Oh yeah, there's been some serious debt conversion going on with NEWL... r/s after r/s and issuing of more shares to pay the debt because of the dropping share value (which of course drops the share value even more). See the frequent 6K filings for that info. So yes, it is a seriously distressed stock, but at some point, the conversions should end, and if the price holds (as it has in the .20-.26 range the last couple of days) then there wouldn't be more shares issued to account for a further drop in price. You have a company that has had a terrible debt that dragged it to hell, but that still owns ships worth a few million dollars, so there is some material value there, even though they've killed their stock value.
I'm not arguing "for" the company, which has payed debt on the backs of their shareholders, but just saying that they may be a technical argument for a bounce. I'm in at .24 and .26 after losing money on my first attempt to flip it just under $1. Nothing risked, nothing gained. I'm hoping that she can get back to the .30's and .40's before another r/s is announced.
Yikes :-) I'm a knife-catcher indeed :-)
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