Seanergy Maritime Holdings Corp. (SHIP)

[Net-Man]

According to the last financials, SHIP has less than 12% equity against 88% debt. A more normal relationship would be 60% debt. They appear to have received delays in debt repayment until next year. My guess is they will use the reverse split, probably 1:6, and restart the ATM at the higher pps. They need to come up with about $100 million to get their house in order. This is beginning to look very much like DRYS and TOPS.

For me, I will wait for the RS and short this one.