Mermaids, page-7

Hi Pardner.

Information from overseas competitors indicates that boat are selling for about 25 percent of book value. BUT importantly it is only the older lower value boats that sell.. There is virtually no market for newer higher value boats. Makes sense as all you could do is pay money to lay them up in stack storage with some other boats no one wants or needs in a market in massive oversupply..

Redtger said the assets must be worth something... I don't agree... There is the debt...

For example re the debt, if one buys a 2014 Ford Falcon new for $40k (or Jaya fleet) and you owe $30k on each Falcon, and that Falcon is now worth $10k, if you can find a sucker to buy it.... How much is it all worth? MRM has a fairly large fleet of Ford Falcons and a similar number of $30 k loans .. Does this answer Redtigers question?