I think the better analogy is there is an urgent breach of the dam that needs to be addressed and the man that should have done that is on the way out, a little late. Hopefully things that should already have been addressed by now will be at this upcoming conference call. As usual in these things the two camps that form in trying to figure the fate of the commons clearly favor the 'nays' with the other side being more creative in their scenario of why there is still hope.
Yes the delist will save them money, but it also brought a 30% drop in market cap. The bonds trading below par, the opionality of the bonds basically becoming worthless, $100M in secured and convertible debt all senior to the common equity are bad ju-ju. In spite of the talk of reorg. by the company, to me the bonds tell the tale. Apparently the co. has either obfuscated the structure or has made a complete and incompetent mess of things for quite awhile, more likely a combination of both
The most compelling argument for the commons seems to be possible illegal action being exposed if they can't address debt and remove the stink from the actuarial valuations and motivation by management and or Bulldog to not let that happen.
I never wanted to learn anything about this company having entered trying to catch a bottom bounce and for various reasons missed a chance to exit at a modest profit. I'm being stubborn in refusing to take a signicant loss at this point waiting to see if this becomes 'someone's' plaything next week as delistings and smell of bk. sometimes trigger, not to mention if management can suddenly learn to be inspiring . I'm not sure if having the 3rd fall on a Friday is a good thing or not, but there should be some action regardless.
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