Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: VLAD who wrote (37409)	2/11/1999 11:37:00 PM
From: Dwight E. Karlsen	Read Replies (1) \| Respond to of 95453

VLAD: I was wondering the same thing, but figured it was just me that was thick--brain turns slower in the evening. I'm thinking "I must be missing something, because I thought yesterday FLC just paid off some notes before they were due".

To: VLAD who wrote (37409)	2/12/1999 4:54:00 AM
From: Ditchdigger	Read Replies (1) \| Respond to of 95453

VLAD, in FLC's last filing,they stated they would have to place more debt-end 98/beginning 99..have they done this? Could be one of the reasons for the stocks decline,considering the high debtload they already carry.Will they have a problem placing more debt with decent terms,considering the leverage already? "Based on projected cash flows, the Company estimates that in order to fulfill its obligations on its construction projects, it will be required to obtain in the fourth quarter of 1998 or first quarter of 1999 significant incremental financing in addition to currently committed vendor and shipyard financing." from the 10-Q Should be an announcement of a drillship and semi completion this quarter.....as I said I sold yesterday at the open(bought at 7.00)..Chart continues to deteriorate breaking to new lows,a print of 6.00 will close another "O" box on the P&F chart...I only have to wonder,considering prices of other OSX stocks, if FLC has lost it's attractiveness..The debt is a big nut to carry,with low petroleum prices,IMO(I always relate this to building a spec house,-if you build the house and then can't sell it right away,your profit goes to the bank to pay the interest on the construction loan,granted this is simplistic,but the principles still apply,IMO)Some of their constuction projects do not have a locked in contract on completion....DD PS: as Razorbak used to say,cashflow is the life blood---I might add now with low oil prices,FLC is bleeding..

To: VLAD who wrote (37409)	2/12/1999 9:21:00 AM
From: Redman	Respond to of 95453

First of all, I do NOT short stocks and only have a position in Maverick Tube (now, lost my ass in some other OS stocks in early '98). And, secondly I agree that it seems very strange for a company the size of FLC to not pay interest and "work out" a chicken shit loan like this. But, approximately two weeks ago I had heard Southwest Bank was having trouble with an old $11M Cliff Drilling loan and interest was not being paid and they had just decided not to accrue the interest until something could be worked out. If you go through the logs of swbt stock, which I own, you will see lots of big big blocks sold over the last few weeks. Insiders and large shareholders caught wind about this and were very nervous, as Cliff Drilling is a very large customer of theirs (now FLC). I cannot state this to be fact, as I am not privy to their loan books. But I heard this from various conversations and the article solidified it for me. Now then, there is a chance I could be wrong--But something is going on with the stock. Red