One of my best indicators just went positive on this one - giving an entry signal!
I already have 250 shares @ 25.54 - forgot I even had it until I got this signal...
Considering buying more, but thinking I'll wait until after the Nov. 9th announcement.
Statistics on this underlying are almost non-existent...not too much news either!
US State Dept. has issued evacuation of all US Embassy members and their families from Istanbul today (10/30/2016) as well as those in Ankara, Turkey. Further, all American citizens have been advised to make plans to depart the country of Turkey due to the presence of radical element of the Muslim faith aligned with Isis and other groups within the borders of the country due to threats now known by State Dept. officials to be currently in vogue with intelligence gathering from the State Dept. and CIA., Fox News is reporting this story and other news agencies have been directed to likewise advise US citizens working within the borders of Turkey. TAT offices, once located in Istanbul are now located in Anakara, Turkey, the capital of this nation.
Good news, solid day! You giys think this will continue an uptrend?
Buying this is hard, it seems, so that is a good thing. Jesse Livermore used to like that and after many years of playing this game... I accumulate like he did...on the way up.
After a lot of study, it seems the original idea of using fracking and advanced technology in places like Turkey was a good thesis. Unfortunately, after they started to turn a profit and had bought some properties they liked (no doubt trying to diversify their exposure to just Turkey) the market collapsed and all of a sudden they had an over levered situation on their hands.
Then they pared back, sold the Albanian assets and restructured the debt and still are.
So do I think Malone is still a smart guy...yes. Does he know how to run an oil company?...I believe yes.
Will he let this fail? No, I'm betting he has the resources and doesn't want this to fail...but I'm only observing the movement of the chess pieces and not privy to the words and thought behind them.
What has attracted me was a statement that they could make decent money in the low 40s on Brent in the Molla region and were trying to make a company that could live in a $30 Brent world, if I remember correctly. And it seems that since the market turned down and money dried up they have been in survival mode.
So what this means is if the oil market ever comes back even partially, this stock should go higher. That's my thesis.
M t, I hear TAT is in default and the banks have given them more time than others. Any info on a possible sale of more assets?
I was buying a tiny bit today...I still have some questions, but I still think this co will survive and right the ship...
In the amended Annual report:
ANBE Promissory Note On December 30, 2015, TransAtlantic USA entered into a $5.0 million note with ANBE, an entity owned by the children of Mr. Mitchell, and controlled by an entity managed by Mr. Mitchell and his wife. The ANBE Note bears interest at a rate of 13.0% per annum and matures on June 30, 2016. On December 30, 2015, the Company borrowed an initial advance of $3.6 million under the ANBE Note. The initial advance was used for general corporate purposes. The Company can request subsequent advances under the ANBE Note prior to June 15, 2016. Each subsequent advance must be in a multiple of $500,000, or if the amount remaining for advance under the ANBE Note is less than $500,000, such lesser amount. Advances under the ANBE Note may be converted, at the election of ANBE, any time after the NYSE MKT approves the Company’s application to list the additional common shares issuable pursuant to the conversion feature of the ANBE Note and prior to the maturity of the ANBE Note. The conversion price per common share for each advance is equal to 105% of the closing price of the Company’s Common Shares on the NYSE MKT on the trading date immediately prior to such advance. The conversion price of the initial advance is $1.3755 per share. At December 31, 2015, the ANBE Note had an outstanding principal balance of $3.6 million.
13% is a rather high rate...is that the industry standard?
Or has all lending just dried up and they are dependent on the largess of Malone and family?
As the only one to post, that's a good sign. I'm buying. I do best when I do my own research and am alone away from the madding crowd. They are trying to save this company. I think they will. I don't think Turkey's political situation will deteriorate from here (I actually think Erdogan engineered the coup). Either I'm buying at bargain basement prices, or I'm pouring money down a rat hole. From what I could tell from the CC, there is a lot of oil there, but they've had to adjust to potentially $30 brent...they've had some breakdowns in equipment...they had to sell the Albanian assets...Malone and a hedge fund had to poney up some jack to reduce the debt for shares at .67...I'm cool with that.