Even with all the cost savings and restructuring I estimate they are still burning $80M a year in cash based on the current production volumes.
They now have negative net assets and yet they still claim in the quarterly report that they have a"World Class Commodity Portfolio".
I don't see how they can go on for much longer unless the note holders agree to convert all the notes into shares and I can't see that happening as they would likely prefer to take their chances in Administration to recover the note value's.
LNC Price at posting:
99.5¢ Sentiment: Sell Disclosure: Not Held
