Something tells me that Balkany will be OK. Who are we to say he "got it wrong". Julien may be involved with STEP in some way, shape, or form. Many times these guys don't get rich due to scruples or principles.
On the bright side of this announcement, I won't have to read the idiocy of bsimp again. May he/she fade into oblivion, but I'm sure they will find the need to torment another board.
Just to play the opposing side, you are assuming assets bring depreciated value and are worth "book" to a potential buyer in their current state. Are the majority of GSF "specialized" butane/propane assets directly compatible with other forms of fracing?
Granted, even at 25% of book they would be worth about $.50/share. It also depends how much they lose this Q and the next Q. Liquidation is not an immediate thing.
That said, thinking of taking a speculative position here.