Uncertainty abound, but seem that the company has a fighting chance. The depreciation looks to be excessive, that various strategies seems to gain traction, and thanks to the economy, ads revenue seem ready to reverse upwards.
Once the street recognizes that AHC is not in danger of failing, the book value would be taken more seriously. The net tangible book value is $240 million, the really diluted shares maybe close to 24 million, so we have a potential target of $10. Or look at another way, the paper's market cap is $84 million, no debt, and consolidated EBITDA was $14 million this Q. IF one can extrapolate, that market cap should be at least four x annual EBITDA, or $224 million.