Mermaids, page-16

Barney, the change is negative cashflows. I am not as bearish as others but the company cannot service it's debt from present earnings.
Will the banks be prepared to support the business until oil prices rise and then activity recovers, I think probably yes.
That's not good enough for me. The company may be an intelligent speculation at this price but I prefer to invest.
The market capitalisation is very low, in my view expressing a doomsday scenario that may or may not eventuate. It's a self fulfilling prophecy somewhat where a low shareprice limits their options with respect to raising capital.
I don't understand why shareholders were prepared to support the business at $2 per share but not at $0.3 per share. Generally though I find myself laughing at the pure idiocy of "investment professionals".
The value investors looking for cashflows and a strong balance sheet will wait, that's the camp I am in too.