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Cancellation of debt income.
read all of the commentary and articles on bbep and line at seeking alpha.
It's always difficult regardless of how old someone is.
BAA is trading in line with other gold miners.
BAA is trading approximately in line with the rest of gold miners. Quite a good sign.
look at the seeking alpha comments for any articles on MLP's
The debt has the same upside. It's just not worth the risk of the CODI holding the common. I sold at 0.50 with a loss. Frankly I would sue my broker and anyone I could think of If I was assigned CODI. But it's not worth the trouble.
hey, I have no clue. I'm just throwing it out there since I've made positive comments on the equity previously. Not that anyone would pay attention to what I say anyway.
I think they will continue as a going concern.
THE UNITS ARE TOXIC-CODI INCOME ON TAXES
NO ONE SHOULD TOUCH THE UNITS WITH A TEN FOOT POLE DUE TO THE CODI POSSIBILITY.
READ THE COMMENTARY ON
http://seekingalpha.com/article/3967083-playing-hardball-breitburn-energy-enters-grace-period-unsecured-notes-value
AND ALL THE SA ARTICLES.
SOLD ALL COMMON UNITS
LONG 580K OF UNSECURED NOTES.
well....I'm throwing around a lot of capital in the equity markets on distressed companies...the logic of that compared to buying a house you can live in is quite questionable....and I'd be the first to point that out.
This is also why I call into speak with Martin Jones often enough to feel comfortable about BAA financially.
I've got the architectural drawings and permits for a 4,000 sq ft. beach house designed by New Jerseys top award winning architect. And the waterfront lot is paid off. Just waiting for the right time to move forward.
We're not fancy people or anything...just trying to take advantage of the situation. The original house was severely damaged by hurricane sandy.
Go BAA
Do you believe the book value?
Thanks for inquiring.
Not started yet.
I designed a very expensive house and I don't want to liquidate all of my investments and silver coins to build it. It's really just logistical issues and getting a mortgage on the vacant water front property that is the problem.
Quite simply. Besides investing I'm playing the roll of house wife. All my wife does is go to work, come home and be pregnant. Which is a lot.
All of the house work, all of the bills, all the yard work, repair and maintenance of vehicles...all of the child care for 4 girls, driving everyone everywhere...I do it all.
Go BAA...get me out of this 950 square foot ranch.
yes... we are living very modestly and in a small space right now.
I'm not sure frankly. Depends on what happens between now and then.
Just lowering my own expectations, and making brainless statements.
I've done enough DD on this. They will survive past 2017 is my point and with a cost avg. of 0.16 i consider this a binary situation. And the indicator is success.
From this point forward I will only make mindless statements on this board. Simply so that I can keep my place as moderator.
By 2019 BAA will be over $1
Best one to ask is investor relations. But they will give you a barrel of lies.
BAA doing good.
Go BAA
Just used the ignore for the first time. Sick of the useless stuff from those who never have a position.
yeah, thanks. Really didn't expect it to get this bad this quick though.
Much more of a gamble than I planned on.
No not exactly. The debt that I bought has the right to petition in bankruptcy court. I've run all the calculations and I believe that...
1. They will make one more bond payment.
2. If they don't make another bond payment that there is enough value there that I will get a good chunk of equity in the new company.
3. But could be wrong and would not recommend to anyone else.
4. Sold all common shares. There is way too much risk there.
dump all your common.
6 to 8 pennies on the dollar and 100% annual yield wasn't cheap enough for you?
That's what we were trading a few days ago.
looks like you're doing quite well with ASUV.
not my kind of bet but seems like you've been on the ride from the beginning.
good work
just buy the ask...frankly i don't think retail is able to put in the bids. Perhaps I'm making an assumption based on one conversion where. I'll have to look into it further. Perhaps I've been paying too much.
I'm still rather new to bonds myself. What I was told is that only dealers are able to put in the bid side.
I wish I bought more. The price has doubled in the past two days. The reason I don't is the lack of liquidity that is obvious. What I have to spend 12.9 to buy now I can only sell for 9.5, that a big spread. So when I'm in on the buy I'm there for the duration...all the way through BK or until repayment. So it's a commitment of capital to a security that is highly illiquid.
I'm at 30k common units and $600,000 face value of Bonds 540k of that is the 2022. So it's a massive position for me. My second largest.
It's looking good for the bonds this morning...it's looking well bid. The same bonds that I paid 6.50 and 7 for a few days ago are now priced at 12.50
They can't buy the bonds from you on the open market unless you choose to sell them. Or they do have those call dates but it is obviously illogical to call them. These are unsecured bonds...basically third on the totem pole in the event of Bankruptcy in a call on the assets.
The order is as follows.
0) Company suppliers and funds due to employees.
1) Senior Secured Credit Facility.
2) Secured Bonds. In this case 600 million owned by EIG
3) Unsecured Bonds
4) Preferred Stock
5) Common Stock
Often in the case of a pre-packaged bankruptcy (restructuring) All of the bonds are converted into new equity this is also often the case in Chapter eleven BK. Common and preferred stock become almost worthless.
In CH7 all assets are put up for sale and funds are distributed according to what is owed to each party.
I've often seen the bonds and stock price of companies go in opposite directions.
They aren't going to call the bonds. They don't have the capital to do that . If they survive they would just roll them. And they could buy them on the open market at ten cents on the dollar if they get the OK from secured lenders on the credit line.
Well Banro is just a fraud created by the Congo government to lure in the funds of stupid people in the industrialized world.
It's all a conspiracy.
Seems as though "the market participants" and Bond Pricing today is telling us that funds are on the way and payment was made on time and in full.
Perhaps. But in my limited experience it is a good sign. You will not know for sure until the 15th. The funds may not clear and settle in your account on the 15th although On the 15th you can call your broker and the will be able to see if the funds are in transit.
It would likely "trade flat" and get a prompt technical default ratting if they had missed the payment. Check out LINE or EXXI bonds. That's what it would look like.
Also they price that you'd be able to sell them for would drop out to almost nothing for a few weeks.
That happened to LINE not it is rather elevated for some reason...likely the residual value that they are worth in BK
SHOWING ZERO DAYS ACCRUED ON THE 2020 & 2022 BONDS
IS A GOOD INDICATION THAT THE PAYMENTS HAVE BEEN MADE.
I think that the continued ramping of Namoya through H1 is what is greatly affecting this years costs. Recall that during H1 Cash costs were expected to be between 1,000 and 1,100 at Namoya and then decline sharply in H2.
I think that a decline in grade at Twangiza may be in store for this year. They had been mining at above reserve grade throughout 2015.
Make a long list of questions that addresses your questions and call them. I'm sure they'll be happy to speak with you.
Makes me wonder if there isn't a sword hanging by a hair above the head of Banro.
I don't so. there will be that additional 20 million to pay down debt that has already bee pre-paid on interest.
I'm impressed that most of those are rather logical estimates. Perhaps even a little pessimistic. Says something...about the quality of the board.
Seems that most are in the Mid to high 40s... 45k-50k
Well at this price if we wind up owning a quantity of the new equity that is typically between five and ten cents on the dollar for unsecured bonds anyway. So...I think that the reason it's trading like this is all of the accrued interest and the fact they haven't announced the preferred on time. They typically announce the preferred a month and a half in advance so it's not surprising that they might hold off until a deal is struck with the banks on the asset based line of credit. It's not like they've missed a preferred distribution yet.
The only way we loose is if it goes all the way to CH7...and that's unlikely to happen. They have good properties.
Also the company is run by the original petroleum engineers who started the company thirty years ago. One is the CEO the other is on the Board. From my conversations and reading the conference call they are going to do all they can to keep it going. Perhaps things have changed since mid Feb when I called in but they seemed optimistic then and that was when oil was around $27.
I bought more of the 2022's.
I'm a little nervous but all signs point to them making the payments.
BAA "Why are you still here"
this is why K is here.
Go ahead. I'm not too concerned. I'll ask too the next time I call. Have been meaning too.
I really don't think they need more cash and I'm not stressed out about it cause I think it is an error that's been copied to a few sights. But it should be inquired about.