'Mad Mail'

Nordic American Tanker (NAT)

Q:      Hey Jim,  I think you should put Herbjorn Hansson on the Wall.  He said on your show that he would not do another equity offering, and then he does one.  Does this buy just want his stock up so he can do these offerings?  I don't think the company has the cash flow to pay the dividend without the offerings.  Look at the cash flow historically, take out the offerings over the years, there is no way they can fund the dividends without them.  I honestly think he uses these offerings to fund the dividend.  Please tell me your thoughts.
Carmine

Jim:    I think he does the offerings to go buy ships.  They are accretive.  We did look at the total return.  It is good.  However, I will grant you this, Carmine... Everytime that stock goes to $34-35... until he simply says he will not do one... swears by it... and then doesn't do one... I'm going to recommend selling it, because I'm tired of hurting people.  I think he's a good man, but I am tired of hurting people.