EnerCom Aug 2017, page-3

Sure ...

1. Don't release presentations with spelling mistakes - shows lack of attention to detail

2. Confirmation of what I have been saying for a LONG TIME with respect to Debt and Bank Funding .... OCC guidelines squeezes SSN at present and why MOB wants out (SLIDE 11)

3. Confirmation of what I posted 8th April 2016 (HC post https://hotcopper.com.au/posts/17456691/single ) Convertible Preferred Stock ...) see SLIDES 10,12 .... Now do y'all finally believe?

4. Sick of hearing and reading the same plan ... which of course talking about what you're gunna do is the only option when you (finally) admit to being liquidity constrained.

Insanity to think 8 bagger. I know you've simply divided the NAV/SP but please go back and review SLIDES 10-12. Just for the record, Preferred Stock will be expensive (but necessary IMO) because (1) the distribution if paid in cash is not tax deductible like interest sold likely paid in stock (2) the dilution will be high but on predefined terms (so not like toxic convertible notes) so be prepared - and that's why no 8 bagger. Preferred stock is a common method for recapitalization and can be instrumental in a company's recovery because they don't have much in the restrictive terms (such as you've seen with Debt covenants).

The balance sheet ALWAYS is the determining factor for shareholders. Lets see what TB can raise in a preferred stock offering as salvation lies in converting PUD to cash.

One awaits w