SharkJumping

As projected in previous posts here, Gizmondo Europe for bankruptcy on Friday to try to restructure its finances - its Swedish subsidiary is expected to follow, but the US one will supposedly not declare ch 11 as well.  The company (TGTL.PK) has recently attempted to reduce costs by laying off staff, it tried to restructure its debt (held by former executives) by putting up the company's advertising assets as collateral, and it announced additional financing ($5M line of credit convertible at $.50/share).  There is talk of some private equity fund in Switzerland willing to invest $50M, but it's hard to see that as a credible option given the situation here.

Just unfortunate it was always so hard to sell the stock short, but it's still amazing that the stock was at $32 a year ago with such an obvious set of problems.