should be a good trade, page-53

The impressive debt reduction from YE 2008 to YE 2009 was the last time BLY hosed shareholders.  The GFC struck in Oct 2008 and BLY was caught then also carrying too much debt.  They had to do a $700m rights offering + SPP to avoid a covenant breach and diluted shareholders ~60% in the process (note the increase in shares outstanding in the table you posted below).  The business has never generated cash and with all the rigs, equipment and tooling sold during the downturn they will be spending every last penny on working capital, CAPEX and startup expenses as the market ramps back up.  Don’t expect any meaningful debt reduction.