SandRidge Energy Inc (SD)

[56Chevy]

Seems that it was all planned out and they wanted to best position the company for post BK.

Which is exactly what a "Pre-packaged" BK is all about. They're like an iceberg...what lies below the surface is far bigger than what is revealed above.

Management and their senior Creditors didn't wake up the morning of May 16th and say to themselves 'we're in deep trouble here we gotta file BK'. This was planned far in advance...the acquisition...all of it...but make no mistake we wouldn't be talking about this had oil stayed at $100 @ bbl...and for that SD management cannot be held responsible.

Sub-$50 oil changed everything.

Could the actions of management be viewed as slimy? yes...and no.

In the end was it fair to some of these small shareholders? No...but they always under-estimate what it means when a pre-pack is filed...and they cannot be convinced otherwise until they wake up one morning and see that their shares are all gone. Its a tough way to be school'd on BK. I feel for those guys.