This stock will fly, page-8

Well they have more debt than any bank would be willing to lend them if they knew the current situation. If things keep going wrong then the banks will step in to protect their loan and the shareholders will be last in line. I don't want to suggest that GCY is at risk of this at the moment, but it is always a risk when you invest in leveraged companies with cashflow problems.

Yes the market makes mistakes, but it is damm hard to find companies which are underpriced to the risk. If investing was just a case of buying beat-up companies and waiting for the turn around my life would be much easier.