ION Geophysical Corporation (fka IOGPQ)

[Getitgogone]

Decided to take another position and will buy more if it goes lower

Reasoning this time is >>>


http://www.sec.gov/Archives/edgar/data/866609/000086660916000070/a8-ksupportagreement022420.htm

Support Agreement

On February 26, 2016, ION Geophysical Corporation (the “Company”) entered into an agreement (the “Support Agreement”) with certain holders of the Company’s Existing Notes (as defined below) (collectively, the “Supporting Noteholders”). A copy of the Support Agreement is attached hereto as Exhibit 10.1. The Supporting Noteholders and their respective affiliates, including certain private funds and accounts they manage, hold, in the aggregate, over two-thirds of the principal amount of the Company’s outstanding 8.125% Senior Secured Second Priority Notes due 2018 (the “Existing Notes”) issued pursuant to that certain Indenture, dated as of May 13, 2013, among the Company, Wilmington Trust, National Association, as trustee, U.S. Bank National Association, as collateral agent and the subsidiary guarantors named therein (the “Existing Notes Indenture”).

The Support Agreement contemplates the Company pursuing the following potential transaction

commencing a private exchange offer for any and all of the outstanding Existing Notes (the “Exchange Offer”), pursuant to which each eligible holder of the Existing Notes will have the right to exchange all of its Existing Notes for consideration consisting of, for each $1,000 of principal amount of the Existing Notes validly exchanged and not validly withdrawn, (x) $1,000 in principal amount of 9.125% new senior secured second priority notes due 2021 to be issued by the Company and (y) ten shares of the Company’s common stock, par value $0.01 per share; and in connection with the Exchange Offer, soliciting consents in a consent solicitation from holders of the Existing Notes to certain amendments to the Existing Notes Indenture, including, among other things, releasing all of the collateral securing the Existing Notes and related guarantees and eliminating most of the covenants and events of default.

And so on ,,,,


I feel THE ABOVE ^^^^^^ is why it went higher today and seems to have good volume

Tendering the notes the way they are doing leads one to believe that they are securing things up in a way that makes it less likely they would ever file BK ... if anyone had any doubts about that.

Most likely scenario is I temporarily get my behind handed to me IF/WHEN it does drop back into the 3s but I think longer term this is good and should have probably never got out and walked away from it when I did.

Also ,,, I am beginning to think this is being accumulated by someone(s) and that is why they keep driving it up over 4 but could be finally gaining strength in the moves?

OF course ,,, I COULD just be having "sellers remorse" though and making a huge mistake by getting back in here above 4.00 ... time will tell