I think there are several things you are all missing...1/...

I think there are several things you are all missing...

1/ Massive write down of assets on the balance sheet as rigs are clearly worth a lot less in this environment as they are not ulitized and were in hot demand last FY

2/ Lenders will be searching high and dry for breach to call in the debt which will kill BLY in one hit

3/ How many small cap's just can't pay the bills which means BLY is carrying debtors they can't afford

4/ How competative the market place for rigs and drill bits must be and given BLY's debt position they may well be thrown to the wall as they lack cash reserves

5/ Surely if this company was worth current market prices you would see a bid by a larger competitor willing to abosrb BLY and cement their market position

I am all out of this because it looked very smelly in December and I personally listed in on the conference call and was not all that impressed by management. Plus being HQ'd in the US and listed in OZ is probably something these cowboys can't get their head around !

Good luck to all holders I await the results becuase this is now priced to go broke but all the information from the company does not suggest this.