In looking at the fleet, the debt and the balance sheet, this thing is pretty richly valued. They have a fleet of four Capes, earnings for which are dismal and not getting better, that are worth about $130 million. They owe $95 million. They have $63 million in cash. So let's call it $98 million in "value". Since the assets they own are actually losing money, you can't really even discuss earnings. I wouldn't buy this for more than $4 and only that because they are giving back capital (and calling it a dividend) each quarter.