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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: aerosappy who wrote (12526)	8/26/2002 7:25:04 PM
From: jim_p	Read Replies (2) of 206110

aero, The sale of Atlantis is in the bag, the only question is the price. The Chinese are the high bidder, or they would have accepted one of the new offers. I suspect the sale of Atlantis is also now tied to the bank restructure more than in the past. I think the board and management is waiting on the new CEO to make the decisions on the cuts and the how the company is structured going forward. In talking with the company, it is clear the have accelerated the plan to bring on a new CEO from the first of the year to ASAP. No major decisions will be made until he is in place. The FPSO have a more predictable cash flow and thus can support more leverage. The plan to break up PGO into two companies makes a lot of sense and the seismic assets only have value to someone who is already in the business. VTS is still the best candidate, but it will be interesting to see how it plays out. One thing for sure is, the current price reflects insolvency, and they are a long way from it. Jim

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