DE should stabilise ship, page-4

On the contrary, various so-called "doomers" have provided rational, substantiated views supported by facts for some time now. Moreover, these views have been borne by reality. The hardcore longs just had their fingers in their ears, which is a shame but hindsight is 20/20 right. In fairness Jack's views are also mainly on the speculative side (not a criticism, just the nature of these things when you get donuts from the company).

Jack - your calcs are reasonable but they seem optimistic on the dilution. All evidence points to 95-99%+ wipe out, there's just no reason for the senior lenders to leave anything on the table when they are underwater. Debt > Equity in the capital structure, and debt is massively underwater itself. Even if it goes on, the lenders will take every penny they can. Shareholders may get a crumb to get a deal over the line, but they won't get a slice - not even a crust.