trading less than cash backing

A disasterous downgrade no doubt, but two points are -

1/ If the company already made a $60 million NPAT in the first half of the FY2010, how can that translate to a possible $20 million full year NPAT ?

2/ Current market cap $685 million, current cash in the bank - $800 million.

Lets hope the $800 million isnt sitting in a Greek or Spanish bank !!