GE has so many votes that it really comes down to what he wants to do. I think it is clear he wants DRYS to survive without any sort of bankruptcy. In order to do so will require debt restructuring along with new money. While DRYS might be tradable and there is the possibility of a big run up from current prices, there is also very real possibilities of big losses.
At a macro level dry bulk shipping still needs a significant reduction in capacity. This is correcting and should get more in balance over the next 4 - 6 quarters. Right now would seem to be the right time to start buying shipping companies. Is isn't clear to me that now is the time to add DRYS to the buy list though.
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