In my opinion shares of Callaway Golf (ELY) are getting very close to the liquidation value of the shares. Here is a quick back-of-the-envelope attempt to kill the company using the statements of the 2010 annual report:
According to this rough estimate, the per share liquidation value is in the region of $5 which would indicate a relatively limited downside risk.
A coverage of Callaway (ELY) in the Manual of Ideas (April, 2010)
A coverage of Callaway (ELY) at the Institute of Strategy and Valuation (November, 2011)