XJT data at Yahoo is still a long way from reflecting the new reality... financial data lagging quite a lot from changes in real time.
It matters a lot that XJT will return to profitability, even if the potential for profit is currently limited in the economic environment. XJT has tremendous potential leverage in a couple of factors... new freedom to compete that didn't exist before doesn't really matter right now when the industry is flat... but could matter a lot when the economy turns up.
The reverse adds new leverage that didn't exist after the debt for shares swap. That swap eliminated about half the debt and provided a massive dilution, but it is done... and shares bought Thursday or Friday at $1.09 aren't hurt by that.
The cash position is an open question, given the hemorrhaging that has to have occurred recently as the restructuring proceeded. That XJT seems to be working through the issues well enough while still holding onto something like $50 million in illiquid "short term" investments (as bag holder) suggests that resolution of the financial meltdown in the larger economy, if it enables making those investments liquid again, could result in a windfall of something close to $2 per XJT share in cash.