"is their investment in ships worth more than $1 million."
If you "own" a house worth $150k but you owe $175k, does your "investment" in that house have ANY value?
Free likely owes much more than their ships are worth. Of course their financials are so ancient now that "investors" have no idea for certain. Well, we know what their ships are worth, about $60 million and none have any additional value from having time charters attached. They ought to stop trying to stay alive and just throw in the towel.