That article gives zero justification for the absurdly high market cap of UPLMQ. The company has over $4 billion of liabilities, most of which aren't going away in bankruptcy. It's not so hard to have positive cash flow when UPL doesn't have to make payments on those liabilities, and NG price has risen substantially since the bankruptcy; however, with low capital expenditures in the past 2 years (and perhaps zero or very low during bankruptcy), production will decrease, as will cash flow unless NG rises substantially more. The author's only justification for holding/buying UPLMQ seems to be that Warlander Asset Management bought 17 million shares, and that the equity committee lawyer is "perhaps the top bankruptcy litigator in the United States." The author neglected to mention that the EC is Ad Hoc because the US Trustee denied its (and other groups') request for official status in late June, well after the stock ran. The Ad Hoc EC is paying the lawyer to represent it since it couldn't get official status approved by the trustee. Warlander bought all of its shares on May 3, when the price was $.16 to .28. That doesn't seem to be a justification to buy/hold shares at the high stock price recently.
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