Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: BoNg-N-BoNg who wrote (47526)	7/8/1999 1:56:00 AM
From: Rainier	of 95453

eL, It seems FGI has gotten a lot of attention from TSC recently. It's been FEATURED (not merely referenced) in two very negative articles by Mavis in the past 4 or 5 weeks. This latest "News Story" is merely excerpts from a two-week old CFRA(?) report. And who or what is the CFRA? Mavis described the unknown (at least to me) Center for Financial Research and Analysis as "an independent research firm known for detecting misleading accounting practices." According to their website, they are an independent research agency "with an emphasis on uncovering financial shenanigans" whose reports are used "as a source of short ideas." I find this story particularly galling because all of the points raised are either without merit or previously disclosed by FGI -- their usual modus operandi. Basically they, TSC and CFRA, attempted to create doubt by manipulating data -- e.g. the short position -- or by "uncovering" facts already addressed by Holloway. Granted FGI has its challenges -- it's in the subsector that will probably lag the foreseen sector recovery, and its merger with Halter is still not fully understood. I personally do not see its delivery delays on the Ocean Rig work as a negative for FGI. The propagation of this report alleging "financial shenanigans" is an attack on the integrity of a company which has enjoyed and deserved a sterling reputation. Of course, being long the stock might make me less than unbiased, but I find it therapeutic to air my thoughts on this "news item". Big Dog -- there was one tidbit of information I did find interesting, and that was the details of the Brazilian financing. According to the article, the application has not been submitted to MARAD yet, and once submitted will take 60 days to approve. Does this agree with your understanding of the situation? TIA Best regards, Mike

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