Replies to post #56417 on Sixty Six Oilfield Services Inc (SSOF)

[wadirum1]

My guess as to how this ends up is that 10SION fails to come up with the required funding. This will cause the terms of the "merger" (cough, cough) to be tweaked. Instead of the assets going into 10SION, they will revert to the oil patch folks. The share conversion, however, will continue. As a result, SSOF shareholders will be separated from any ownership whatsoever in the underlying assets. The oil patch folks will get some compensation for their part in this deal, and Bland will be ready to start issuing more shares.

Some might wonder how I could be predicting the oil assets will vanish like that... Well, it never made sense to begin with that they would give their assets to Bland and his shareholders in return for a bunch of debt. So, I always figured that the shareholders' ownership of those assets was on borrowed time.

And it is really immaterial whether the oil assets convey to 10SION or not. Common shareholders in SSOF will end up owning only 0.2% of 10SION, and that is such a small share that it doesn't really matter if the oil assets end up there or not.

Just looking into my very cloudy crystal ball. All guesswork and conjecture. I don't have any more facts than what anyone can see by looking at the history here. Please do not rely on my guesswork as a basis for investment decisions!! Instead, consult a real investment expert!!!

Wadi

[NoWammiesSTOP!]

Still nothing bad at this point. Should still have good revenues for this quarter and it will take time for the 10sion deal to go through. It sounds like 10sion has to fund the rig refurbs and have them sold prior to being able to take over fluid end for $10.5 million payment to SSOF.

It doesn't day anything about 665 Energy being acquired l, just that Fluid End (Five Star) is being aquired.

So 665 gets a 10.5 mil cash infusion and sells Fluid End. We get shares of 10sion and retain our SSOF shares.

SSOF is profitable on it's own without Fluid End and we get the additional capital of 10.5 mil to fund expansion, 10sion gets Five star and we still get a piece of 10sion and thereby still hold interest in five star.

Seems like a solid deal to me.

At least that's how I read it.