Investment ideas and financial education
PRGN:NYSE will have liquidity problems in 2013 that may probably trigger asset sales and additional equity issue. I tweak down my expectatives for 2012 (opex higher than expected due to bunker prices) and 2013 (where it will have negative CF from operations). After losing again 60% of mcap, its share price is a mere call on the survival of the company. Provided asset values do not drop further, the company is still not under water, but it is difficult to recommend buying at this point. Full report here.