Although the bad news is behind them, they still have to get a take-out loan to cover the balance to Wachovia -
"The Company has made payments of $62.3 million towards the initial discounted payoff amount of $176.2 million, leaving $113.9 million payable to Wachovia under this agreement. The closing of this agreement is subject to certain closing conditions and the Company's ability to obtain the necessary capital. The Company can make no assurances that it will be able to access sufficient capital on terms and conditions acceptable to the Company."
The company is not out of the woods yet and there are some hurdles yet to jump, but they show over $2 bil. in assets and an earning capacity. It'll be interesting to watch.
Not sure why, but it seesm to follow NCT to a certain extent. Friday NCT tanked pretty hard and ABR followed in step, although not as hard. NCT is far more questionable it seems, so I am not sure why the mimicry.
This still has a huge short position to unwind, but I'll bet it came down by 200K or so last friday. Still, it's large and liquidity here is always low, so it will take a while. Shorts willtake advantage of any uncertaintity of course and cover when they can. I'd like to believe they will get trapped, but I doubt it, the market still has enough uncertaitntity in it to allow most of them time to cover in and around the $2.50-$3.50 range, which is probably an amazing return from where the they shorted in the first place. Hate 'em, but they did very well here and just about everywhere else last couple of years.