MHRCQ Management trying hard to Justify shutting-out Shareholders
Court hearing happening on Monday... Magnum Hunter sweating under the collar now. They might not get what they want.
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Magnum Hunter Defends Restructuring Plan -- Market Talk
4:53 PM ET 4/15/16 | Dow Jones
16:53 ET - Oil and gas explorer Magnum Hunter Resources (MHRCQ) is defending its chapter 11 restructuring plan from an attack by out-of-the-money shareholders, saying the "stark reality" is that there's no value for equity amid the oil glut. After facing dozens of letters from angry shareholders questioning the company's plan, as well as its motives for the restructuring and its past business projections, the company files papers in bankruptcy court saying there were "conspicuous" signs of its troubles before the bankruptcy and that shareholders had "sufficient opportunity" to exit their investments. Magnum Hunter adds: "Companies are not required to be prophetic---just honest about the possibilities and clear about the risks. The debtors were both." A Delaware bankruptcy judge will review the restructuring plan, and shareholders' complaints, at a hearing Monday. (jacqueline.palank@wsj.com)
> Dow Jones Newswires
April 15, 2016 16:53 ET (20:53 GMT)
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