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Porgie Tirebiter

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Porgie Tirebiter

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Re: BlackThought post# 481

Sunday, 05/23/2010 3:18:16 PM

Sunday, May 23, 2010 3:18:16 PM

Post# of 4138
I've posted my thoughts here already:

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=49841530

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=49967749

Transocean's got some serious, serious trouble with this, and they don't have the deep pockets BP has. In addition this will definitely hurt future business porspects for them.

So not only are the future earnings going to get hit, but RIG will not be able to justify the multiple it was trading at before this disaster.

I sold my puts last week, not because I changed my mind that this has further to fall, I just didn't want to carry them to expiration, and I got to catch that nice pop in volatility too. After volatility drops off, I may re-enter that position. If that top-kill works early this week, share price may rebound a little, but RIG still has big issues here.

Nothing good about this situation... nothing.

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