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Sony Corporation Message Board

insider_expert 221 posts  |  Last Activity: Feb 1, 2016 3:06 PM Member since: Jan 6, 2013
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  • Reply to

    Wow Quiet in Here

    by lnguyen_usa Feb 1, 2016 2:18 PM
    insider_expert insider_expert Feb 1, 2016 3:06 PM Flag

    who is there?

  • insider_expert insider_expert Jan 17, 2016 11:41 PM Flag

    The doubling of salaries was totally uncalled for and is unacceptable and the excuse of retaining employees is absolutely ridiculous because the bulk of the fund used went to themselves (I suppose they needed to retain themselves!!!) ...
    But that in of itself is not sufficient to doubt this management sincerity when they say they striving with best interest of shareholders in mind; I still don't have a reason not to believe the management in this regard.

  • insider_expert insider_expert Jan 17, 2016 6:45 PM Flag

    I was as disturbed as you when the management double their salary for this year despite knowing how financially distressed the company was; you would think they would take a pay cut to help out not double their pay over night for no apparent good reason (but realise if they file bk that pay raise will not stand and no bk judge will allow that).

    In addition I also have to agree with you that so far there has not been a single step taken by this management solely to help the shareholders but then again I believe they've done what is been to their best judgement to help the company stay afloat (not mentioning the mistakes they've made);

    Having said that I also have NOT SEEN a SINGLE INSTANT when the management, be it Stilley or Ahlstrom, has outright lied (if you don't agree please give me an example); The management is now mentioned several times in PRs, in CCs, and in public presentations that they are not going to leave shareholders high and dry and holding the bag and I have no reason not to believe those statements which correspond to what Lee has been saying to shareholders on the phone including myself.

    Furthermore, and hopefully I am right, from the latest PR I get the feeling that the management is telling us that not only they are making positive progress with lenders but that they think there is a good chance of a final agreement within the next 30 days (hence deciding to postpone interest payment and take advantage of the 30 days grace period they have).

    I fully and completely understand the frustration of shareholders who are over $1.5 Billion in the hole right now. I also agree with lawsuits not only against Paragon but also against Noble should the management goes back on above promises and their fiduciary responsibility and leave us holding the bag (I have to admit I do believe this management when they say shareholders will be part of any final settlement).

    But what I don't agree with is this constant insults, threats of bodily harm, jail,etc et

  • HOUSTON, Jan. 15, 2016 /PRNewswire/ -- Paragon Offshore plc ("Paragon") (OTC: PGNPF) today announced that it has elected to defer an interest payment of approximately $15.4 million due today on its 6.75% senior unsecured notes maturing July 2022 (the "2022 Notes"). Under the terms of the indenture governing the 2022 Notes, the company has a 30-day grace period after the interest payment date before an event of default occurs. Paragon believes it is in the best interests of all stakeholders, including equity holders, to use the grace period to continue to engage in discussions with its secured and unsecured debtholders related to alternatives to improve Paragon's long-term capital structure.

    Randall D. Stilley, President and Chief Executive Officer of Paragon, said, "Paragon has made the strategic choice to defer this interest payment as CONSTRUCTIVE DIALOGUE with debtholders continues. We believe WE ARE MAKING PROGRESS in achieving our objective to improve the long-term capital structure of the company. Paragon's substantial cash position at December 31, 2015, more than $750 million, provides us with flexibility as we negotiate. Furthermore, it allows us to continue to meet all of our obligations to suppliers, employees, and others as we deliver safe, reliable, and effective operations to our customers in the normal course of business."

    Summary:

    1-Management continues to have the"BEST INTEREST OF EQUITY HOLDERS" in mind which is something they've stressed over and over;

    2-'CONSTRUCTIVE DIALOGUE with bondholders is MAKING PROGRESS"

    I know many have attacked me in the past for saying anything positive about the management; Here I am only quoting and not expressing my opinion or saying anything positive or negative so you can be the judge.I am only quoting.

  • Wasn't it just last week that Stilley said he will not leave shareholders in dust and that they are on top of his list and will be looking out for them!!!

    And what about their IR guy, Lee, that over the months had assured shareholders that called him, including myself, over and over to be patient that we be fine;

    Where is their shame in all of this.

    I suppose they have one last leg to stand on, that of result of their negotiation with the lenders, to see just may be they will vindicate themselves; if not definite chance of lawsuit as attorneys still want to see their last move first to take up contingency against everyone involved but specially Noble and this management.

    To the longs: I am sorry for believing this messed up management and trying to support them (I was wrong but it was all out of simple believing them and good will).

  • insider_expert insider_expert Dec 15, 2015 2:38 PM Flag

    BK the very last resort accoeding to CEO and not likely; I would think we should hear something soon but it may be taking longer that anyone thought. Fun Trading, one of the SA contributors, had mentioned in an article last month that he was told by the management that some kind of news will be out in December; of course we are half way into December but no news yet; To me this is an indication that tough negotiation for out of court agreement continues which is good in that it shows lenders continue to be interested in this option but it also is a definite sign of lenders and management both running a tough bargain.

    Again, only time will tell but I still very hopeful despite much pesimism on this board about this management's performance and their intentions with to a great extend is ver much understadable given not just how PGN is sunk but also how the management agreed to Noble loading this company with their problematic fleets and walked away causing shareholders a whopping $1.5 BILLION in losses; Yet the way I look at it short of a lawsuit trusting this very same management and keeping our fingers crossed is the best hope we have to at least recoup a fraction of our losses.

  • The stock holding for now; Management may be able to negotiate a very nice debt reduction agreement with bond holders and other debt holders as their timing in terms of negotiation has been almost perfect with oil prices hitting the very lows since the decline began; This should give a big leverage to management in terms of negotiations...But then again we all have to wait and see...

    I am ver optimestic specially in the light of CEO making it clear a few days ago that they are looking out for sharholders and that they will not be left in dust.

  • Paragon Offshore in Talks With Bondholders to Cut Debt
    Options include debt swap, ownership stake in company or cash payment to cut $2.6 billion in debt
    By MATT JARZEMSKY
    Updated Dec. 4, 2015 5:14 p.m. ET
    Offshore drilling rig operator Paragon Offshore PLC is in talks with its bondholders aimed at reaching a deal to reduce its $2.6 billion debt load, according to people familiar with the matter.

    The Houston company recently started confidential discussions with bondholders including AllianceBernstein Holding LP and Loomis Sayles & Co., the people said. The debt restructuring could involve a swap of bonds for new debt, an ownership...

    Sentiment: Strong Buy

  • Today with 4 hours into trading volume extremely anemic also at just over 300k while stock is down so fsr.. Friday's volume was more than DOUBLE average daily while shares were up over 22%; Yesterday's volume was less than HALF average daily while stock was down about 5%.

    From a technical point of view this would be considered a major positive signal if not for today's volitile energy sector...

    Any opinions?

    Rumors have it that they may have news out sometimes in December (according to Fun-Trading guy at SA who had spoken to someone in the management).

    Sentiment: Strong Buy

  • insider_expert insider_expert Nov 13, 2015 1:54 PM Flag

    Now up 20% on very solid volume.

    Sentiment: Strong Buy

  • Already nearly half of million shares over average daily volume. Does not feel like short covering but alot of shares are being bought by folks (employees?). Do some know something others don't or could this be a classic bounce off a triple bottom?

    Currently oil down over 3% @40.45 and Dow down 145 points.

    PGN is been up solidly all morning.

  • Shorts are trying very hard to either ignore this very important made in such a critical time or write it off as "standard statement"; Really? Is this also standard times? Who are the shorts fooling? This statement was made with rumors of bk in the mind of the management and under the advice of two very reputable law firms.
    Shorts either think longs are gullible or they don't have much respect for our intelligence.

    This critically important statement in such a critical time is the most important and critical words contained in the earnings report and the CC when as far as the shareholders are concerned and It was purposely written with shareholders worries about the rumors of shares being wiped out in mind. Period.

    Sentiment: Strong Buy

  • insider_expert insider_expert Nov 10, 2015 1:53 AM Flag

    You answer this: if they were to file bk with the intent to wipe out commons the why would Stilley say :

    " The board has approved engagement with the company's lenders and noteholders with the intent of maximizing value for the company's shareholders and other stakeholders. We believe that significant value can be unlocked through this process and we intend to work constructively with all involved parties to move forward as quickly as possible and reach our desired outcome."

    How is your claim of wiping out commons in a bk considered "maximizing value of the company's shareholders" ?
    Note that above statement was part of the official earnings report written under the guidance of the two law firms and not an off the cuff statement made by Stilley during the CC.
    If someone could explain above OFFICIAL statement about "MAXIMIZING" shareholder value to me and prove that it means wiping out commons (!!! ) or even lowering the value of the commons (!!!) then I would throw in the towel; Or is it just bs or a gimmick? (which I don't believe to be the case provided they have two law firms advised them)

    The problem I see with short's argument is that they totally ignore possibility of out of court purchase of a good portion of the debt at a large discount as well as the effect of a possible rise in oil prices in the future; to me those are the most important factors for the future of not just PGN but nearly all companies in the offshore.

    Even if they do file ch11 the above statement by Stilley tells me that, unlike HERO's 3% , a good percentage (possibly 10% or higher) will be assigned to commons hence "maximizing" shareholder value. ( a 10% of debt free company would mean a huge upside to shares).

    But heck why listen to me; short more shares!!!

    Sentiment: Strong Buy

  • When going up after markets open volume was over 320,000 shares for the first 15 minutes but dried down as shares turned negative. And despite near record volume of the first hour of trading the stock closed the day just above the daily average and volume limping to the close;
    It means that despite being down for the day such vanishing volume indicates no stamp of approval one way or other and today's market action can technically be called a wait and see until the report and the CC is dissected more by the market.

    And once dissected people will realize the followings as positive:
    1- stock continues to be priced for bk but today's report makes it clear no bk coming;
    2- The company is made it clear that not only they are not planning a bk at which shareholders would have been wiped out but to the contrary they are using the two newly hired lawfirms for capital restructuring in order to increase the shareholder value and not for filing bk as claimed by some;
    3- Company continues to be cash flow positive wrt day to day operations despite the large write off that pushed it to a negative earnings;
    4- The were able to postpond prospector delivery and payment for a full year which is positive;
    5-Huge write off in a proactive way takes that hurdle out of way while they can still bring back those rigs stacked back to operation if market improves.

    Then there were the followings as negative:
    1- They did not explain why they had to take such a large bonus equal to one year pay based on retaining employees in a down right terrible oil market where the jobs in oil sector are dissapearing and nobody in their right mind will leave; Besides who would hire someone coming from a company that have had their pps trashed to bk price; Also why do this at a time when money is so vital to the company;

    2-Using the going concern phrase, while not a big deal in my view, was not necessary except to hurt us.
    3- Future of oil sector gloomy for another year( nothing said about Petrabras

    Sentiment: Strong Buy

  • What all the shorts were screamimg was that they will announce BK during this earning or at least give a future date; As it turns out NO bk is in the books; The going concern mentioned while indicating the state of drillers is very commonly announced by accounting companies to protect themselves and now PGN is decided to announce it themselves but I have seen many such conerns most of which add up to nothing.

    Finances overall looks as expected or even better than expected in some areas provided where the oil market is.

    Now we also know that they hired those two law firms for restructuring of their capital and out of court debt purchase but not for BK as claimed by shorts.

    The markets first reaction of being green was correct but oil prices being down, Dow being down, and worries about another year of low oil prices is spooking all oil shares in the sector.

    I will not sell a single share and intent to add once have more funds available.

    Sentiment: Strong Buy

  • Reply to

    My assesment

    by duane38637 Nov 9, 2015 9:29 AM
    insider_expert insider_expert Nov 9, 2015 9:40 AM Flag

    BK possibility was the big issue and that is exactly why the shares are priced for bk in 20 cents area. Before those rumors the shares were at 90 cents and moving up and would have been near $2 by now if not for those rumors and some "reputable" article in Seeking Alpha including several by the all genius Anthony Ruben who did not even know where Middle east was and thought Brunni was in Middle east and YET SA would allow such people with lack of most basic knowledge that eve a elementary or high school kid would know to pretend to be "expert" and publish articles under the SA banner.

    With no bk his stock deserves to be at $2 TODAY.

    Sentiment: Strong Buy

  • Mr. Stilley commented, "under the direction of an independent committee of the board of directors, the company has been proactively exploring long-term solutions to improve Paragon's overall balance sheet strength and position the company for long-term success. The board has approved engagement with the company's lenders and noteholders with the intent of maximizing value for the company's shareholders and other stakeholders. We believe that significant value can be unlocked through this process and we intend to work constructively with all involved parties to move forward as quickly as possible and reach our desired outcome. In the meantime, we continue to operate normally and fulfill our commitments to our customers, suppliers, and employees."

    Note Stilley indicating his INTENTION "TO MAXIMIZE VALUE FOR THE COMPANY'S SHAREHOLDERS".

    That single statement is what the shareholders were hoping for; it basically repudiates the shorts assertion that share values will be crashed to zero in a bk filing. Apparently not so fast shorty. Better cover or your behind will be on fire.

    While it appears that covenant issue has not been resolved but it seems they continue to work on that plus "engagement with lenders and noteholders"...Otherwise they are working on out of court debt and note purchases with the hoard of $733 million cash the have.

    Sorry to disappoint you Anthony Ruben; Most here knew all along you were wrong but you kept ponding the table with your erroneous and mal-intended article which also showed your profound lack of knowledge and professionalism.

    We should begin an ascend back towards $1 and beyond.

    (we still need to listen to the CC as there were not enough info on Petrobras and need more light on negotiations with lenders as well as how they intend to overcome the covenant issue).

    Sentiment: Strong Buy

  • Reply to

    Lee AWOL

    by goskiing99 Nov 6, 2015 12:38 PM
    insider_expert insider_expert Nov 6, 2015 3:20 PM Flag

    Gos,

    Please stop exaggerating and lying; I am also long but you are just too much. I have never had problem getting hold of Lee on my first calls. May be you have the wrong number! Just go to Paragon website and look up the number for IR and I bet you you be talking to Lee in under ONE minute. Try it right now.

  • insider_expert insider_expert Nov 5, 2015 11:31 AM Flag

    Very sad? 911 was very sad; When my grandma died was very sad; I don't get it. Why don't you relax a bit. Why are you so up in arms for somebody pointing out that it was green AH and something may be simmering (was supposed to make you laugh)? Well, it is in red now. Happy? Is being short in such low pennies price gotten to you? Just get out and relax. Go get you a beer or something and watch a good old movie; It can go a long ways in calming your nerves.

    Sentiment: Strong Buy

  • Any thoughts?

    Could this be a sign of start of a zoom; Remember we dropped from 90 cents and heading higher to today's low 20 cents based on rumors of an imminent bk spread by a few but spearheaded by Mr idiot himself Anthony BS drumhead Ruben who does not even know where Middle East is!!! But the market has away of making up for such unfounded rumors. Without them we would have been at over 2 like EXXI as PGN was in tandem with it until those rumors hit the fan.

    Sentiment: Strong Buy

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