I have tried to estimate the NAV this morning while studying the last quarterly report. The problem with this stocks is that it is very difficult to make a solid guess, because of the receivables that are still due and the fact that the company is obviously renegociating some of the contracts. The numbers are not reliable IMO.

There is also a new management taking place and we don't know yet what will be their decisions regarding restructuration going forward. In other words, there is a lot of ifs in this story and it makes investing in it more of an act of faith or pure speculation than true investing for the moment being.

In fact, we don't even know yet if there is really a future for PSN. To turn the business over will be quite a challenge against a waning tide in the oilfield and better managed and diversified competitors.

In other words, BMO might be right, but I will pass my turn even it goes under 80 cents.

P.S. -- No, I am not shorting the stock and won't do it. In more than 15 years in the stock market I have never been short and won't start today.