oouuch, page-14

May be world class product, but clearly too expensive and thus hard to sell.

You remember their marketing person who was given the boot ages ago, that's pretty much what she said... great product but not going to sell at that price. Management just didn't want to hear that so showed her the door, in reality she is probably right.

Could definitely do well under good management, assets likely to be sold off to some entity pretty cheaply where the lower capital outlay can afford to be more patient waiting for regulatory approval and sales. The fresh start will allow the pricing to be reviewed as well, where a massive selling price and pie in the sky sales projections do not have to be bandied about in order to impress the stock market.

Bondholders will probably lose a bit on this, although it won't be a total write off... they have got about $10mil interest to date, there is $13mil cash still in the company, and the asset sales might bring in another $10-$20mil.

Who knows, the bondholders might even pop up as the buyers of the assets! Pick up the whole company for a total outlay of $47 mil (being $60mil bonds + $10mil buy the assets of the company from the liquidator - $10mil interest received - $13mil still in the company). Sit on the investment for a few years as approvals come through and anti-biotics get banned, prove up the sales, maybe invest a bit more to expand the plant, then flog it back on the stockmarket for $3bil!