How to Value an Investment Case

This is a slightly risky situation. I mean, there is a non zero chance, something funky is going on in this company. But at the current level, essentially you only need to get one thing right. Is the balance sheet an accurate reflection of the assets and the cash the company has its disposal? That's the only piece of analysis you have to do because the bonds are so short-term. The P&L historically is pretty, pretty bad. They've always generated very low or negative returns on invested capital. And most companies will refinance things around the 12 month mark. So they would probably try to refinance this in advance of where we are today.

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