Back in 2008/09, I watched my investment in BEE, Strategic Hotels and Resorts, melt down from $10 to under a buck. At the time, everyone was sounding the death knell for anything having to do with hotels, especially luxury hotels, and the financial meltdown was sure to restrict corporate travel, Obama came out and condemned corporate conventions, one of the WS firms was skewered for having their annual shindig at a Four Seasons, etc. One analysis even went so far as to say that BEE was worth zero. They had loads of debt, preferred stock in front of the common, declining revenue, cancellations, etc. But the thing that these so called analysts missed was that the assets were high quality and the debt was non-recourse. I think they had 21 or so hotels and many of them were debt free, a handful probably had more debt than they were worth, occupancies had plummeted, they even closed some of the floors in the poorest performing hotels. I went through an informal appraisal of their hotels based on what other hotels were selling for and I came up with a value of at least $3/share. So I bought stock all the way down to 88c during 2009. I figured the business was cyclical, yes they might have to give back a few of the hotels that were underwater with debt coming due, but eventually things would turn around and they would find a way to work themselves out of it. By 2010, the stock had rebounded to $6, I got out, now the stock is $13. I see parallels to NADL. Can things get any worse. Their parent is guaranteeing the debt, owns 70% of the stock, NADL will not file for BK. They will ride it out and when the price oil rebounds back whenever, the stock will come back. Those are my honest thoughts.