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PGN update.

I've built the earnings model to forecast earnings in a normal environment -- but we don't have a normal environment. So it is very hard to see how big the chasm Paragon is going to have to bridge to get through to the other side. I've not followed the company close enough to know what ultimate scenarios are likely to be in play.

Paragon has slipped to ~$0.70. As some would argue -- its equity value could easily be zero and is essentially a call option on oil at this point. It's probably worth keeping on the radar but I think the market is putting some percentage towards bankruptcy at this point. The risk is an acquisition of assets after equity is wiped out. Again -- probably best to monitor and not make an investment at this time.

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