This is complete crap. Its the debt! They paid too much for everything. Thats why so much has been written off. But the debt is still there. Soon every dime they make will go toward paying interest, for ever.
Pj, just curious -- it seems that you are buying at almost all prices on the way down from $10, and have accumulated almost 1% of float. That's a lot of money. Do you diversify at all? have you sold any at all?