dbeaude wrote the following valuation on the Stockhouse Board when Tuscany shares were selling for 20cents a share:

"The current market cap of TID is ~$70 million. Their debt is $230 million. The EV is a mere $300 million less working capital of ~$40 million =~$260 million. The book value of their assets (vast majority of which is rigs) is ~$500 million.

They could sell the assets at book value, pay off their debt and distribute the rest to shareholders which would amount to approximately $240 million/347 million shares = 70 cents or 3.5 times higher than the current share price. Even if they sold them for a fire sale price of $100 million less, shareholders would still get 40 cents per share or double the current share price."

Read more at http://www.stockhouse.com/bullboards/messagedetail.aspx?p=0&m=31652531&l=0&r=0&s=TID&t=LIST#fjL8bLDeyHm133xG.99

So I would expect that with Tuscany shares selling for 30 cents today that shareholders would get 50 - 60 cents a share if the company was sold today for a firesale price.

Cheers; Scott