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When a Buyout Writer Goes Bad

Is it too much to ask that financial writers understand basic financial concepts before they launch into a rant or two about the ills of leveraged buyouts?
Apparently, if the passage below is to be believed to come from a "financial writer."

It didn't help that another recent change in accounting rules required Freescale to reflect on its books the difference between the value of the company's physical assets and the buyout firms' purchase price. That took a big bite out of profits: In April, 2007, it posted a $539 million first-quarter loss, after booking a $212 million gain a year earlier. In town hall meetings with employees and conference calls with investors, Mayer explained away the paper losses, assuring everyone that operating earnings were in the black and cash was plentiful enough to cover Freescale's interest payments.

We believe our readers demand better. We're betting it is less than 15 minutes before you collectively spot the conceptual error that should send the writer packing and post it in comments.
Ready, and.... BEGIN!
When a Buyout Goes Bad [BusinessWeek]