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Sunday, December 04, 2016 8:22:47 PM
I think it's a safe bet that with their stock struggling at a penny, if they were in as good shape as you suggest, we'd see a filing, or at least a PR.
And of course, there's the $25 million in preferred shares, plus accrued dividends.
If indeed, they are just about at a point where the remaining debt is equal to the value of the remaining ships, I'd suggest that's not a good situation for shareholders, as the bank will have a very strong incentive to foreclose.
Moreover, I think if they were in this good shape, it's unlikely ABN and CS would have agreed to huge writeoffs.
But I'll be thrilled if you're right!
TA - Over $500 million in toxic funded pump and dumps exposed and growing every day!
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