CXR issued over $1.5 billion in stock in late 2015It's not like they used all debt to buy the assets, a considerable amount of equity was used for the acquisitions at near all time highs. Again, ten times EBITDA less the debt seems like a reasonable valuation 3-to-5-years down the road. RIght now, the market has priced the company as insolvent, which is unlikely when the debt markets are still open. Lenders just want to get paid. They have no desire to seize assets. All quite unnerving.