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drummnutt,

Those that sold down PBG has no idea of the textile industry. The business is based on small capital with big leverage or working capital. The debts are supposed to be long term for the purchase of the brands.Even with paying royalty to Sarah Murdoch, Pat Rafter etc, the margin is wide enough to sustain the business model.People panic because of the hugh debts because of liquidity problem globally. Once liquidity is restored in the banking systems, PBG will be quickly rerated. We won't be seeing this level again.The recent quick climb is probably due to the shorts covering or the fund managers taking a position.
This is only my interpretation, so do your own research before jumping in. I have back my own value judgement but you may like to consult your own financial advisers for your own situation.