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 12:41:00 PM
From: SargeK	of 547

PART III messages.yahoo.com Letter to Mr. Fitzgerald, part 3 by: dykstra99 2938 of 2959 Based on the results of other related shipping/offshore support companies that have seen their stocks double or triple in the last six months, I would not be surprised if Hvide turned into the black during the 1st. Q of 2000, but only with motivated employees. Furthermore, at some future date management may want to hit the road again to raise new equity. Question 10: Will anybody with an ounce of common sense ever trust your company again if you abuse current share holders ? Apparently a lot of employees and retirees were encouraged to buy Hvide stock. Question 11: How do you plan to continue operations with disgruntled employees; especially with so many people in very responsible positions on board your ships ? Question 12: By shafting them now, aren't you worried that your company may encounter a number of unexplained "mishaps" in the future ? For the 1st six months of 1999 you list at total of about $ 17 mil in tax credits. Based on the loss trend there may be a tax credit of perhaps $ 50 mil. for all of 1999, or more than $3.00/share. Question 13: Wouldn't everybody be much better off if the company was forced into involuntary liquidation ? Based on your own numbers a new owner would not only get about $ 100 mil in assets free and clear, but also a $ 50 mil. tax credit. This would amount to about $ 10/share for current shareholders. Much better than what you are offering us now. Something else. Based on current stock price of about $ .25, the company's capitalization is slightly less than $ 4 mil. This means that right now your company with about 280 vessels can be bought for about $ 4 mil. Again, pretty bizarre. Question 14: What defenses do you have in place against somebody "stealing" the company for next to nothing ? I realize that original owners have control of the voting B stocks, but as you know if somebody holds all the assets, it is just a matter of spending time in the courts to overturn voting rights. The same just happened to Frontline from Stockholm, who had bought up most ICB shares. The whole thing is so strange that I do have to ask you the painful question 16: Has your company knowingly or unknowingly ever been involved or been blackmailed by organized crime or drug cartel organizations in South Florida, or elsewhere ? Question 17: Are you aware of any "sweetheart deals", whereby one group of stakeholders in your company stands to benefit at the expense of others ?

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