RSH certainly has its work cut out for it, but the buzzards have stopped circling, at least for now. The company currently trades for 1.38 times net current asset value, an extremely depressed valuation, and .68 times tangible book value per share. While there was ample cash at the end of the first quarter, $435 million or $4.36 per share, that will probably continue to decline as the company attempts to right-size itself. There is also ample debt, $712 million, which will need to be addressed. RSH Long Term Debt data by YCharts I expect that we'll learn more about the progress of Joe Magnacca's "100 day plan" when the company reports second-quarter earnings next month. Consensus expectations appear to be fairly low, with revenue of $814.7 million, a 22% decline from last year, and a loss of 23 cents per share. This ugly duckling has performed very well so far this year, and has shown some progress, but there is still much work to be done.