I'll try - I am cautiously optimistic too, things aren't good, but also not quite as grim as other posters would have you believe. Basically, they demonstrated progress in cost containment and debt reduction - nothing earth-shattering, but unequivocally moving in the right direction. I think debt's down by like $4M this quarter and they've got another $6.5M (from the sale of under-performing markets) coming in after close of Q2 that will go towards debt. They affirmed that they are on target to get debt under $100M by next fall in line with their original projection. I won't go into too many of the numbers as I don't really trust my notes.
One thing I did think was interesting was the discussion of "pro-forma" estimates for R1 after completing the disposal of targeted markets. They are looking at rev in the $140-150M range and margins in the 10-15% neighborhood.
Still a VERY difficult operating environment with interest expense and fuel costs hurting the equipment side.
Final thing I thought was interesting was apparently Bill himself was focused on working through the legal challenges that were recently settled - now his "project" will be securing more favorable credit terms. Bill spoke in more detail about some of the headlines on the credit and basically they could have continued with the existing bank, but they're really getting jammed on the interest. He is looking at other banks and some investment bank syndicates to get a better deal which he thinks should happen by mid-summer. This will save MLR some major cash as opposed to just re-upping with the current bank. There's simply not a credit problem now.
Gotta run now, let me know if you've got any specific questions and I'll try to answer them...