This is a good time to buy.
Fir Tree's goal is to raise the market cap to equal the average price per Horsepower (HHP) at about $1,500 for the industry.
How would you go about doing that?
Remove the debt overhang. Already commitments from debt holders. CHECK!
Raise the price to $5.00+ (institutional holders more likely to buy). Reverse split will accomplish this. CHECK
Get a backlog of business. Need 1 or 2 more contracts. UNKNOWN! Have already locked up 75,000 HP for the near future.
Fir Tree owns 5 E&P companies!!! Don't you think ESES will be supporting these companies? I assure you when the news comes out about he Oklahoma Project, it will be with a company owned by Fir Tree.
Anytime you can buy stock below what a 70% holder paid for the company, its likely a great deal.