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Re: None

Tuesday, 05/24/2011 4:48:34 PM

Tuesday, May 24, 2011 4:48:34 PM

Post# of 15015
$0.74 per share is the fair value of VLCO common and preferred stock.

- Based on the audit and fair value appraisal by DOS Broadcast and Appraisal Services, the value of the enterprise (EV) is $120.2 million at a minimum.
-Equity value is therefore approximately $119 million as net debt is $1.2 million at 3/31/2011.

-Equity per share is approx $0.74 based on the 160 million shares outstanding as of May 23, 2011.

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