FRP's term loan is currently trading at 99 cents on the dollar versus 81 cents in the beginning of 2012. With the high yield market on a tear the term loan is primed to be refinanced pushing out maturities by a few years and loosening covenants to allow for equity dividends.
With free cash flow set to exceed $100mm in 2013 the company can afford to pay a $2 dividend which would be a 50% pay out ratio. At $2 per year this would easily be a $20-$25 stock. Hope they refinance ASAP.