Ann: Dec 2008 Quarterly Activities Report , page-27

"You are kidding right...?

Liquid Assets, or Cash, is a far better measure then, assets which require a buyer and are subject to many variables - Particularly in a distressed environment like today."

I think you have missunderstood. I'm suggesting that the better measure than cash is
cash - payables or
cash + receivables - payables - debt.

In the case of PAN they report cash and receivables what they don't report is payables. The payables need to be subtracted from the cash and receivables.

Once you subtract payables from cash + receivables the number is closer .59c.