At 0.28 the SP is too low to consider a CR. Last time they...

At 0.28 the SP is too low to consider a CR. Last time they needed a 20% discount to get it going. That was when TEN was considered in better shape than at present. You'd think that a circa 30% discount would be required, at that level you're looking at around 0.20/share. $100m raising would require further share dilution of another 500m shares adding another 33%+ in total shares issued....all that pain for $100m? Not likely IMO.
Most likely they'll do a deal on Eye Corp for maybe $100m all up, and hope to get through 2013 unscathed.
Keep in mind that Packer and Murdoch were initially in at $1.40, and Rhinehart at around $1.50.Gordon is way underwater with an average holding cost (prior to the current CR) of over $2.50/share.
It will be a case of sell non core assets,cut non-programming costs to the bone and reduce debt to non threatening levels.