Buffet bought Sees Candies for 25 million when sales were 30 million and pretax earnings was about 4 million.
Compare that to Tasty Baking. Sales is 170 million, and total liabilities is about 200 million. EBIT is about exactly 0. On top of that, management is desperate to sell and there are lots of improvements needed in the company.
Definitely not a slam dunk. There is still a risk of a pre-bankruptcy buyout, but is definitely looking like an attractive short at these levels.