Interesting debate guys......i think that both sides of any investment case should be aired...it is imho human nature for each party (be they a buyer or not a buyer) to "defend" their corner....many shares that have a similar profile to CUC have gone either way....take for example Ashtead....from the depths of ruin at 2p to the heights of nearly £2....there is a success story that many were calling a company ready for administration....but you can also call those co's that didn't make it back & went bust!.......it's the profile of a penny share investor/gambler....Scrip I think that your analysis was right when this share was over £1....but when it got to the 20p mark then the profile changed along with the risk and any investor that thought that this was a risk free share at that time was truly naive imho......since the warning this co has seen a huge amount (imho) of large investors....both private and institutional buying into a recovery......so whilst you called it right ......many people believed in a recovery and they put many £100s of thousand of pounds behind that decision....and I'm sure they carried out research just as you did....but thought that it had a chance of recovery....they were wrong at this time....but who knows next time and indeed who knows yet on this one.....lets wait and see....reasoned argument for both angles is always good....keep posting everyone!