The release doesn't mention what rate the new notes will bear but you can bet they'll be less than the existing 9.5% unsecured ones. He seems to run ORIG just like DRYS - not having much in the way of cash reserves and maintaining heavy debt. Helluva way to run a railroad but he's been doing it for years and is the maestro of money movements both good and bad. It'll be interesting to see how the Monday markets react on both stocks.
Wants to retire old unsecured notes by offering new notes with a longer time horizon. Fees and expenses will of course be paid to restructure this debt. Look under Headlines of Yahoo. Released 6 minutes after market close today Friday which is his usual m.o. All of this under the Ocean Rig wing of the company. 500 million bucks worth.
I have mixed feelings about that 32 cents divi. Pro: shows conviction and confirmation of business model performance - con: their per share profit barely covers the divi and I have to wonder why it was placed so high - doesn't leave any room for reinvestment or disappointment.
Those earlier beat and raise estimates came from a newly formed operating company and reflect typical unsustainable profit margins. 2014 projections are 22% to 27% increases in profit which isn't bad considering how far they've gone so far. This isn't Google or Amazon - it's a financial tool pretty much restricted to the Russian Federation area and their economy hasn't fully kicked in and become westernized yet. Lots of people there still haven't got a computer and the amount of fraud is so great that it stifles what could become a major economy. Will it ever clean up its act? Hopefully, it will eventually get in step with the rest of the major powers.
Down about a buck on low volume. Results were fairly good and it looks like very few folks are paying attention or care. Can't quite figure this one out in my head. Is the geopolitical situation overshadowing the results? If so, we can throw all the usual rules of investing out the window. Usually an ER causes heavy volume but this one just keeps moving along at a normal pace.
I had a very small position which I initiated several days ago at 2.80 so my profits were small albeit 40%. As far as believability goes, it's not important. I was just summarizing a mad money move.
I assumed would meet expectations at best. When it met the guess (or so) and rocketed up another buck or so, I thought wow I missed another good run and then someone pierced a hole in the balloon. If you're a true believer, all of that will probably not dissuade you and I wish you all the luck in the world - you're going to need it. This stock is not for the faint hearted.
One thing is for sure. Regardless of the report, the trading will be in a flurry. Whole lot of shares are waiting for the results.
The SEC should require that ERs be released not more than say 5 or 10 minutes past their estimated time. I've had other stocks that have screwed around posting for up to two hours after the closing bell and THAT is very frustrating when you're sitting on a very large holding and sweating it out.
Finished 38.78 - last second seller dropped it 10 cents from 38.88. Renewed interest in this stock reinvigorates me after daily whippings. Holding into ER no matter what Tuesday's trading is.
If we can finish Monday above 38, that may be a sign that a turnaround is taking place.
EOD Tuesday is last chance to place any bets with Wednesday morning finally releasing the long awaited ER. I, for one, can hardly wait. It's been grueling sitting on a stock that's being brutalized day after day.
A true believer that the ER will impress and the PPS will rise. Contrary to what all the so called experts say but it's refreshing to see someone out there rooting instead of booing.
Have you noticed that all the "headlines" in Yahoo for the last few days have the word "bubble" in them? Very biased to the negative which is causing wild swings in the PPS.
There seems to me to be a detachment between the fundamentals of the company and where it does business. This Ukrainian fiasco has played hell on the PPS. Only a nice beat on their ER can make it recover to its previous stance.
I'm a short term trader, not a day trader. I find buying and holding to be too frustrating so I shoot for reasonable short term profits and then move on. Day traders look for smaller profits at a very quick pace and add volatility to the PPS of stocks. Problematic for some folks but I've learned to live with it just like I've learned to live with shorts. Pain in the butt but they sometimes keep the irrational exuberants in check.
Until the ER 3-12, looks like we're mired in the mud. Expecting a good report based on previous ERs and the placement of a dividend some time past. What concerns me is the lack of interest of many to get involved BEFORE the ER. Ukrainian unrest seems to overshadowed the appetite for risk. Their business model can't be influenced that much by the tension so what else is there out there?
Obama and Kerry - two clueless guys meddling in the affairs of a country, making stump speeches, making idle threats and generally portraying our country as feckless and a meddler. Hopefully, Ukraine can resolve their problems without our constant bloviating.