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What we certainly got wrong here is that, when we first started buying, we should probably have stress-tested the balance sheet to price movements a little better, because they were carrying too much debt given the volatility, but they have gone through the right steps to basically de-risk that, and if you look at what they have done since the summer - the equity sale, the asset sales and the asset sales to come - and given that they are taking costs out the business, this company isn't going under. It isn't a black hole, which is what the shorts' story was.

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