There is long term value here, once the real estate markets recover. Book value is still above $13.50. That is down sharply from the high 20's a couple of years ago, but there is no reason to believe the book value will ever get as low as you seem to think it will. To be sure, every time there is a forclosure, TONE is forced to write down or write off more in losses and assets, but this will subside eventually. It is profitable from an operational standpoint, and the write downs and write-offs of late have been all non-cash and not of the effect you would like to think y4. Part of the reported loss last Q was also the $1.5 Million FDIC assessment which will not be a recurring item. You are way off base in claiming the doomsday scenario, and your motives are to be seriously questioned, given that you admittedly have no financial interest here.
TONE has never traded in tandem with the market. It wouldn't matter what it did. You would still be bashing. And for wnat reason, and for what motive? You have admitted you have no financial or other interest here. So, you have to be either a short or a paid basher. If you are the latter, then your employer is not getting their money's worth.