It is funny how this Cheng guy can't get over the fact that he missed out on buying shares before the big jump. And now he sounds like he is in another world and, as you pointed out, does not seem to understand that the game is pretty much over and one way or another the equity holders will be getting the 65% already agreed on and submitted to the court by nearly everyone including the management, the bondholders, and the banks and whether term lenders object is for the most part irrelevant. Of course as it stands the term lenders have not recorded an objection with the court yet but even if they do won't matter much.
Right now what is important is what happens to the price of oil and how long before the offshore drillers begin getting contracts again. But as for the 65% the game is over and Cheng better just accept that fact and move on.
Paragon site says it is today after close with cc tomorrow at 9 central time; Anyone knows any better?
I also have to say "a buck" is much much too low specially that an obejection by term lenders is alreay more than built into the share price; I suspect even if there is an objection that the price would probably have a relief rally but not too much; However if there is no objection I believe the shares will easily go way above your "buck".
I have been searching but have not find any such filing today; where did you see it was filed? can you provide the link or the site?
oil now above 45 ...Ocean Rig is more than tripled in the last few weeks with oil moving up but specially after ORIG bought a rig worth over $600 m for a mere $63 m in auction...With Paragon having written off a whopping $1.1 Billion of its debt and the oil moving up I expect the share price to zoom more than any other driller as Paragon is the only oil sector company giving a huge 65% of the restructured company to shareholders...that is 65% of the same Paragon company but only about half as much debt...think about it...once restructuring is done shares should be worth much more than few months ago when oil was near 40 and share near 5 bucks...
The exact value of this new contract has not been revealed but I hear at the very least it is worth around $30-50 million which by itself it is more than Paragon's current market cap. What is more important though is the fact that Paragon is been able to be one of the very few offshores to land a contract this early in oil price rebound with WTI only at mid 40's. This speaks volumes not just to ability of the management and the strong and deeply rooted marketing department but it also verifies what the management and many investors have been saying about how Paragon's shallow water and low price features will be the first to land contracts in any meaningful oil price recovery. Stay tuned for much larger contracts if oil continues its upward movement. Meanwhile let's celebrate this MSS1's awarded contract.