The things as I see it...Debt is crushing Tuscany but management is not giving up. Utilization rates should improve sequentially in Q3 and Q4, there is a good chance to reach +80% utilization rate by end of Q4. If Tuscany is lucky and can collect at least one of the three troubled accounts receivable (Ecuador is most probable, HRT and Gabon would have to wait until 2014), gets a new refinancing from lenders and put at least one of the HRT rigs to work (the market to sell them is tough, we shouldn´t expect a transaction in the near future), the stock price should rerate and we could see considerable higher levels, maybe in the low 0.20s. Greg Colman (NBF) wrote yesterday a report where he is modeling a 20 M$ in equity funding in Q4. I personally believe that this is speculation from him, but Colman knows well the company and he doesn’t see how Tuscany is going to generate organic cash flow to meet its financial needs in the short term. A new refinancing will kick the can ahead the road and provide a much needed breathing room for Tuscany to pursue other alternatives to raise cash (selling assets, collecting accounts receivables, improving cash flow from operations or advancing in strategic alternatives like a merger, a strategic partner or making a deal with a private equity firm). There is no cash in the coffers, but under the circumstances management has done a pretty good job putting the new contracted rigs to work. The three most important things to follow are the refinancing, collection of Ecuador receivable and the improvement in utilization rate.