Fair chance AXP is worth somewhere between nothing and a dollar...

Fair chance AXP is worth somewhere between nothing and a dollar a share. But it is worth very little to somebody who didn't think they were signing up for this kind of market ride, who can get a good tax deduction by selling it. I don't think the market price is any indication of where this will be in 12 months. I bought some at an ave of 14c, with the knowledge that there could be a crap raise at some stage soon ish. Willing to just wait and see what happens now. There is genuinely still a possibility that they can actually trade out of this problem to some extent too. The last quarter could be a statistical outlier - we will find out.

I don't think this is a good investment if you aren't playing the odds and are craving certainty. For me it is one of a bunch of dogs that I have bought after they have gotten into market trouble.

There is a risk that it gets taken over only after it eventually falls into Voluntary Administration - but even then shareholders can still share in any upside from there. From VA - any contracts can be renegotiated to suit the acquirer I believe, and this can significantly add to the value. Hope it doesn't get to there, but if that is the shituation - I hope management will accept the inevitable quickly rather than dragging it out, especially if it solves problems/raises our value, for any acquirers. As an example an acquirer may want distribution rights or to cancel some big leases etc.