Net loss 102mm for q4 and 167mm for year. On the conference call they said how great the balance sheet is when in reality it is awful. Common equity is 84mm negative or minus .68ps. The book value of the 479mm pfds is now 395mm. I have never before seen pfds selling at par when common equity is negative. The mid point of their est for 2013 is a net loss of 105mm after pfd div so the balance sheet will only get worse. I am astounded that they have not had a secondary to cure the problem of negative common equity. On the conference call they said they expect to be in position to consider a common div at the end of 2013. Anyone out there ever seen common dividends paid when common equity is negative? This mgt lives in a dream world! I expect the common & pfds to go down but if I am wrong I will cover my shorts so I limit my loss to no more than a buck per share.