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Vantage Drilling Company Message Board

  • zd60610 zd60610 Dec 13, 2012 2:30 PM Flag

    The Refi

    If bragg refis in Feb it will cost 21 cents to book value basically wiping out 1 yrs worth of earnings.
    This overhang is almost as bad as dilution.

    Bragg is a fraud for overstating book value over the last two years and understating market value of debt especially since he used discounts to book in his presentations to sell the upside to the company.

    Bragg has somehow managed to take every catalyst and make it a negative. All he has to do now is sign a Tung deal below marketvalue which he appears poised to do.

    Its time a proxy be filed to shake this board up and remove bragg as chairman. He certainly doesnt deserve the role and needs oversight going forward. Ashame...

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    • What role do you believe these events play in the Braggs goal to repatriate shares? Suppress share price with refi, possible 3 year deal at below market for Tung, even new ethics rules all part of moves to win insider war ?
      I am long here and hope to add. Thanks to you and board for for every intelligent post since spring 2011.

      • 1 Reply to oddsr5050
      • Titanium deal def comprimised the company on many different levels. All will help with the case against SU but the reality is SU is protected by international laws and this will be extremely difficult to win. Bragg got suckered in on this deal for a measily 15mm management contract and has killed much of the upside for shareholders. This deal literally cost vtg hundreds of millions and was a major setback. Any other ceo would have been fired here.

        But in the end, this probably will lay the groundwork for some settlement for Bragg to buy the shares back somewhere between 1.50-1.80 I assume SU wants out too now since the company has been comprimised to his net benefit. I could see some sympathy from the court here but this will take years to settle. If Tung deal is below market this will be final straw for institutions since tung was the best asset we had to drive the stock price. Bragg really blew this. Bes case 2.25-2.50 next year. Risk-reward getting difficult here to justify.

        Yes, def all part of insider war.

    • ZD

      Why not bring these items up on the next conference call.

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