Well Planned in Advance!
In my opinion, (TID) , their lawyers, so-called strategic advisors and lenders had this whole thing cooked up before the Q3 news release. They intentionally mislead the investors in the Q3 NR by advoidance to the direction which they were actually focused on. When TID was talking about strategic reviews and restructuring of the company most of us thought they meant trimming the fat - not BANKRUPTCY!
They had everything well set in place before they announced the forbearance agreement. Do you think it is a coincidence everything is in court so quickly and the whole bankruptcy program is so well organized? Even their website is now set up as a shrine to the Chapter 11 proceedings!
Someone posted something about a fool and his money but I cannot agree with that statement. I think most of us did our homework before investing (understood the risk) and supported our decisions on the track record of WalterDawson who also founded Saxon Energy Service Inc., Computalog Gearhart Ltd. and (Bonus Resources) which later became Enersco Services Company Inc. – ALL very successful companies.
Are we fools – NO.
Are we victims of bad management – YES!
Are we victims of corporate misrepresentation intended to keep the common shareholders attention focused away from what TID was actually planning to do- YES!