Legacy Reserves Inc fka LGCYQ

[420man]

It means they will very likely cancel commons seeing that they are issuing new upon reorg. Sold @ .01 today- have better homes for my capital. GL

[12yearplan]

No, they are different
https://www.finra.org/investors/insights/safe-securities
(couldn't help it ;)
LGCYQ$

[Diggie-HH]

what does it mean =? are commons safe?

[420man]

https://www.legacyreserves.com/2019-09-11-Legacy-Reserves-Announces-September-24-2019-Voting-Record-Date-and-Subscription-Record-Date

[mess124]

I dropped $100 at .095, looking for $1pps

once bk funds are dispersed!

Thanks for heads up MZM...

glta!

[laraz5]

All these scams end up in the same place everytime?

And let by the same con artists who take them there?

LGCY no different just took longer?


IMO

[reaper247]

Just checking in on LGCYQ. EOM.

[makinezmoney]

$LGCYQ: Then you don't know whats going on with $ANNWQ

We're sitting on LTU's


Follow the $ANNWQ to get the latest updates.

Its not actively trading........... but commons have been converted
into LTU's



GO $LGCYQ

[jimbob4]

I have ANWWQ also, looks like 40 million in escrow going to shareholders about .76 a share. Now just waiting game. Loaded up few weeks ago on LGCYQ hoping for something similar to ANWWQ results. If not Mercuria maybe another company.

[Diggie-HH]

thank you for your information, This is good news to me. So Commons were saved almost 100 % ? - lets see what happens with LGCYQ ... good luck to aLL

[MastaBeta]

ANW*Q shares were converted to LTUs. Non-tradeable now. Still holding and waiting for debt to be reconciled, could be disbursement to LTUs once that's all cleaned up. They are about 90% through that process. Answer on disbursement likely before EOY, possibly even next month.

[Diggie-HH]

as far as i can see - ANNWQ - shares got wiped out :( so non recovery for Commons ?

[makinezmoney]

$LGCYQ: Mercuria might be looking at $LGCYQ


They are interested in Permian and Texas Assets.


And while many banks have been shying away from Shale, Mercuria is
will to dabble in it because they are FLUSH with cash.


$LGCYQ would be an amazing asset for them.


They just took $ANWWQ back in February and are reaping the rewards
from that Ch.11 story.


I'm sure they are seriously looking at $LGCYQ right now as well.


https://www.bloomberg.com/news/articles/2019-08-07/trading-firm-going-where-banks-fear-to-tread-with-shale-funding



Now is the time to load into $LGCYQ at $0.012 heavy before
this thing takes off if Mercuria steps in.


GO $LGCYQ

[420man]

Tick Tock... :)

[m0n]

I agree and w/ all the buying on sec form 4 no way all that $$$ was going into a toilet IMO

$LGCYQ

https://www.secform4.com/insider-trading/1358831.htm

[A go go]

I think a buy out is possible because of the operations in Wyoming. I live in Colorado and most of the operations are starting to already move to The Wyoming basin area. I now that Chesapeake really want to try and go big in the Wyoming area. Not saying that will happen just a thought.

[A go go]

Picked up a small position here on Friday. Always seems to happen with these bk’s. If not oh well I invested what I’m comfortable with loosing. Seems like a run to .20-.30 range and is entirely possible. Buyout seems plausible.

[m0n]

No doubt ma man $LGCYQ

[420man]

That's what I've been saying...I think a buyout above the current RSA plan is possible. Not counting on it or anything else until word comes out from the Company. In the meantime, I will focus on other plays. GL

[m0n]

Something else to consider, DIP Financing has been approved.

NEW $100 milly loan plus on going operations will create “ample liquidity” during CH 11.

What I like is the wording:

“There are no provisions in the Global RSA that prevent solicitation of additional proposals, and as a result, the Company and its advisors invite any interested parties to make offers or bid on the Company at levels which could be competitive to the terms of the Global RSA”

With debt restructured for equity in CH 11, assets over $1 billion, this looks extremely attractive for a merger in IMO

$LGCYQ

[m0n]

Just stating the hurricane drives oil volatility

[420man]

That's simply an added benefit to what I see coming here, but please don't wish on a big hurricane,..I live on the the coast of west central Florida. :/


Enjoy the weekend

[m0n]

Liabilities exceed assets by a few 100k. The timing of paying taxes and the relief you get by going into CH 11 is extremely helpful. Break even for LGCYQ is $50 oil. Imagine when a hurricane is gonna threaten the Gulf. ALL IMO

[m0n]

Considering liabilities exceed assets by a few hundred K and the articles written by the author stating commons will get canceled before any reOrg plan is your typical seeking alpha short type game plan IMO

$LGCYQ

[420man]

It's not about them surviving at this point...it's about what can happen between now and then, meaning there is no threat of cancellation for months. Seen this happen numerous times, and there is almost always a big pop. If not, who cares...you're not suppose to trade with $ you can't lose anyhow. :)

[Diggie-HH]

What do you think... I think there is a chance thathat commons will survive....

[m0n]

$LGCYQ looking good
Today

[m0n]

I love the single digit share sells into the bid to show weakness

$LGCYQ

[m0n]

And you don’t know anything either LoL

Look at the assets and liabilities LoL a few 100k difference LoL

Oil goes up a few $$’s assets will exceed liabilities

[420man]

We will see what happens...

[tchalla]

she doesn't know anything about the disposition of commons. "things aren't so bad." no, they are looking GREAT for the company and their dip providers. their fundamentals are terrific. their asset base is also great. the problem is that the timing is poor for shareholders, which is why they are getting canceled. unless somebody puts in a bid for the company to buy it at a higher price than the value proposed in the restructuring plan, the commons will get nothing. there are just over 115 mil os at least, which means for this to see even .10, per share there would have to be $11.5 mil in value found somewhere for commons. right now, there is nothing.i doubt tomorrow's plan says any different.

[420man]

Just got off the phone with these guys. "Commons will not be cancelled until after the 1st of the year, if at all, due to the BK process being in the very early stages".

Call yourself if you'd like.....

For questions regarding the Chapter 11 bankruptcy, please feel free to call our dedicated call center [phone] (toll-free domestic) or visit the website maintained by the Company's claim agent, Kurtzman Carson Consultants LLC, at http://www.kccllc.net/legacyreserves.


BTW... The lady asked me if I was aware of yesterday's news...I said yes, and she said "things aren't so bad".

[tchalla]

maybe they are, but they have good reason to. commons getting canceled means they don't have to cover.

[m0n]

Hypotheticals baby!!!

ReOrg plan hits tomorrow

[m0n]

Is that the reorganization plan? LoL

SeekingAlpha isn’t shorting this LoL nope

2 MMs to .019!!

Slap it baby!! Gonzo go go go

$LGCYQ

[tchalla]

here is your reality:

https://seekingalpha.com/article/4275015-legacy-reserves-looking-new-company-restructuring

Summary
Legacy is planning on getting rid of most of its debt during restructuring and cancelling its current common stock in the process.

The new Legacy is projected to have net debt of around 1.3x its 2020 EBITDAX and a breakeven point of low $50s WTI oil.

Unsecured bond prices are around 6 cents on the dollar, which appears to fairly value Legacy at around 4.0x its 2020 EBITDAX based on the restructuring plan.

The rights offering for noteholders appears to use a valuation for Legacy that is around 3.9x its 2020 EBITDAX.

[tchalla]

right, leaving no money for commons. have a good day. pointless to discuss the obvious with you, which you intentionally choose to ignore.

[tchalla]

"management" will receive it AFTER it emerges, which is after commons are canceled. what part of that don't you understand?

[m0n]

$LGCYQ from June PR

“Oil and gas producer Legacy Reserves Inc. said Friday it has reached a restructuring deal with its secured and unsecured lenders that will include a nearly $800 million debt-for-equity swap and more than $256 million in new money.”

[m0n]

$LGCYQ LOOK

“Management is slated to receive a slice of the pie after the company emerges from bankruptcy.”

I love when companies emerge from BK with $1 Billion in assets and oil is heading towards $80/barrel

[m0n]

LoL thats your reason lol

LoL

ReOrg plan hits tomorrow

Funny how LGCYQ you showed up

[tchalla]

won't happen here. no interest here. lgcyq not a popular choice.

[m0n]

SA RA Q .50

BI OA Q hit .08

Man o Man

Gotta be in it to win it!!

[tchalla]

clearly means absolutely NOTHING for existing commons. nothing. stock is toast.

[m0n]

$LGCYQ DIP Financing and Blackstone Group invests “NEW EQUITY”


Legacy Reserves Gets Court OK for DIP Financing


Legacy Reserves Inc. (LGCYQ), which filed for bankruptcy in June, said it received court approval for up to $350 million of debtor-in-possession financing.

The company listed $1.42 billion in assets and $1.68 billion in liabilities in its filing. On Tuesday, Legacy said it expects to have ample liquidity during its chapter 11 cases.

Blackstone Group's LP's (BX) credit arm agreed to invest new equity as part of a restructuring agreement.

[m0n]

$LGCYQ ReOrg plan is Aug 2nd

[BCNstocks]

They are not doing all of that to turn around and cancel commons.

[tchalla]

looks like .01 is coming soon. enjoy!

[westwich]

LGCYQ $350,000,000. Financing PLUS Cash From> Ongoing>Operations. BK>COULD>Even>be>cancelled if Operations Come in good.
Co said it has...
***** AMPLE LIQUIDITY TO CONTINUE OPERATIONS!*****

[m0n]

Weeeeee!!! Look how thin the L2 is

$LGCYQ