If Whitney really thought the covenant violations were that serious, they could call the loan. The violations will go away when their ebitda goes up substantially, probably third qtr. I think if they don't do any large fabrication projects this year, and I think they've found religion on this matter, they can eke out .10/share for the year. If they do book a large fab project they will probably eat it big time and wind up the same place as this year licking their wounds.
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