Possibly $1.7 Billion (including "any additional costs and charges that may result from the continued evaluation of the Company's businesses or ANY OTHER CHARGES.")

Meaning a catch-up loss of $5 a share? Net Worth cut by 60%? Consider what that should mean to those who are supposed to be following Masco's ability to satisfy the terms/requirements of its long-term debt.

I found the following interesting. From Masco's June 8, 1995 Report to Investors.

"The Home Furnishings Group represents an investment of approximately $1.7 billion on Masco Corporation's balance sheet. While the Company believes that the BOOK VALUE of its investment in this Group is realizable in the LONGER TERM in the ordinary course of business, the Company believes that the CURRENT VALUE of the Group is well in excess of $1 billion."

It "MAY INVOLVE A SUBSTANTIAL NON-CASH CHARGE TO Masco's financial statements [actually became a $650 Million loss from disposition compared to a $193 million overall profit the year before]." (all caps supplied by me.)

In other words, Masco was carrying the Group at about TWICE what it figured it was worth - and, bluntly, carrying it at TWICE what it truly believed it could be sold for.

Ultimately, after reporting and misrepresenting as income part of its losses on what became known as the "Furniture Fiasco", and a variety of other errors in judgment, Masco managed to lose virtually ALL of its original investment.

The time is long overdue for Masco to seriously pay the piper for what has become its latest fiasco, the "MCS Fiasco" - the same manic and senseless overpayments for segments of which added Billions in hot air GOODWILL to what is now Masco's feeble balance sheet.

History is repeating itself for Masco. As it so often does. The Great Recession has simply provided Masco an opportunity to cast itself as a victim - when, instead, its spendthrift ways, its monumental lack of foresight, its failure to learn from huge past mistakes, and its bad management supported by an incompetent board of overpaid non-directors, are the reasons why it is in such a bad way - regardless of its claims of liquidity.

"Cash isn't everything" as Masco well knows - and hopes and prays that the rest of the world won't figure out.

Ask yourselves, is it a sign of good management to realize and finally have to "rationalize" (under extreme pressure), many years too late, something as obvious as the fact that so much plant capacity was excessive and badly utilized?

Masco is "The Great Rationalizer" that's for sure. It has an excuse for everything.

And Masco is, as previously pointed out, "A Cascade of Mistakes and Missed Opportunities".