I would advice sell, even this point. There is major restructuring looming, their book value is simply inflated. And like one said before, their return on assets has been so dismal even before recession, and that indicates massive writedowns.
Cut your losses and move on. You ain't gonna get paid, by being loyal when stock is tanking.
Okay, take care!
If you really believe Hastings "isn't worth anything", you wouldn't be taking the time to write about the company on a message board, would you? You'd be off somewhere else, looking at other investments. So, I don't buy it.
I agree with Net as his analogy was right.
In both cases, you are buying based on the sum of future cash flows. Both model exactly the same way:
A bond, with no cash flows until par at maturity
is the same as
A zero-dividend stock, bought on the premiss of redeeming at a specific BV at some point.
Apples-to-apples on those assumptions, with no additional information, you'd ALWAYS buy the bond since you'd know -when- you'd get your principle back.