o/t Sarge; you want info on FGH selling shipyards - how about local newspapers !
I sincerely posted the 10 most simplistic and fundamental questions facing FGH, to give you an honest chance of sharing some real information instead of cut & paste spam, or your usual tirade of "boiler room cretin manipulators" etc.
Of course you did not answer them - because as you have continually proven; you don't have a clue to anything about this company, the fundamentals in its sector, or the challenges it faces, or the negative impact of this merger,or the credibility issues that are significant with institutional investors from the way FGH has continually handled things; or what they are doing with the shipbuilding business.
Now, you want to twist this and have me answer the list ? Give me a break... I virtually all ready have. Canadian fines/settlement larger than previously posted, backlog adjustments for backing out Petrodrill, loss for the quarter as pre-announced, continuing merger related "charges" that may continue for some time, selling of the shipbuilding business etc...
Instead you have continually inundated us with spam & hype and cut & paste re-hash of IR smoke & mirror psychobabble; while the stock has been decimated !
Sarge, I have made lots of money trading FGH long in the past. I made money shorting FGH earlier - the posts are there. Of late; I literally called the bottom perfectly; bought on margin and made 75% in a few days. I have over doubled my money on FGH in the last 12 mos; including both short & long positions; and this last trade was short & sweet. You on the other hand; have been averaging down since $18, pleaded with everyone not to take the tax loss sale deduction back in October when FGH was $11 - they could have bought back for $5-$6, a near double AND had the tax deduction; or if they followed your advice; they like you, now have had massive capital decimation via margin calls, have a cost basis in the low teens, don't have any tax loss deduction and have chased every dead cat bounce rally only to have the door slammed on them of late.
Now - you want to lead them directly into the single highest risk and most "unknown" period of FGH's existance ?
This earnings release that FGH pre-warned will show a loss, will have merger related charges, perhaps charges related to the fine from the Canadian Government, reductions to the backlog via removing Petro Drill - and YOU want to "gamble" and add FGH here ? - not even knowing what industry segments they plan to remain in ?
Sarge; FGH has been a high risk stock for some time; right now it is a PURE GAMBLE - period.
There is so much negative information unfolding allmost daily on FGH; that I sold the small re-entry trading position I re-established; because of the information unfolding and most importantly; because I sold the Oilpatch on that 10% one day rally - being nicely margined; and with the cash here and margin availability - I see too much opportunity here without anything near the risks that FGH poses. So I sold - gladly; and re-deployed the money into some very attractive buying opportunities here. IIf that is selling to soon - your lack of formal education is showing its true colors yet again. I decided that on a risk vs. reward basis here; there were simply too many other opportunities to make FGH even a curiosity here untill earnings unfold. Some recent local newspaper articles finalized that mindset for me. Sarge, you continually totally ignore the "risk" side of the FGH equation; that has been and will continue to be your downfall. My ability to avoid deadmoney and seek out continual low risk - high reward individual trading opportunities is what separates us. I've had some major trades on VPI VTS PGO - all the margined breakout plays peaking on the 10% Oilpatch rally the 18th , not to mention a 75% play on FGH from THE bottom. In that same timeframe - you've been whipsawed and sit in deadmoney at at still near 40% loss.
Sarge; on the timing issues - your "Good news is coming" one man internet Spamorama on Yahoo, SI, Clear Station etc - posting that FGH IR Spam; headlong directly right into the final "Capitulation Blow up" that took the stock to $5 and then you've celebrated more than a couple of deadcat bounce rallies in FGH of late, only to be humbled immediately thereafter. Your call last friday of FGH going up 10%, is just one more event in a long series of obsessive/compulsive ramblings in which you have literally not gotten one thing right yet.
Trust me; if FGH becomes attractive on a "risk vs. reward" basis - I will be back and trade it and make money once again. SargeK; unfortunately - you have a severe intellectual weakness; a big one. You become obsessive/compulsive over individual stocks to a degree that has been unmatched in the annals of online trading & message boards. Your literal financial, emotional & psychological meltdown over the total decimation of Cityscape Financial is near legendary. You spammed & hyped HMAR - going over the edge to where you posted your own "Financial Analysis & Book Value" making statements that HMAR would be worth near $11 per share after paying off all debt; only to have if go Bankrupt and fall to pennies mere days later.
Now; you want to know where FGH has said it would sell shipbuilding assets ? Are you serious !?!?!? How about to ALL the analysts & Institutional managers ! How about it being quoted in Merrills report which I posted you nimrod !
Here's an interesting quote from a real Industry Insider as well !
Sadly, once again FGH didn't come clean and this company just can't get the message of telling it all and telling it now... they have lost virtually ALL credibility with the Street, with Analysts, with the Canadian Government, with Sub Contractors and now with the local Press and community !
<<IR technically right, truth challenged
by: Fullandby98 1/25/00 4:57 pm
Msg: 3806 of 3816
Last Friday the New Orleans City Business publication ran a story titled, "Friede Goldman layoffs not expected to hit La. shipyards." It quoted John S. Hastings, the FGH VP of investor relations regarding layoffs in Mississippi. "The layoffs were related to the contract disputes," says Hastings. "None of the work in those contracts is undertaken in our Louisiana facilities." The company doesn't anticipate the contract disputes will affect employment at the three shipyards on the Industrial Canal or its shipyards in Gretna and Lockport, he says.
While technically correct regarding Equitable, there have been big layoffs at Lockport. Also, on the same day the City Business article appeared, the New Orleans Times Picayune's feature story in its finance and money section was--"BARELY AFLOAT-New Orleans shipyard [Equitable] closes and awaits new work after business from oil industry dries up."
What is not included is that Equitable does not do "oil industry" work. It is where aluminum boats are built indicating FGH has no more U. S. and foreign navy patrol boat contracts, not to mention fast ferries, pilot boats, etc.
The article also quotes Laney Chouest, VP of Edison Chouest Offshore, a highly successful builder and operator of supply boats and other specialized boats for themselves and the U. S. government. Chouest, who knows much more about the industry than many posters here,
***predicted FGH will sell all of its shipbuilding facilities including Equitable.***
Sure makes you wonder about all of that "synergies" smoke blown by IR prior to the HLX fire sale to Friede & Goldman. Hey Gumbeaux, I know you know more. Tell us what's happening.
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Sarge; Merrill issued a report saying the company acknowledged its intentions of selling the shipbuilding portion of the business. Everyone is now wondering what JL could have possibly been thinking merging with a shipbuilder for the diversification and then virtually overnight - dumping the newly crowned successor and "CEO to be" and then selling the very assets he just bought !?!?!
It's really this simple Sarge:
1. Untill the Street see's all the merger related charges come out, untill the Street see's JL show them the money & FGH posting positive earnings & a positive growing backlog; and most importantly - untill the Street see's the finalization of the asset divestures of the shipbuilding business (which may takes months & months) - they have no real way to form a realistic earnings, or valuation model for FGH; and hence, no real reason to buy FGH.
2. Again, on a risk vs. reward basis; I just made 75% on FGH; I can now afford to let ALL of the risk play out here; as the next $5 move; the range from $7 to $12 for example; will entail all of the risk being played out. If FGH fully recovers and the Rig Construction Sector sees a newbuild boom; FGH will once again become a $20+ stock at peak cycle. Since I have allready made a nice hit on FGH; I can now afford to let people like you sit in potentially deadmoney and be continually whipsawed untill all the questions about FGH become answered.
I am not worrying about the next $5 move in FGH - that encompasses 90% of all the risk, I want the following $10-$15 move... and I'll get it - if it's to be had; bank on it. |
