those are all valid points, and it would be easy to list even more negatives just looking at the balance sheet especially when one realizes that mcz did NOT follow the sector in the last console cycle. other than the rb3 miracle and the fortuitous lash up with mw2, mcz lagged the growth qtr after qtr after qtr after year after year, even showing lower revenues at times when virtually everyone else was growing in double digits
the one hope might be for darren to pull a surprise deal out of the hat, something that finally gives some exclusivity
not a basis for investing, but if someone likes to gamble, they need to know that darren does, too
Most of the points you listed have ALREADY HAPPENED, so they're not threatening at all - the event is already reflected in the share price. Some ARE ongoing issues (lower-than-desired cash position), but some are not. Some aren't independent negatives; they're just symptoms of the same problem, such as the credit facility issue being tied to underlying cashflow.
I think there are some significant positives for MCZ in the next 12 months for sure, with the bulk of the good news coming after 3/31, in FY2015 for MCZ.
MOJO could eventually be an enormous product, based on the size of the universe for potential buyers. There's risk, because it might not catch on, or it could get swamped by competition, but it certainly has huge possiblities.
The macro factors which have been a drag on MCZ for last 2 years, including the broad consumer economy and the console transition, are both trending positively now. Just on 'rising tide' theory, MCZ should see growth in sales. They've worked to reduce expenses considerably, and so the bottom line is easier to grow as top-line grows.
There are plenty of risks, to be sure, the most significant in my mind being the resource constraints they're currently facing in regards to cash.