This continues to get more interesting. It looks like either a forced liquidation from a small fund or something really bad has leaked out. They do have huge customer concentration so if they are losing one that could be it.
I can't help but like it at less than half cash plus receivables.
I think it will trade up and stay in that 5.50 to 6.50 range for awhile. It may retest the lows first if the market breaks down again but the Balance Sheet and current book of business has no real problems.
What do you consider the "realizable economic value"? I agree this thing is a long way from trading back in the teens for instance.
I couldn't agree more, what once was a great company has failed due to missmanagement from the Senior Executive Level for some time, a huge clean up is needed in that company to remove some of the bad policies and politics and to make the team focus back on the core fundamentals of the business, which is simply operations. The A team has been fired and/or pushed out due to too much power given to the B team to play political games and in turn run this company into an iceburg, unfortunatly they are the ones still there and can't seem to see that the ship is sinking, and even if they could they are not strong enough to know what to do to fix the hole they have caused.