Commander, hate to admit it on this Board, but I lurk in SD looking for posts from BigDog, and TommyCanuck. Following post will answer your question:
To:Big Dog who wrote (88276)
From: Big Dog Thursday, Mar 1, 2001 6:52 PM
View Replies (1) | Respond to of 88296
Re FGH...I'm trying to get some perspective, but it looks to me like Chap. 11 is around the corner. Even IF rigs start being ordered (which I think they will) it is highly unlikely anyone will risk doing business at FGH. I wonder how the company will perform on its backlog of business?
This will be a very interesting scenario to watch play out.
I suspect what is needed is for a 'name brand' industrial player to buy the company, put on a fresh face/name, flush management and get a new start.
This may be already widely known, but I was told today that 35% of the salaried employees got the boot last Friday.
It will be interesting to see what becomes of the Bingo rigs, how the bonding company plays their cards and what the creditors will do. Seems also like it would be tough for FGH's best customer, Noble, to continue to do business with FGH -- since they have to be concerned about fiduciary duty and all.
What a mess...but maybe a DCB is shaping up unless the cat has 7 more lives before it's REALLY dead.
big |
