I took a placeholder in that the other day at .12ish. That's one of those big companies you never heard of - annual revenues in the 700 to 800 mm range....gross profit consistently over 200 million...and up until '10, making nice money. But, yet again, a usurious lender comes in and loans 70 million with almost inevitabl default provisions that trigger a 25 million dollar default premium, so that 95 million can then be credit bid under a DIP loan that requires what looks to be a punitively short marketing runway. Again, I took a placeholder around .12 but I think this one requires either 1) an activist fund on the side of equity who can jump in quickly and lengthen the runway or 2) a strategic buyer who has been watching this and is ready to show up at auction....because the top of their income statement is pretty damn good looking even in the tough environment they've seen the last two years - which isn't likely to improve - but with 250 mm in SG&A, there is room to turn the company around.
