it's over. It's a stampede for the exits while energy prices have rebounded -- wow. The energy loans are priced to zero. If management sold the energy assets for 25 cents on the dollar, the stock would go up. One has to wonder why management didn't sell them as soon as they were charged with doing so. Instead shareholders were given this cinderella story about how Castex was the portfolio's best investment. What a laugh. Castex must be swamped with debt, something management would have known about.
100% write-off = $1.93
75% = $2.65
50% = $3.37
41% = $3.62
25% = $4.08
These are write-offs from the latest 10Q fair values which have already been marked down substantially. A sale at 41% markdown from current fair value is a give away. An orderly liquidation could double the stock price, and it could happen because lenders want out. If OHAI can't borrow, it can't make a decent return to justify continuing. They'd wind down.
I've written about this before. Cobiprostone development is a waste of time and money. Better to preserve cash and focus on growing Lubipropstone, to repurchase shares, and then to be bought out. Management so far has a poor record. They have shown they can continue to monetize Lubiprostone, but they haven't lived up to the initial hype about growing into the gastro space or into any other space.