The gloomy picture you've painted must have assumed that all BLY customers will default. But BLY's customers are big and are not likely to default. There is close to $339m in receivables which over the course of the year BLY will be able to collect. So paying $85m due in April 2010 should not be a problem.
Besides, 4 of BLY's top 10 customers are big gold producers. BLY will still be able to generate cash in 2009.
BLY Price at posting:
6.9¢ Sentiment: LT Buy Disclosure: Held
