SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Gold/Mining/Energy : Strictly: Drilling and oil-field services
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Roebear who wrote (54664)11/12/1999 8:27:00 PM
From: Gary Burton  Read Replies (3) of 95453
 
re MDR---I noticed in the 10Q that the lawyers used the word "significant" when they talked about the increased amounts the plaintiff lawyers now wanted in order to settle the same type of claim. In legalese, that word is nowhere near the word "substantial" that they no doubt would have insisted on using if the % rise in total claims value they were talking about was much larger. I interpret the word "significant" to mean, say, 25% and the word "substantial to imply say 50% etc----So, using the word to imply at most 25%, an extra $345MM crops up (5.50/sh) and then the market in its take no prisoners haste just assumes that there would be ZERO part of this increase that would be covered by insurance (unlikely)----bottom line, it seems to me that MDR's book value might drop by about $5.50/sh due to this state of affairs and more likely much less than that since insurers would probably be on the hook for at least part of the increase---MDR's book value at Sept 30 (ex the goodwill part attributable to BW of about $100Mm) was approx $12--so the adjusted book would be $6.50 assuming NO insurance participation in the "significant" increase. One's impression is that the market has quite overreacted since Thursday am to the likely extent of the problem! (due to "significant" in the 10Q not meaning "substantial"--If the lawyers thought it was in the substantial category,they would surely have said so. Big difference between the 2 words when one is a lawyer vetting the 10Q words the last few days! my 2c fwiw
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2026 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News