I believe it was in the 3rd Quarter financials that Poseidon stated that 38% of the AR was from BBB or better (BBB and above is considered "investment grade") rated companies. That would indicate that the balance, 62%, are below investment grade companies. In the USA, where 80% of PSN's business is done, these companies who issue debt are called Junk Bond companies. Before you panic thinking that these companies will not pay, note that the default rate of these companies as a whole in the US is about 2% today. So of the 36 million in past due AR, if only 2% were to default that would be terrific news for PSN. That said, my 2% default number applies to the entire junk sector. I do not know the particular default rate% for the oil/gas exploration sector of the junk market. But even if that number is very large, I would not think that it exceeds a number like 10%, as that would really stand out relative to a 2% overall default ratio.
But at 10% of 36 million in past due AR, or 3.6 million in further write down, I would think such a number or something like it being released by Poseidon and a comensurate write down in Q4 of that 3.6 million would send the stock nicely higher.
As to Kherson, sad to say, you won't get much monetary satisfaction from a class action suit. Usually, after lawyers take their bite, investors have enough to buy themselves a nice lunch and that is about it. And it typically takes 3 or 4 years before the check finds its way to your mailbox, as these things take time.
I sympathize with you. Yet, to be honest, I think you are seeing fraud where there is nothing more than a lack of management experience at running a very rapidly growing business. True, bonus money tied to EBITDA targets is more agressive than the norm, but that does not make it fraudulent or illegal.