Randy, if you haven't worked it out yet ....... 1. this Board...

Randy,

if you haven't worked it out yet .......

1. this Board are basically "caretakers" for their banking syndicate......
2. do the forward earnings numbers (at whatever utilisation / day rate you think is appropriate), and then ask the obvious question - "can they pay down the debt" ........
3. given the debt "timeline" .......ask what is the most reasonable way that this puppy gets to "live" ...........my best guess is re-cap mark 2......"

of course they need to be rewarded - they are protecting the B&D provisions of a couple of lenders .......

rgds

V_H