Dip in pps on 05/08/2015
What I can't understand, if AMZG did file for chapter 11, is how other people found out about it. Even though I did get a notify from google alerts for AMZG after the market closed (I assume the filing was not entered until after 4pm eastern time and the close of the market for the day), by a company that does monitor bankruptcy filings, I can't find anything through any other sources, like AP, SEC filings or Pacer. I think it is not showing up in other places because the filing has not been indexed yet and is not available online.
The link I listed in my earlier posting lists the filing being available for download for $11.
The other reason, (as if a Chap 11 filing is not bad enough) was the release of the 10Q for Q1 of 2015. It was a disaster. The company lost $50 million (including a write down of $40 million on its PV10) and shareholder equity is negative by $3 million. They have $40 million in payables and only about $30 million in current assets, leaving them $10 million short to pay their vendors. AMZG can't sell land or oil rights to cover it since they now do not have enough to cover their loans/bonds/lines of credit.
Louis J. Desy Jr.
