Hi CK. I've sold most of my substantial enough (for me) holdings...

Hi CK.

I've sold most of my substantial enough (for me) holdings in last week or 2. Got out at 46 to 47 average price.

In relation to the SP and the bad news to come I don't know.

On the one hand (supporting the SP):
- MRM is a well a managed company, they are actually doing everything they can do right IMO.
- The Australian business is a little bit unique.
- The Inpex contracts are coming up for commencement.
- MRM have demonstrated innovation with some contracts.
- MRM have sold some boats we can see per some of my previous posts.
- The short positions are much lower now than they were say late half of last year.

On the other hand (not supporting the SP):
- The SE Asian fleet could only be commoditised like all other players in the region. These are basically dead assets, and a certain write off on a large percentage for sure.
- I would not be surprised to see asset write off on Aussie based boats as well.
- What happened in November 15, ie crash in to the 20s could happen again but much worse I fear.
- If MRM find themselves in a negative absolute cash flow position, not withstanding asset write downs, depreciation, we are going to see shareholder remaining equity inMRM evaporate quickly.
- Going from memory at this time of night the November crash if the SP was at around about the current oil price.

So overall I don't know what will happen but I have changed my view from bull to bear.

....Obviously part of me still like this business, but the other part of me says a re entry price needs to be low to factor in the risks and possibly the time involved in recovery.

GLTA