> The creditors are not likely to force a BK b/c they know > they will get "nothing". > > The senior creditors get first dip at the well which is > about $2.5 Bill dry. (Negative Net Worth)
The 'well' which the creditors dip into is referred to as the Total Tangible Assets which currently stand at around $7.2B. In the case of a default, most of the creditors would be paid in full.
The fact the Net Tangible Assets is -$2.5B merely points out that about the time Leonard Green puts out his hand to collect for his shares of preferred stock (I KNOW ... I KNOW Leonard is dead, but work with me here) the well will run dry.
Poor Leonard has been stuck with the eleventh teat of a ten titted sow since 1999 which is why he has worked so hard to try and make a go of it.
Everything you post about RAD is pure crap with no idea what the co. is doing or the mgt. but it must give you a high posting such neg. garbage, a company doing 26 billion in a year must have some business and by lowering the overhead and there costs there is no reason why they will not make it, tough going in this economy