InvestorsHub Logo
Followers 48
Posts 2095
Boards Moderated 0
Alias Born 02/08/2011

Re: cintrix post# 461

Tuesday, 05/19/2015 3:53:33 PM

Tuesday, May 19, 2015 3:53:33 PM

Post# of 509
Stalking horse bid of $70 million

It looks like it is all over for the common shares. I estimate that even if there was no debt interest or any other payments except the cost to get the oil out of the ground, that the oil revenue would only support a price of $120 million for all of the assets, minus $20 million that liabilities exceed assets by. I expect that the bidding will go to no more than $100 million, leaving the bond holders with a loss of at least $75 million on the bonds.

The bonds are higher in priority that the common shares, so the common shares are going to get wiped out, along with all of the unsecured creditors.

Louis J. Desy Jr.

Join the InvestorsHub Community

Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.