I don't believe that VX has ever had one profitable quarter, let alone two.

Unrestricted cash continues to dwindle: At the end of 2011, VX held $160 million in unrestricted cash. Six months later, on June 30, that cash positition had fallen to just $82 million. At that pace, VX will be out of cash by December 31 unless Beardy loans (or finds friends to loan) VX more money.

On December 21, 2011, VX borrowed $150 million, almost half of which is gone already. $78 million cash gone in six months.