Bankruptcy is on the table because the company says it is.
The press release says they are seriously considering filing a chapter 11 bankruptcy petition. They have hired at least two firms to look at the options and those firms often put their clients in a chapter 11 bankruptcy.
I am looking for a halt any time in the next two to three weeks. The outcome of that halt could drop the pps to under a dime. Wait a minute! It is already trading at that level! That's why I see the stock dropping on notice of filing Chapter 11 and then climbing back up to doube or triple where it is now within a month. A first meeting of creditors will be an awakening to all that the holders of a majority of the stock (mostly banks) are interested in protecting their shareholder value as well as the secured liens they hold.
Since the chairman disposed of all his shares in the company, I see him as simply a shill for the banks.
It is not often that I hope for dilution of my shares, but in this case, I hope they dilute the hell out of it and give all the secured creditors shares in lieu of money.
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