failed on its feet and had to be recapitalized. They had to sell their stake in Finansbank (for much less than it was worth). They reverse split to try to stay listed on the NYSE but they got delisted anyway and lost about 90% of their value during this time. Its hard to place a true value on the bank now. In my mind, it is about $1/share but I cannot substantiate it with facts. Foreign (non GAAP) accounting methods are strange. Not I am good with GAAP either.