you're right. volume is absurd but relative to their "low-quality dry bulk shipping" peer group of GNK and EXM, EGLE has been surprisingly resilient. only down ~3% versus ~7%. plus YTD EGLE hasn't really suffered much with is even more surprising considering I believe they are significantly closer to default/bankruptcy/wiping out common shareholders than either GNK and EXM (although these two are on their way as well)
Shiftingsands: fairpoint in exm and gnk. We are in agreement they are both garbage, but they have aome time left on their clock compared to EGLE. the correlation and lag between shipping stocks is sometimes hard to put to words.
For Radnoc or anyone else: If you think they can still pull of an offering. Please state the size and price of it, and who you suppose would buy.
Keep in mind current market cap is 55 million and 15 million shares outatanding. I am curious about everyones opinion, I would like to keep this intellectual.
About 15 Mil. shares is an argument for offering. As for who would buy, God only knows. The market is manipulated and crazy. This is the part I mostly agree with you. I see the offering as a Hail Mary pass for the board. Not the share holders. As I said you may be right all or in part.
I would assume that they would need to raise in the ballpark of 20-30 million just to survive for the next two quarters...depending on free operating cash flow.
using the mid-point of $25 million and highly dilutive influence of an offering at this point, i think they MIGHT (<25% chance) be able to release 10 million shares at $2.5 depending on the market. since we know that the market is understandably soft (especially for low quality names like EGLE). I would put this on the upper end of their offering. I speculatively believe that given their weak fundamentals, low trading volume, & overall lack of interest in their offering, they would need to go under $2....maybe get close to $1 to get this deal done.