Just to add perspective, Once the Q letter is assigned to a stock, they are no longer marginable. Wht that means is that the outcome is so unpredictable that a broker/bank will no longer advance their cash against the position. You should think about your position as something akin to a very long odded horse in a race.They do come in every once in a while, so there is reason for hope.
If you continue to trade the Q's consider buyig a basket of stocks rather that any individual name. This is how junk bond portfolios operate. If you have 10 companies and 2 of those recover in price by over 100pct (all things being equal) you will have a successful outcome.
I, like others, bought this name because at least on the onset, the breadth and strategic positioniing of this company made it worth the attempt.
I must say, I am extremely dissapointed in the callous behavior of management. As I read more about the frivolous spending on retreats and management perks, I am somewhat irritated with my due dilligence in this case.
All of the above said, I believe there is a growing concern at the court level of the abusive practices of cram down, wiping out equity has become too easy. There has to be push back or else confidence in equity investing can/will be a casualty. I wish you/others and myself, a win here. But, even more importantly, I hope that the legal system starts to side with the little guy in equity investments. Lord knows, so many have suffered. It is prevalent to speak of moral hazards, government bailouts. It is time to prevent the unintended consequences of discouraging equity investors from providing capital to ensure monetary growth, business expansion and ultimately jobs.
Sorry about the soapbox.. Best, WR
