BWC and ownership of its shares will be dead money for years. Why? Because: 1) the corporate structure is very weak (poorly managed) 2) poor business model 3) weak in engineering, research, and product development 4) DOD/DOE reduction in contacts due to Defense Dept. cutting expenditures 5) electric utilities reducing capital expenditures!
Apparently you are shorting this stock. You list some valid reasons for doing so. I appreciate your objective input versus the subjective bashing seen by others on some boards. I'm actually waiting for a better entry point for long term (up to 5years) but not at the current level. It's possible BWC could drop back to $24 so I'm just watching for now. By 2016 this company, and the sector, should turn around for a long run to the up side. Just my opinion based on little research. Good luck.