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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Evolution who wrote (44895)5/18/1999 5:26:00 AM
From: Robert T. Quasius  Read Replies (2) of 95453
 
I saw that section in the SEC DEF filing for RIG. I think some of the recent selling was due to investors taking a loss in advance of the reorganization to a Cayman Islands corporation. Now, those same investors can buy RIG again and the new price becomes their basis. If they had waited, their tax loss was gone forever.

This is sort of like end of year tax loss selling, except it came ahead of a special mid-year situation. Unfortunately, yesterday's action did not indicate reinvestment (i.e. like a January bounce). RIG may be stuck in a narrow trading range for a while, until fundamentals overpower the short term technical barriers.
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