Based on your forecast, which appears to be more pessimistic than mine, I would agree that there is no equity value here.
My thoughts are that things are not going to zero and that there is a lower run rate of print at which things will stabilize and i think that we are very close to this bottoming out.
also, you may want to look at supermedia's court documents back from their last bankruptcy to see how they fared against their old estimates back then... revenues came in lower but EBITDA came in higher... was interesting to me at least.
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