Not only did they sell Viking to pay off all the company's debt, they turned a profit on it's sale - a big one.
Their basis in Viking was approx. $134 million. They sell it 3 years later for $164 million. That is a 22% profit and that should go right into the shareholders pockets.
When they purchased Viking for $134 million the stock was trading at $3.50. Now when they sold Viking for $164 million the stock is trading at $1.60 AFTER realizing a 22% gain!! Whats wrong with that picture?????
I believe your return analysis is incomplete, as the sale of Viking International & Viking Geophysical services is a composite of the purchase of the Longe Energy assets ( 4 rigs plus oil field services assets) purchased in 12/2008 + Incremental Petroleum assets in 4/2009 (3 rigs) + TBNG assets purchased in 6/2011. There are now 17 rigs in Viking International's inventory (see link below). Plus the book of work which is backlogged and good will. Thus the basis is higher than US$134M.
What is key to this transaction is the terms of the Master Services agreement by the Dalea consortium with TAT!!
The door still remains open for expansion of current or new OTHER proposals until ~march 15. Though I believe we as shareholders are most likely best off with the Dalea consortium, because NMMIII will be on both sides of operations, and because he has such a large equity position in TAT
Someone smarter than me once said that you shouldn't count your chickens before they're hatched. I've been burnt too many times in situations like this. Of course, I did buy more shares today so I hope it goes up but.....