Ann: Shipping Update, page-21

agree with the last line in particular, will be a timing thing, could be existential risk for the minnows if things don’t turn or if debt holders decide to play hard ball. The debt holders will be happy for others to keep the business propped up through equity raising until the 11th hour, and only swoop when they anticipate things have turned the corner... AJM needs a white knight (SS? Gangfeng?$ or a rapid turnaround in spod price. Either could happen, if it wasn’t for the debt they’d be in almost the perfect position once demand for product catches up.