dbaude, your report is excellentDown to earth and free of unrealistic expectations. You are right assesing the reasons that have the stock price so depressed. Tuscany has maxed every source of financing, the last quarter was the first one where bank debt (syndicated loan + revolver) didn´t grow, lenders were deaf to risk more money and Tuscany had to scramble to find cash to put the newly hired rigs back to work . Maybe Tuscany can find the cash for the payment due on Septembrer 15th, but the situation is dire to comply with the December payment. From my perspective, lenders are tired of Tuscany inability to collect the due AR in high-risk countries as Ecuador and Gabon, situation aggravated by the deceiving actions of a quasi-rogue company that can go bankrupt before the arbitration panel gives its verdict. So Tuscany shouldn´t count with miracles and, again from my perspective, has four options available: refinancing (the best for everyone if lenders accept a long term fix), selling assets (difficult, the infamous HRT is trying to sell 4 rigs and 4 cranes in Brazil for 50M$), getting a capital infusion (with a great dilution effect on current shareholders) or risking a default in December. I hope to hear from Tuscany that refinancing talks are going well, otherwise the investors should buckle up their seat belts and be prepared for actions that could have a big dilution effect for current shareholders.