RE:get ready to cover morons This isn't a commodity stock with a large short position that rushes to cover when the commodity turns. This is a company thats debt to ebitda is rising even faster than the most bearish of bears could have predicted. Many shorts don't plan on covering and will just wait for the inevitable. We still have tax loss selling, lawsuits, Nhs price controls/rollbacks, weakening NA assets, new generic competition, Hilary, possible further writedowns, further reduced guidance with any of the above, etc
After months of strategic review all Greenhill, the best of the best, could do was raise more debt?
They will likely have a huge bill from Greenhill, a fat commission for Goldman, pay 9% on face value, and still have the debt of the full $350 million. Seems things were so bad they didn't get a pirate equity partner or buyout, but will keep the lights on a little longer.
I think we're in the middle of another long squeeze where even value managers are kissing this goodbye. There might be some fomo rallies, but I doubt any serious fund could buy this now.
fundtrader wrote: here we go...