If we assume an SI would want lots of equity...who wouldn't.....lets try this, dilution. In order to shore up the balance sheet lets assume dilution of 20mm new shares. The numbers with Opco's loses annualized are now $.17/share for a P/E of 53 ($24mm/139mm shares).
Not seeing what's happening at Opco is killing this company. Even with capacity stated near 90% we obviously are not getting the full effect of what really is happening there, IMO. Any ideas?