Balance as of 9/30 was $1,064K in LT Debt and $138 in other LT liabilities. Then on 10/1 they got in $240M from the sale of gas processing plants and another $40M after that. Do the math and the total should now be less than $1B. But the real improvement is from where we were last year this time. As of 12/31/08 LT Debt was $1,254M and Other LT Liabilities were $652M. That's the debt levels that made people question whether or not they would survive.
Here's where the $125M preferred offering shines. As of 9/30 the debt to equity ratio was $1,202M divided by $763 equity or 1.58. NOw after all transactions are factored in we have total debt of $1202 minus 240 minus 40 or $922 divided by equity of 763 plus 125 or 888. The numerator is now 922 and the denominator is now 888; therefore the ratio has dropped to 1.04, a level that would be much more palatable to a banker.
I used to enjoy TMF, learned a lot. Then they invented CAPS, one of the reasons I'm no longer a TMF subscriber. Anyone can play CAPS, it's just a game, no money, no responsibility, just a popularity contest. All those idiots then vote for each other and enjoy their little make-believe world while the TMF original discussion boards, which were of value, wither and die. That and the incessant advertising, endlessly shilling their product, drove me away. Meanwhile, the Gardners collect dues from them all, and now charge them to run their portfolios.
So just to be certain, I went back to TMF, read the piece. It is the usual uninformed drivel that drove me away years ago. Some things don't change.