The stock was almost $8 not all that long ago and is now at 10 CENTS. It will be even cheaper tomorrow. The "new" company will be run by the same idiots that are responsible and it too will be bankrupt. My plan is to short the new shares as soon as they are issued. It's the ONLY way to make any money with this dogsch!!tt.
One thing I am sure of though is that the common shareholders are screwed either way. If the deal goes through we'll get NOTHING and if the deal doesn't go through we'll get NOTHING. Oh, and Rynd and all the other insiders will be made whole with shares in the "new" company. May they rot in he!!.
The stock usually opens up just a little so people thing it#$%$ bottom. Then it sells off to yet another new all time low and almost always ends at the low of the day. This dogsch!!tt is going to ZERO.
Except they MAY have one contract left - the Maersk deal. Of course I would be amazed if that one doesn't get cancelled too. And the liftboats seem to be doing pretty well. So there will be SOME value. Just not much.
I'm guessing around a nickel. That would give the company a market value of around 8 million dollars. And it would value the "new" company at around 256 million. Those warrants will NEVER be worth a single penny.
that this total piece of sch!!tt almost hit 19 cents just the other day. We'll never see 19 cents again. I'm lowering my estimate now down to a nickel from 10 pennies.
So over 20 million shares have been covered while the stock has gone from 60 cents to 15 cents. All of the shares will be covered by the time the stock goes below 10 cents. Isn't it amazing how that works? The stock market is the biggest scam in the world.