I don't know. Company would likely face a bunch of questions that it wouldn't be able to answer anyway like the status of "active discussions with lender(s) and findings from strategic review of alternatives, which are the most important things anyway. Could be more news coming on these items before 2Q results are announced.
Negatives from 1Q announcement are: 1) Expiration on 4/30/13 of forbearance agreement, 2) Co. NOW admits that it is in default under terms of credit facility, and 3) uncertain status of outcome of attempts to cure/waive defaults.
Positives are: 1) Client confidence in ENG as evidenced by contract extensions, ability to maintain project backlog, and optimism regarding continued ability to replace backlog, 2) reduced loss compared to 1Q12 and was able to use cash from ops to pay down credit facility, and 3) optimism for 2013.
On balance, Co. appears better off compared to the way it would be assessed a month ago. Pending resolution of credit default matter, still willing to assess value at closer to tangible book value of $0.84 than zero.
BKF has it out for ENG! He would love it if we all went broke. Nice guy! Why would anyone want a company to go out of business and have bad outcome for the employees and their families? Not sure but think a past employee? Best to you, I am also in a hold mode.