My interpretation:
The fact that TMPS has made it this far after 2 years of restructuring, tells me that everyone involved (employees/management/owners) was and is committed to making TMPS succeed. Debt being extended, A2A refueling assets being acquired, a $121,425,707 contract awarded, put all the negative scenarios to bed. To get this far took a coordinated effort of everyone involved, and a lot of work was put into this endeavor.
My opinion on the timeline:
Once the protest is in the rear view mirror, the focus will obviously turn to the assets or the L-1011s. Based on similar contracts, I believe TMPS will receive around $2MM a month from the government as they become mission ready. This will in turn provide a boast to working capital and limit the amount of financing they'll need. Based on the assets, and the guaranteed receivables, TMPS shouldn't have a problem obtaining a credit line from a lending institution that focuses on receivable financing and/or factoring. Because of this, I highly doubt TMPS will tap equity, which keeps the share structure intact. Also, I have no doubt that the convertible note will either be extended or refinanced. To think anything else at this point is insane. How many more signs do you need to determine that? Also, for TMPS to obtain the necessary financing at favorable terms, they have to get caught up on their filings, no ifs ands or buts. TMPS knows this, and I think we'll see them get caught up on the filings sooner rather than later.
To use and aviation analogy, TMPS is just about to clear the runway. I think they can easily put a substantial amount of money to the bottom line based on the size of the contract and their overall financial structure. I don't think $5 to $6 a share is out of the question once TMPS gets up-to-date on the filings and starts reporting earnings in a timely matter.
