Hvide Marine HMAR - High Growth, Undervalued Message Board

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Non-Tech : Hvide Marine HMAR - High Growth, Undervalued

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To: BD who wrote (525)	10/10/1999 12:24:00 PM
From: SargeK	of 547

HMARQ Hvide Debate Continues (A MUST READ FOR INTERESTED PARTIES) The following information obtained from a YAHOO poster – Which was posted in four parts. Part I: messages.yahoo.com Lettter to Mr. Fitzgerald by: dykstra99 2935 of 2959 Related Links I just faxed following letter with copies to SEC and to the Bankruptcy judge. (see addresses at the end of the letter). I would invite every shareholder to do the same. Anybody with "inside information" should step up to the plate now.There are only a few weeks left. So far he judge is our only hope, unless a good lawyer is willing to start a class action suit. It looks like this could be a lucrative case. My e-mail address: dykstra@hal-pc.org (I am not a lawyer) Don Dykstra Houston, 7 October 1999 HVIDE MARINE INC. 2200 Eller Drive Fort Lauderdale, FL 33316 Subject: Shareholders Attn: Mr. Jean Fitzgerald, Chmn/Pres/CEO fax: 954-527-1772 Dear Mr. Fitzgerald: As owner of an ocean transportation company, I have followed the ups and downs of the offshore support industry in general and Hvide Marine Inc. in particular. I have known about your company since the mid 1970's, when I was employed with Shell Oil Co. as a financial analyst and met with Mr. Eric Hvide. This was at the time Shell took Hvide's revolutionary tug-barge combination "Seabulk Challenger" on time-charter. During the last few months I have accumulated 50,000 HMAR shares and have followed the stock quotes and various reports with great interest. With a bookvalue of $13,89/share as of 6/30/99 and still at $ 10.83/share on 9/8/99 when the company filed for ch. 11, it seemed a "can't loose proposition". I had full faith in the stock climbing back up, till I saw a copy of Hvide's 10/4/99 Reorganization Plan. I still have trouble believing what I read and would like to ask you the following questions and make some unsolicited observations and suggestions. With ref. to the balance sheet as of 6/30/99, it appears that the unsecured bondholders held $343.6 mil. in debt and the convertible preferred bondholders held $ 135.9 mil. for a total of $479.5 mil. Stockholder's Equity (SE) at that time was listed as $ 215.8 mil. $479.5 + $ 215.8 mil. = $ 695.3 mil. This means that SE of $ 215.8 is 31% of $ 695.3 mil. (I assume that under the Reorganization Plan bank loans are to be renegotiated and Suppliers are to be paid from current income) Question 1: How is it possible that the share holders are allotted only 1.25% instead of 31% ? Question 2: How did you arrive at 1.25% for the shareholders Isn't this "Mafia"accounting ? Question 3: How is it possible that unsecured bond holders stand to receive 9.8 mil x $38.49/ new share for a total of $ 377.2 mil., while the face value of their bonds is only $ 300 mil. ? Question 4: Isn't his illegal under the Bankruptcy code, giving one party more than is due ? Question 5: If according to your figures SE is at least $ 10.83/shares with the offshore market boat rates (and thus the value of the underlying assets) going up, how come current market value dropped below $ .20/share a few days ago ? Posted: 10/7/1999 4:49 pm EDT as a reply to: Msg 2894 by full_chat

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