v. On its way out.
adj. In trouble, doomed, finished.
Ebay's stock is at $30. That turd is circling the bowl.
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Paramedics sometimes use this term (among each other) when a patient is about read to die or is dying.
Wasn't much I could do given the three gsw's (gun shot wounds) to his upper thorax, that dude was circling the bowl even before we arrived on scene.
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