I previously wrote up high-cost potash producer, K+S (KPLUY) (KPLUF) (SDF, listed on the DAX in Germany) last November, contending that the combination of a turn in the potash market, a structurally high-cost set of assets, and a terribly-levered balance sheet with near-term maturities all made for a potent short cocktail. The stock has since fallen ~55% in about 4 months, and - while I initially covered my short a couple of weeks ago, a little too early but close to my conservative base-case price target - the complete obliteration of the oil price breathes