There are few interesting post on the board. I have yet to see a post which has taken in account the last news & incorporated the figures in the last published balance sheets of September 2012 & see if the company can still survive. I do not own this stock  & have little interest in it expect a lesson for future investments. There has been gross negligence on the part of the board, auditors & the lending bank too. Now we have to see how the regulators would deal with the file. The only good that can come out of this fiasco is that measure are taken to prevent repetition in future  & people who are responsible are held accountable. Auditors do sample testing but they are supposed to verify the assets of the company. They should have gone through each & every account receivable a decent auditors should have been able to identify & expose this issue in a short time. When the banks lend they they go through the whole balance sheets, some bank advance money against AR in this case they seem to be advancing money on overall business & assets which includes account receivables loan officer should have verified the assets like number of tanks etc & the validity & quality of AR. I have dealt with account receivables & have done extensive lending against them. When lending to a company loan officer can demand all kinds of additional information from the company & in this case they should requested information on AR for verification when they were very high & increasing. I recall my first post on this BB was about abnormal AR. The lending bank was very negligent in lending & then increasing the LOC to $100m without verifying the account receivables.  Now the main question is after the last announcement is PSN solvent?. I did a very simple exercise because I have very limited information lot of important information is missing. I took the balance sheet of Sept 30 & then incorporated the figures of AR & Revenues in the last new release. Just based on these number the picture is not pretty. If the bank calls in the loan of $55.5m which may be even higher now, the company is out of cash. Actually I do not think that the company can even pay that debt. There is chance that the banks may have to sell the asset if the present business is no longer profitable. When you take $106m out of AR you are only left with net assets of $37.8 million  which is less than the amount owed to the bank. Now if the bank calls in the loan they do not have cash to pay them, hence company goes into default . The present revenues are low & some will be still be non cash. The AR have dropped to $23.5m I have no clue if they have  recovered all of them partially or none. Another way to look at solvency of the company is to look at networking capital. If you put the bank loan as current liability & reduce the AR by $106m you have negative net working capital of $62.2 million while the value of property/ tanks is around $60m. Plus now they will have huge amount of legal, auditor & insurance expenses. I think that this company is done I will be surprised if the shareholders even get a few cents per share from the assets of the company. I think it will be a total loss. The only hope is some recovery from the law suits. Because there will be little to no assets left it would be insurance companies who  would be paying out the damages. Lawyers are the big winners.  I sincerely hope that the regulators take serious action against the people responsible for destroying so much wealth & hurting so many people. It really hurts me to see so many people lose money. I am sorry for your loss & pain. I wish I could have come up with a better outcome for this company. I hope that I am wrong in my analysis.