Looks like TORM finally inked a deal that will keep them in business. Big losses yet to come, but positive cash flow on the horizon. Correct me if I'm wrong, but it looks like current shareholders will be left with about $.60 in book value after dilution. Better than nothing. Maybe by the time I'm 70, we'll be back up to my $7.80 cost basis. Oh well. It might have been worse.
I never saw a previous announcement that the shareholders were getting only 7.50 per the news release. In other words there was no info that the shareholders were going to get screwed? Now it looks like they settled for 10%. What the hell is going on here?