Hercules stated assets 50-100 mill.,liabilities 100-500 mill.,loosing over 10 mill. month,plus severence pay for all employees,centerage lawsuit,how much money will be left in 6 months?
What I think is really happening is there is a offer to buy Dram,the chip maker,for tax purposes management rather keep thier jobs by going into another opportunity gold.The buyout price should be about 10 million,but what it means to shareholders is questionable,if management only cares for themselves,were screwed.
Was to give hero a advantage so that they could better survive the drop in oil price.Management was praised for being the first to do so.It was even said that they would be in a position to buy distressed assets of other offshore producers that could not survive.The only reason the lenders went along with the debt swap for shares was because of the Maersk contract,this was what was going to save hero.The lenders got cold feet because hero management could not sign one new contract in the last six months and were informed by hero that the day rates in the contract would be reduced like the Saudi contracts.This along with a rise in oil prices and a loop hole in the lending agreement gave them a way out.All shareholders of hero old&new should file a lawsuit based on the fact that all their contracts were not worth the paper they were printed on.Shareholders were not made aware that if oil price went down the contracts were null and void.Hero's management should have made that fact known to shareholders and the did'nt.I'm sure that if this was known all shareholders would have bailed long ago,as soon as oil prices went under $50.This company is a scam,look at Transocean,they are surviving and they have 3 billion in debt. and are making money to boot.Lenders are not to blame,hero's management caused this by misleading shareholders,the only ones they ever worked for are themselves,they are no better than Bernie Madoff,they should all go to prison.
Five positive announcements in a row and the pps is at a all time low,Melo cried wolf so many times that no one believes anything he says,this was the yr.that the pps was to be over $5 with the olympic hype and amrs was to be cash flow pos.,the only thing that will bring the pps over $1 is the resignation of the ceo.
Thought it was going to hit $4.50 on this news,never mind the close undrer $2,guess a cure for prostrate cancer is no big deal.Big pharma rather have a drug that treats not cures,they make more money that way.
Arch,if you want to make some money with companies that have high rewards to risk buy bio tech.Sphs has a stage 2 drug that cures prostate cancer with a injection in dr. office,closed at $1.17 today,expect a buyout buy big pharma for over $15.Buy and make back the losses in this pos management company.
Hero listed assets as 50-100mill.,liabilities 100-500,loosing 10 mill. month,and management and employees getting paid for the next six months until all is gone,little left over for shareholders.If you want to be in oil,like I said in previous message buy transocean.
Arch,just when I thought I was out they pull me back in,imagine these guys get paid for destroying a great company.The Dems. say Trump has no foreign policy experience,Trump should use Amsc as a example of Obama and the dems great foreign policy,and how they protect American companies,Obama was using Amsc as the example of how US should deal with foreign nations,what a joke .