As I pointed out, the book value was way overstated due to the carrying value of the ships. They had negative book value which went pretty much to zero book value after the banks wrote off the loans for the proceeds from selling all the ships. They cannot get traditional financing. The only reason they're not liquidating is because there are no assets to liquidate. I doubt even toxic lenders will touch them now.
And the preferred shareholders still have accrued dividends owed, plus the value of the shares.
News 
Market Data 
Discover 
