This company has zero positive revenue that is noted when one takes the equity away from the revenue. You have to remember that equity transfers are always delayed from the companies broker. The amortization time is not reflected in the profit and loss statements.
Example if it traded par the company can still report equity above the par pricing model. This also exasperates the value of the common shares creating what is known as the dead cat bounce.
Your not wrong in your theory of looking for what you are doing but generally it's very hard too hit the mark.
Now there are come backs if private equity is introduced and that is where one can notice a rise in treasury stock as the debt is collateralized to be sold into the market place usually under a new entity and name.
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