Pioneer Energy Services Corp. (fka PESXQ)

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trader59

06/01/20 9:03 PM

Post #397

Re: #393: @Renee - Yes, some infinitesimally small amount of new equity,

Nothing like having "infinitesimally small amount of new equity" that isn't publicly traded....

Never buy a stock of a company in bankruptcy...

Shares of the Company's common stock will no longer trade on the OTC Pink Marketplace. The Company anticipates trading of its common stock on the OTC market to commence again in the near future.

https://www.prnewswire.com/news-releases/pioneer-energy-services-successfully-emerges-from-chapter-11-301068844.html

trader59

05/30/20 7:45 AM

Post #396

Re: #391: @Renee - PESXQ: Bankruptcy Plan Effective. One (1) share of

Was looking at it a bit wrong for the % of total equity. The 79.58M common shares in the O/S became 54.5k new shares in the company. Creditors got whatever else was issued in exchange for debt, total was about $400M, which was accepted because it was better than nothing. When the new ticker is issued and the distributions are made, I’d expect those creditors to race to the market to try and sell a bunch of it, and the way the distributions are made I bet they get the first licks at selling while the common broker delays happen for a new ticker for the investors holding the “old stock.” $40 is the break even price for the final closing price of the old stock. This should be fun.

trader59

05/29/20 7:48 PM

Post #395

Re: #394: @oich - Is there a new symbol? Maybe stock share

The new symbol wasn't on the daily list. In order for the common shareholders to be "even" with the final closing price, the new stock will have to open at $40 per share. Whether it does or not remains to be seen. Creditors received the vast majority of the new common stock, I'd bet they'll be looking to sell at least some of it.

oich

05/29/20 7:25 PM

Post #394

Re: #393: @Renee - Yes, some infinitesimally small amount of new equity,

Is there a new symbol?

Maybe stock share price of new stock will be higher than expected.

Renee

05/29/20 5:10 PM

Post #393

Re: #392: @trader59 - Well, I guess there was some equity tossed

Yes, some infinitesimally small amount of new equity, just like a reverse split. One old share for .0006849838 of a new share.

Ouch-a-roonie

trader59

05/29/20 5:06 PM

Post #392

Re: #391: @Renee - PESXQ: Bankruptcy Plan Effective. One (1) share of

Well, I guess there was some equity tossed to the current shareholders.

I'll have to look at that math again, I thought existing equity holders were supposed to get about 6.5% of the new equity, this looks like it is much less, by a factor of 100.

Renee

05/29/20 5:02 PM

Post #391

Re: #390: @trader59 - I read through the Plan of Reorganization.

PESXQ: Bankruptcy Plan Effective. One (1) share of Old Common Stock exchanged for 0.0006849838 shares of New Common Stock.

FINRA deleted symbol, I presume until a new ticker is established.

https://otce.finra.org/otce/dailyList?viewType=Deletions

trader59

05/14/20 9:36 PM

Post #390

Re: #387: @SC777 - Nope. Read the Plan of Reorganization.

I read through the Plan of Reorganization. It would appear the only common shareholders getting a stake of the new company are the participants in the employee stock ownership plan, which makes some sense. Those messing around with the stock in the OTC might be in for a surprise, unless I missed a passage.

trader59

05/13/20 12:03 PM

Post #389

Am I reading the pre-packaged plan correction? I thought the shareholders/equity holders were receiving a small sliver of the new equity/shares, but from what I can see, it appears the only current stockholders who'd receive an exchange are those in the employee incentive plan.

Value_Investor Free

04/17/20 1:24 PM

Post #388

Re: #387: @SC777 - Nope. Read the Plan of Reorganization.

What you're talking about? 100% wrong calculation! The value will be 0.0020 or less per share!

SC777

03/13/20 10:35 AM

Post #387

Re: #385: @Value_Investor - Another New low 0.0106 as I predicted! The

Nope. Read the Plan of Reorganization. Equity getting 6% in the newly reorganized company valued conservatively up to $6,000,000. That's equivalent to .08 cents a share here.

This will rise going into plan confirmation.

Value_Investor Free

03/11/20 10:03 PM

Post #385

Re: #382: @Value_Investor - 5.75% of new equity is nothing since all

Another New low 0.0106 as I predicted! The next one will be 0.0025 ~ 0.0050 and the final one will be 0.0010 or below as its CH11-"Q" peers (RGDXQ and PESXQ etc.) did...

barnyarddog Free

03/05/20 10:22 AM

Post #384

On March 1, 2020, Pioneer Energy Services announced that it has voluntarily filed petitions for Chapter 11 reorganization in the U.S. Bankruptcy Court for the Southern District of Texas.

http://www.pioneeres.com/

SC777

03/03/20 12:10 PM

Post #383

Re: #382: @Value_Investor - 5.75% of new equity is nothing since all

Haha. Good one. Newly reorganized equity in PESX won't be worth $5M, it will be worth anywhere between $200-500M.

You really think after balance sheet is cleaned and it re-lists, that the market cap will be $5M with $800M in annual revenues and positive shareholders equity?

Value_Investor Free

03/03/20 11:39 AM

Post #382

Re: #370: @SC777 - Read the BK plan buddy - equity is

5.75% of new equity is nothing since all the new equity together only worth about $5M which means PESXQ will crash to $0.0035 ~ $0.0025...

The CH11 peer (DESTQ) has much much much higher valuation than PESXQ since it still has $11.15 per share Giant Positive Liquidation Value v.s. PESXQ has Very Negative Liquidation Value!

Why a very negative BV CH11 stock should be traded at over Ten Times of its real value? PESXQ only worth $0.0025 ~ $0.0035 per share after reorganization but it is trading at ridiculous high price $0.016 or above currently!

SC777

03/03/20 8:22 AM

Post #381

Re: #379: @trader59 - They wouldn’t “be there” just because they once

They had a market cap of over $500M last year without a profit - balance sheet issues ALWAYS cause the PPS to drop to bankruptcy levels. Once the balance sheet gets cleared up, upon emergence I've seen many return to prior value.

The only difference here is that equity is getting a cut!

SC777

03/03/20 8:20 AM

Post #380

Re: #377: @trader59 - I get the “theory,” but a 200X’s multiplier

You'd certainly have to agree it will be higher than $25M after emergence, because that's what equity is currently trading at if it's 6%.

I think what's happening here is market doesn't realize yet that equity is getting 6% and 6% warrants. Once it does this will go to proper value.

trader59

03/03/20 8:19 AM

Post #379

Re: #378: @SC777 - With a clean balance sheet and $800M in

They wouldn’t “be there” just because they once were. They filed for bankruptcy, and while a revenue stream is important, profit will be more important.

SC777

03/03/20 8:15 AM

Post #378

Re: #377: @trader59 - I get the “theory,” but a 200X’s multiplier

With a clean balance sheet and $800M in revenue, you think a $250M market cap is out of the question?

I'm just looking at their market cap from last year, don't see why they wouldn't be at least there with a clean balance sheet.

trader59

03/03/20 8:12 AM

Post #377

Re: #376: @SC777 - It happens literally all of the time, they're

I get the “theory,” but a 200X’s multiplier on the MC is way too high, especially for a company emerging from bankruptcy.

SC777

03/03/20 8:09 AM

Post #376

Re: #375: @trader59 - Why would a company going through a bankruptcy

It happens literally all of the time, they're doing it to refinance their debt - PPS trades at a tiny fraction to true market cap because the market assumes bankruptcy is coming with no distribution to equity.

Now that we know a balance sheet reorganization is coming, company will be healthy and equity getting 6%.

Take a look at any other Company that has come out of bankruptcy - when it commences trading the market cap is always a massive multiple of what it was trading prior to bankruptcy.

The rare thing here is that existing equity is actually IN THE MONEY.

PESX had a market cap of $250-500M when it had a healthy balance sheet just last year.

trader59

03/03/20 8:05 AM

Post #375

Re: #374: @SC777 - Equity is in the money here $PESXQ -

Why would a company going through a bankruptcy be “pegged” at a market cap that is 200X’s current?

Looks to me like shareholders currently own 100% of the equity in the company, and after the plan is approved will own less than 6, like a RS with immediate dilution. There’s a possibility of an increase in value later if the company figures out how to make a profit some day, but some of those creditors owning the 94% of the equity will want to convert shares to cash as that happens.

SC777

03/03/20 6:31 AM

Post #374

Re: #373: @Renee - PESX changed to PESXQ, bankruptcy:

Equity is in the money here $PESXQ - getting 5.75% of new equity and 5.75% warrants.

I would peg the new market cap in the $250-400m range once reorganized - 5.75% of that is $14-23m. Current market cap is $1.5m, so I would think a correction leading up to the plan date of 10-20X here.

Renee

03/02/20 6:36 PM

Post #373

PESX changed to PESXQ, bankruptcy:

https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes

SC777

03/02/20 9:31 AM

Post #372

Re: #370: @SC777 - Read the BK plan buddy - equity is

I guess people can't read that equity is getting 6% in the new company, buying hand over fist here

SC777

03/02/20 8:44 AM

Post #371

Re: #369: @Value_Investor - The Pos Scam just filed the CH11 Bankruptcy

"Pioneer’s existing equity will be cancelled and exchanged for (a) 5.75% of the New Equity, subject to the class of holders of existing equity voting to accept the Plan, and (b) the right to participate in the Rights Offering on a pro rata basis for the purchase of 5.75% of the New Convertible Bonds and Stapled Special Voting Stock to be issued pursuant to the Rights Offering in accordance with the procedures governing the Rights Offering."

If the Company is worth around $400-500M which it should be after reorg, then existing equity at 6% of that should be at least at a $25M market cap - it's current at $2.5M, so I expect at least 10X correction here, plus there are 6% Warrants as well, so should be more than that.

$PESX

SC777

03/02/20 8:25 AM

Post #370

Re: #369: @Value_Investor - The Pos Scam just filed the CH11 Bankruptcy

Read the BK plan buddy - equity is IN THE MONEY. Getting 6% new equity and 6% warrants :)

Value_Investor Free

03/02/20 8:21 AM

Post #369

Re: #366: @SC777 - Cool thanks. It will either crash 99%

The Pos Scam just filed the CH11 Bankruptcy today as I predicted --- see the link below! $0.0025 very soon in order to match the Same Market Value with its CH11-"Q" peer (DESTQ: $11.15 per share Giant Liquidation Value after the CH11)!

https://www.otcmarkets.com/filing/html?id=13969506&guid=vctCUqt7kDAxQth

SC777

03/02/20 8:06 AM

Post #368

Re: #367: @SC777 - Reorganization announced and equity is IN THE MONEY,

If the Company is worth around $400-500M, then existing equity at 6% of that should be at least at a $25M market cap - it's current at $2.5M, so I expect at least 10X correction here, plus there are 6% Warrants as well, so should be more than that.

SC777

03/02/20 7:58 AM

Post #367

Re: #363: @Smilin_B - Oh yes, I brought that up with Lisa

Reorganization announced and equity is IN THE MONEY, not so bad - should be worth more than current PPS:

Pioneer’s existing equity will be cancelled and exchanged for (a) 5.75% of the New Equity, subject to the class of holders of existing equity voting to accept the Plan, and (b) the right to participate in the Rights Offering on a pro rata basis for the purchase of 5.75% of the New Convertible Bonds and Stapled Special Voting Stock to be issued pursuant to the Rights Offering in accordance with the procedures governing the Rights Offering.

SC777

02/28/20 11:18 AM

Post #366

Re: #365: @Value_Investor - New low 0.025! The CH11 or CH7 Bankruptcy

Cool thanks. It will either crash 99% or go up 1000% if they don't file LOL.

Value_Investor Free

02/28/20 11:14 AM

Post #365

Re: #364: @SC777 - How is this possibly trading at .025 cents

New low 0.025! The CH11 or CH7 Bankruptcy filing is very near now! I bet in just a few weeks PESX will crash down 99% or more from current ridiculous high price 0.025...

Hyper Overvalued now! Hyper Overbought most recently!

This Pos Scam will finally crash to 0.0001 or below in order to match the Same MV with its energy peer (OEDVQ: it hit 0.0001 with just Half of the OS count of PESX)!

SC777

02/28/20 10:11 AM

Post #364

Re: #363: @Smilin_B - Oh yes, I brought that up with Lisa

How is this possibly trading at .025 cents with $1.23 per share book value and $27M cash in the bank?

Smilin_B

02/27/20 11:16 AM

Post #363

Re: #362: @SC777 - $2M market cap PRIOR to filing for bankruptcy

Oh yes, I brought that up with Lisa Elliott but again the company has no comment and the shares continue to sell down

SC777

02/27/20 10:56 AM

Post #362

Re: #361: @Smilin_B - Because maybe the company indeed is on the

$2M market cap PRIOR to filing for bankruptcy is insane.

Smilin_B

02/27/20 10:44 AM

Post #361

Re: #360: @SC777 - How could there possibly still be selling here?

Because maybe the company indeed is on the verge of filing for bankruptcy protection. That's the only plausible explanation at this point. I have contacted investor relations officer Lisa Elliott and she continues to tell me that the company has nothing further to share with its investors. This is definitely a piss poor management team

SC777

02/27/20 9:48 AM

Post #360

Re: #359: @Smilin_B - Its rediculous

How could there possibly still be selling here? It's been selling off for 4 months and has like a 70M share float.

Smilin_B

02/24/20 3:42 PM

Post #359

Re: #358: @SC777 - Should have earnings next week - don’t really

Its rediculous

SC777

02/21/20 11:19 PM

Post #358

Re: #357: @Valuetrader - If they are able to get a merger

Should have earnings next week - don’t really need news though, the valuation it’s trading at is non-sensical.

Valuetrader Free

02/21/20 9:15 PM

Post #357

Re: #356: @SC777 - $PESX is trading at a $2.7M market cap

If they are able to get a merger or any other positive news comes PESX will run hard. I'm still holding a core position just in case. I wish we weren't getting the silent treatment though. Good luck.

SC777

02/21/20 3:14 PM

Post #356

Re: #328: @Valuetrader - They knocked out the bid support, but we

$PESX is trading at a $2.7M market cap - it has $27M in cash on the balance sheet and a book value of $1.25 per share.

It's also OTCQX - seems a tid bit undervalued no???

Smilin_B

02/05/20 5:06 PM

Post #355

Re: #354: @Value_Investor - 0.03 should be broken down as soon as

Genius

Value_Investor Free

02/05/20 4:08 PM

Post #354

Re: #353: @Smilin_B - Email IR rep Lisa Elliott and ask her

0.03 should be broken down as soon as tomorrow and a New low 0.02 or even 0.01 after the 10-Q report...

Smilin_B

02/05/20 2:58 AM

Post #353

Re: #351: @SC777 - I can't believe these dickholes took it back

Email IR rep Lisa Elliott and ask her why this piss poor excuse of a company has yet to issue any type of an update to its shareholders

Value_Investor Free

01/30/20 10:44 AM

Post #352

Re: #348: @SC777 - This one will pay off. There was

When the CH11 or even CH7 Bankruptcy kicks in here we should see PESX crash to 0.0025 in order to match the Same MV with its CH11-"Q" peer DESTQ though DESTQ still has over $10 per share Giant Liquidation Value!

The current MV and price of PESX are still ridiculous high as a soon-to-be-"Q" stock!

I bet after the coming 10-Q the real Bankruptcy will be filed a couple of days later just like its peer HK did...

SC777

01/23/20 2:56 PM

Post #351

Re: #350: @Valuetrader - Loaded a few more $PESX today at .04

I can't believe these dickholes took it back to high .03s after it was about to burst .055 yesterday.

Valuetrader Free

01/23/20 2:42 PM

Post #350

Loaded a few more $PESX today at .04

Valuetrader Free

01/23/20 12:49 PM

Post #349

Re: #348: @SC777 - This one will pay off. There was

$PESX is being held down to accumulate. At some point they will push this much higher. Anyone loading 4's is getting a steal IMO. Great to have you here SC777.

SC777

01/23/20 12:38 PM

Post #348

Re: #347: @Valuetrader - $PESX looking great here.

This one will pay off. There was 500K at bid at .05 yesterday when we closed, and they walk it back to .04.

Trading at BK prices with a $3M market cap, when shareholders' equity is a positive $1.50 per share.

Valuetrader Free

01/22/20 5:47 PM

Post #347

Re: #345: @JackAskSlap - PESX trading nicely

$PESX looking great here.

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Pioneer Energy Services Corp. (fka PESXQ)

Followers	8	Posters	59
Posts (Today)	0	Posts (Total)	397
Created	06/13/16	Type	Free
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