There's also a lot of questions on how much of that cash is tied into the China plant and Chinese relationship. Some analysts estimate that's about $2 billion o

There's also a lot of questions on how much of that cash is tied into the China plant and Chinese relationship. Some analysts estimate that's about $2 billion of the $8B, so maybe a $1.5 billion buffer, and that's assuming some level of pre-covid demand. Plus there's an argument to be made that a company isn't likely to actually run the cash all the way down to zero before waiving the desperation flag (I recall hearing GM had $1-$2 billion in cash when they filed bankruptcy in 2009). Without knowing what the rest of 2020 demand looks like and the concerns above, the time horizon could easily be cut from your estimated 2 years down to 1. Only one year left to survive is a precarious situation. Not saying that's guaranteed to happen, but the are plenty of valid concerns one would have as a common stock shareholder.