I remember buying stock in Speciality Paperboard a few years ago. It had a tangible book value of about $50MM and no debt and some interesting products. Management is so important, and I think that what management has done to this company is irresponsible. Today (as of 6/30), the company has a tangible book value of negative -$60MM and debt of about $340MM. Management has destroyed enormous value and shareholders have suffered.
I was thinking this one might hit 4 dollars or so when the next earnings report comes out.
I'm not short this stock as I'm not that sophisticated...but I think that we will see plenty more blood then a chance to buy next year and make some good dollars. First they have to bleed, then we buy. I got out near the top and am waiting for a chance to do it again!
Doesn't matter what the reason they went down...the point is to get out and get in at the right time. I do feel sorry for those who bought and held but...that's not smart to do when a company goes down the toilet for awhile.