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To: John Carpenter who wrote (10944)	2/7/1998 3:59:00 PM
From: david james	Read Replies (1) \| Respond to of 95453

Hold on John! Don't go out and buy DBCO shares for over $2 on Monday. That $93 mill offer from Eco is probably $2/share + $30 mill in immediate cash that DBCO needs to keep things running. I suspect that a complete deal will be announced early next week and make American Eco (ECGOF) look very sweet. Even without DBCO, Eco is trading at a P/E of 8.5 on 98 earnings, and in the next week should announce earnings growth of 87% over 4th quarter 96. Their main growth in 98 is likely to come from contracts related to the Sable gas fields and Terra Nova oil project. FGII with their new facilities in Newfoundland, will likely be a competitor, but with $15 billion in contracts associated with these projects, there should be plenty to go around. Eco thread Subject 14538 David

To: John Carpenter who wrote (10944)	2/7/1998 4:00:00 PM
From: John Carpenter	Respond to of 95453

I wish I could borrow $93M. I'd make a bid for DBCO. If successful, I would sell all of its assets except the huge Montreal Shipyard. I think I could get at least $100M from the asset sales. The corporate assets excluding the Montreal Shipyard have a $35M book value. This book value hasn't been marked to market in decades-this company is almost 150 years old. The proceeds from the asset sales would be reinvested in the jackup, semisubmersible, frigate producing shipyard and also used to repay debt.