no one is suggesting it's going 'down the pan' ..but the...

no one is suggesting it's going 'down the pan' ..but the sentiment widely expressed ..is that the interest of the lenders must take precedence over that of the shareholders .
interestingly the media speaks freely about breach of banking covenants - pretty easy to do if you're in a wafer thin margin businesses such as Commanders - but we have heard nothing from the company. And in this information vacuum the stockmarket concludes the very worst : " it's a basket case" etc.
so don't underestimate the potential for board room skittishness ...where they address the needs of the banks by selling out on the shareholders