Has turned the corner in regards to stability in its business, but still suffering. Starting to see a little bit of sales growth. Expects cost cutting to take place resulting in higher margins over the next couple of years. The risk is their exposure to growth markets. Would be a trader within its range.
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.