Ann: Trading Update, page-38

I know Graham's Liquidation Value, I coded the whole thing

But as with most rules of thumb, it's only a guide and must be applied on a case by case basis. We can't really wrote down MRM's vessels book value to 10% or 30% just to feel safe. Not when the company itself have written off some $250M (of the original $1B?) in the past two years.

I guess that as an engineer, you'd want to be doubly sure and certain. And that's all great. But from my little experience with engineers... to double the strength and ensure safety to them just mean a thicker line and a bigger number on the plan. It costs them nothing but costs the builder/owner a whole bunch of cash. Some engineer would just use the one foundation plan regardless of the on top of it - double brick, two storey, slap to first floor... or brick veneer with timber flooring... same $50,000 foundation.

But yes, to each his own and we do what we are comfortable with. Hence my take of Buffett's maxim from Graham: Start seeing a share as a business, and everything else follows.

Judging by the two major shareholders both buying in at around 30 cents, both being experienced OSV operators... and of course my own limited judgment... give me a hundred million and I'll take this sucker private tomorrow.

anywho... happy new year.