Valuation, page-41

Good to be cautious but I think GXL is well within its mean to fix it, it not an unfixable problem
well, that is my judgement anyway.

this is what I see in the next 6-12 months
you got revenue side coming in and this is the important part.

Capex will drop significantly
Cost cut
Debt is now peak and will start to be paid down that we don't have to worry about capex any more
they have the option to cut dividend as well and pay down debt similar to TRS recently and resume
when they have a better balance sheet

I see this problem mirror CCP a decade early, what happen to CCP they don't have a revenue side issues
they have a cost side and profitability and a bit of a debt.
I looked at CCP book and I can see plenty of automatic repayment account in place, this guarantees their revenue side while they go about fixing their issues.

1. CEO is gone, new CEO and Chairman come in
2. Reduce cost and headcount and debt purchase
3. Drive efficient out of the current system
4. Reduce dividend

12 months later, debt down, efficient up, profit up slowly and they continue on that path
for the next decade, share price recovered and surpass their previous high and go on to new high
those who have a bit of risk and a bit of analyst made 20x the money and more with crazy dividend now