break even price for iron ore, page-11

I just looked over the 2008 Annual Report and I can understand your concern, there was a considerable increase in debt over the 2008 year compared to the previous and a lot of money was lost on MKs pet projects. Presonally, I'm glad to see the back of MK and I hope he has lost a lot of credibility amongst his peers. Anyway, even with all of the debt, the company has net assetts valued at $72million. Compare that to the current market cap of $25 million, TTY is looking like a total bargain - even if it does go under, sinking ship etc you still would expect to make a profit once the administrators had sold off assets etc. I personally don't think that TTY will sink completely (although "she" is sitting quite low in the water) and am hoping for better news in the new year now that one of the ship's rats (MK) has been forced overboard.