You people are overly pessimistic. The company will not liquidate in Chapter 7, but at worse reorganize under Chapter 11. That doesn't mean the company will cease to exist. It does mean that there's a good chance all holders of common stock will get wiped out. However, the company may do quite well after it emerges from reorganization. Also, it's by no means even certain that the company will file for Chapter 11. There are other solutions possible (debt for equity swap). In fact, there are probably lots of vultures out very eager to get a share of FMK's equity. Traditionally, FMK has often been profitable and generated free cash flow. It's just that now their capital structure is all out of whack. Tomorrow will be interesting.