Lights out
The company is in Chapter 7 and being liquidated. There are secured debts of $112 million and only $77 million of assets listed which are mostly a receivable from another company.
In additional to the common shares being in line for zero, it looks like the unsecured creditors will be wiped out also.
Even the secured creditors look like they are going to take a large hit, since there is no telling how much of the receivable will be not paid. Even at the book values, the secured creditors are going to take a 32% loss ( 77 / 112 ) and it will probably end up being much larger.
At some point, once the final report is issued, the distributions made, and an order entered by the court to approve the distributions, the shares will be canceled and will stop trading the instant that happens.
Louis J. Desy Jr.
