Credit crisis or no crisis, AERT's odds of securing more debt financing are astronomical.

This is based on:

- their existing debt structure,

- the unavailability of any more valuable assets to put up as collateral,

- the facts that the new offering is both unsecured and subordinate

- and most of all due to their meager cash flow which prevents any form of realistc, predictable debt service payment structure.

It's not the credit crisis that got AERT where it is, it was the way they went through money like a drunken sailor when their revenue and operating margin wouldn't support it.

Believe it or not, even the government can't deficit spend forever so neither can AERT.