i have been through all the annoucements and financials twice to...

i have been through all the annoucements and financials twice to see if i have missed anything because im mystified with the constant sell off. i know their debt is quiet high but it is a essentially a cash flow lend and their interest cover is pretty strong at over 3 times
( based on June 08). using really rough figures their sales would have to decline by about 20% and gross margin would have to decline by about 10% for their financial position to be vulnerable-and we would have had been informed of this if it was the case. they seem to have some potential hedging losses but nothing substantial.
so i agree , what is it we don't know ?