Yes, Billabong lost more than 3 times more than what its worth. How is that even possible? Lackluster sales and failure to differentiate their brand are 2 reasons. I also think sponsoring the Tahiti Pro is great way to burn through tons of cash with minimal returns. Billabong is currently seeking financing from private equity firms, but its more important for them to revitalize their products if they want to survive in the long run.