News looks about as bad as it could -- and doesn't even look like any bets being placed on potential survivors. Across boards wipe out today dry bulk, containers, etc. SB, NM, EGLE, GNK, TEU, DCIX, many down 10 to 25% and more just today. Hard to imagine all shareholders in all companies will get screwed but it's kind of looking that way isn't it. Don't know if there's anything worth investing in. Anyone know any shipper that may survive and reward an investor?
Looks like Bodouroglou really wants a reverse split. Says lenders may require it and shareholders appreciate it. Mike, in case you don't know, reverse splits are really bad unless your business is picking up and things are looking better. Really, check history of others. You will lose over half of the little shareholder value left instantly with a reverse split and never get it back if you do it when times look bad. Just ride it out and figure out how to survive without jerking with the stock anymore.
With the situation in shipping looking so hopeless they can probably get shares even cheaper if they just wait. Maybe nibble here and there just in case something good happens but wait for the insane 25 cent pps or maybe less. But geez, I sort of wish I was watching today I would have bought some around 50 cents. Just crazy.