agreed, but remember St. George is only 1 lender, there are others in the game w/ significant debt (bluewater) that are sophisticated players as well. I think you're right that HLX on its own can't escape the spiral. If they make it out the rescue will come from left field. Don't count that out...
VV, very insightful and believable. I suspect a lot of these small time venture capitalists are real slime and wouldn't put such activity beneath them.
Helix probably would have had a better run if they opened up shop in China.