If you disregard all impairement charges for 2012 they still lost $139 million for 2012
Even if they keep a double set of books - this what they reported to the SEC
The cash they have comes from asset sales - shareholder equity keeps dropping.
Okay how about some disclosure to add perspective to your posts here... Do you have a short position in ECA? If yes are you short shares or via put options? If no, why do you keep posting bearish updates on the firm?