A material adverse change has likely occurred given the drop in market cap.  The $100MM Credit Facility with the Bank Syn. will have adverse material language in it to protect the Lenders and if they elect to use it, they could declare a default and move to a freeze and then early repayment.  This would only occur if they felt loans were at undue risk, but they can't be happy with their loans funding dividend payments and bad debt expenses reported at the end of Q3.