a patient liquidation ?

Well what a dud !
It appears the recap was not done at sufficient discount and all it has achieved is to appease the bank allowing time for a stock liquidation sale ala a persian rug factory clearance.
Head line discount 40% - transactional discount anyones guess.
Any of the remnant board has had its chance.
Is there hope beyond a merger into something of interest? The cant even boast some nice industrial land in the growth corridors.
There's a further haircut for shareholders coming but at least removing the menace of too tight a registry is worth the pain.