have said over and over never shorted one share of pzn...have been long millions...have not said company going under...infact said it would be dangerous to short...but would not go long until dust settle even if it is at higher prices...have also said if you must be in correctiuons seems crn or cscq made better...infact posted i think to someone that was giving me grief to follow the two pzn was at 2.5 and cscq was 4.5.........today pzn 2.18 and cscq 5.75....both pzn and crn earned about 15 cents today
The problem is not even figuring out what possible free cash flow will be, the problem is how many shares will be outstanding. A $1 price drop has produced the possibilty of 50mm new shares, roughly. How can you add shares to cut your own further dilution when the number could double on you and then your screwed but you were too early. It's almost inpossible to make a logical decision. $100mm in free cash flow will get you $33mm next year if you do nothing.....that's a real hair cut. That's why I talk about this amount of shares outstanding possibily coming so much. How can you guess a P/E, Book value/shr....?? And if you can what should PZN trade for? CRn and WHC both trade in the 8-10 P/e range. I'm not trying to be bearish, just realistic and rational.