This is basically it. The business itself is in reasonable...

This is basically it. The business itself is in reasonable shape. It's pretty hard to move forward though when you're paying 13%-14% interest rates in a zirp world. I'm actually somewhat impressed with how well liquidations are holding up. I take it as given that KJ acts in his own best interest (read the rem report if you want proof) and he bought $160k on market around this price back in April.

It's a messy set of numbers and it's not really surprising the market sold off on it.

The payback period (in liquidated cashflow) for these debt collectors is reasonably fast. If they can get the production line moving again with higher PDP purchasing in the next quarter or so, and iron out their financing, then the equity returns look reasonable over the next 12-18 months.

The most important step is what the refinancing looks like. If it's a similar IR to what the company has traditionally paid then it'll be happy days, if it only shaves a few % off then it's hard to see how they can get the growth they want without an equity raise.