Don't think it's dead. Book value of over $15.00 a share, debt to equity .4/1.
May take a year or two, but there will be a turnaround here. This could easily be a 10 bagger IF you're patient enough and ride this out. My only concern is the coming reverse split. It will take many months to overcome that decision in the mind of 98% of investors. Aside from bankruptcy, reverse splits are the second most unpopular thing a company can do in the eyes of investors. But it usually has to be done to retain listing requirements, so it's a bullet we have to take.
20% dilution due to new financing isn't popular, either, but when your back is against the wall keeping the company afloat is corporate directors and officers first and only concern.
When you start reading about ocean shippers selling ships for scrap prices you'll know the turnaround is near. Meager world economies together with an overcapacity of shipping vessels don't change overnight. Anyone not willing to hold on and ride this out should be investing in another industry. Many of these shippers won't make it, but EGLE should be a survivor, with over 90% of their stock closely held by either funds or corporate people. The total publicly held shares, about 8 - 9 million shares, almost all traded Thursday, so all the weak hands should have been washed out. A slight turnaround should take place tomorrow, maybe a couple of cents or so.
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