EXCO Resources Inc (EXCE)

[creede]

Thanks for the additional info.

Still kinda confusing to me.

This ticker doesn’t have a Q. So are they reissued shares?

Post BK?

[ErnieBilco]

Reorganization
Many companies filing Chapter 11 ultimately emerge from bankruptcy under the terms of a reorganization plan filed with the courts. Reorganization for a company invariably means the cancellation of existing common stock and issuance of new stock. At this point, the pre-bankruptcy stock will officially be rendered worthless and will have no valid claim on any corporate assets.

Bankruptcy Stock Symbols
Once a reorganization plan has been announced, but before it is officially put into effect, the pre-bankruptcy shares will trade with a five-letter stock symbol ending in "Q," to prevent investor confusion as to the nature of the shares. The post-bankruptcy shares will trade with a stock symbol ending in "V" and will be referred to as "when-issued" shares, meaning that they will be the valid trading shares once the company officially emerges from bankruptcy. Ultimately, the "Q" shares will be rendered worthless.

[creede]

I need to learn more about the process.

In that case, why do these shares exist?

If everything was handed over to the creditors than all the shares should have as been as well.

That would only make sense to me. If you invest in a company and it goes BK and the court rules there is nothing left, then the shares should be removed from our account and handed to the creditors along with the shell. They can then sell the whole shell or reissue the shares they now hold.

I clearly am not getting some step in the process OR they are terrible about cleaning up loose ends.

If there is no company there should not be any shares. Imagine the whole process in reverse. Shares were issued for a price. Now they are taken back for a price (you lost what you paid for them).

What am I not understanding?

[Renee]

Creede and Ernie: EXCO Resources exited bankruptcy on July 1,2019 whereupon all equity (ie., shares) were cancelled and the ticker ECOOQ was deleted by FINRA.

On July 23,2019 FINRA approved a new ticker, EXCE, for the reorganized company.

EXCE shares are new equity shares and have no further association with the cancelled equity, BUT, be aware that the new ticker EXCE would be indelibly tied to the reorganized SECURED and UNSECURED DEBTS.

Readers should read the PLAN to determine how much debt, secured and unsecured, is connected to the new equity, EXCE.

Best o' luck, amigos.

[ErnieBilco]

They did it legally thru Bankruptcy court.

[creede]

I'm not a lawyer, but I was thinking that the correct way to take a company private was to purchase the shares one way or another.

If they do not, they could be facing a lawsuit, in my very very humble opinion.

Shares represent ownership of the company. You cannot just say I want this company and thus I am going to find a way to negate the shares.

I cannot tell by OTCM how many shares are floating. They can buy them on the BID and on the ASK eventually they will all be gone.

Then they could contact the remaining shareholders and make them an offer based upon the average price they paid per share in the open market.

I am not saying that is occurring in EXCE. Maybe if someone wanted to do that they would simply call a shareholder meeting and make an offer for all the shares and then have a vote. I think that's the normal way to do it.

All I am saying is that if a company is really going out of business and liquidating everything then deletion is fine. Wipe it all out.

But if the business is moving forward with any of the assets of EXCE they better not try to simply unload the old shareholders without some kind of compensation.

That's my opinion but I could be wrongo.

[ErnieBilco]

There is no float to buy up - it looks to be a zombie but I can't find who is pushing it after buying in the 60s range. Everything points to nothing, I'm not sure how you accumulate a cancelled ticker to take control. Looks like just another lack of follow thru by OTCM and FINRA.

They may be paid up til June or July and can be revoked after that.... just a guess. These G2Ps really aren't my cup o tea

[creede]

Is someone buying up the float then to clean up the shares?

Is that's what's happening?

[ErnieBilco]

Sorry, nothing to see here

EXCO is now a privately-owned company and its shares are no longer available for trading on a public
exchange. The current management team remains in place. In accordance with the Restructuring Plan,
EXCO’s new five-member Board includes representatives from the holders of the Company’s newly
issued common stock. The new Board includes Rick Doman, David Dunn, Peter Furlan, Bill Transier and
C. John Wilder.

[creede]

Haha.

I'm already spread thin on my DD efforts.

News will probably be needed for me to learn anything new.

[creede]

Interesting. Sounded kinda positive.

I would not touch it with your money at this point.

But if it drops back near a penny I might reconsider. lol

[ErnieBilco]

Let me know if you break the code on this one

[ErnieBilco]

Very confusing, It doesn't mention any stock ticker in this. But the BK has been settled so what this ticker represents is a mystery. Not even the same management.

https://www.hydrocarbons-technology.com/news/exco-resources-chapter-11/

[creede]

Oh, and for the record, I have in orders to buy this stock but they are waaaaaaay lower than $1.

No way in the world would I go anywhere near this stock at these prices.

Just trying to figure out what the heck is going on.

[creede]

Hi Ernie,

has that already happened — "the final BK" order?

Are the shares that are trading now brand new shares or are they leftover from before the company when into BK?

That's confusing to me.

[ErnieBilco]

Holders of existing equity interests in EXCO shall not receive a distribution and the equity interests will be deemed canceled, discharged, released and
extinguished;

Upon execution of the final BK order, whenever that may be.

[creede]

Hi Renee.

I don't own any EXCE but I watch it because it went Grey to Pink not that long ago.

I believe the stock went through a BK. How does that effect the previous shareholders?

I see the stock has been doing pretty well. It's at 1.15 x 1.96 now.

I am assuming the company (if it exists) is debt free now. Can BK be a good thing in certain cases?

Again, assuming a company (or this company) survived the BK process.

[creede]

What is the deal with EXCE?

Looking strong since it went Grey to Pink.

1.15 x 1.95

[Golden Cross]

$EXCE Tier_Change: Grey Market to Pink No Information

OTCM Link
https://www.otcmarkets.com/stock/EXCE/disclosure

[Renee]

EXCO Resources Inc. new ticker on the OTC, EXCE:

https://otce.finra.org/otce/dailyList?viewType=Additions

[Renee]

XCOOQ BK PLAN effective. All shares cancelled. **Stock traded 125,000 shares at average .094 cents.

https://otce.finra.org/otce/dailyList?viewType=Deletions

[Radar2004]

Any one here?

[Radar2004]

Any one here?

[Radar2004]

Heard they can’t go private.

[Ifishdad]

Sold mine run word is will be private company by june

[Radar2004]

Moving up every day.

[My64chevy]

Not long and XCOOQ should move up more IMO. According to their Dockets things are moving right along.

[Ifishdad]

Should not be to long either

[Radar2004]

Should go into dollars when that happens. And should be soon.$$$$

[Ifishdad]

Coming out of chapter 11 it’s going be all up hill from here

[Radar2004]

yes sir

[Ifishdad]

Hellloo anyone out there excited about Exco

[mrhuo63]

A hearing to consider approval of releif requested will commence on Nov, 5th... Looking forward for it...

[hkn98]

https://www.law360.com/commercialcontracts/articles/1095581/bankrupt-driller-reaches-4-5m-settlement-with-bhp-

[hkn98]

Exco Resources settles well project dispute for $22.5 mln

https://www.reuters.com/article/bankruptcy-exco/bankrupt-exco-resources-settles-well-project-dispute-for-22-5-mln-idUSL2N1WJ00C

another interesting article:

https://www.reuters.com/article/bankruptcy-exco/bankrupt-exco-says-limited-pipeline-capacity-complicates-transfer-of-wells-idUSL1N1V41HK

I could not read the full article. If anyone can please share.

[hkn98]

You could be right. Where do you get this info? right in the top of this page I see 1.1M shares traded...but where to find the $311K number? And how to know it was a buy?

[hkn98]

Patience is very important here...Cant wait till they exit this bankrupt crap...They may exit this with no debt. Then shareholders get rewarded...An update from the company would be nice right now...they are in business since 1950 and they care about shareholders...Long here given that oil prices continue rise and they company continue operations...

[Don'tDrinkTheKoolAid]

I have none but I am guessing they won’t. Unless someone has some knowledge they will like Aamrq MB did way back when. Why loaded $50k into it. Otherwise this is a huge crap shoot. With the odds not in anyone’s favor.

[hkn98]

actually 311K sell not buy. Because Mkt cap was 2.6M now it is only 1.57M.

[Don'tDrinkTheKoolAid]

311k trades on a 1.1 mill shares?

[hkn98]

how do we know common share will not survive? please provide official proof?

[kpisme]

311 Thousand buys have to say something but I am not sure what?

People don't read the Q on the end and know what that means?

[Don'tDrinkTheKoolAid]

SO you're saying the common shares will survive? I seriously doubt it? -45% today. Someone is selling to get what's left of a decimated account.

[hkn98]

It will emerge with 0 debt and shareholders of course will benefit. It was a bad time for the company to file bankrupt. Given that oil prices were getting higher. The company could have double or triple their profits. There is still time for the company to get caught because oil prices will continue rise.

[oilfieldmafia]

Not sure as I would have to go through a different source to find that info, what I am posting is only the current drilling of new wells. Here is the most recent, seems they are only doing one well at a time. In comparison companies like CHK and Anadarko drill 10-30 at a time.

2 7000' EXCO OPERATING COMP HOWETT ZAV #C 2H NABORS DRILLING #F14 9/20/18 9 O/G HOR OD H2S DRLG AHEAD 42-507-33336- BRISCOE RANCH D

[Don'tDrinkTheKoolAid]

Of course not the shares will retired. Emerge from BK with 0 debt. Create new stock symbol issue new shares to management at $30 bucks each. Job well done shareholders get screwed management gets rewarded.
Only 1 stock I know had a chance for the commons aamrq I bought all I could $50k worth of BK company. Ran from .40 to 56 bucks. Will this do the same? I doubt it! Aamrq is now AAL

[kpisme]

why, bankruptcy improves business?

[hkn98]

bought more and will be holding...

[mrhuo63]

Yes and stock price is up. Bullish.

[mrhuo63]

Oil and natural resources are great business and the company is not getting out of it.