That is worth looking at...
Shares like that seem to be priced now on the assumption that they will have trouble servicing their debts at some point in the future... and a $1.25 billion debt means they have a big mortgage payment. I do think there will be future opportunities in companies that have a lot of debt... but also have no difficulties servicing that debt, even with the impact of the downturn factored in. Of course, right now no one knows how deep or long it will be, so the uncertainty and the environment "probably" have under-priced quite a few shares...
If you can sort the probable survivors early, and time them well, you might do pretty well with some shares the pundits are writing off now.
I still think there isn't too much of need to hurry, yet, particularly in considering uncertainty in light of sector rotation in the business cycle. Many financial stocks still have a long way to go, I think... The market we are in has its own pace, and it seems to be reverting back to market norms for the time it takes for "digesting change" vs. doing everything on an accelerated basis, as it has in the recent past, pretty much since the non-recession following the dot.com bubble days.
This is a traders market, and I'm happy trading charts until I think the bottom is in... but I'd note there is a whole generation in the market now who have been taught that business cycles are dead... and that bubbles are "different now" etc. I also think it is worth trading in the shares of companies you intend to hold... at some point... so that by trading it before investing you get a better feel for how that company trades. You can learn alot that is important to know from that sort of effort while also making money.
Useful to hone chart trading skills now, and also to focus the effort in screening and DD looking for stocks you wouldn't mind holding for a week or two if the trade doesn't materialize quickly. As long as you can find stocks with trade-able charts, cash in hand, and solid DD on future prospects... it is worth trading those vs others that could implode, in this market even during a fairly short holding period.
For now, there is a modicum of safety as well as latent future capability in companies that have piles of cash that more than covers their debt... just as long as the cash isn't being burned through faster than it is being generated... won't be consumed propping up non-productive capacity, isn't balanced out by debt held off balance, etc.
There WILL be a point at which cash gets converted into growth through acquisition... and it is useful to spend time now finding those companies some one else will want to buy...