No stock ever heads down without a break This was a well needed break.
It flushes the oversold and rebalances the stock. Pennyscammers have indeed been chirping for some time that they wanted the stock to go up but there is no catalyst. Remember danny? Head master of pennyflippers?
You need a REAL catayst to turn around the stock.
With the mountain of debt, the stock is already worthless from the street perspective. Look at the debt to market cap ratio.
At this point, someone would come in to swoop the common stock but any smart money would go for the bonds. In this case, smart money went for the Secured Senior First Lien Notes.