Let's put some facts to the speculation that is developing about Tengasco's future.
Salas has cashed in with Williams controls: PORTLAND, OR--(Marketwire - Dec 14, 2012) - Williams Controls, Inc. (the "Company") ( NYSE MKT : WMCO ) today announced the successful completion of the tender offer for all of its outstanding shares of common stock by Curtiss-Wright Corporation ( NYSE : CW ) ("Curtiss-Wright") at a purchase price of $15.42 per share. Since Salas had some 1,828,764 shares, you figure the math.
Salas sold his Orangefield holdings in Texas (probably former Capco holdings) for ? He still owns? two other fields which do not seem to be doing much.
He consolidated? his offshore Louisiana holdings but don't know if for his purposes or for sale. Macinturff put a lot in order a few years ago but a lot of $$$ was needed to make it work.
A new director was appt to GSE Systems where Salas is on the Board. Just so happens that director is with NGP technologies which sells oil drilling equipment. Guess who bought a lot of oil equipment the following month and it hasn't been using it for the past four months?
Salas is, or isn't telling, TGC management what it is or what it will be doing (if anything) in the near future. BUT he HAS plans.
Bobcat, I have always considered your input valuable. Thanks. I noticed in the insider tradings that Salas cashed out over 17,000,000 shares of TGC stock on December 30th along with another 218,000. If he was planning on buying out the company it made sense since he can now tender an offer for shares at a discount ....or buy back about 35 million shares at today's price. What do you guess he is up to ???