I don't see this being the case because the company has a lot of assets and cash on hand it can sell to meet its $57(?) million obligation in September.
Just going by the income statement and balance sheet alone, bankruptcy shouldn't be an option.
Good post and I agreed with that on Friday as I had this one on my Asset-Leverage watchlist at buy $.50. After some more thought, I've concluded that the Balance Sheet we are seeing now must be updated. The California property appears a Total Loss. Can't be sold, rented, re-financed, nada, just wipe off xx-millions of dollars from the asset side of the Balance Sheet. Plus the cost of cleaning up the mess for years to come.
Also Friday's trading was extremely weak. Two strong bounceback attempts failed miserably. There just had to be some in-the-know chunks getting blown out among all the long & short flippers.
Off my trade watch pending some improbable positive update. Might be a bk short cover play at some point - less than $.07
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