MS, note some of that cash is restricted. So $118M free cash. Back out the $70M convert and we're about $50M equiv as at Sep 30. But we are in November now, and if they are burnign say $50M a Q they are getting close to effectively zero, give or take.
They have the $300M line. BUT check the covenants. Equity can't fall below $500M. If you look at where they are and what they are burning it's likely they wouldn't be able to tap the whole thing.
They really need to get that Total money in the door or they are in a world of hurt in a few quarters.
My estimate is they were around $100M on Sep 30 (assuming no borrowing). With the convert due this month I think their cash is nearly gone, and will have to start borrowing soon. If I were a Total I would delay delay delay to get these guys on the mat.
Will know more tomorrow. 2016 is 6 weeks away and IOC in the 30s. Who would have guessed.
Hession pretty much played the hand he was dealt. If you want blame anyone one, blame Mulacek and Byker.
Was one of my most vicious and paranoid attackers. He basically told me I was going to jail because of my "underhanded activities" re: IOC (you know, like pointing out facts that are now proven, that they should do production and communication testing which they are now doingm, and so on), and also because of my "involvement with the illegal hit" on NQ Mobile, now a proven fraud.