Bonds (trust preferred) are selling at a yield of 23%. Interest is deferred so no payment.
Probably in trouble with the FDIC since they operate in some of the most troubled states of Arizona, Calif, Michigan. At least they are not in Nevada or Florida??
CEO and Daughter run the company and pay themselves too much at $1.5 million according to yahoo. Looks like they used it as their piggy bank for too long and took too much risk to support their wants. IMHO
This is not a good situation, maybe they can find a buyer, but probably only pieces have any value.
I love distressed companies, but this one looks toasty.