True value is somewhere between $0 and $8, page-17

Today I sold my holding for a loss and I can simply say I am neither a downramper or upramper. In the case of impairment I try keep my understanding fairly simple. If a business has cash or takes on debt to buy an asset, that asset has a value recorded on the books. When that value no longer carries the same value on the books an impairment for the difference takes place. Therefore an impairment is not a fictional number but rather a transfer of value from shareholders to the waste paper bin/toilet/garbage. Therefore it reflects the amount of cash that once existed in a previous life.