Only for the speculative part of your portfolio. He is looking at buying some tomorrow. A lot of the accounting is behind them. Looking to streamline the company. Has decent revenue growth. Strong balance sheet. Looking to reduce their research and development centres.
If you own the stock, you are playing that there is some value in the assets they own. The company is not a going concern. Have a huge deficit hole in their pension plan. Individual parts of the company may be better being sold off.
Has about $4 per share in cash. They are thinking of selling an asset that would raise about another $1 billion, which would add another $2 per share in cash. However, the overall quality of the balance sheet is as bad as he has ever seen it. Speculative.