Mermaids, page-8

That's an interesting insight into vessel sales at 25% of book AHS appreciate your posts.
I would submit though that using your analogy MRM is (as of Dec 31 2015) actually only 58% Ford Falcons with cash, receivables, buildings, supply bases and slipways etc making up the remainder.
The liabilities are only 43% of total assets.
I don't know if impairing the whole fleet at 25% is reasonable or to what level the other assets should be impaired (cash and receivables??). If loss making vessels could be sold at 25% of book that would obviously be a great scenario for shareholders who paid 30c per share.
For these reasons your characterization of the business as being a used car facing 75% impairment with liabilities as 75% of total assets is unfair IMO.
As others have quite reasonably pointed out directors are unlikely to want a firesale liquidation - I am not sure at all what value would be received in this case.
Most probably somewhere between book value of 800m and present market cap of 115m, I suppose it could even be lower?
I agree with your assessment that the prudent course is wait and see, from this point there are a range of possible outcomes. If asset sales accompanied a writedown and returned the company to cashflow positive status my bet is that there would still be a lot of (by then irrational) pessimism around this company.
Looking foward to the results when we can cease our speculation and get some real information. Last year 29th July they announced an asset impairment and 18th August the final results.
I imagine people at MRM are under some stress, shareholders too. I am quite enjoying being a dispassionate (if interested) observer from the sidelines. Best wishes to all holders and short sellers.