Does look like we're skunked, doesn't it? I'm in at a bit over $3, with a couple of good trades in between, and nearly sold at $3 in May, at $2 in June--you get the picture...
Not selling here.
My guess is that this press release is some kind of bargaining ploy, to loosen up somebody somewhere, though I can't quite come up with a plausible scenario. Just my guess from my knowledge of the real estate business, where the banks are always threatening foreclosure and the borrowers bankruptcy, and usually nothing happens. The banks want a going concern that might pay them back instead of the hassles of bankruptcy court (plus the minus points for writing a bad loan).
Are the Bass Bros still around? Did you catch the 1.6 million share trade last week? Since Pound is their man, I'd be plenty po'd if that was their sale. Is Valuevison gone? How about all the other big holders like Wisc. and ML (?--not sure about them)?
No matter what, even if they scrounge up some cash, this is a sick puppy.
Here's that trade, from Reuters, via Discover Brokerage Direct : "07/09 12:36 Block Trade - CML Group Inc <CML.N> 1,600,000
at 1-1/4, down 3/8, crossed by Furman Selz!"
Yikes! Help us somebody!
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