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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Tommaso who wrote (90244)	4/19/2001 10:19:14 AM
From: paul feldman	Read Replies (1) \| Respond to of 95453

To:Big Dog who started this subject From: Big Dog Thursday, Apr 19, 2001 10:11 AM Respond to of 582 UNCLE! This report from Frost says FGH has filed Chapter 11. Haven't seen that news anywhere else though. Friede Goldman Halter (NYSE: FGH; Not Rated; Price: $0.35), which has been plagued by numerous short-term financing difficulties stemming from substantial losses on rig construction cost over-runs, has filed for Chapter 11 bankruptcy protection from creditors, according to court records. Yesterday, the company announced that it no longer expects to receive the previously proposed $100 million loan from Pegasus Partners. Without the loan to help Friede meet its short-term financial obligations bankruptcy protection was unavoidable. Friede's stock closed at $0.35 per share yesterday, down 77% from last week and down nearly 100% from its $45 per share peak last cycle. Friede has failed to weather the downturn in the oilfield sector over the past couple years and failed to capitalize on the resurgence in offshore oilfield activity which began in early 1999.

To: Tommaso who wrote (90244)	4/19/2001 10:43:14 AM
From: isopatch	Read Replies (1) \| Respond to of 95453

Tommaso. 4 reasons why you should cover and just move on. No tough love, just straight talk to you. Shorting for the 2nd time since this rally began comes down to: 1. Fighting the FED. 4 cuts? And 50 basis point ones? Whoa! 2. Fighting the tape which is very powerful. This kind of upside momentum doesn't go away quickly. 3. Fighting the seasonal pattern. April is usually a very good rally month ESPECIALLY after a large multi-month down trend, such as we've recently experienced. 4. Fighting good contrarian thinking, which is a winning strategy at sentiment extremes such as we are only beginnning to emerge from. BOTH the various published surveys and dramatic bearish sentiment on almost every web thread you care to read were about as strong a signal as anyone who reads the market could EVER ask for. Absolute textbook stuff! Appreciate that you are a fighter like me. But a good general knows which battles to fight and when to withdraw from the field to avoid unnecessary losses. Key is not to be stubborn and inflexible. Just admit you made a mistake, cut your loss and...MOVE ON. Success in the market is getting rid of your ego, easily accepting your mistakes and being flexible enough to change your tactics when the preponderance of evidence demands you do so. We ALL make mistakes. Including the full time pros who do nothing but trade for their own account vs the "sell side" pros that help the Street "fleece the public"(g). Isopatch