Breakeven, page-8

I don't envy them as they are carrying a lot of risk for that return.
Black Crane's previously stated intention was to use the banks to fund a turnaround, I can see the appeal of such an approach but also quite enjoy being conservative in my investments.
Better to do a Crescent and pump the balance sheet with cash for a gold-plated turnaround. I think it's more reponsible for the employees but that's hardly a factor in today's world it seems.

It's all about max leverage, max risk, max return, barbarian at the gate -style minimum capital.