PART IV
messages.yahoo.com
Letter to Mr. Fitzgerald, part 4 (end)
by: dykstra99 2939 of 2959 As you can see, there are a lot of questions, but I am not sure if the institutional investors will put up a fight against your 10/4/99 Reorganization Plan, because there may not be any left. Reports show that institutions owned only 13% of common shares, vs. average institutional ownership of Water Transportation Industry of 51.7% and the average institutional ownership of the S&P 500 as a whole of 63.7%. These percentages are probably as of 6/30/98. After Hvide's filing of ch. 11 on 9/8/99 it appears there was a flood of institutional sellers, so the 13% may be much lower today.
By copy of this letter, I ask the SEC Enforcement Complaint Center to study this matter. We also invite the Honorable Delaware Bankruptcy Judge Mr. Peter J. Walsh to take a good look at Hvide's 10/4/99 ill conceived Reorganization Plan and to protect current shareholders.
As you can see Mr. Fitzgerald there are a lot of unanswered questions, especially since there has not been a shareholders meeting for a while. As the man in the hot seat, I am sure you can answer a lot of them. I -and perhaps a lot of other shareholders- look forward to an open dialog. If you are not brave enough yet to face a mob of angry shareholders, perhaps you can post answers to my 17 questions on your web site.
As you know, the Shipping Industry has long been under a cloud of suspicion because with low freight rates and high expenses, our business seems to attract more that our share of shysters and crooks. I would therefore very much appreciate if you can remove some of the uncertainties and misconceptions about Hvide.Your truthful explanation of the situation will sure benefit us all. Thank you for your consideration !
kind regards,
Don Dykstra, mgn. dir.
cc: The Honorable Delaware Bankruptcy Judge Mr. Peter J. Walsh
824 Market Street, Wilmington, DE 19801, clerk's phone: 302-573-6174
case nos: 99-03024/25/26/27/30/32/33
SEC Div. of Enforcement Complaint Center, Mailstop 2-2, 450 Fifth Street,
NW, Washington, DC 20549-0202, Phone: 1-800-SEC-0330, Fax: 202-942-9570
Trade Winds
PO Box 1182, 0107 Oslo, Norway. Phone: 011-47-2200-1200,
fax: 011-47-2200- 1260, e-mail: letters@tw.nhst.no.
Yahoo Hvide Bulletin Board
Posted: 10/7/1999 5:49 pm EDT as a reply to: Msg 2929 by SargeK "
COMMENT:
I have posted this on SI to provide a more permanent record of events surrounding the HVIDE Bankruptcy and proposed reorganization. The “proposed” plan can be found @: hvide.com
I will not always respond to comments and requests for information. I will post information as it becomes available. For current quotes goto: quicken.com For further discussion/ratings goto: quicken.com
It appears further lawsuits will be filed . What effect this may or may not have on the Bankruptcy Court Is unknown. I am in agreement with comments and actions taken by dykstra99……
Good luck
SargeK
NOTE: My own financial interest in this issue is not substantial. |
