Kherson, thanks for replying to my post. Even if it is quite a negative response. Aren't you the one who went all in with mom's money. If you are, so sad. A new growth stock? Everyone knows that unsupported growth in a company is dangerous stuff.  Recommending a stock to a loved one in this volitile capital market? Increasing inventories by millions every quarter (just look). Do you really think management is that stupid. Have you ever heard the saying "it's easier to get through times with no cash with inventory as opposed to without" besides accounts payable is four times inventory. Do you think they are getting paid?

Side stepping the rules, there are ways to purchase stock indirectly. But who cares.

Drilling and fracking companies have stated that the last half of 2012 was horrible on A/R and that a few companies were quite problematic for collection. However, they have stated that new capital budgets for 2013 are being announced. And many have presented an optomistic 2013 for collections and new contracts. Ya, it could be more hype but there is always someone out there with cash looking for a bargain price. Time will tell. You won't see the full picture until they post the second quarter 2013 results. You can assume the worst if you like. It's prudent. Everyone else has, just look at the stock price. Under a buck?

Furthermore, I appologize for my use of the word bankruptcy. Even bankruptcy protection is not cause for an immediate writedown until the trustee is finished. Allowing every possible means for collection. A debt should not be written down unless a partial (cash) payment is agreed to clear the debt. An allowance for doubtful accounts is not even a complete writedown. 

However, even if you did write off all the A/R (125 Million) against the total EBITDA (100 Million).  Assuming 25 million in cash receipts  ($.20 on the dollar) for the last quarter to write down. Adding 20 million in renegotiated contracts sales(40% of original) with the line maxed out at 100 million. When the company can pay the bank interest, what can the banks do? It's all about who signs the checkbook for the next year. Company failure? not unless management packs in the towell. Voting is not a issue till GAM in May.It's all up to the BOD. What about their reputations when they pull up the nose on this one? Investors are generally stupid. The market missed this one and management still has a large margin of latitude.