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Sandridge Bankruptcy Judge Jones now under investigation by federal prosecutors with the DOJ for his 10 year hidden relationship with a Chapter 11 attorney with cases before him named Elizabeth Freeman. Maybe Sandridge will be under the microscope!
https://www.wsj.com/articles/former-bankruptcy-judge-david-r-jones-under-criminal-investigation-over-relationship-with-lawyer-830a0ddf
2016 that's hilarious
list goes on and on...lmao
This company is ran by crooks and liars . I was getting letters stating they was filing BK against there bill collectors and how it wasn't going to affect the common share holders . It was all lies . Now I seeing even under the new stock symbol the stock been steady climbing down . I give it a year and it will be selling for the same amount that it was under the old symbol .
That may depend.
No it does not mean that. If you are part of the lawsuit and signed up to be part when the BK was still being litigated then you can benefit if there is any payment. Only those that are part of the action will benefit. The old shares are worthless to the extend if you hold them but if you are part of the suit and an accommodation or agreement is reached based your number shares or investment then you may find some relief. This was all laid out on this forum when it was first proposed. . My personal opinion is that if any agreement is worked out it will be for shares held by the individual prior to the bankruptcy proceeding. i don't see any deal accommodating shares that traded after the BK that were already basically worthless and just for speculation . This company in my opinion committed fraud in both their bankruptcy testimony and their SEC filings going back several years . As the great FBI agent Sadusky once said. Ben somebody has to go to jail.
Old shares are completely worthless. BK is finalized and converted. If you own paper certificates, use them for wallpaper. If you own electronic stock certificates, they are not worth the electron bits that hold them.
that mean it is possible to see some money from de-listed shares?
The suit moves onward and upward. Sec under Trump going after fraud and corruption should fast track this investigation I would think. They are going to want to see examples early on and it could benefit this litigation. Somebodies got to go to jail , here comes the FBI hopefully.
Can we still buy this share?
Wow. Ok thanks.
Well the original stock yes but a lawsuit is filed to recoup damages for fraud and misrepresentation but it only covers those who joined it .
I hope you are right. This very morning I went to the etrade bond site and saw 24 bonds offered at 6.1 cents. I purchased them but wondered at this late in the game why would they be offered at a discount.
I hope everyone that bankrupted the company burn in hell ..Ill see em there ..should be in federal prison
The $14.84 in cash covers my cost. Wouldn't be excited about the $2.29 in stock but the cash makes this pure profit. The rest is just icing on the cake.
Wonder when this all gets disbursed.
re:Criminals. I think the whistleblower says something about this also.
FYI, the conversation has moved to the SD board at http://investorshub.advfn.com/SandRidge-Energy-SD-31337/
Congratulations to all who held through to conversion.
Looks like we might have gotten a good deal.
Preliminary #s per bond....this is what I was told by my Vanguard...what exactly the warrant and stock structure looks like...i don't know or quite understand.
$14.84 in cash / bond
2.29 in stock (SD) / bond (assuming that's the 16.5% equates to an initial conversion price around 13.75)
1.98 in Series A Warrants
0.84 in series B Warrants
The cancellation of the old common stock should have been known by everyone. There is no excuse for anyone to have been surprised by this, as SDOC disclosed in their 8-K filing with the SEC on the day they filed bankruptcy (May 16th), that all common shares would be cancelled.
"Preferred and Common Stock. The Company’s existing 7.0% and 8.5% convertible perpetual preferred stock and common stock will be canceled and released under the Plan without receiving any recovery on account thereof."
https://www.sec.gov/Archives/edgar/data/1349436/000119312516591230/d168990d8k.htm
The pending cancellation of the common shares was disclosed many times afterwards as well. Nothing changed between the initial disclosure on May 16th and yesterday. It was fully disclosed many, many times.
If people don't read the SEC filings, then they are just asking to lose their money. Which is exactly what happened. It is an expensive lesson, but hopefully the next time people will read the SEC filings first.
Did anyones old shares transfer from the pennies to nyse?
Unless your shares are owned under ticker SD, you're sh-- outta luck. Spoke with my friend who had shares of SDOCQ that were apparently worth a TON of money with the price jump up to the $20 range and he called his broker to cash in and was just confirmed this morning that any shares of SDOCQ are gone. Worthless. Nothing.
Did anyones old shares transfer from the pennies to nyse?
Schwab shows a trade on these went thru today. Must still be on the market.
If common shares remain worthless than Sandridge stands for CRIMINALS.
I bought SandRidge today at $16.80. They have a nice fresh start with solid financials and fresh funds! Current market cap is about $325 Million. Way undervalued at these levels.
Read the previous posts. They were cancelled. Again, see the previous posts for details.
I'm new to the post. I own numerous shares of SDOCQ. I'm not sure what happened yesterday. Whats going to happen to the shares of SDOCQ that I own?
I've been annoyed about it too...but I'm planning to hold for quite some time.
Disappointed with ARP; still not trading on a major exchange. Was giving them the benefit of the doubt. But, SD made it happen instantaneously.
I'm not showing a conversion yet...likely to happen overnight.
With Atlas it took several days to convert.
oh...didn't know it would happen mid day
I knew the plan but don't know what the conversion ratios actually used today were. How many unsecured 7.75% bonds became what number of SD shares. They published the warrant and secured, convertible bond ratios (0.053xxx, IIRC) but haven't seen any hard number for unsecured.
SDOCQ was cancelled Tue 10/04 at 15:00. SD traded for about an hour at between $19.50 and $25.00.
Typically SDOCQ will be cancelled first.
It has already been cancelled:
http://otce.finra.org/DLDeletions
The matter is not under appeal. The bankruptcy was confirmed. The old common shares have been cancelled and the Company emerged from bankruptcy today.
FINRA deleted the tickers at 2:35 today.
http://otce.finra.org/DailyList
SandRidge Energy Emerges from Reorganization with Approximately $525 Million of Liquidity
$3.7 Billion of Debt Eliminated
Relisted on New York Stock Exchange and Resumed Trading Under Ticker "SD"
http://www.prnewswire.com/news-releases/sandridge-energy-emerges-from-reorganization-with-approximately-525-million-of-liquidity-300339069.html
not yet. Typically SDOCQ will be cancelled first.
I think the matter is under appeal.
Our best case is that the appeal is successful and they have to pay their bills...likelihood of that asymptotically approaching zero.
Olds bonds to New SD. Anyone know the rate these were exchanged?
Congo Mining, did your bonds get exchanged? And, at what rate?
Olds bonds to New SD. Anyone know the rate these were exchanged?
As a lets-see-what-happens, I bought 10 bonds two weeks ago. My account still shows the bonds. But, obviously, somebody's bonds were exchanged for any trading to happen on the NYSE.
TIA
SDOCQ (SDRPQ and SDXRQ Preferred): BK PLAN effective. All shares cancelled.
FINRA deleted symbol(s):
http://otce.finra.org/DLDeletions