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Gold/Mining/Energy : Trico Marine Services (TMAR) -- Ignore unavailable to you. Want to Upgrade?

To: steve goldman who wrote (644)	8/5/1998 10:21:00 AM
From: D.J.Smyth	Read Replies (2) \| Respond to of 1153

even on a takeover basis TMAR is worth at the very least $14, which approximates its breakup value. what is $9 1/2? nearly 50% below its breakup value. the accountants give a 25% to 35% discount valuation to ships to start with, then you add another 50% on top that here. TMAR is trading now at the same level when it had 20 ships in the gulf and day rates were averaging $5300 a day there several years back. They now have 100 ships and day rates around the world are significantly higher, still at $6500 in the gulf for TMAR (even though others are averaging slightly less) and still at $15K in the northsea

To: steve goldman who wrote (644)	8/5/1998 10:49:00 AM
From: D.J.Smyth	Respond to of 1153

scott <<to me, let them take it all the way into single digits>> were here. we're buying over the next several days. our analyst told us to dump our small position at $15 as he said "they" (the houses) were planning on taking it lower, in other words, this was not a valuation issue relative to the price of oil it was an stock engineering issue. we're averaging up here. they've met their single digits goal. they may decide to go for chicken though. to them it's a suport game, i.e., who is willing to support this stock price and at what levels. if the company is not willing to support their price...so the thinking goes. you take no prisoners. mercy is not in their dictionary.