Wexford filed a motion to appoint an equity committee. Reef Road Capital sent a letter yesterday joining the motion and volunteering to be on the committee. They believe there should be "significant value" for equity and "substantial equity value" "even allowing for a substantial margin for error."
That being said you have to take it with a grain of salt as this is an argument by a company who invested in the shares probably after BK was announced and the current plan if confirmed wipes out equity. I believe the hearing is set for June 5th.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.