" In front of net assets I omitted the word current. The net current assets would be $37.8 million after adjustment of new figures which means that the company does not have enough current assets to payoff of bank loan of $55.5m. However the company would have total assets of about $99.7m which are enough to pay off the bank debt. For this the bank / company would have to liquidate the property/assets."
You are getting a little ahead of yourself. First and foremost anything debated on this board is based on "ifs" that no one can answer at this time. My 2 cents is, even if net assets do not cover bank debt at this time it does not mean the bank can foreclose. If they are cash flow positive or have a reasonable chance of becoming that way in the near future then PSN could simply file for CCAA protection to hold off creditors until such time as the get the financials back in order.
The dividend that was given based on what we now know (roughly) to be the real revenues did punch a hole in the side of their bow, but what do the real numbers look like without the hefty dividend? If there is any hope in those numbers then CCAA will not allow anyone to touch them. If that is true and if the the get the financials corrected and if there are no more sucker punches then this company could possibly trade again with a share price up to $3 not being out of the range of possibilities in the midterm future...again that is all based on ifs that no one can answer at this time...Time will tell.