We don't know if Ultra's Creditors will defer payment terms so they will have a prayer of being paid back later, as opposed to being defaulted on.
We don't know if Ultra is going to do a secondary offering of shares in order to raise cash.
We don't know if someone is willing to come in and take out a stake in Ultra at these levels, in order to make a killing off the Ultra assets when Nat gas recovers to $3+.
There will be an equity offering to raise cash. Even with dilution, it is going to $3.50-$4.