billabong launch, page-10

IMHO The Intelligent Investor article posted a while back summed it up best.

- nearly $700m in total liabilities
- probably losing money rather than making money now
- the history of turnarounds in discretionary retail suggest they are difficult and rarely happen
- most likely outcome is a refinancing package that's dilutive to shareholders or the banks putting it in receivership

It looks like as long as they have that huge debt pile and no cash, buying the equity at any price carries a large risk of losing your money.