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Non-Tech : Hvide Marine HMAR - High Growth, Undervalued -- Ignore unavailable to you. Want to Upgrade?

To: Thomas C. Donald who wrote (220)	1/30/1998 9:14:00 PM
From: Grommit	Read Replies (3) \| Respond to of 547

Should be resolved with a year end balance sheet from the company, which will be coming with the 10K if not sooner. I am concerned only in the sense that it limits HMAR's acquisition strategy, not in the cash flow risk. I also find it curious that in Oppenheimer's Dec 3, 1997 report, they say HMAR "has indicated that it will tap the equity markets within the 1st qtr of 1988 to replace the additional debt with equity" to bring the debt/equity ratios in line. We have just begun the 1st qtr, and they are getting cold feet. Anyway... In the recent Opp report they mention there is some convertable preferred which might be considered as either debt or equity. Looks to me like Opp counted it as debt and RJ counted it as equity. (If you add their LT debt & Common Equity numbers, they are close.)