I agree that 50% downside is not a lot for this type of company. However, this comes after 90% drop from the high. Since only a small profit has been made during the quarter it seems to me that the explanation for the booked value is that the sharecount has increased substantially during the quarter. This will only come to light next quarter because the sharecount is based on some kind of average during a certain period and not the end of the quarter. I therefore think shareholders are in for a nasty surprise when it comes to the sharecount if they are not aware of the above.