I certainly agree with the position staked out by Nussbaum in his article -- frankly how could any reasonable person not? -- but I strongly disagree with your conclusion that the article should be read as a message that all is essentially OK in CCME land....
Respectfully, I think you are reading waaaaaay too much into the article. I personally think that CCME has serious problems; I just don't believe that they are so serious to warrant $1.15 a share (or even $4 a share). I think a more realistic valuation will end up in the $6-$8 range -- PROVIDED THAT 75%+ of the cash can be be accounted for and recovered.
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