an with all the inquiries into the company, i see the price to move up from here. im not saying its ever going to get back to its glory, but it is worth more then .06c. whos to say that the chinese are still not interested? even cheaper now. it could be the plan all along.
I agree as they filed with over 70 million net assets on the books. There could still be more bids for the Auto unit. I hope they don't run through the 72 million financing during the proceeding as that will eat up all of the net to shareholders IMO. Basically, by filing a 363 in ch. 11 they want a quick sale process versus a normal ch 11 filing. The speed at which it is done is vital to equity holders. Right now if every thing sold for reasonable prices based on their own asset and debt filing shareholders would get over 70 million dollars or $.20 per share based on the 348 million share count. If all closes in 60 days then that will drop to probably $.12-$.15 per share although the more time could allow for a higher bid for the auto unit thus minimizing the cash burn. Its all about cash burn at this point. Many of us have taken a bath on this expecting the Waxiang deal to have worked out and now are pretty unhappy.
We all took the risk for a double and knew that we could get halved should things not work the way they were supposed to. This is beyond getting halved as the market tends to overreact whenever there in a bankruptcy. I have sold a couple stocks over the years only to regret it days later when even the BK stock can trade much higher then it was the day of the announcement. I think it can trade over $.10 in the coming days and as high #$%$15-$.20 in the coming weeks once the dust settles.