Was speaking with one of their suppliers yesterday. He said that if he had $300m he would buy them, because the franchise is superb, and the equipment alone, though much of it currently idle, is worth considerably more than the market cap of the company.
Of course, there aren't that many players out there who can afford to take out BLY, and it's associated debt, in the current environment But there are some eg Sandvik, or a brave VC might fancy a crack to make big money on the next upturn in the cycle.
I certainly wouldn't rule this scenario out.
BLY Price at posting:
49.0¢ Sentiment: Buy Disclosure: Held