YayaErnst/iStock via Getty Images About a year ago, I wrote a positive article on Gray Television, Inc. (NYSE:GTN), as I believed the company had significant upside, provided investors could look past the company's heavy debt load. In hindsight, my timing was poor, as GTN's 'cheap' stock price got cheaper, and GTN's shares have declined by another 23% since March 2023 (Figure 1). Figure 1 - GTN has declined by 23% since March 2023 (Seeking Alpha) However, I believe the thesis I laid out in my article last y ...