The EPS is getting worse than last QTR. They are spending so much in severance and executive salaries. Unless they do something about it this going down really fast. 25 million dollar loss per QTR....is an unsustainable model.....I dont think this can be rectified in next two months..unless there is a sale or buyout.
To bad for the note holders.The debtor can NOT seek bankruptcy due to a no-action clause.
The debtor have contracted away their right to seek receivership.
"On July 6, 2012, Savient moved to dismiss the receivership claim. The Court granted the motion to dismiss, finding that the Plaintiffs had contracted away their right to seek receivership through a no-action clause in the Indenture."