Anything is possible. If it trades at the industry avg p/s of 0.40 it would be worth $2 Billion. If you assume fully diluted shares of 20 million then that would be $100 / share. remember that the int expense would drop quite a bit if they do convert shares so while it is dilutive it would also increase EPS.
Back in 2006 it was worth around $3.5 billion to $4 billion on sales of around $9 billion (again, p/s of around 0.40). i think going forward the company will be better managed in terms of expenses but it will be penalized for higher debt levels. i think a p/s of 0.2 to 0.30 is reasonable within a few years.
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