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Seitel, Inc. (SEI) Message Board

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  • oleacct oleacct Jun 9, 2002 10:25 PM Flag

    Framesbane - Accounting

    Guys, what your talking about means
    nothing, what is this library they hold
    really worth?? If it is valuable the
    noteholders will back off and let them
    run a business with them overseeing
    what's going on, with someone on the
    board. The noteholder as I can see
    will get very little bang for the buck
    they have invested. It comes down to how
    honest or dishonest is the library value.
    Framesbane says it's worthless and we will
    see.

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    • <<<Framesbane says it's worthless and we will
      see.>>>

      I don't think you will find any place where I've claimed it's worthless. In a forced liquidation, it's probably worth around $60 million. There wouldn't be much point is liquidating the data assets as there wouldn't be anything left to issue new stock in after they were done. A reorganized Seitel, minus current management, might actually end up being a going concern once the notes are swapped out for new stock. In a year or two the note holders would be in a position to IPO their stock and probably get most of their money back.