When does Dawn turn into NIGHT?

[partridge1]

Much as I love deep value( eg WHL - I await their next update with anticipation) there is a difference between investing in a business that has a good business model in recovery and a business shedding cash hungry one like DAWN?  

The question is , which is it - and the answer is that one has to just wait.  I don't mind RACP losing money - or Coro or Investec - but was the firstmentioneds decision to pile in here made with a good margin of safety?   

From what I can tell a better margin of safety than the lat two - but I could be talking through my hat.