Print, I agree with most of your points, although I'm not clear on why the marine products need to top out at only 12-15 mil.
As for the new management restating the prior estimates, it is possible that they don't have a problem with them and are therefore sticking with them. If this IS the case it might be a good idea for them, in order to more effectively leave the past controversy regarding prior management forcasts behind, to issue a statement confirming the prior projections. They would then 'own' them and be under more of an obligation to meet them...