Since when is it thievery for lenders to repossess something the borrower couldn't pay for?
How many guys here think if they don't make their house payments their lender has no right to come take the house back?? How many guys here think they can tell the bank 'I'm not paying for my car and I'm keeping it'??
get real.
Scroll down through this link and you will see the list of 102 O & G companies that have filed bankruptcy since the Saudi's declared a war on oil.
http://www.haynesboone.com/~/media/files/attorney%20publications/2016/energy_bankruptcy_monitor/oil_patch_bankruptcy_20160106.ashx
Nobody "engineered a fiasco". At least nobody in these United States.
Could the crafters of the SandRidge Energy POR have included legacy equity holders in the Plan?
Yes. That is an entirely different subject but yes I think there is something to say about that even if it was just a token amount.
I wish more companies that file (who are not yet in a state of extreme insolvency like an SD) would go that route. It may avoid a big hair pull and bad relations down the road. The problem is very few retail equity holders know how fortunate they are to be included [in a POR] and would demand more. (There could also be serious NOL implications in certain configurations..its possible).
And it ends up being a fact you could never satisfy equity holders and no matter how much you include them in the process of recovery its never enough. Retail investors do not and will never see themselves as insolvent debtors even though that is exactly who they are. So why go there. Just wipe them out and be done with it.
You want a villain in all this look to the Middle East.. not the boardrooms of America.
This was a direct assault by a foreign power to seriously damage the American O&G industry... and it worked to perfection!
102 companies filed BK.
102 Sir.
Marker:
Sandridge Energy, In (SD)
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Recent SD News
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