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.