Best time to buy is when there is insolvency talk....look at how these other stocks have bounced off their lows since the insolvency talk....PIR from 10 cents to 16 cents; GE from 5.87 to 10.32; LZB from 53 cents to 1.12, RAD from 20 cents to 30 cents; ODP from 59 cents to 1.23; OMX from 1.86 to 2.64; ZLC from 89 cents to 1.13; LVS from 1.38 to 2.33; also C has tripled from its low, GM has doubled from its low, etc etc
What does the fact that it was a $70 stock have to do with what the company is right now? I can get you a very extensive list of companies that were once high flyers that are trading for pennies on the dollar or are no longer in business. When your auditor expresses a going concern opinion, that is not good news.
Let's add KV Pharmaceuticals, crashed from $28 to 40 cents and closed on Wed. at $1.35. Their sales fell off a cliff compared to Crocs's 15% decline 2008 vs. 2007 (KV sales declined 41% and are projected to decline another 42% in the next 12 months).
Don't forget about siri, which has moved from 5 cents to 43 cents in a little over a month. Maybe the new CEO, former Reebok guy has some connections to help create liquidity or could flat out sell the company? Whatever happened to the Medicare customized shoe/orthotic/prosthetic plan that was to have extreme margins?