Well I think folks are missing a few key points here.
1) Who cares about the past. . You need look no further than CSC and the change in Management here. The stock came down from the $60 range to low $20's - new CEO came on - took aggressive action, restored confidence and where are we - back to $60.. How long did it take - 2 quarters if that.
2 E&C is a bidding and execution game. AS some others have correctly pointed out, it only matters if you make money in the end - bidding is only relevant if you are making bona fide bids. So what have we seen thus far - an aggressive reserving policy on existing projects - if youy were a new CEO wouldn't you do the same thing? The bottom line is that as the old stuff goes and the new stuff (presumably at bettter margins) comes on, results will start to show sequential improvement - that is all we will need to get the stock up from here.
3) Liquidity this is a biggie - durign this interim period, the company will need to be sure to protect its capital base - it takes money to fix things but once it's done (The GSCO line will help with this) we can than come off a stronger base.
4) I have no earthly idea if we're at the bottom yet but I will say this - I have followed E&C and industries like it for over 25 years and we are an awful lot closer to the bottom here - I would suspect this will be one of the easier doubles over the next 12 to 18 months!
I think you are missing an important point. No doubt, BFDI bought off more then they could chew with the Baltimore contract and how much of it being their fault we'll never know. But now the company must return to their roots and dealing with small communities which time and time again have shown the effectiveness of these cameras. I suspect the key will be keeping PNC happy - and what % of the money they get must go to them. If it's a vast majority, that is where things get a bit dicey. I'm still a believer these guys can make money and with a 20 c stock we don't need much to go right to see it double or even triple.