Tuscany International Drilling Inc T.TID

Credit Suisse won

[pennywyse2]

Auction ended. No bids for entire company. Some bids for pieces. One bid for Brazilian assets being evaluated. Credit Suisse will either take entire company or it will be split with outside bidder taking brazil, CS gets the rest.. Nothing for equity holders.

[Fullblast]

The Equity Committee is on a very tight embargo. More details to come.

[pennywyse2]

Your counsel is raising alot of procedural issues as to how the auction was conducted, but the fact remains that there were very few bids. TID has been in play for about a year now. The land rig drilling business is a pretty small pond, if anyone were interested in acquiring the company it would have happened long ago. Nobody will pay more than the outstanding debt. In a year or two CS will try

[rivergreen]

I agree 100%, PW2, I said that long ago, as well as a possible Criminal investigation!!