Seventy Seven Energy Inc. (fka SVNT)

[Orcagna]

I still have not received the Patterson shares. The Seventy Seven Energy shares I have are escrow shares. Tomorrow I will be with my accountant and see if I can take a loss on these "escrow" shares ( read "worthless' ). The warrants were a scam.

[Erbegiel]

Does anyone know when the stockholders of the SVNT shares will get Patterson UTI shares ?? Tts been over a year and then nothing ??

[Renee]

SVNT: Stock Merger. Shareholders will received 1.7851 shares of Patterson-UTI Energy Inc. common stock (NASDAQ: PTEN) for each common share held on the effective date. Cash will be paid in lieu of fractional shares based on a value of $22.69.

FINRA deleted symbol:

http://otce.finra.org/DLDeletions

[Wah00]

Yes, I have both, nothing till they go thru with the merger with Patterson. Then you just take them and roll some weed in the warrants and have a good High!

[DMJ555]

Class action lawsuit against Seventy Seven Energy soon becoming Patterson Energy. Please post this information. Thank You.

[DMJ555]

Class action lawsuit from SSE shareholders................needs to be one!!!!!!!!!!!!!!!!!! How is it legal to file bankruptcy for a 120 days and issue new ticker SVNT that shoots up and more than doubles in value. Then merges with a billion dollar company Patterson Energy. Screwing over the original shareholders. The employees of seventy seven are making out like bandits so they don't care but what about original shareholders. They get nothing???

[DMJ555]

Not much of a response from this website regarding extremely important issues. probably have better luck asking questions on a betty crocker website about recipes.

[DMJ555]

B and C warrants does anyone have them? does anyone know what we can do with them?

[DMJ555]

Hello. Everyone. I was just informed yesterday by SVNT Investor Relations. My B and C warrants arent worth anything if the Patterson merger goes through. Which it was agreed to happen in the next 90 days. I am so upset at this company for filing bankruptcy and getting out of chapter 11 all in the matter of a few months. And left the shareholders out in the cold by issuing warrants that wont be useful unless the stock goes up 25 and 45 dollars per share. Now Im told my warrants are worth NOTHING if the merger goes through!!!!! That is unacceptable way to treat people who own parts of the company.

[ABorgDrone]

I emailed their investor relations and hoping that they will respond.

[Wah00]

What is going to become of our "warrants" now that Patterson has purchased SSE? Anyone know. Thanks

[ContrarianValue]

Thanks for posting about the "A" warrants being traded......
Would they ever put the "B" or "C" warrants OTC for trading?

[Renee]

SVNT Warrants now tradeable on the OTC under ticker SVNTW:

Seventy Seven Energy Inc. New Warrant Ser A Exp 08/01/2021

http://otce.finra.org/DLAdditions

[Dalinar]

How do I access my warrants?

Total noob here. I purchased the stock, received the bankruptcy notice, but have gotten zero information since then. I have tried to contact 77 (SSE/SVNT) but have heard nothing.

Any tips on how I can go about accessing the warrants for my shares or just find the information to access them?

TIA

[harveyb]

Total shares issued: 22,000,000

2019 Notes shares: 21,285,000
2022 Notes shares: 715,000

A warrants : 3,882,353
B warrants: 2,875,817
C warrants: 3,195,352

Shares per $1,000 2019 Notes: 32.74615
Shares per $1,000 2022 Notes: 1.58889

A warrant strike price: $23.82
B warrant strike price: $69.08
C warrant strike price: $86.93

[kaufmaga]

Anyone know what price we need with new stock to achieve Enterprise Value targets necessary for warrants to trigger? Looking forward to getting off pink sheets. thus far price seems to have support around these levels. TIA,
G

[Renee]

Seventy Seven Energy Inc. has already been approved by FINRA for a new ticker for the reorganized company.

The new ticker is SVNT, effective today. NOTE: Shareholders of SSEIQ are not shareholders of SVNT, unless the warrants permit former SSEIQ shareholders to buy into the NEW equity of SVNT.

http://otce.finra.org/DLAdditions

[FangYu]

I sent them an email today for the questions I have. Let's see what they said. Thank you Renee!

[harveyb]

I contacted Seventy Seven Energy Investor Relations last week. On Thursday August 11, I received the following email:

**********
While we are not listing on a major exchange at this time, we do expect to do so sometime in the near future. Until then, it is our expectation that the stock will be traded OTC but that market will have to be established by a third party. Typically, OTC will reach out to us when this happens. We haven’t heard from them as of today.

Thanks,

Bob Jarvis
Sr. Director – Investor Relations & Marketing
Seventy Seven Energy
777 NW 63rd St. | Oklahoma City, OK 73116
office 405-608-7730 | mobile [phone]
*************

[Renee]

Suggestion....phone the company and / or the Trustee. They should be able to advise on any equity warrants for the Reorganized company.

[FangYu]

Need help:
I did not pay close attention to my stocks and missed the notice posted by my broker firm regarding SSE (I tried to access the link, but the link does not work anymore). Now, I see below tickers in my brokerage accounts but has not value and not allowed for trading.
- SSECW9#
- SSEI.E1
- SSEWB9#

I read some earlier posts under this forum, knew that this company is now going thru chapter 11 and we may get warrants, converting from the common stocks we owned before chapter 11.

My questions:
1) what does the above tickers mean?
2) how can I get or convert my shares to warrants? Any action that I need to take?
3) If I need to take actions, who should I contact?

THANK YOU so much.... I am very upset (and made at myself for not paying enough attention). Appreciated for the help here!

[BocaRaton]

No new stock information on their website:

http://investor.77nrg.com/

[kaufmaga]

Is anyone still following SSE? Is there a new ticker for common now?

[kaufmaga]

You have warrants (lotto tix), thus, if new co. exceeds EV of 1.7B and 2.5B then your warrants hit strike price and you make really good money.

Lock em up under the mattress for a few years, I'm confident they'll pay off.

Remember, SSE employees owned a TON of stock many of whom counted on it for their retirement. Jarvis said 20% was given from new company for their sake. Most CH11 wipe out altogether or give less than 3% of new company (see HERO case study). Thus, this was very kind of bond holders to offer 20% . WIth fresh start accounting and eventual oil increase SSE is bound to crush 5+ years from now.

GL all, G

[kaufmaga]

Thanks, Marie! Great info...

SO I have about 3k B and C warrants showing no value. I purchased about $34k at .085 before BK shares closed out.

Question, if EV is breached for the C's does this entitle me to $3k shares at whatever strike price is OR does it only mean I have write to buy and pay for from that price on? Bob Jarvis originally told me they were granted to me with no extra cost, which is why I fevereshly dollar cost averaged my down from my old CHK shares and original purchased SSE shares.

Do you know when new SSE ticker will trade and will it be "SSE"

Nice to see folks talking about this one. YMB is terrible with no activity.
Good luck all, now we wait. I think they can pull it off with fresh start accounting!
G

[Renee]

Unless the BK PLAN extends considerations for former shareholders to buy warrants in the NEW shares the shareholders would have no stake in the NEW share equity.

I know it is unfair to shareholders to be instantly wiped out but if you study public company Chapter 11 bankruptcies the shareholders are the last consideration when the company exits bankruptcy, and in 99 % of all Chapter 11 BK's the common shares are cancelled, leaving shareholders with ZERO shares upon share cancellation.

[omri]

Thx

[Renee]

Regretably your SSEIQ shares no longer exist. I haven't read the bankruptcy PLAN to see if former shareholders can buy warrants of the NEW share equity, but all of the shares that existed before and throughout the bankruptcy have been cancelled.

Obtain a copy of the Reorganization PLAN and it will explain everything in detail.

[lucky, mydog]

you will not get new shares.

[lucky, mydog]

So how can I trade this .. I want to sell my shares. When will it be trading again.

you can't. it won't. you now have worthless shares.

[omri]

Normally how long does it take for the new shares to be established TIA

[omri]

So how can I trade this .. I want to sell my shares. When will it be trading again. Thanks I've never been in a bankruptcy stock so I'm clueless

[Renee]

It means the company's common shares have been cancelled so that NEW equity can be established.

[omri]

What does this mean?? Tia

[Renee]

SSEIQ: EDIT: All shares cancelled at 9:25 A.M. E.S.T.:

http://otce.finra.org/DLDeletions

[Renee]

SSEIQ: BK PLAN effective. All shares cancelled:

http://otce.finra.org/DLDeletions

[omri]

News!

[Marie Claire]

Hi Everyone ! Wanted to get some perspective on a few things. Based on the most 2 recent documents filed by SSEIQ in July. It looks like the following:

Common Shares = 90,000,00
Debt to Equity = 1,100,000,000
New Common Share Price = $12.22 (approximately )

New Warrants 20% of Common Shares = 18,000,000

Current SSEIQ outstanding stock = 58,968,000

Warrant per share exchange = 3.27 current shares for 1 warrant. I based this off of the new warrant amount.

Warrant 1 - 5 year : strike price =
1.788 billion / 90 million shares = $19.77

Warrant #2 - 7 : strike price =
2.5 billion / 90 million shares =
$27.77

I could be totally wrong with my numbers and assuption but what i would like to understand is what's the fair market value of our warrants? I know you use the Black Scholes formula but I don't know what the volatility factor would be .

Thanks !

[omri]

Just got a email back from Bob Jarvis. He says we will get the PR this week..$$$$glta

[omri]

High-volume today. News soon!!! Glta

[omri]

I'm trying to send they keep sending?'s anyhow good luck to all LOL

[omri]

??????????

[omri]

Oops..????

[omri]

Good morning all.. Hopefully some good news today$$$$$$ glta??

[omri]

I'm with you. I have no clue what's going on and how much we will get per-share. I guess we'll find out soon enough. Gltu

[omri]

I have never been in a bankruptcy stock but I took a gamble and bought 5000 shares at $.11. Hopefully I can make a little bit of money. Glta$$$$$$

[Mcgill]

I'm out, good luck to all share holders.

[BocaRaton]

That depends on the value of the underwater warrants to be issued and the market conditions to purchase them.

Some information to consider:

The Solicitation and Disclosure Statement mentioned that the going concern would be in the $700M-$900M range and the equity value (for the 65% new common shareholders) in the $258M - $$458M range. The warrants give you a right to purchase stock at that strike price.

The 15% A Warrants have a strike price based on a $542M equity value, the 10% B Warrants have a strike price based on a $1.788B equity value and the C Warrants a strike price based on a $2.5B equity value.

These Warrants are all very underwater, but they may have value as the B Warrants are for 5 years and the C Warrants are for 7 years.

If you assume you get 1 B and 1 C for each share of stock, then you need to divide the value in half in looking at the value for each.

[Yo-Yo]

Wow nice explanation so is it worth it to hold or fold?

[Mcgill]

I am not sure if I am understanding what I am reading below?

The Certificate of Incorporation provides that the Company is authorized to issue 100,000,000 shares of capital stock, divided into two classes consisting of (a) 90,000,000 shares of common stock, par value $0.01 per share and (b) 10,000,000 shares of preferred stock, par value $0.01 per share.