"BK looms". I'd say it's certainly a strong possibility- and their own very "dire" 10-K warnings and the opinion(s) of their own auditors have stated that clearly, not mincing words, even in the slightest IMO.
If not for their ability to dump/dilute shares, with the likes of the "Ashers" and a few others of this world, of course they would have already gone BK many times over- and I won't even say "that's my opinion", as I believe it to be a 100%, hard, provable fact via their own 10-K/10-Q statements.
They went from 190 million something shares a yr ago, to now double that, to over 420 million shares as of today (one yr period)- and that, that alone is the only thing that has kept them "technically" out of full BK and making payments enough to service their debt. A key loan, the BofA loan had/has already gone default in the past (technically BK as it was "called in" formerly as in default) and they worked the Northstar deal and now the Seaside loan and so forth.
But despite dumping over 200 million shares last yr- they ended 2013 with $46K cash on the cash balance line, against an enormous debt and what they call an "operating cash deficit". They're to the point of relying on "personal loans" and more- spread all throughout the most recent 10-K. It's like using one credit card to pay the other maxed out credit card and shuffling the chairs on the deck of the Titanic, IMO. The "game" at some point runs out usually. Can only pull so many tricks out of the bag- before you reach in again, and come up empty that last time, IMO of course.
So yes, I'd say full BK is about as real a possibility IMO as it gets- they've been teetering on it for some time now IMO. If, at some point, someone such as an "ASHER" just says "no thanks, not this time" or if the "guarantors" of that Seaside loan simply say, "No, terms not good enough this time- no thanks" or any of a dozen other possible scenarios, that "might" happen IMO, then yes, it's lights out IMO too. Full BK would be the end result, I believe.
It's real as a possibility- I agree IMO. And that would send them, and any common share holder, still holding- to the penny-ville graveyard of .000001 land. Yep.
It's a real possibility, IMO too. And I think their own auditor's and their own stern warnings and more- from the 10-K and similar back that up.
