MRM has survived so far but is in an extremely weakened state -...

MRM has survived so far but is in an extremely weakened state - with its assets being sold off at far below their value.
There's no certainty at all about the outcome - it looks like it will probably make it for sure.
Debt levels, thinly capitalised, non existent cover of fixed charges.
Since when did we lower our standards to "probably"? Don't worry this bridge will probably hold up under the strain of cars.
South Australia probably won't have a blackout.
By shares in MRM, it probably won't go bankrupt yay!
If the unexpected happens there's no room for error - no margin of safety.
That could run from industrial action to equipment troubles, contracts being cancelled oil markets remaining depressed too long. As @WaitnC says with a surplus of vessels can't these be renegotiated?
Could be banks getting nervous and pulling the pin at any time - as shareholders in Arrium can attest (so painfully close to pulling through).
They aren't doing the company any favours with the firesale of crown jewel "non-core" assets.
The prudent thing to do here has been sit on the sidelines. That could mean missing out on gains or losses.
An equally likely scenario is that much of the value is transferred to third parties with stronger balance sheets limiting the upside.
The future is not predictable.
Speculate on the gains by all means Dang but don't confuse this with investing or mislead others.
You are not a value investor as we seek preservation of capital and deep knowledge of a business above all else. This thread has had many industry insiders and others who have done a lot of research sharing excellent insights.
You seem to deny rather than welcome alternative viewpoints - in the sharemarket this is akin to standing in a railway tunnel as the light gets bigger and bigger.
I am not encouraging you to sell - my position is still to wait or speculate a small amount as you prefer.
I just hope you haven't bet the house on this one. It really needs to go under I think for you to learn your lesson.
That's a lesson which it is much better to learn on someone else's tick.