GMX Resources (Preferred) (fka GMXPQ)

[Renee]

GMXPQ: BK plan effective. All shares cancelled.

http://www.otcbb.com/asp/dailylist_detail.asp?d=02/04/2014&mkt_ctg=NON-OTCBB

[sliderider]

I have but that pawpaw idiot us still trying to stir people up into buying in. I think he has a lot of shares that he is trying to unload without taking a loss and is pumping the stock before he sells.

[fung_derf]

You should go to the common board and give your interpretation. Both sides are convinced they totally understand the situation.
I'm sitting on the sidelines trying to decide why I'm even considering throwing money at this.

[sliderider]

I don't see how they can continue to think that when the terms of the proposed reorganization plan clearly state otherwise.

"Any equity interest in the Company, of any kind, existing prior to the consummation of the restructuring will be cancelled under the terms of the plan of reorganization."

It's right there in black and white. Common and preferred go away if the plan is approved.

[fung_derf]

If you believe the people on the common stock board, they're about to get rich.

[sliderider]

Just this

http://www.marketwatch.com/story/gmx-resources-inc-announces-entry-into-plan-support-agreement-2013-10-03?reflink=MW_news_stmp

Common and preferred are about to get wiped out. Even the 2018 note holders are being pushed into the unsecured creditor class and are going to lose everything. There's only going to be 1.5 million set aside for the unsecured creditors to fight over and the preferred alone are owed 50 million. Common will get nothing.

[TheProfit]

Nice volume today, great to see some life in this puppy! Lol

[mrholty]

Chevy-

Do you know of any places where one can short penny stocks? My broker doesn't allow it but I've been told there are some that do?

The reason for asking is the market is pricing this as a $0. Bonds would get paid first and there is a lot of debt in pretty unproductive land (imo) for it to sell. However, with the preferreds last trading at $.25 and for some reason the common selling at $.30 I would like to pair trade them.

Short the commons and go long the prefereds in equal amounts. If the sales do not cover the debt then both the prefereds and common are toast and I would break even(ish). If the auction provides more than expected then the prefereds would have to paid in full $25 + intetest before common sees a dime. While there are not many shares and therefore a relatively small hurdle to jump to get to commons I would get $25/share and then lose out on the value of the commons. Overall probably a big money winner.

Thoughts?

BTW, I gave up my subscription and therefore ability to PM on here due to lack of time I spend investing.

[56Chevy]

It's very unusual to see a BK this dead. wow. This doesn't even rise to Zombie status.

Its been a long summer waiting for the 28th of Aug to roll around.

"...the Debtors will conduct an Auction on August 28, 2013 commencing at 10:00 a.m. (prevailing Central Time) at the offices of Andrews Kurth LLP, 600 Travis, Suite 4200, Houston, Texas 77002 or such other time or other place to be determined
by the Debtors".

I'd be curious to know if they've had any 3rd party interest in the properties??

Domestic shale O & G properties have been gaining in value. Will it be enough to make a difference here?

[fung_derf]

What's left to say?

[TheProfit]

I can't believe how quite this board is! Where is everyone? Sittin at all time lows and still silence here..nothing from anyone involved here for months...kinda weird if u ask me...glta here..the 2 people here in the board...lol!

[56Chevy]

Exclusivity period for Debtor extended until October 28, 2013

ORDERED, DETERMINED, ADJUDGED AND DECREED THAT:

1. The Motion is GRANTED.

2. Pursuant to 11 U.S.C. § 1121(d), the exclusive periods within which the Debtors may propose and file a plan of reorganization and solicit acceptances thereof (the “Exclusive Periods”) are extended until October 28, 2013 and December 30, 2013, respectively.

Source: Epiq Doc # 562

http://dm.epiq11.com/GMX/Docket#Debtors=4967&RelatedDocketId=&ds=true&maxPerPage=25&page=1

[Peeteman]

Jeffries employee stated in affidavit for hearing today to approve bidding procedures that 19 companies have signed nondisclosure agreements in order to review docs for possible bids for GMXR

[56Chevy]

The DIP lender will credit bid $338MM and be the stocking horse bidder.

Purchase Price: The Trustee, as agent for the First Lien Lenders, shall surrender and release a portion of the Indenture Obligations through a credit bid, in the aggregate principal amount of Three Hundred Thirty-Eight Million Dollars ($338,000,000) (such amount as may be increased pursuant Stalking Horse APA), and Purchaser shall assume the Assumed Liabilities (the “Stalking Horse Bid”).

[...the Debtors will conduct an Auction on August 28, 2013 commencing at 10:00 a.m. (prevailing Central Time) at the offices of Andrews Kurth LLP, 600 Travis, Suite 4200, Houston, Texas 77002 or such other time or other place to be determined
by the Debtors.]

Source: Epiq Doc # 379

http://dm.epiq11.com/GMX/Docket#Debtors=4967&RelatedDocketId=&ds=true&maxPerPage=25&page=2

[fung_derf]

I'm too tired to read it. What's the gist?

[56Chevy]

Monthly Operating Report for April 1, 2013 to April 30, 2013

source: Doc # 405 05/28/2013

http://dm.epiq11.com/GMX/Docket#Debtors=4967&RelatedDocketId=&ds=true&maxPerPage=25&page=1

[56Chevy]

This could very easily be another ATP. Be careful!

[romang]

any hope in this preferred ? I looked up the bonds they are at 90

[fung_derf]

I can't figure out a way to put a fair value on this one. I just don't think I would buy enough of it to be worth the effort.

[TheProfit]

$.58 hit today..looks like I nailed the bottom so far...Level 2 is super thin as well...

[Peeteman]

Bakken reserves twice what originally thought. Interesting article new US Geological survey puts reserves of oil at twice what was previously calculated Bakken Oil reserves double

[fung_derf]

Nahhhh, may be a play here, but I sold all back in 1/12. Bought a bit back in March, but gave up when it looked like it was failing.
Not a fan of owning junk.

[TheProfit]

Correct, not looking at anything..def not the chart..its more of an opinion based on the number of shares traded since the bk filing factoring in the outstanding and level 2..time will tell how low she goes...

Are you a recent shareholder?

[fung_derf]

Not sure what you're seeing to indicate a bottom?

[TheProfit]

Bought a few GMXPQ today..looks like bottom might be in? Approx 750,000 shares traded hands since BK filing on April 1st by my count

Less than 3 months ago this traded higher than $15/sh...

[free_bee]

Thanks for sharing your experience. I ended up in the bankruptcy court for the same reason- continuous learning. Will share what I will learn but will take a while.

[Enterprising Investor]

I know $1500 is a good sum of money.

However, the amount is really small when compared to the cost of actually hiring a bankruptcy attorney. I consider it the cost of continuing education.

In the end, it represented less three percent of my profit.

[Enterprising Investor]

Hiring a third party relieves workload on Investor Relations, but also costs the estate money.

[56Chevy]

I understand..it happens to all of us at one time or another. Take care.
Chevy

[free_bee]

I went wild in my thoughts. I have not thought anything about this stock. Just randomly ended up in this thread.

[56Chevy]

You've covered alot of ground here free_bee and its hard for me to comment. I don't think things like where the corporate BK court is located were set up to purposely make things difficult for the average person. Most of your businesses (such as large banks etc.) are typically the creditors in a BK.. and the law offices are located downtown ...so it only makes sense to have the court there too.

I would agree that the language of the courts can seem cryptic and perhaps that's by design but then again that's been that way for hundreds of years and that's why you hire a lawyer - you simply need an interpreter. ;)

I live in the country so to me everything about a city is a hassle and that's why I live out in the sticks.

Are you interested in the GMXR bankruptcy from an investment standpoint?

[free_bee]

Quite frankly, I'm beginning to understand this social mess. Can you believe it? The bankruptcy court in San Francisco is in the 19th floor of a building. Didn't they have any vacant land where public could easily identify the location and find out what's going on? In fact, I asked a police officer a block away from the court and he had no idea that there was a BK court in that section of San Francisco Downtown. On top of that, once you enter the building and take the elevator up, you've to go through security clearance? $1500 for 1 case? Are they mad? Why those information are so expensive or why in the TV- bankruptcy is considered bad thing for the society? I think this was an organized agenda of the smart people to hide important and lucrative information from general public. And this passed through from generations to generations and socially accepted. Why nobody wants to go visit a court unless if Casey Anthony is involved? Very different picture that I'm seeing than a few years ago. Really amazed actually on how things work!

[56Chevy]

EPIQ is one of 4 Case Service companies.

Besides PACER these are the 4:

http://bmcgroup.com/

http://epiqsystems.com/

http://www.gcginc.com/

http://www.kccllc.net/

A company in BK cannot stop court documents from becoming public but they do have the option of choosing which site (in addition to PACER) they want the court dockets made available on.

Sometimes a company in BK only wants the info to be available on PACER by design. Why? 2 reasons - 1) To make getting info difficult and 2) to make it expensive.

Those 2 items make things easier to do that you may not want the world to know about ...and it can be very effective. My partner and I spent $1,500 on PACER for one BK alone.

[free_bee]

Have you guys ever put "EPIQ" in your radar? Don't these companies like EPIQ have long term contract with courts - so the moat?

[TheProfit]

Thx for starting the board Chevy! Seems like this might be a great place for a starter entry..GMXPQ has it found bottom now??

[56Chevy]

NAT Gas prices are climbing...every day that trend continues GMXPQ goes up!

GO GMXPQ!!!

[56Chevy]

INSTRUCTIONS FOR TELEPHONIC MONITORING OF HEARINGS

The Court is not currently equipped to allow telephonic participation in hearings in the above-captioned case or any other case. However, the Court has established a procedure to allow parties in interest, and their professionals, to monitor hearings telephonically.

In order to monitor a hearing telephonically, a party in interest and any of its professionals must send an e-mail to [e-mail] no later than 12:00 p.m. (Central
Standard Time) on the day immediately preceding the subject hearing. The e-mail must request instructions for monitoring the hearing and provide the Court with the following
information:

1. Date and time of hearing

2. Name of party in interest and the party’s capacity and/or interest in the hearing (i.e., creditor, bondholder, shareholder, etc.)

3. Name, company name, e-email address and telephone number for each person who will be telephonically monitoring the hearing on behalf of the party in interest

Failure to provide the Court with all of the requested information will result in the incomplete request being rejected without notice. All complete and timely requests will be included on the Court’s service list of emailed instructions for telephonically monitoring the subject hearing.

A party and its professionals may request, in the initial e-mail, that the party and/or its professionals be included on the instructions service list for all future hearings until further
e-mail notice is given by the party and/or its professionals.

E-mail requests to be included in a hearing which are received after 12:00 p.m. (Central Standard Time) on the day preceding the subject hearing will not be responded to or included.
IT IS SO ORDERED.

Source: EPIQ Sytems Doc # 128

http://dm.epiq11.com/GMX/Docket#Debtors=4967&RelatedDocketId=&ds=true&maxPerPage=25&page=1

*I do not own shares of GMXR at this time. I created this board for others to use who have an interest.

[56Chevy]

Epiq Systems Court Document link:

http://dm.epiq11.com/GMX/Docket#Debtors=4967&RelatedDocketId=&ds=true&maxPerPage=25&paCe=1

[56Chevy]

GMX RESOURCES INC., Endeavor Pipeline Inc. and Diamond Blue Drilling Co. Seek Protection Through Chapter 11 Bankruptcy Filings

April 1, 2013 9:25 AM ET

Pursuing Asset Purchase Agreement with Senior Secured Noteholders

Company Secures Financing to Fund Operations During Proceedings

OKLAHOMA CITY, Okla., April 1, 2013 (GLOBE NEWSWIRE) -- GMX RESOURCES INC., (NYSE:GMXR 0.00%); an oil and gas exploration and production company with assets in the Williston Basin, East Texas Basin and Denver Julesburg ("DJ") Basin announced today that it has filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court (the "Bankruptcy Court") for the Western District of Oklahoma. In connection with this petition, GMXR is pursuing an asset purchase agreement with holders of its Senior Secured Notes due 2017 who own a majority of these secured notes (collectively referred to below as the "Principal Senior Secured Noteholders") to acquire substantially all of the Company's operating assets and undeveloped acreage. The Company's joint venture, Endeavor Gathering LLC, in which the Company owns a 60% membership interest, is not included in the filing.

Upon finalizing the contemplated asset purchase agreement with the Principal Senior Secured Noteholders, the sale will then be subject to a public auction and receipt of competing, and potentially higher and better offers, pursuant to procedures to be approved by the Bankruptcy Court.

Over the past year, the Company implemented various strategic initiatives to increase oil production, improve supply chain and production efficiencies, and reduce costs to increase cash flow. While these operating initiatives resulted in some success, natural gas commodity prices have remained low, and the Company's oil and gas operations require ongoing additional capital expenditures. To meet these financial requirements, the Company has actively sought financing alternatives to solve its liquidity needs. The Company has been unsuccessful in finding any viable funding solution to meet its long-term liquidity needs. Based on discussions with the Company's various creditor groups and advice from the Company advisors, the Company believes that the rights and protections afforded under a court-supervised reorganization process, including access to financing and a proposed sale of the Company assets, will provide the Company the ability to meet its immediate financial needs to preserve the value of assets and to provide for the greatest recovery to its stakeholders.

The Company has obtained a commitment for debtor-in-possession (DIP) financing from the Principal Senior Secured Noteholders, which will provide up to $50 million of additional financing to fund the Company's operating expenses. Upon approval by the Bankruptcy Court, the new financing and cash generated from the Company's ongoing operations will be used to support its business and the Company's efforts to negotiate and implement a sale of its assets.

http://money.msn.com/business-news/article.aspx?feed=PZ&date=20130401&id=16299067