A thought If I was going into negotiations for the repurchase of debt I would do all I can, to drive the perception of the Company to look like bankruptcy is emminent.
There is something overdone in the results and my quess is once the plan is in place, and one will be in place, soon that this ship will have turned more than was evident as of March 31st.
The balance sheet is being cleaned up, fas,t the write down could have been done at a later quarter. There is window dressing going on.
I think the aquisition of a few shares is a worthy gamble,