Here is why, we all need to support this initiative.
I also believe that the JUDGE must get aware (do you agree "onthecase"?) of the following and recent acquisitions to see that Walter's plan to liquidate at fire sale prices when the EQUITY is much higher than $100 MILLION hides a lot of red flags and clearly DECEIVES the common shareholders.
Even at 10 cents, TID has PBV=0.15 !!!!!!
Do you believe that Walter gets money UNDER THE TABLE if he completes this highly unfair plan and screws the common shareholders ?
All these transactions are from Tuscany's oilfield services sector:
1) PHX Energy (PHX.TO) acquired RMS.V (RMS Systems) in September 2013 at
a premium of 112% to the weighted average trading price of RMS Shares on the TSXV for the 20 trading days immediately preceding the date hereof.
That was a $40 million market cap for RMS which translates into PBV= 5 (!!!!)
RMS had negative EBITDA, continuing losses and only $8 million stockholder equity in September 2013 (check our SEDAR).
2) In 2013, Western Energy Services (WRG.TO) also paid a good premium (PBV=2) and acquired the Canadian IROC Energy Services.
3) In early 2012, URS Corporation (URS) paid a significant premium (PBV=3) to acquire the Canadian Flint Energy Services.
4) In late 2012, FMC Technologies (FTI) paid a good premium (PBV=2) to acquire Canadian Pure Energy Services.
5) In 2012, National Oilwell Varco (NOV) paid a good premium (PBV=1.8) and acquired the Canadian CE Franklin.