We did think management was better here; prior management (now departed) has successfully founded, grown and sold (for $600M) a very succeessful public company. But ANRG is now a $25M company with $300M in debt and other obligations. Cash flow was negative $58M in the last 12 months. It has sold a division as it tries to survive, but it may have a hard time getting out of trouble. Customers will see its distress and it may not win as many contracts because of this. Guidance has been withdrawn, losses are big. We think it is best to move on here. A turnaround, while not impossible, is not likely and would need several positive things to happen simulataneously.
5i Research Answer: