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The amount of equity devaluation has literally doubled BSC's leverage and potentially halved the market's confidence in this company. At this point, I would feel comfortable issuing a going concern warning.

All banks use excessive leverage to monetize the perception that they can make money for their clients. BSC has lost that perception, thus is at risk of painful deleveraging, by force. They will also have a hard time incentivizing strong talent with such a weak share price and no cash to spare. They aready have the highest bar to cross in regards to compensation as percent of tangible equity and revenues.