The Q3 and 9 month numbers do NOT include mgmt co. (just PZN). A lot of the PZN loss is non-cash (e.g. litigation settlement). Also, they stopped recording all the rent due from the mgmt co, even though the mgmt co still expenses it (I think).
Doesn't mean that they're going to survive, just that that no conclusions can be drawn yet. Whatever the real results, even at their old net income margin of 11% (and a billion dollars of revenue, which is high), they will have trouble covering the 10% ++ cost of interest on the billion dollars of debt. But this is no different than it was yesterday or the day before or the month before or the year before, or even two years ago.