The company would have to burn $200M to break even on the asset value vs current market price. Assuming they'd burn their whole market cap every single year, it'd take some 3.5 years to do that, and this is a historically profitable company mind you. 

Not saying that it's a great business, but rather that for the current situation, the 60% drop was probably not justified in my view, and based on the current asset values including projected future losses, $IGR.L is too cheap.

Balance sheet matters very much in every business.