I will continue this by posting more about Walter's emails.
Walter must change immediately his hidden agenda to liquidate the assets at fire sale prices and help CS and the other lenders. I really hope some judge can protect us.
So I sent him this email below on 29 of JANUARY 2014 asking for some comments. I stress the date for reasons you will see below.
I stress the date because he did NOT refuse the CURRENT value of TID's assets, but his concerns were different as shown below (HRT case will close by Q2 2014, hard to find an investor for a placement at 10 cents).
I told him that if an investor wants to buy 109 million shares, he will not be able to accumulate through the open market but he did not reply to me.
My email shows that he accepts that TID's value is 36 cents per share which is FOR US, the common shareholders:
- C$0.36 PER SHARE - Why I am buying now
Tuscany sold rigs 112 and C16. They are Colombian rigs. It received $23 million for both.
On average it received $11.5 million per rig.
Tuscany has 24 rigs + 2 heli-rigs now.
Rough estimate:
24 X 11 million (not 11.5) = 264 million.
2 heli rigs X 17 = 34 million.
HRT lawsuit = $20 million (not 33 million which is the case).
Private placement at 10 cents for Maurel shares (109 million) = 11 million.
Total = 264 + 34 + 20 + 11 = $329 million.
The net debt is $195 million now.
As a result, based on conservative estimates, Tuscany pays down all the debt with its assets and keeps CASH $135 million.
Divide this CASH of $135 million with 375 million shares, and you get C$0.36 per share.
The current pps is ridiculous, and the sellers at the current pps are crazy.
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Walter's reply:
On Wednesday, January 29, 2014 7:21 PM, Walter Dawson <WDawson@tuscanydrilling.com> wrote:
Only two problems, Who will pay $.10 for shares trading at $.02-03 a share and HRT is 4-6 months away! Easy to dream.