As a result, the company now has a market cap which is more or less equal to the value of its net current assets, offering deep value investors the opportunity to sell. The company may still be undervalued: TAT continues to trade at a significant discount to tangible book. Unfortunately, the company has been unable to generate returns commensurate with its level of assets, suggesting the assets may not be worth as much as their book value would otherwise imply.
Nothing has really changed with respect to the company's operations since it was discussed on this site four months ago. Instead, this appears to be another example of how Mr. Market's mood can change dramatically over a relatively short period of time. When Mr. Market's in a mood like this, you would probably do well to sell him some of your least favourite holdings, so you can add to your favourite holdings when (not if) his mood changes for the worse.
Disclosure: No position