tx - actually TAT is listed on the NYSE; they may be a component in one of the russell indices, but that is not their LISTING. and a company's listing is not the operative feature of whether or not you can hold your shares in the manner i described. the operative feature is whether or not the company and its transfer agent participate in the DRS (direct registration system); in the case of TAT and Computeshare (TATs transfer agent) they do.
when you hold shares of stock in a brokerage account, they are held in "street name", not in your name. they are, in essence, property of the broker and can be borrowed, lent or used as collateral. and if that broker goes belly-up, you're in for a real treat going through the claims process to recover your $$.
when you hold shares in book entry with the transfer agent (via DRS), they do not appear on the books of any broker; they are held IN YOUR NAME directly with the company (via the transfer agent). they cannot, therefore, be borrowed, lent or used as collateral by a broker.
in terms of the % of TAT's outstanding shares that are held in "book entry" with the transfer agent...you can call investor relations and ask them; i did a few years ago and, at that time, it was around 50%.
there is no way, in my mind, that NMMIII would have kept delvina if he didn't think it added value to TAT or, in some way, couldn't be leveraged in a JV. turkey @ 5000 is a very positive sign, in my opinion. i've been in this thing since day 1...and i've always said "when NMMIII goes, i go" and the fact that he's structured the deal like he has AND created a new company to provide a new MSA for TAT is, to me, a sign that he's "all in" on TAT. soooo....i'm still "all in", holding my shares not with a brokerage but as "book entry" with the transfer agent. my suggestion to others who are truly "long and strong" is to do the same...
well, apparently the market likes this transaction...at least for today. i find it fascinating the way NMMIII is structuring this whole thing...he never ceases to amaze with his creativity.
so, crabsully...i guess we now know the value of the albanian assets...+/-$31.5M (not including the delvina asset/liabilities) + a warrant for TAT to basically reacquire 25% of the portfolio for "nominal consideration" before march 1, 2019. so basically they give away the whole shebang in exchange for debt relief, with the ability to get back 25%, down the road, for next to nothing.
the fact that the delvina property was excluded from the deal is interesting to me; what would be more interesting to know is whether it was a matter of NMMIII wanting to specifically keep it, or if continental (GBC Oil) just didn't want it (with its accompanying liabilities). and now TAT is going to spin delvina into a separate entity and looks to be close to a JV on that. ooook.
and, surprise....NMMIII (or, specifically, dalea) gets another company to run and TAT gets another master services agreement.
there's a lot to digest here...for those interested in the specifics, i'd suggest you go read the exhibits filed with the 8K today, including the pro forma financial information in exhibit 99.2. it'll show you the real impact that who stream fiasco had on the overall company.