RRB, Given all that you have to say about the assets of POCC and the competition, is TMG going to be able to do any better with the assets and against the competition once/if the deal gets done.
I agree with you, when one sees a qualified opinion with a going concern issue from the auditors, as we have with POCC, cash from TMG is probably not an automatic cure. I haven't dug that deep, but I think POCC has a pretty substantial retained earnings deficit. I'm working for memory, but I think the book value of POCC (after cash from TMG from the deal eliminates the retained earnings deficit) is right around 30 to 40 cents per share....funny, that is where the stock is right now.
I do not know what TMG's plans are. TMG has some assets that are adjacent to ones that they are buying from RVEP/POCC. Maybe they intend to intend to utilize the storage/pipeline in some other capacity other than LPG. I think that the size of TMG gives them a much better chance of succeeding than POCC did on its own.
Yes, after POCC pays off its obligations and RVEP pay off its, it will be interesting to see what they intend to do. POCC still has the marketing and trading operations, but I doubt they can produce meaningful and sustainable earnings over any time period. As for RVEP, I thought I remembered them stating they would resume distributions, despite not having any assets other than cash, to me, I take that as liquidation.