Buying value in a space little have interest

DRYS came up on the WDB Option Model screen recently and frankly when I saw the numbers I nearly fell over. As one of the largest shipping companies around, this company is basically a proxy on Mediterranean shipping and regional commerce in general. Given Europe's current debt woes and Greece in particular, it is not surprising any Greek company is being painted with the same jaundice brush. I am always interested in buying assets at a fraction of their cash value and this is a classic example. With more than $350 million in cash and currently trading at less then annual sales this stock is cheap. Indeed, the stock is currently at .32 times book value. Even at $5.00/share we would still be buying this company well below it's book value....and we are!