Upgrade: MarketEdge is Long DRYS $10 Billion in Assets
For a $700 million market cap. Says Q2 will be its most profitable quarter in history due to the improved efficiency of its drilling segment and the increasing value of its Interest Rate Swaps. Price target is 12+ based on renegotiating its debt and converting Ocean Rig to LLP status.
Mw, When I saw Drys assets $10B?? I thought what a moron!!! But as he stated Drys equity in Orig, equated to $4. per shr... Did the math.. If they actually own 60%?? At $17.70 per shr.. It would equate to about $3.67 a shr, if Drys outstanding is 382M??? As I had concluded, drys was worthless!! I may be wrong??? In the mean time!! How much of Orig will Drys own, when this all plays out??? Don't think Drys can borrow anouther dime?? Got to keep selling off Orig stk to cover loses?? In the mean time, if any truth to MLP?? Whereby profits from Orig could flow to Drys??? It wouldn't take a lot of effort, for Orig, to start reporting good earnings??? Like I said.. Be interesting to see how all this plays out... Maybe at Geo's age, and he's done made his.. He may want Drys to survive???? Bottom line: I think that is what its all about!!! But what's he to do, if he has sold 1B shrs of Drys into the mkt??? How would anybody know??? In that case!! If he drove it into BK? Stk would be worthless!! And nobody would question outstanding shrs?? Little fare fetched, I know!!! But????