Ann: Company Update - Voluntary Administrators Appointed, page-18

TOS value is appreciably less than $16m. it has been offered for sale where one potential buyer ( client I represent ) speculated a value less than $2m for the conversion did not achieve its objective. therefore a vessel ( for that matter any vessel ) that does not have an earnings capacity has no value to a buyer ( investor ). if this was not the case then equity or debt should have been capable of securing, something the Administrator would appear to have abandoned. even as a bare hull at bargain basement valuation where are the buyers. draw your own conclusion