$平潭海洋(PME)$ thought it is interesting case so just quickly went thru the 10k...numbers dont lie most of the time. couple things strike / confuse me, 1) ship acq price looks like about 10mn / each in 13/14, on the BS, total asset is 226mn for 135 ships. u just dont depreciate / impair that quick, 2) rough count, most of the fleet are encumbered by the loans PME is taken out from banks, and looks like terms and quality of lender are getting worse, 3) this company doesnt generate cash...thats a tough business with little return on ur asset, 4) does have a lot of affilifated parties involved in loans guarantee including ownership group, which means there could be asset stripping ....bottom line, if things go south now, as shareholder think your recovery is close to 0 based on asset value, do think the pitch for DTC is attractive, but thats a capability u have to build out with a lot of investments