Exide Technologies fka EXTC

[big-yank]

We can argue over the "do-gooders" and "nimbys" 'til the cows come home, but regardless of the source of the issue, the environmental liability that Exide faces is enormous. It is naïve and nonsensical to ignore these off balance sheet liabilities when measuring assets vs. liabilities and presuming that the company is solvent, simply because the contingent costs haven't yet been adjudicated or spent.

I am not saying that Exide cannot recover from these clean-ups to whatever extent they are forced to participate, but I have consistently voiced concern over how such considerations may affect shareholder value in a reorganization that must recognize the eventual cost in the hierarchy of debt priorities where common share value sadly ranks LAST!