Here is the original article I read in March - The timing of Merrick leaving makes me think that perhaps he, and the existing S&G leadership team could craft an MBO out of the ashes. AC would need to take a haircut but not a complete write-off. A 30% (and this is just speculation) write down would save face for AC and put S&G in a better position to recover. If they can manage it they could even de-list and sort out the remainder of the turnaround in private. The banks would support it as it was their debt that was converted to equity in the first place.