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.
Today you have .37 CENTS!!
Yes, that is what I said.
So yesterday the 1000 shares of Old Seadrill were worth $100.
Today the 3.73 of New Seadrill is worth $69.
A 31% loss from yesterday to today.
That is EXACTLY what I said before.
1manband
If you had a 1000 shares yesterday today you will have 1000 x 0.0037345
which equals 3.73 shares.
Take that amount of shares and times it by the closing price today.
* * $SDRL Video Chart 07-03-18 * *
Link to Video - click here to watch the technical chart video
http://ih.advfn.com/p.php?pid=nmona&article=76092441
Glad I sold yesterday!
Battered offshore oil-and-gas contractor Seadrill Ltd. paid bankruptcy professionals well over $100 million before it stepped through the door of a Texas court in September, seeking chapter 11 protection from creditors.
The payments turned up in new court papers Seadrill filed Friday in the U.S. Bankruptcy Court for the Southern District of Texas. They reveal the high cost of the talks that produced Seadrill's chapter 11 turnaround strategy.
One of many offshore drilling operations hurt by low oil prices, Seadrill is pursuing a balance-sheet restructuring and capital-raising effort that will squeeze the holdings of rank-and-file shareholders, but leave founder and board chairman John Fredriksen with a major stake, along with Centerbridge Partners.
The plan is the product of discussions with investment firms interested in the future of Seadrill, one of the world's largest offshore drilling contractors. Seadrill businesses involved in the bankruptcy are carrying about $8 billion in debt, court papers say.
Except for Mr. Fredriksen, Seadrill shareholders weren't involved in the restructuring talks. Recently, shareholders lost a bid to have an official committee appointed to represent them in Seadrill's bankruptcy, after the company argued it was hopelessly insolvent, worth far less than its debts. An official shareholders committee would have provided common shareholders a team of lawyers and financial advisers to look out for their interests.
Unlike the professional fees paid during the chapter 11 case, Seadrill's pre-bankruptcy spending isn't subject to judicial scrutiny.
Kirkland & Ellis, the law firm guiding Seadrill through chapter 11, collected more than $47 million in the year before the company filed for bankruptcy protection, court papers say.
While it was paying its own lawyers and advisers, the company also paid for lawyers and financial consultants for major creditors.
In the 90 days before the bankruptcy petition was filed, Seadrill paid nearly $12 million to the law firm -- Fried, Frank, Harris, Shriver & Jacobson LLP -- representing Centerbridge. About half of that amount was paid for "services." The day of the bankruptcy filing, Seadrill sent $6 million by wire transfer to the New York law firm. Court papers didn't specify the purpose of the wire transfer funds.
Cadwalader Wickersham & Taft LLP, another law firm advising on Seadrill's bailout, was paid more than $10 million in the 90 days before the bankruptcy, including a $5 million transfer the day of the bankruptcy filing. Again, half the money was for "services," and the purpose of the wire-transferred funds isn't specified in court papers.
The lawyers weren't the only ones getting paid during Seadrill's restructuring talks, according to court papers. Less than a week before the bankruptcy filing, nearly $20 million went to Hemen Investments Ltd. a Cyprus affiliate of Hemen Holding, which is controlled by Mr. Fredriksen, a Norwegian billionaire. Court papers say the money was for "services."
Hemen and Centerbridge are part of the group providing $1 billion in new investment to get Seadrill out of bankruptcy with a plan that swaps some debt for equity and gives the offshore driller more time to pay off major loans. Also in that group are Aristeia Capital LLC, GLG Partners LP, Saba Capital Management LP and Whitebox Advisors LLC, according to filings with the Securities and Exchange Commission.
As for any payments to Mr. Fredriksen himself, the documents are mum. In a break with standard bankruptcy practice, Seadrill reported paying insiders an aggregate of more than $23 million in salaries and other items in the 12-month period leading up to the filing, but didn't provide names or even say how many insiders shared that money. Included in that figure is nearly $10 million the struggling company handed out in bonuses to insiders, who are typically top-ranking executives or members of the board of directors. The bonus figure includes letters of credit that were issued to insiders, but not drawn against, court papers say.
Seadrill, its lawyers and the Office of the U.S. Trustee, an arm of the U.S. Department of Justice responsible for bankruptcy oversight, didn't respond to inquiries about the missing details on the official bankruptcy reporting forms.
The court papers are part of the financial disclosure required of companies seeking a fresh start by filing for chapter 11 bankruptcy protection. Creditors review the reports to get a picture of the company's finances. A lawyer for the official committee representing Seadrill's unsecured creditors didn't respond to a request to comment on the insider pay.
Write to Peg Brickley at peg.brickley@wsj.com
(END) Dow Jones Newswires
November 14, 2017 11:14 ET (16:14 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
NOTIFICATION OF REMOVAL FROM LISTING AND/OR REGISTRATION UNDER SECTION 12(b) OF THE SECURITIES EXCHANGE ACT OF 1934.
https://ih.advfn.com/p.php?pid=nmona&article=77795660
The old shares were cancelled after yesterday's close. All new shares were issued today.
Holders of the Old Seadrill will receive 0.0037345 of a share of New Seadrill for every 1 share of Old Seadrill held.
Which means that if you had 200 shares of Old Seadrill, you will receive about .75 of share of New Seadrill. But, fractional shares are almost never issued, so they might be rounding up (which means you would get 1 share of New Seadrill), rounding down (in which case you would get nothing) or providing cash for fractional shares (in which case you would get cash equal to about 0.75 of a share at the determination price). In this case, I believe any fractional shares of less than 0.5 are being rounded down, and anything between 0.5 and 1 are being rounded up. So you are likely to receive 1 share of New Seadrill.
Ok so wtf has happened? Had 200 shares but Schwab is not showing current price of $18.50
More profit on shorting if it pops first and then you open your short. :)
I would, but yet something tells me they may have something up their sleeve....meaning I'd wait to short until after the promo cycle is over. JMO
The current trading price is basically irrelevant to the old share holders until the conversion is completed. Once it's completed, you will then be able to realize your loss or gain. Trying to do an equation at this point is premature at best. The deal is done....meaning that it's a waiting game now. If SDRL runs up huge between now and the conversion, then you may make a profit......but if gets shorted heavily...then it's likely you won't.
Short this !!!
Old wiped out?
help me understand if the shares were 11cents and reverted to ,0035 aprox then that equates to 1 30th of the price but i see the price at 18$ share in which equates to aprox 60 cents tell me where i am wrong
They blocked them because they have been terminated and are waiting upon the conversion. Your shares are worth the same amount as yesterday at $25 today, but now they are worth less because the new shares are/will be valued at the new PPS (who knows where that will be upon conversion). If you had or could have sold today, I believe they will end up being treated as if you had sold yesterday (grace period) ,minus the gain you may now see in your account. For those that were short the stock from prior to the announcement...I think they will be forced to cover if they didn't already. If they didn't cover they likely won't lose unless the stock skyrockets from where it is currently trading. The covering now can't/won't happen until the conversion has taken place. Between now and then I'm sure SDRL is going to try their best to pump the stock which will create new buyers and be supported by covering (they hope). I don't think it's gonna happen though. If I were short I'd just hold through the the pain and wait for the inevitable.
This is of course conjecture at best.
It appears no one really knows what's going to ultimately unfold here. Tic toc.
i have a questio....00375 value shares up to 20$ .00375 of the original 11 cents is 30 times the difference if I calculate correctly does 20$ = to 66 cents a share equaling to 6 x 11=66 cents ashare
Now they blocked my shares. This morning i could have sold them if I wanted.
$SDRL: No one with Yesterdays Shares has Sold TODAY
Why ?
Because those Conversions to the NEW Cusip haven't happened yet.
If they tell you they've sold, they are LYING.
If they were able to sell today... then they bought today too, because
its on the same CUSIP.
The shares that are trading today are 16Million units of the NEW SHARES.
It was clearly stated in yesterdays Presser.
GO $SDRL
Broker even told me that as far as they know everythings good.
SDLP and SDRL are not the same thing. Though SDLP is under SDRL.
I'm wondering if they were trying to screw the shorts that existed in the old shares since they would/may have tried to cover yesterday, which would turn them "long". Are they that smart? Hmmm
worse...some peeps may be short if they sold yesterday's shares today. Yesterday's shares are the old shares with the old CUSIP. Today's shares are the new shares, post BK with a different CUSIP
In a way, this reminds me of Calissio Resources.
I understand that but if the trade is reversed how will there be any loss? We know they won't allow him to keep any proceeds but on the flip side of that how can they hold him to any losses?
Lol...
I posted yesterday that SDRL is pulling a fast one here. I'd say there may be a class action or potential investigation about to open on this. JMO
Antwan yes man. R u serious? That will all be adjusted
When they do the conversion from old shares to new shares your account $ will then reflect the reality of the situation!
"Old holders receive 0.0037345 of a share of New Seadrill, so you will be responsible for repurchasing 99.62655% of what you sold to cover the short position you created. Also, you account will be frozen until you cover the short. "
But if the price continues to collapses from the point he sold wouldn't that still leave him a tidy profit once he covers? How will the broker reconcile that?
Exactly...why would they dump SO hard IF the old shares were going o be worth SO much!
Peeps claiming they sold for huge amounts of money today are lying or screwed
Old Seadrill from yesterday was cancelled.
New Seadrill, which is what is currently trading, was issued to debtors and creditors.
Old Seadrill holders will receive 0.0037345 of a share of New Seadrill for every share of Old Seadrill they held.
Which means even at a 10 close for Old Seadrill yesterday, the stock is still down today as the corresponding amount of New Seadrill is worth about 7 cents today.
*Seadrill On Monday Announced Emergence From Chapter 11 And Reorganized As Seadrill Limited Or 'New Seadrill'; New Seadrill Shares Began Trading At $25 On Tuesday. NOTE: Some Platforms May Be Showing Major Day-Over-Day Upside Over 20,000%, Ignore
Benzinga
can any one please let me know what is the stock split here.
So explain why i am able to sell it then? I already sold half of it. I guess the money now in my account fromthe sell is "fale"? lol ok man.
Obvious short. Tons of shares hitting the market. Doesn’t matter what price it will go down to 1.00
Just tried won’t let me lol
$SDRL: Existing shareowners from Yesterday haven't had Conversions done yet
Thats why you still see the same amount.
When the conversion happens in your account, then you'll know.
Bet you can't even sell what you have from yesterday yet.
GO $SDRL
Same here.
I assume the time to switch from "old" to new ones.
Followers
|
114
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
2607
|
Created
|
08/26/07
|
Type
|
Free
|
Moderators |
NYSE : $SDRL
http://www.seadrill.com/
Company Address:
P.O. Box HM 1593 |
Par-la-Ville Place, 4th Floor |
14 Par-la-Ville Road |
Hamilton HM 08 Bermuda |
(441)295-6935 |
CIK: 74153Q102
Seadrill is an international offshore drilling contractor providing services within drilling and well services.
Together with partners, the company has 37 drilling units, of which 15 are under construction. Seadrill's versatile fleet includes harsh-environment semi-submersibles, jack-ups, shallow and deepwater tender rigs and deepwater drillships. In addition, Seadrill provides platform drilling, well intervention and engineering services.
Seadrill has some 5,400 skilled and highly competent employees, many of these with more than 30 years experience, representing over 25 nationalities, operating in 14 countries on four continents.
Seadrill is listed on both the NYSE and Oslo Stock Exchanges.
Recent News:
http://finance.yahoo.com/q/h?s=ODP+Headlines
Filings: http://www.sec.gov/edgar/searchedgar/companysearch.html
All messages, including iBox content, are the opinion of the posters, are no substitute for your own research, and should not be relied upon for stock trading or any other purpose.
Also, keep in mind that moderators may or may not have a position in said stock. Being a moderator isn’t a sign of endorsement.
Please keep your posts on topic because your message(s) will probably be deleted when:
* Posting content that's off-topic to the subject of this board;
* Posting statements that don't add value to the discussion; or
* When you violate any other posting term of the iHub User Agreement: http://investorshub.advfn.com/boards/complex_terms.asp
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |