I said a few weeks back that I might be tempted by this at 75c - but now that's near, I'm not. The most likely outcome seems to me to be some form of restructure where the common stock is wiped out or materially diluted. I think Yoda had it right with his 'picking up pennies in front of a bulldozer' metaphor. If I were holding, I think I'd salvage what I could and be gone.
That said - they could surprise me and turn in a solid quarter which exceeds the lending covenants and sets a platform for LT value creation for equity holders.
Whatever they do, they'll do it without my capital.
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