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Marker;
United Rentals, Inc. (URI)
$86.71 up 10.84 (14.38%)
6,365,106 volume
*construction equipment may do well under Trump administration.
First NBC Bank Weighing Capital Raising or Sale
Date : 11/06/2016 @ 9:00PM
Source : Dow Jones News
Stock : First Nbc Bank Holding Company (MM) (FNBC)
Quote : $5.50 0.05 (0.92%) @ 6:00PM
Struggling First NBC Bank Holding Co. is pursuing strategic options, weighing the possibilities of raising new capital by selling shares or of an outright sale of the bank, according to people familiar with the matter.
In October, already battered shares in the New Orleans lender plunged further after it disclosed that regulators deemed it to be in "troubled condition" and restricted its ability to take on debt. While the bank had previously said it hoped to avoid issuing more common stock to bolster capital levels, the restrictions limited options like issuing subordinated debt.
A large common-stock offering would dilute existing shareholders especially given the 85% year-to-date decline in its stock. Before the company's latest troubles emerged, some analysts had estimated First NBC may need to raise as much as $150 million to shore up its balance sheet.
The bank currently trades at just 29% of book value. Its market value has shrunk to about $106 million from more than $700 million at the end of 2015.
The bank said last month that it hired financial advisors to help with a turnaround plan. First NBC's advisors at Sandler O'Neill & Partners have recently fielded inquiries from interested investors and potential acquirers, the people familiar with the matter said.
The bank is now considering a private placement of common stock and thinks there is enough investor interest to get a deal done, the people said. Another option is a sale. At least three other banks have expressed interest in buying First NBC, one of the people said. The identities of the potential buyers couldn't be determined.
The bank hopes to be in a position to announce either deal in coming weeks, the people said. However, there are a number of steps that remain before either option can happen. A capital raise, for instance, would need approval from regulators. And a further decline in its share price could complicate matters further.
First NBC opened in 2006 in the wake of Hurricane Katrina, backed by a slate of well-heeled local investors including football stars Peyton and Eli Manning. The lender grew rapidly, relying heavily on an esoteric tax-credit business for much of its profits.
This year, the tax credits have led to questions about First NBC's earnings, capital levels and accounting. In particular, its deferred tax assets may no longer count as much toward its capital under new regulations. At the same time, the bank is grappling with souring loans and securities.
The Federal Deposit Insurance Corp. told First NBC earlier this year that it is no longer "well capitalized," restricting its ability to take on certain deposits and pay interest, according to the bank.
First NBC has also faced accounting issues and has disclosed that these are being investigated by the U.S. Securities and Exchange Commission. It has had to restate results for prior years and its annual filing for 2015 and first and second quarter filings were both delayed; the latter was only filed last month.
Additionally, the bank doesn't currently have an auditor.
First NBC is trying to finalize the hiring of a new auditor.
Write to Rachel Louise Ensign at rachel.ensign@wsj.com
Source:
http://ih.advfn.com/p.php?pid=nmona&article=72842106
First NBC Bank Reports Second Consecutive Quarterly Profit Decline
Net interest income up 14.9% but net income fell to $9.7 million from $12.3 million, according to filings
First NBC Bank Holding Co., the New Orleans bank that built its name and fortune investing in city construction projects but whose finances have come under scrutiny of late, on Wednesday reported quarterly profit fell again the most recent period.
Based on preliminary results, First NBC reported net income of $9.7 million for the period ended Sept. 30, down from $12.3 million in the year-ago period, as restated.
Meanwhile, net interest income, a key driver of profitability, rose 14.9% to $39.6 million.
Total assets stood at about $4.9 billion, roughly unchanged from the previous two quarters, according to regulatory filings.
Total loans, the bank said, rose $832.1 million, or 27%, from the year-ago period and total deposits rose $194.8 million, or 5.3%.
As of June 30, First NBC reported $3.78 billion in total loans and $3.93 billion in total deposits.
At the heart of First NBC’s mounting financial problems are the tax credits that fueled much of its growth but that also put in question its underlying financial health.
For example, in 2014, First NBC made $43 million—$33 million of which was from tax benefits. In 2015, it reported a $25.5 million loss; tax benefits surged to $105.3 million.
Largely because of the credits, the bank’s deferred tax assets—effectively an offset to future taxes—stood at $252.7 million as of June 30, roughly 60% of shareholders’ equity, and up from $247 million in the previous quarter.
First NBC didn’t update that figure Tuesday. Instead, it said it would release full third-quarter results and file the required regulatory report “as soon as practicable” after it hires a new auditor.
Chief Executive Ashton J. Ryan Jr. said in a press release the bank continued to explore strategic and capital options with advisers and remained confident it would rebuild its capital ratios. He didn’t elaborate. A call to the bank after regular business hours wasn’t returned.
Regulators have told the bank it is in “troubled condition,” restricting First NBC’s ability to take on certain deposits and pay interest. The Securities and Exchange Commission is also investigating the bank’s accounting.
The bank’s stock closed Tuesday at $5.05, having lost four-fifths of its value this year.
Source:
http://www.wsj.com/articles/first-nbc-bank-reports-second-consecutive-quarterly-profit-decline-1478048120
Marker:
First NBC Bank Holdi (FNBC)
$5.50 up 0.05 (0.92%)
Volume: 406,265
Marker:
Select Sands Corp. ( (CLICF)
$0.75 up 0.013 (1.76%)
Volume: 3,200
WTI price of crude is currently $44.69 @ bbl.
Proxy Statement (definitive) (def 14a)
Date : 10/31/2016 @ 5:16PM
Source : Edgar (US Regulatory)
Stock : Blue Dolphin Energy Co. (QX) (BDCO)
Quote : $3.29 0.0 (0.00%) @ 8:08AM
NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
To Our Stockholders:
Notice is hereby given that an Annual Meeting of Stockholders (the “Annual Meeting”) of Blue Dolphin Energy Company, a Delaware corporation (referred to herein as “Blue Dolphin,” “we,” “us” and “our”), will be held on Wednesday, December 7, 2016 at 10:00 a.m. Central Time at Blue Dolphin’s principal office located at 801 Travis Street, 21 st Floor, Houston, Texas 77002.
[....]
http://ih.advfn.com/p.php?pid=nmona&article=72792280
Marker:
Sandridge Energy, Inc. (SD)
$ 23.03 down -0.76 (-3.19%)
Volume: 72,129
Certain Closed-End Funds Announce Share Repurchase Programs
Date : 10/28/2016 @ 4:30PM
Source : Business Wire
Stock : Blackrock Energy And Resources Trust (BGR)
Quote : $14.04 -0.05 (-0.35%) @ 4:00PM
BlackRock Advisors, LLC announced today that the Boards of Directors/Trustees of twenty BlackRock taxable and equity closed-end funds (the “Funds”) have authorized open market share repurchase programs (the “Repurchase Programs”) pursuant to which each Fund may repurchase, through November 30, 2017, up to 5% of its outstanding common shares (based on common shares outstanding on October 28, 2016), in open market transactions. The Repurchase Programs seek to enhance shareholder value by purchasing Fund shares trading at a discount from their net asset value per share.
[....]
http://ih.advfn.com/p.php?pid=nmona&article=72780186
BlackRock’s Closed-End Fund Conference Call Replay Now Available
Date : 10/12/2016 @ 5:00PM
http://ih.advfn.com/p.php?pid=nmona&article=72652471
Distribution Dates and Amounts Announced for Certain BlackRock Closed-End Funds
Date : 10/03/2016 @ 5:00PM
Source : Business Wire
Stock : Blackrock Energy And Resources Trust (BGR)
Quote : $14.04 -0.05 (-0.35%) @ 4:00PM
http://ih.advfn.com/p.php?pid=nmona&article=72581489
Marker;
Blackrock Energy And (BGR)
$14.04 down -0.05 (-0.35%)
Volume: 64,597
Marker:
First NBC Bank Holdi (FNBC)
$5.325 down -0.175 (-3.18%)
Volume: 750,330
Quarterly Report (10-q)
Date : 10/27/2016 @ 4:31PM
Source : Edgar (US Regulatory)
Stock : Bofi Holding, Inc. (MM) (BOFI)
Quote : $19.125 -1.945 (-9.23%) @ 2:23PM
http://ih.advfn.com/p.php?pid=nmona&article=72769225&symbol=BOFI
Marker;
First NBC Bank Holding Company (FNBC)
$ 6.30 up 0.85 (15.60%)
Volume: 2,296,695
Book value isn't the problem...but its not the solution either.
Because of their accounting misfires the bank finds itself in a position that it has to raise capital (by some estimates as high as $150MM). But because of the sanctions put on by regulators their options on how to do that are extremely limited.
I read a WSJ article wherein a large investor is suggesting the company file a pre-pack BK...here is a portion of that article;
Shares of New Orleans-based First NBC Bank Holding plunged further on Tuesday after an investor who is both a holder of the firm’s debt and betting against its stock suggested the bank should consider a pre-packaged bankruptcy filing.
HoldCo Asset Management released a public letter on Tuesday morning suggesting a prepacked filing that would wipe out holders of First NBC’s common stock would be the best solution to the bank’s ongoing financial struggles. HoldCo said that its proposed bankruptcy plan, where it would also provide $30 million of new equity for the bank, would be a solution.
http://blogs.wsj.com/moneybeat/2016/10/25/first-nbc-banks-troubles-mount/
First NBC Regains Compliance With Nasdaq Rules
Date : 10/25/2016 @ 8:00AM
Source : GlobeNewswire Inc.
Stock : First Nbc Bank Holding Company (MM) (FNBC)
Quote : $5.65 -1.0 (-15.04%) @ 12:07PM
First NBC Bank Holding Company (“First NBC”) (NASDAQ:FNBC), the holding company for First NBC Bank, announced that it was notified by Nasdaq by letter dated October 24, 2016 that it had regained compliance with all applicable Nasdaq listing standards following the filing with the Securities and Exchange Commission of its Quarterly Report on Form 10-Q for the period ended June 30, 2016. As a result, the Nasdaq Hearings Panel has cancelled its previously scheduled hearing, and First NBC’s stock will continue to be listed and trade on the Nasdaq Global Select Market.
http://ih.advfn.com/p.php?pid=nmona&article=72740792
Bankruptcy Bust: How Zombie Companies Are Killing the Oil Rally
Date : 10/23/2016 @ 6:21PM
Source : Dow Jones News
Stock : Sandridge Energy, Inc. (SD)
Quote : $25.95 0.98 (3.92%) @ 5:13PM
Their owners may be bankrupt, but the sprawling mines of Wyoming's Powder River Basin are still churning out coal. It is the same story in oil fields along the Gulf Coast and with shale-gas wells in the Rocky Mountains.
Energy investors have long hoped that falling prices would solve themselves by driving producers into bankruptcy and stanching the flood of excess supply. It turns out that while bankruptcy filings are up, they have barely impacted fossil-fuel markets.
About 70 U.S. oil and gas companies filed for bankruptcy in 2015 and 2016. They now produce the equivalent of about 1 million barrels a day, about the same as before they declared bankruptcy, according to Wood Mackenzie. That represents about 5% of U.S. oil-and-gas output.
That resilience has kept energy inventories flush and prices capped. Oil shot to $50 a barrel this summer, but has had trouble making much progress beyond that mark. On Friday, oil futures in New York rose 0.4% to $50.85 a barrel.
The theory that bankruptcies would help balance the market "was misguided to begin with," says Roy Martin, a research analyst at energy consultancy Wood Mackenzie. "And people are starting to come around to that now."
This is exactly the way chapter 11 was meant to work. The process is designed to save companies that can be saved, and many energy companies are using it to lighten their heavy debt loads, adapt to lean times and keep producing.
Peabody Energy Corp., Arch Coal Inc. and Alpha Natural Resources Inc. -- three of the five largest U.S. coal miners -- all filed for bankruptcy in the past 18 months. They accounted for about 36% of U.S. coal supply in the first half of 2015. This year, production declined only in line with the rest of the sector, and their share for the first six months was nearly unchanged at about 33%, according to IHS Global Energy. Arch Coal and Alpha Natural Resources recently emerged from bankruptcy.
"It is frustrating," said Adam Wise, managing director at John Hancock Financial Services who helps oversee about $7 billion in energy-related debt and private-equity investments. "A lot of those companies just operate similarly to how they were prior to entering bankruptcy. It definitely doesn't help."
Oil hit historic lows this year and, while it has rebounded somewhat, at $50 a barrel it is just half of what it was three years ago. Oversupply continues to hamper the market and has forced analysts to retreat from earlier calls that oil would be at $60 or $70 by now.
Even accounting for recent drawdowns, oil producers and importers have added 18 million barrels to U.S. stockpiles this year, bringing the total to a near-record 469 million. There was enough coal on hand in the U.S. in July to fuel every coal-fired power plant in the country for more than 80 days, up from about 70 days' worth in July 2015, according to the most recent data from the U.S. Energy Information Administration.
"Without a reset button, there's no need for prices to go anywhere," said Colin Hamilton, head of commodity research at Macquarie Group Ltd. "It is a long grind."
Natural-gas prices have had a stronger rebound this year, but they, too, are still below the highs of 2013 and 2014. U.S. coal benchmarks have followed, with Central Appalachian coal up nearly 70% from a record low in the spring, but still down 15% from three years ago, according to S&P Global Platts.
The long-term decline in prices has led to the bankruptcies, but also to massive cost-cutting that helped producers keep mines and wells profitable.
Since 2012, Peabody Energy has laid off 1,650 employees and slashed annual capital spending to $111 million from $997 million. The upshot: three big mines in the Powder River Basin recorded a profit margin of $3.46 a ton in 2015, up from $3.45 a ton in 2011. Peabody's operations in the region produce over 100 million tons a year, enough to power 16 million U.S. households, the miner says.
Midstates Petroleum Co. filed for bankruptcy April 30 and began drilling a new well the next day. The company stopped running some rigs ahead of bankruptcy, but kept one going after filing. Many companies kept honoring some contracts for rigs and well services, having planned drilling programs months in advance and still in need to produce revenue for paying off creditors.
Other companies that went through the bankruptcy process are now embarking on a quick return to stabilization or even growth. Halcón Resources Corp., SandRidge Energy, Inc., Goodrich Petroleum Corp. and Penn Virginia Corp. recently emerged from bankruptcy after spending two to six months restructuring. Combined, they shed about $7 billion in debt.
Goodrich plans to grow production "pretty dramatically," President Robert Turnham told The Wall Street Journal. The recent rebound in gas prices makes drilling in Louisiana more profitable, and the company is employing new techniques to save money. They include reordering its well-site process to cut fracking time by more than half, Mr. Turnham said.
Ultra Petroleum Corp. has yet to emerge from bankruptcy -- it filed in April -- and it is already planning to add another rig within months and triple its fleet to 10 in about two years. The company has been renegotiating rig contracts and using bankruptcy laws to force pipeline companies to renegotiate other contracts. "We get to run the company, and we're trying to do what the bankruptcy rules or law suggests, which is to maximize the value of the company run as a growing concern," Chief Executive Michael Watford said in an earnings call on Aug. 11.
Bank lenders, reluctant to actually take ownership of assets that have been used as collateral by borrowers, have been friendly to troubled companies. During bankruptcy, Halcón, SandRidge, Goodrich and Penn Virginia raised a combined $1.3 billion in debt, largely reaffirmed credit lines from their banks.
Coal magnate Robert Murray in 2014 correctly predicted that his rivals would file for bankruptcy. He pushed his Murray Energy Corp. to take advantage of the opening with a two-year buying spree fueled by $4 billion in debt. By this summer, Mr. Murray was negotiating with lenders, customers and workers on a multipoint plant he needed to avoid his own company's bankruptcy.
His miscalculation: that his rivals' bankruptcies would force them to cut back. If they maintain production, "that pulls everyone into what I call the bankruptcy sewer," Mr. Murray said. "These are zombie coal companies chasing the ghosts of past markets."
http://ih.advfn.com/p.php?pid=nmona&article=72725775
Book values don't trump accounting miscues...especially in a bank stock.
82% of the OS was held by institutional Investors and they cannot hold securities with known and admitted accounting irregularities.
A massive sell off was predictable and unavoidable.
Marker:
First Nbc Bank Holdi (FNBC)
$6.575 down -0.725 (-9.93%)
Volume: 634,042
First NBC Bank's stock dives after disclosing 'troubled condition' designation
October 20, 2016
Shares of First NBC Bank Holding Co. FNBC, -19.34% took a 15% dive in afternoon trade Thursday, after the New Orleans-based bank disclosed in a filing that regulators deemed it to be in a "troubled condition." The stock had plunged as much as 20% intraday before paring some losses. The bank said it was informed of the "troubled condition" designation on Oct. 11, in writing by the Federal Reserve Bank of Atlanta and the Louisiana Office of Financial Institutions. The designation means First NBC will have to seek approval before adding any new directors or senior executives or changing the responsibilities of any current senior executive, and that the bank can't make severance payments to affiliated parties without prior approval. The bank is also bound from increasing its debt, distributing interest on subordinated debt or paying dividends on its stock. The stock has now plummeted 75% year to date, while the SPDR S&P Regional Banking ETF KRE, +0.28% has gained 2.9% and the S&P 500 SPX, -0.01% has tacked on 4.7%.
Source:
http://www.marketwatch.com/story/first-nbc-banks-stock-dives-after-disclosing-troubled-condition-designation-2016-10-20?siteid=yhoof2&yptr=yahoo
Marker:
First NBC Bank Holdi (FNBC)
$7.30 down -1.75 (-19.34%)
Volume: 2,071,004
Seems that it was all planned out and they wanted to best position the company for post BK.
Drilling activity has really slowed down in the Eagle Ford. The old Permian Basin is hot.
yes it is.
Even more telling are the moves up on both issues of preferred.
GST-A and GST-B.
Back in early March of this year they fell to $4...now they stand at $16.60 and $17.50 respectively.
Marker;
Gastar Exploration (GST)
$1.37 up 0.26 (23.42%)
Volume: 14,072,955
WTI price of crude currently $50.31 @ bbl.
Marker:
Select Sands Corp. ( (CLICF)
$0.89 up 0.0489 (5.81%)
Volume: 832,136
WTI price of crude is currently $50.31 @ bbl.
Marker:
Gastar Exploration 8.625% Ser (GST-A)
$ 16.55 up 2.16 (15.01%)
Volume: 146,601
WTI Crude is currently $50.31 @ bbl
Marker:
Gastar Exploration I (GST-B)
$17.56 up 2.81 (19.05%)
Volume: 60,284
WTI Crude is $50.47 @ bbl as we speak.
Marker;
Select Sands Corp. ( (CLICF)
$0.8411 up 0.1651 (24.42%)
Volume: 146,959
Nobody is saying losing money in a bankruptcy is fun. It stinks.
Been there done that and I won't forget the sting.
But there are a couple things that some of you who lost need to understand or you'll go through this again down the road on another Q.
Have you ever noticed when a company files bankruptcy the filing is called a "voluntary" filing? There is a reason they use that word. It implies there must be "involuntary" bankruptcy filings as well.
Creditors can force a company to file bankruptcy when certain conditions are met. With the price of oil down by as much as 70% it was only a matter of time before the company bled dry.
SD management decided it was better to surrender (Voluntarily file) than have the creditors come in with guns blazing.
$50 oil is the new normal. SD was built for $100 oil...anything less would be disastrous...and it was.
Surrender..or bleed to death...what would you do!
**Those who lost and are still blind with anger are missing a monumental chance to recover some of those losses with huge moves like there have been the past month.
Marker:
Sandridge Energy, In (SD)
$24.71 up 2.64 (11.96%)
Volume: 243,897
OK provide the article/source that said they were going to do all that.
Can't do it?
Ok let me show you what they did tell the world in the Wall St. Journal in March 2016...2 full months before filing BK.
Business
Sandridge Warns of Possible Bankruptcy Filing
Oil and gas explorer says ‘going concern’ notice in annual report could result in default
<To read the full article click link>
http://www.wsj.com/articles/sandridge-warns-of-possible-bankruptcy-filing-1459359252
Marker:
Sandridge Energy, Inc. (SD)
$ 23.9417 up 1.8717 (8.48%)
Volume: 195,587
They told the world they were going to file bankruptcy months before they did it. If you didn't heed that warning you got nobody to blame but yourselves.
New 4 year high
Marker:
Select Sands Corp. ( (CLICF)
$0.7116 up 0.1268 (21.68%)
Volume: 224,950
FYI - ADMIN closed down both Warrant boards I created so any discussion on those is referred to this board. Not sure what their thinking is since they're both registered and w/ tickers assigned but whatever.
4,913,251 warrants to purchase common stock at $41.34 strike price expiring on October 4, 2022.
2,068,690 warrants to purchase common stock at $42.03 strike price expiring on October 4, 2022.
Considering the enormous supply of DUC's [approx. 6,100 across 14 states] it creates a large backlog of potential projects that could quickly come online. With oil wells costing as much as $8 million each -- 70% of which represents the cost of completing the well such as tubing, cementing, and fracking the rock -- each incomplete well represents a large amount of sunk capital that oil companies must eventually complete in order to recoup their investments.
...and the best part is no new drilling is required.. providing of course WTI maintains the current ppb at $50 (or above) ...DUC's will be the focus of many producing companies going forward into 2017.
So? So they'll need a lot of sand to complete those wells.
Luckily for frac sand producers, this requires an enormous amount of sand especially because the number of fracking stages per well have doubled over the last five years.
In addition, one of the cheapest ways of increasing production from oil wells is to increase the amount of sand used.
Doubling the amount of sand used per foot of well has a minimal effect on overall cost, yet can increase the overall rate of return by 40%, increasing the profitability of a well by about $2 million. Economics such as this is why, according to RBN Energy, some oil producers are now fracking wells with five or even six times more sand than they used just a year ago -- as much as 15,000 tons for a single well.
Re-fracking old wells represents an enormous potential market as well. According to Bloomberg, 50,000 old oil wells are candidates for refracking, which costs about $2 million per well. Thus, for as much as 75% less than the original cost of drilling, oil producers have a chance to increase production, cash flows, and maximize their original investments in older wells by utilizing newer and more robust fracking techniques then existed when the wells were originally drilled. Just as with fracking new oil wells, refracking requires frac sand, and the more sand used, the better the productivity per well thus creating a large potential frac sand demand growth catalyst.
Marker:
Select Sands Corp. ( (CLICF)
$0.6338 up 0.0438 (7.42%)
Volume: 227,649
Pioneer Natural Reso (PXD)
Pioneer Natural Reso (PXD)
$186.20 up 0.87 (0.47%)
Volume: 1,249,374
-Price of WTI Oil: $50.49 @ bbl
-The IHS Energy Analysis of Drilled, but Uncompleted Wells [DUC] in the Eagle Ford Shale indicates DUCs can be converted to producing assets for approximately 65 percent of the cost of a new drill, significantly lowering the economics when evaluated against remaining costs. When considering the productivity of the Eagle Ford DUC inventory, nearly 40 percent of the *1,400 DUCs are considered to have attractive economics (break-even costs below $30 per barrel) and belong to a handful of operators, IHS said. Those operators include BHP Billiton, Chesapeake, Anadarko Petroleum, EOG Resources, ConocoPhillips and Pioneer Resources. Thirty-three other operators account for the remainder.
http://press.ihs.com/press-release/uncompleted-wells-eagle-ford-shale/large-inventory-drilled-uncompleted-wells-pose-oppo
*This article is not farm fresh [April 2015] so the number of DUC's in the Eagle-Ford has increased significantly since it was put out.
A Guide To American DUCs (Drilled Uncompleted Wells)
Jun 27, 2016
When Drillinginfo first started releasing counts of the Drilled but Uncompleted wells (DUCs) in the U.S., I immediately was questioned on how to interpret the results. Everyone had a different DUC well definition, depending on what they actually wanted to evaluate. So let me suggest some terminology to clarify what we are talking about…
DUC well: At Drillinginfo, we begin our analysis with the literal definition: a well that has been drilled and has not yet been completed.[1] As of June 23, we had approximately 6,100 DUC wells in the 14 states where we track DUC wells, excluding new wells drilled in the month of June, as shown in Figure 1.
<click on the link to read the rest of the article>
http://www.forbes.com/sites/drillinginfo/2016/06/27/american-ducs-drilled-uncompleted-wells/#1c4f9a03774e
Marker:
Select Sands Corp. ( (CLICF)
$0.6338 up 0.0438 (7.42%)
Volume: 227,649
*New 4 year high
Unknown if Warrants are or will be registered. As of right now they don't appear to be.
Since SD trades on NYSE we should be able to add the "W" to the ticker [SDW] to view price(s). But it's not there. not yet at least. ??
================
What we do know is:
Warrants
4,913,251 warrants to purchase common stock at $41.34 strike price expiring on October 4, 2022
2,068,690 warrants to purchase common stock at $42.03 strike price expiring on October 4, 2022
Common Equity
19,371,229 shares of common stock issued at emergence, including 971,231 shares issued and outstanding to give effect to the election of certain holders to receive common stock on the effective date instead of the Convertible Notes.
Marker:
Sandridge Energy, In (SD)
$21.52 up 0.42 (1.99%)
Volume: 574,211
"down about 27%" ...and I might add sinking fast.
No tears shed for SA here.
The Saudi's unleashed this price war dog to kick some American frackers rear ends...but that pitbull comes with unintended consequences..has no master.. and turned on them as well.
For example;
Cracks in the Kingdom: Saudi Arabia Rocked by Financial Strains
Sunday, Oct 2, 2016
Hundreds of foreign hospital workers in Saudi Arabia, unpaid for seven months, were on strike this week and were blocking a highway in Eastern Province in defiance of the ban on strikes and demonstrations in the Kingdom. The employees’ anger was deepened by the belief that the very same employer who has been holding back their salaries regularly offers massive fees to international singers who perform at his parties.
Things are not well in Saudi Arabia and this week there were two pieces of bad news. Hitherto, there have been protests like this by foreign employees suffering from the knock-on effects of cuts in state expenditure following the drop in the oil price. In work camps far out in the desert workers complain that, not only have they stopped receiving money owed to them, but they are no longer even receiving supplied of food and electricity.
But today the cuts are for the first time hitting public sector workers who are Saudi citizens, 70 per cent of whom work for the government. So far the austerity is limited with lower bonuses and overtime payments and a 20 per cent reduction in the salaries of ministers, though those close to political power are unlikely to be in actual need.
There are political dangers in this move. In the oil states of the Middle East there is a trade-off between the spectacular wealth of a corrupt and autocratic elite and an extensive patronage system through which much of the rest of the native population plugs into oil revenues. Some $120 billion, or half of government spending, went on salaries, wages and allowances in 2015.
With a Saudi budget deficit of $100 billion in 2015, this haemorrhage of cash may not be sustainable but will also be difficult to rein in. Great construction companies like Oger and Binladen are having serious difficulties getting paid by the government with Oger alone reportedly owed $8 billion. South Asian construction workers, who once saw Saudi Arabia as an El Dorado, are going home after waiting for months for pay cheques that never come.
The woes of foreign workers, and even of the native public sector employees, are not necessarily going to destabilise an absolute monarchy like Saudi Arabia that mercilessly crushes dissent. The fall or destabilisation of the House of Saud has been forecast for decades with no real sign of the prediction coming true. What makes the present economic stresses more significant is that they come at a moment when Saudi political influence is visibly under strain in the region and the world.
Among those exempted from this week’s benefit cuts are Saudi forces in Yemen which may remind Saudis that they are still mired in a vastly expensive conflict there which their government voluntarily entered last year and shows no sign of winning. In Syria, the five-year-long effort by Saudi Arabia, together with Turkey and Qatar, to get rid of President Bashar al-Assad, has likewise failed. In the decade-long Saudi rivalry with Iran, today it is the Iranians who look like getting the upper hand.
But a more menacing development than this may be facing the rulers of the Kingdom in the US. For so long the ultimate guarantor of the status quo in Saudi Arabia, the US is increasingly ambivalent or hostile towards its old ally. On Wednesday, the US Senate will vote on whether or not to override a presidential veto preventing the families of victims of 9/11 suing the Saudi government. The measure is unlikely to become law, but it is a sign of the Kingdom’s ebbing influence where it really matters at a time of deepening troubles at home.
http://axisoflogic.com/artman/publish/Article_75240.shtml
*Its no longer a wonderful day in the neighborhood for Saudi royalty. It couldn't happen to a better bunch...they were never a friend to the US...however these events come with global repercussions.
Marker:
Sandridge Energy, In (SD)
$21.10 UP 1.6 (8.21%)
Volume: 1,156,272