"stay out of these zombie rig companies altogether as they are all dead-walking their way to bankruptcy"
It sure seems that way. It looks as if the land based, non-fracking, low cost producers around the world are going to be able to handle the supply for quite a while, especially with Iran and Iraq bumping up production. As the contracts some producers have in hand to sell oil at much higher prices than spot expire, more and more frackers and UDW producers will falter. It is a turn around that is going to end up killing many companies thought to be bullet proof. Good to see you back to your original ID. I have to say that you were correct in your assessments but I'm willing to bet even you are surprised by the breadth and depth of the carnage in both shipping and UDW drilling. It's basically a depression for the industries and could spread to banks and will take out many shipbuilders as they have to beg for any new orders.
Why? They all are getting built regardless of the attempt at cancellation which doesn't happen easily or the delay of delivery.
Oil looks like it will fall under $40 again. Since SDRL is joined at the hip with the price of oil, mid to low $5 range might be expected.
He is seldom in a horrible situation. Investors are the ones in the horrible situations. The related party transactions make him millions every month. His latest purchase of shares of $53 million were easily offset by his management fees over a pretty short time. Much of DRYS losses are attributable to his fees for the many things for which he charges DRYS. He even gets commissions selling DRYS ships to himself. But it has always been this way. Since inception. Even before. Alpha Shippings default now seems to be a paltry thing compared to DRYS, looking back.
It is way more than fifty. You aren't counting his many other ID's. Five or six that he uses that look like my ID.
of about $900 million. They have most of the shares, 95%?, pledged on the debt to ABN Amro which requires three times coverage using the VWAP of ORIG. With ORIG at $2.92 a share, the coverage isn't there, not even close anymore and DRYS only has 2 or 3 million shares left to pledge. Things looking pretty grim.
Never seen so much crazy from one individual. What sort of revenge do you think this moron thinks he is getting from acting like a child for hours a day, for weeks on end, just because he got humiliated on a message board a long time ago?