re: downside risk is less than .90 per share
I will agree with you with one caveat: That one's entire WAVX portfolio has a basis of less than .90 per share. Of course, if one owned, say, 10,000 shares, one would face a total loss of $9,000. (assuming their portfolio has a basis of less than .90 per share).
Of course, one's mileage may vary, depending on basis and total share ownership.