Morning Update and Today's March
9:45am PST, 70 declared soldiers, controlling 23 million shares.
Update on Legal: Firms are being screened. An independent review process has been implemented to rate the results. Again, many thanks to the professionals contributing hours of work free of charge around their normal lives. ETA: still on schedule, approx. 2 working days from here.
Update on regulatory action: IIROC has switched from merely forwarding our complaints, to pursuing an investigation on their side, as well. Witness the power of numbers. Safe to say, Bruce is now getting attention from multiple directions. Which doesn't mean we have to let up. Keep those cards and letters coming.
Today's march: Much has been asked about how to increase the value of TID assets above the pennies at which the lenders are willing to sell those assets to themselves. Today we start to act toward this goal in earnest. If you are employed by any firm within the oil & oil services industry, please email me with that fact. If you hold shares in other companies within that industry, please email me which ones. Other than names of companies, I need no further info. But please send me that.
Obviously, we're looking to change the TID asset bidding from a one-person auction where the buyer is also the seller and auctioneer, into a packed house of competitive third-party buyers. This is the meat of our entire effort. The legal component will help us with this and a few other matters, but legal only has the power to make us right; only the market can put actual money back into our shares. Less obviously, our little army comprises an incredibly deep pool of knowledge regarding this industry. Knowing who is connected to what knowledge will help us to better leverage this strength going forward.
We have reason to believe that a suitor exists who is willing to acquire TID as a going concern. We fear the possibility that secured creditors, after buying the company for pennies, will flip it to this suitor, who may already be involved in this plan. For obvious reasons, I can't comment here or in private about either our evidence for this, nor our specific plans to counter it. But, best case scenario, we need to interest multiple suitors for an acquisition. Forget selling at a fraction of book. I want a premium. The fact that the other side sees value in selling the company whole speaks to the attainability of that goal.
Our approach has already begun. Letters have already been sent to likely parties of interest, priming the pump for what will follow - thanks to jay8989 for taking care of that work. We will not employ buckshot tactics, but will tailor our approach to potential suitors, and approach them from within. This is one reason gathering info from all of you is a crucial step. Give us the tools, and we will finish the job.