Honestly speaking, despite having covered the offshore drilling and service industry for years, I never heard of leading helicopter services provider PHI Inc. (PHII, PHIIK) until I stumbled over an article by fellow contributor Timothy Stabosz in late January.
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While Timothy made a glowing case for the company to successfully address short-term debt issues by selling its air medical division, I turned skeptical after learning that PHI's CEO and controlling shareholder, Al Gonsoulin, secured himself the top spot in the company's capital structure by refinancing the company's legacy working capital