So in summary you say: ship financiers can have recourse, but WLD could in theory strip itself of all other assets before being in default of that finance, thus stymieing the financiers' ability to recover in practice.
I'm a long way off being a shipping finance expert but if the financiers' lawyers were doing their job properly, taking any action for the purpose of seeking to defeat the financiers' rights would itself be a default event. Not to mention a breach of directors' duties, though we all know how unconcerned many directors are about that...
In any case, thanks for the discussion. I'm still not sold on WLD but good luck to you.
WLD Price at posting:
13.0¢ Sentiment: None Disclosure: Not Held
