I do really not exactly know. My final opinion till now since i got in and out these stock since may 2010 i think it is still a HOLD worthy.
Why i am really know is that if you have loss on your position the best way is still to wait not to sell.
1 Are there BK-problems on the short-term? NO! 2 Are the earnings positive of negative (do not think about the way they are achieved). POSITIVE 3 Is extra dilution possible on the short-term? YES, but WHY and WHEN? 4 Has the company to repay a critical amount of debt on short- term? NO, in 2012 they have to do. More than 1 year ahed. 5 Is the management skilled and performing professional enough to create shareholders value imo? NO, A BIG NO! 6 Has the company a positive equity? YES.
You see it is a 50-50 story. I think element 5 is the most important. Make your choice.
The company has been permanently impaired by diltion and the bond overhang remains. However, RAS business can muddle through for years and provides optionality. In the short run that has own led to "volatility" exploited by "machine" traders looking for "free shares". For now not much is likely to change.