Well...I'd say BK would be off the table for a time, IF they do go ahead with a right's offering (at a good discount) for EXISTING shareholders...and other entities.
$3?...ahhhh...noooo (not for awhile, I'd imagine)...it'll be quite dilutive.
Oh, say the stock rises here, in anticipation of such an event...Then TORM comes out and makes the right's offering 'official'...files with SEC...and whatever the share price is then, well, they'll give a 30%+ discount on new shares perhaps, off that price...as DHT did (was a 37% discount).
Just guessing, but I could see it rise quickly, to $1...around there maybe...esp if / when this deal is finalized / announced (if it is)...
Then, you'll possibly see the shares rise a bit more, as the date to own shares (to get the discounted offering) gets close to 'closing'...Gotta own em' to buy new ones.
Once that date passes, then it'll drop back somewhat....and find it's 'range'...But if TORM does get thru the next 2-3 years, well, I might see $3...maybe $4...depends on the % dilution...as well as the shipping landscape, macros, etc
just all conjecture...just havin' fun...we have lots of time to see this unfold...Survival is the key....