Unless nickel prices can shoot up to $20/lb, something I don't see happening any time soon, the writing is on the wall (and, really, has been for a couple of years now). The company just can't generate enough cash flow to be able to dig itself out of the hole that it is in and eventually JJ will be taking full control of the company, likely as a result of an asset seizure when the eventual default happens on its debt and Liberty goes bankrupt. This isn't such a bad result for JJ as they acquire a working asset which they can set up under a new company and continue to produce and will likely return a profit on their investment (on top of the nice interest that they've been accruing on their current loans).

As for the shareholders, 2009 pretty much did this company in. It has just been a slow dance to the bottom from there.

Anyone hoping for share prices to recover much beyond 10 cents is dreaming, unfortunately. I think 10 cents is probably a best case scenario at this point... 0 cents is the much more likely result.