New Century (NEW) Follow-up

My good sources on Wall Street sent me a report that JP Morgan threw together in the aftermath of the NEW 8k filing late today

The executive summary:

• Analyst believes that $265 mln secured with remaining unencumbered assets.
• There is little left for common shareholders to lay claim on in a liquidation
• $265 mln "last ditch" effort by NEW to meet margin calls.
• NEW burned through $365 mln in cash in less than 3 mos precipitating need for $265 mln loan from unnamed lender.
• JP Morgan advising investors to sell NEW shares.

As soon as NEW can secure DIP financing, or a buyer who will assume the liabilities it's over for common shareholders IMHO.