-$25 million in cash -approx $200 million in assets AFTER the spectrum write down (which seemed to be quite harsh), and -approx 47 million shares outstanding
25/47 = $.53 per share CASH on hand 200/47 = $4.25 per share BOOK value of assets
True there is a negative value for shareholder equity - but that assumes full payment of all long term liabilities.
PLUS, there is no indication the company is not or can not meet its current obligations on a go-forward basis -- which means it does not meet the most commonly used definition of "insolvent" and is VERY unlikely to file for bankruptcy.
Looks like the financials were meant to gain leverage against the long term debt holders...