This is a very simple valuation---Cash flow for the year expected to be about $50 million, plus or minus $5 million of so dependent on whether you consider real provisions for bad debts, plant closings, stock options as real expenses.

So $65mil of cash flow at a 6x multiple would give you $390 million of enterprise value. Subtract $240 million of debt and you have $150 million of net value accruing to the shareholders or $5 per share inherent value.

This stock is overvalued by $5 per share in todays market. Where's the beef?????