CPI Corp. (fka CPICQ)

[downsideup]

The bank has begun taking ownership of the Canadian operations away from CPIC.

The Canadian operations are the only thing they've previously identified as still having any value.

I don't think that's true... but, they obviously can make it be true enough given their control over management.

From a business perspective, it means CPIC will be losing the only portion of their business that is still viable and making money.

It remains to be seen how much debt will be eliminated with the "sale" or the "taking of collateral" they have planned. That will probably be a function of how much of the debt is proportionally allocated to the Canadian operations, and a function of what they determine is a proper price for the Canadian operations in valuing it as collateral. I think you'd have to be following the court filings in Canada to be on top of it... and it's not worth making that much of an effort to me.