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Bank Of America Investment By Dave Porter - Senior Staff Reporter

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Investment Opportunity Boots & Coots International Well Control. Inc. (AMEX: WEL) is coming up on the 30th day since it announced that its creditor, Checkpoint had presented a proposal to the board.

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Investment Solution Strategic April 2003 (AXcess News) Houston TX - Boots & Coots International Well Control. Inc. (AMEX: WEL) is coming up on the 30th day since it announced that its creditor, Checkpoint had presented a proposal to the board to voluntarily file bankruptcy and cancel all common stock.In that February 18th announcement it also mentioned a $1 million dollar short-term working capital loan under a "Discretionary Loan Agreement." The short-term loan also had strings attached; Checkpoint agreed to make the loan only if AMEX listed WEL went through a voluntary chapter 11 filing. Checkpoint and Boots & Coots board have been quiet as a graveyard on a Sunday afternoon ever since.

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Investment Banking Services On the same day WEL announced the Checkpoint proposal, Axcess Business News cautioned investors on the company in its Axcessing The Analysts financial column and had already added the stock to its "worst picks" Stock Guide column on February 14th when its shares fell 7.55% to close at $0.49 that Friday on four times the average trading volume of 3,943,636 as 16,867,700 shares traded hands. Shortly after that, the stock tanked and fell to $0.30. Now here it is one month to day we added it to the dog kennel, as our own Freddie Mooche likes to say, and the shares are up, closing Friday at $0.59 for an $0.08 gain that day of 15.6% on heavy volume of 12,810,200 shares. Talk about throwing caution to the wind!

Bank Investment Lets take a look at yesterday to understand how this once high-flying company fell from grace, or in the case of Checkpoint, fell from credit worthiness. It all started back in 1999 when WEL was sweating out its subordinated debt with Prudential. The Company had been in default under its subordinated note agreement with Prudential since the second quarter of 1999. But in January 2001, the company and Prudential came to terms and restructured the debt. Apparently, that wasn't going to work this time with Checkpoint.

Alternative Investment During that tumultuous period, then CFO Thomas Easley resigned on February 10, 2000 and by August they started to divest non-core assets by announcing the sale of the assets of the Baylor Company and subsidiaries to National-Oilwell, Inc. for $29 million in cash on September 28th.

Online Investment Services Things started to pick up for Boots & Coots throughout 2001, in fact they even recorded a profit that year of $898 thousand. The Company stated that results reflected the lack of emergency response service sales and a fall in operating margin.

Accompany Essential Investment On May 28, 2002 the board decided to implement restructuring and cost reduction initiatives, down-sizing its Special Services Division as it began the process of selling the division's non-strategic assets and "refocus its efforts on maximizing opportunities in its well control and risk management divisions." Does that tune sound familiar? That marked the second time the company used that story. But the down-sizing seemed to have reached a broader level that included some of its board members.

Investment Company Boots & Coots then began playing musical chairs, replacing Larry H. Ramming as Chairman and Chief Executive Officer, who resigned on June 28, 2002. The Board elected Jed DiPaolo as interim Chairman and appointed Jerry Winchester as interim Chief Executive Officer of the Company. DiPaolo and Winchester assumed their new responsibilities effective immediately. But the music wasn't over.

Investment Management Solution On Dec 6, 2002, Boots & Coots announced that the Board of Directors had elected K. Kirk Krist as Chairman of the Board. Krist assumed the role of Chairman from Jed DiPaolo, who had accepted the position on an interim basis. Krist, was exercising his confidence early as were many key employees, who sold a total of $317,485 under what was referred to as "planned sales" that year. Mr. Krist had pocketed $59,442 of those sales. In late January 2003 one the wonderfully confident board members, "Danny Ray" Clayton, was selling shares. While modest returns, Danny Ray pocketed close to $30,000 between January 24th and 27th, less than 30 days from the February 18th announcement of pending bankruptcy, under the auspices of "planned sales."

Investment Management Services To add it all up, lets take into consideration the NASDAQ's short position report on WEL. On January 15 there were 260,330 shares reported short on average volume of 483,638 shares. By February 14 the short position had grown to 513,218 shares and average volume soared to 11,415,300 shares. But not to worry! Good old Danny Ray was dumping even more shares on Feb 5, 12 and 14, this time he pulled $171,000 out of the market. But Danny Ray wasn't alone, as another $88,859 hit the market from McCloskey & Herberger PC - the lawyers!I guess when the lawyers and directors are blowing it out, what does that tell you about this micro cap stock's chances of "refocusing its efforts on maximizing opportunities in its well control and risk management divisions" - for the third time!

Guide Investment Stock And another thing, lets say Iraq does blow up its oil wells, assuming a war does actually happen (God forbid), would you hire an insolvent company when there are five of them bidding at your door? Think about that. Even if they got some of that business and most likely they would, do you think Checkpoint's going to let them off the hook that easy and extend them moneys without canceling YOUR shares of common stock? Dream on! Freddie's usually right and after digging into this company's past, I have to agree - bow, wow! It belongs in a kennel!

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