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Gold/Mining/Energy : Eagle Geophysical (Nasdaq:EGEO)
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To: CoffeePot who wrote (10)2/20/2000 7:24:00 AM
From: Arthur Tang  Read Replies (1) of 31
 
Yahoo board seem to be the only one that is current on the chapter 11 activity. Stockholder Don_Earl is the only one interested in the stock value.

However, he is not correct in much of his thinking. First stockholders should talk to the management to be assured that stockholders will get some thing in the reorganization plan; instead of fighting the management every step of the way. It is DIP, the management has the say; the trustee office of the bankruptcy court does not have the say. Stockholders can be included in the unsecured creditors committee.

Second, the sweetheart deals in the early part of the chapter 11 sales or auctions, are mostly for equipment the company no longer needs. Ships are best leased without purchase rights, to get income but not sell out the asset to take a loss. Cash flow is the most important item in chapter 11. Goodwill with new customers and retention of all the old customers is the key to get out of chapter 11.

This stock is interesting to the investor who will take extraordinary risks, because crude prices are attractive enough now to have seismic data reexamined or new seismic data taken by ship on seas or by land. EGEOQ still has a chance if Don_Earl realigns himself with the management and all the institutional investors. I am still on the side lines looking in.
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