Hi Ski,
You are probably right , but asset values are always a difficult area to navigate.
Some of the property may have value imbedded in it as a working asset , equipment and inventory may be markedly discounted in a distressed sale .
Morningstar's quick ratio is around one , which is of some comfort , but that probably doesn't take into account all of the 250 million owed on the Step -Ups . So in the very unlikely event of an extinction event , they will be able to pay their debts , share holders , problematical.
I think it will survive , but will it see 4 bucks again , ever?
Hard to imagine.
I increased my exposure in 2019 and 2021 from memory , but despite the low price , not tempted again.
A takeover somewhere north of 3 and a half bucks , probably the best outcome for me, especially as it is hard to get enthused with the performance of their management.
cheers
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