Okay granted this company is run by a bunch of morons concerned w/ growing the company whatever the cost. This is all due to a couple bad quarters where spreads collapsed concurrent w/ growing the co. w/ debt. That being said, the multiple is at trough (inline w/ the stock's lows in 2008) and these are extremely long-lived assets. Covenants are not in danger of being broken. Don't listen to the ppl like h_grant_h etal who would have you shaken out of your positions.
Look, it will trade over 4 million shares today, along with yesterdays # and it means one thing, the institutions are buying, buying, buying.ANW was on CNBC as Pete Najarian had this stock highlighted. the word is out, now we see how much steam it has, doc
I agree that things were on a positive trajectory in 2008 but that wasn't a foregone conclusion at the time the stock ripped higher. Also, they made pretty good money in the first 2 quarters. It's only in 3Q that everythings gone down the tubes. Most of the debt is attached to the boats - much like a real estate company so you don't lose all the boats/buildings - you lose them one at a time in the event of default.