Net asset value is probably no higher than $18 right now. I think Steel people are smart and will fix this one, but they have made one heck of a mess of this company. Failed energy strategy. Failed sports strategy. now you have a company with too much debt and will be burning cash soon. They need to scrap the sports business. I'd rather own SPLP- at least you own some good businesses below NAV.
With SXCL all you own is a few poorly positioned oil service companies, a few small sports related companies as part of a failed sports strategy, some cash, some NOL's and some investments in private entities which seem to be energy related. Oh, and they have a short position in something that didn't seem to go up in value when oil dropped, so it may not be a hedge. oh yea, you also have debt that was used to fund the energy companies.
You may be right- but you also could be heading to $15 factoring in the debt and anticipated losses coming form the energy companies.