why abc fell today

i think most of it can be attributed to the waiver abc must to get from its banks.

abc will be in breach of its debt covenants for the full year following the $280m writedown and subsequent loss. without this waiver, the banking syndicate can recall the debt.

i'm sure the banks will grant the waiver, but the market is extremely paranoid. the short sellers have once again taken advantage of this uncertainty to launch another short selling campaign.

until the waiver is signed, sealed and delivered, i don't expect abs to go up. hopefully they'll get it quickly.