RE:MY PERSONAL OPINION !!!Pretty good summary! One thing to add is the banks. Company has $51mm drawn on its revolver ($43 for LCs and $8 cash). It is sitting on $79mm of cash in Canada @ Sept 30 and has a minimuim Canadian cash requirement covenant with bank of $60mm going up to $70mm at end of year through maturity on April 30. If they breach this covenant and bank does not grant another waiver or banks don't renew in April (which may very well happen), the company is screwed unless bondholders step-in. Either way, equity appears esssentially worthless.