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To: ItsAllCyclical who wrote (58775)	1/20/2000 11:21:00 AM
From: ItsAllCyclical	Respond to of 95453

TCMS - My mistake. I rechecked. Doesn't look like they've warned for this quarter, just that last quarter they missed by a wide mark. I'd still like to see this quarter's earnings before buying, but a 1/2 position is probably a safe bet.

To: ItsAllCyclical who wrote (58775)	1/20/2000 11:24:00 AM
From: SliderOnTheBlack	Read Replies (2) \| Respond to of 95453

JimL - anyone on TCMS; what about the liquidity, financing covenants issue ? Earnings warning does not bother me...but, this does ! <<At September 30, 1999, the Company had covenant violations or events of default under substantially all of its long-term and subordinated debt obligations. Subsequently, the Company cured the defaults and obtained waivers from the appropriate lenders for the covenant violations as of September 30, 1999. In November 1999, the Company amended the financial covenants in its Bank One Revolving Credit Facility, Heller Term Facility, and its subordinated debt agreements. The revised covenants are more favorable for the Company and take into consideration the current market environment in which the Company operates. The new covenants require a $7.5 million equity investment into the Company by January 31, 2000 and either a $7.5 million equity infusion or increased earnings of a similar amount in the first quarter of the year 2000. TransCoastal's management is currently in discussions with several investor groups regarding an equity investment in the company. However, there can be no assurance that the Company can secure the necessary equity investments when it is needed or on terms deemed acceptable to the Company. >> ... what worries me; is this is strictly "betting/gambling" untill they get the financing - we saw some heavy volume selling of late - but; what I do like, is this has not cratered to $1 like Omni... I sense that some Institutional holders lightened the load - as a hedge of their bet; but as this didn't collapse - maybe the odds are good on the new financing. But, the issue of dilution etc still exists... I would think that given the new mgmt - and their "supposed" expertise of financial turn-arounds; that they wouldn't be here unless they allready knew they would get the financing... So, now - is this worth a "bet" ??? Will TCMS bounce thru $5 on the good news ? and what would dilutive financing do ? comments on the financing anyone ? they need $7.5 Mill by month end... I smell a trade here, but is the upside high enough to offset the risk ??? I can margin a low risk play like LD UPR XTO here and realistically expect to get 25-50% margined return in the next 2-8 weeks imho. With the risk of TCMS - I want at least 50% to double the upside to take on the risk. Can TCMS "double" to $7+ on new financing ? I am not so sure... this is where Risk vs. Reward and pricing what that risk is worth compared to other plays comes in ??? I am passing for now, but watching... maybe a quick entry on the good news to catch a laggard with the risk removed is the prudent play - that's how I am leaning...