I thought that too, but consider this scenario: Quantum get...

I thought that too, but consider this scenario:

Quantum get about $4m in revenues from the TEC. If they haven't been compliant for 3 years, then it's a $12m hit. Current financing arrangements are at 2*EBITDA, and the recent acquisition puts them at the limit.

If there's a hit to EBITDA next year, they've breached the covenant and it's not pretty. However, provided they can get over this, then the remaining businesses (OCA, Intueri, etc.) are worth more than the current Market Cap.

I took a large loss, but the change of breaching debt covenants would make things much much worse.