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

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To: Dr. Ipsofacto who wrote (131245)	5/5/2010 4:22:42 PM
From: Ed Ajootian	Read Replies (1) of 206307

Ipso, Doral Energy (DRLY) -- Great to see Alamo come up with cash, I never thought I'd see that. I had thought they were planning to just buy Macquarie's note from Macquarie, and then obtain Doral's assets by forcing it into BK. Now it looks like a we got a deal here and Doral lives to play another day. I don't know what the book value of the properties being sold is, but my hunch is that the figure is well above the amount of net proceeds to be received from the sale, which means the book value of the company, after the sale is accounted for, will be significantly lower than it was as of the latest SEC filing. But IMO this was not a value play (on the company's present assets) anyway, this is a play on Will Gray's ability to create value from his dealmaking over in Midland. And by Doral being able to play another day that play remains intact.

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