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That will be the only way to punish the thieves who engineered this fiasco.
BofI Holding, Inc. Makes Fortune Inc. Fastest-Growing Company List for 2016
Date : 09/29/2016 @ 9:00AM
Source : Business Wire
Stock : Bofi Holding, Inc. (MM) (BOFI)
Quote : $22.89 0.79 (3.57%) @ 2:03PM
BOFI Ranked 48th in Fortune’s 2016 List
BofI Holding, Inc. (NASDAQ: BOFI) (the "Company"), parent of BofI Federal Bank, announced that the Company made the Fortune Inc. Fastest-Growing Companies for 2016. Companies are ranked by revenue growth rate; EPS growth rate; and three-year annualized total return for the period ended June 30, 2016. BOFI ranked 48th in Fortune’s 2016 list.
To qualify, a company - domestic or foreign - must be trading on a major U.S. stock exchange; report data in U.S. dollars; file quarterly reports with the SEC; have a minimum market capitalization of $250 million and a stock price of at least $5 on June 30, 2016; and has been trading continuously since June 30, 2013. Companies must have revenue and net income for the four quarters ended on or before April 30, 2016, of at least $50 million and $10 million, respectively; and has posted an annualized growth in revenue and earnings per share of at least 15% annually over the three years ended on or before April 30, 2016.
http://ih.advfn.com/p.php?pid=nmona&article=72553578
Marker:
Select Sands Corp. (GM) (CLICF)
$ 0.5943 up 0.0811 (15.80%)
Volume: 112,700
Gastar Exploration to Improve Cash Position with $10.1 Million Litigation Settlement
Date : 08/31/2016 @ 9:13AM
Source :PR Newswire (US)
Stock :Gastar Exploration (GST)
Quote : $ 0.83 -0.0374 (-4.31%) @ 3:59PM
HOUSTON, Aug. 31, 2016 /PRNewswire/ -- Gastar Exploration Inc. (NYSE MKT: GST) ("Gastar" or the "Company") announced that it has executed a release and settlement agreement (the "Settlement Agreement") regarding the Company's claim for reimbursement under its directors and officers liability insurance coverage to recover settlement and legal defense expenses incurred by the Company in connection with litigation settled in December 2010. Gastar expects to receive $10.1 million within fourteen business days of execution of the Settlement Agreement.
The Company currently has approximately $40.6 million in available cash and cash equivalents and, after giving pro forma effect to receipt of the settlement funds, will have $50.7 million in available cash and cash equivalents.
Source:
http://ih.advfn.com/p.php?pid=nmona&article=72326359
Price of Nat Gas 10/5/2016; Natural Gas ($/million Btu) - Nymex Nov contract: 2.92
===========================
Oil prices rise on report of U.S. crude stock draw
Commodities | Wed Oct 5, 2016 | 2:56am EDT
Oil prices rose in early trading on Wednesday after a report that U.S. fuel inventories may have fallen for a fifth straight week, but contracts remained near the $50 marker where many traders currently see fair value for crude.
U.S. West Texas Intermediate (WTI) crude futures were trading at $49.22 per barrel at 0649 GMT, up 53 cents, or 1.1 percent, from their last settlement.
[....]
< click the link to read on >
http://www.reuters.com/article/us-global-oil-idUSKCN12501B
SandRidge Energy emerges from bankruptcy
Published: October 4, 2016 1:13 PM CDT
SandRidge Energy Inc. emerged from bankruptcy protection Tuesday, shedding $3.7 billion in its reorganization, the company said.
The Oklahoma City-based oil and natural gas producer now has zero net debt and more than $500 million in liquidity. Eliminating the debt saves the company about $300 million a year in interest payments.
"We can focus now on creating value through safe and efficient oil and gas operations without the debt burden we've had in the past," CEO James Bennett said in an interview with The Oklahoman.
SandRidge filed for bankruptcy protection on May 16, citing high debt and low commodity prices. Judge David R. Jones last month approved the negotiated reorganization plan after it received "overwhelming" support from SandRidge's lenders.
Under the plan, $3.7 billion in debt was converted to equity in the newly reorganized company. SandRidge's 7 percent and 8.5 percent convertible perpetual preferred stock and all common stock is canceled.
The newly reorganized company's common stock began trading on the New York Stock Exchange on Tuesday under SandRidge's former ticker symbol of "SD." Trading opened at $25 a share late Tuesday afternoon at closed at $19.50 in light trading.
"We need now to get back in front of investors and help them understand the story, what we're doing as a company and why," Bennett said. "We have to prove to shareholders and stakeholders that we can execute from here."
SandRidge has about 630 employees, including 350 at its Oklahoma City headquarters. The count is down from 1,157 companywide and 548 in Oklahoma City at the end of 2015.
"We're still a material employer in Oklahoma," Bennett said. "We're committed to the state and to Oklahoma City."
SandRidge over the past year has sold the Braniff office building next door to its headquarters along with other properties. The company tried to sell its headquarters tower with a plan to lease back the space it needed, but executives withdrew the offer earlier this year.
“We have no plans to re-market the building or the real estate, but, of course, everything is for sale all the time,” Bennett said. “But right now we have no plans to divest the headquarters tower. We plan to stay here for now.”
SandRidge controls about 650,000 acres of northwest Oklahoma's Mississippi Lime and about 136,000 acres in Colorado's Niobrara Shale.
“We are going forward with a strong and unlevered balance sheet,” Bennett said.
“We have very competitive returns on our Mid-Continent program plus portfolio diversification upside and long-term oil growth in Colorado,” Bennett said.
In the first half of 2016, SandRidge drilled 18 laterals in Oklahoma and Kansas, bringing 26 laterals online.
The company has drilled more than 1,600 horizontal wells in the area since 2010. SandRidge often uses multilaterals in the area, drilling two to four horizontal laterals from a single vertical wellbore.
“We're generating cash flow from our Mississippi Lime assets and are studying new and exciting zones, particularly in the southern part of the acreage,” Bennett said.
SandRidge also is developing 136,000 acres in Colorado's Niobrara Shale, which the company bought in late 2015 for $190 million. SandRidge has used one rig to drill 11 wells so far this year.
The company recently halted the drilling program while it studies data from the completed wells.
“We anticipate picking a rig back up in early 2017 and expect to run all or part of 2017 to continue to test and delineate and develop that asset,” Bennett.
Like the Mississippi Lime, the Niobrara is oil-rich and can be drilled with horizontal wells up to two miles long, he said
“At some time in a better commodity price environment, we will go into our full development plan,” Bennett said. “Next year will be focused on all long laterals.”
While both plays produce more oil than natural gas, the Mississippi Lime also produces far more ancient saltwater per barrel of oil than most other formations throughout the country.
SandRidge has spent millions of dollars over the past decade building up a pipeline and disposal infrastructure designed to pump the saltwater deep underground.
Saltwater disposal wells have been connected to the state's earthquake swarm. Many of Sand- Ridge's disposal wells are included in new Oklahoma Corporation Commission regulations that over the past year have required reduced disposal volumes in response to the seismic activity.
“It has impacted us somewhat. It's caused us to change our drilling program in Oklahoma and drill some formations away from the Mississippi Lime,” Bennett said.
“Our production deferments from the (disposal) curtailments have been minimal. We have a very good relationship with the Corporation Commission on both managing volume reduction and advancing the science on this topic,” Bennett said.
SandRidge earlier this year gave the commission and the Oklahoma Geological Society control of four of its Mississippi Lime disposal wells for pressure and seismicity tests.
SandRidge also has plugged back some of its disposal wells causing them to pump water into shallower rock layers not connected to the earthquake activity.
Source:
http://newsok.com/article/5520992
SandRidge Energy Emerges from Reorganization with Approximately $525 Million of Liquidity
Date :10/04/2016 @ 2:06PM
Source :PR Newswire (US)
Stock :Sandridge Energy, Inc. (SD)
Quote : $19.50 up 19.35 (12900.00%) @ 3:59PM
OKLAHOMA CITY, Oct. 4, 2016 /PRNewswire/ -- SandRidge Energy, Inc. ("SandRidge" or the "Company") (NYSE:SD) today announced it has emerged from Chapter 11, having satisfied all the necessary provisions of its Plan of Reorganization (the "Plan"). SandRidge received approval to relist on the New York Stock Exchange in conjunction with its emergence and resumed trading of newly issued common stock on October 4, 2016, under the ticker symbol "SD".
Combining its unrestricted cash balance with the availability under its first lien credit facility following emergence, SandRidge exits its restructuring with approximately $525 million in total liquidity.
New Capital Structure Summary
SandRidge's new capital structure consists of a $425 million first lien revolving credit facility ("RBL") (maturing in 2020) and approximately $282 million in mandatorily convertible notes, bearing no interest and converting at any time at the option of the holders or mandatorily at the earlier of certain events or four years from the effective date of the Plan. As previously disclosed, SandRidge's pre-petition second lien secured and general unsecured claim holders receive 100% of the newly issued common equity in the reorganized company.
[....]
< to read more click the link below >
Source:
http://ih.advfn.com/p.php?pid=nmona&article=72591738
Filing an Appeal doesn't mean somebody is guilty and the world has to stop.
The case to build [why this bk court decision should be reversed] is on the Appellant to prove. From where I sit that looks like a fruitless mission. They have 14 days to plead their case...and it must be NEW information. If they bring the same argument(s) they did to the Bankruptcy Court into the court of Appeals it will get thrown out.
The Appeals court isn't going to rehash old info. They have the bk court records ..they know what was said and done in the bk case. The Appellant has to bring a smoking gun not seen or heard before or its over. End of discussion.
As of right now SD has the right and the US Bankruptcy Courts permission to proceed and resume business.
I don't expect you to like any of this. You're not the first guy to crash on the rocks of a bankruptcy. I graduated from the same school of hard knocks youre going through right now ..so I'm well acquainted with how it hurts bud.
Word to the wise - Stop listening to the clueless knuckleheads on Ihub who think equity has the same rights as creditors.
I wish you well in the future.
Sincerely,
56Chevy
Im not here to be "followed".
Im here to keep a body of work on a security.
Learn from this experience ...or you'll repeat it again ...and again ...and again. Round pegs don't go in square holes no matter how hard you pound.
Next time look into the debt side. Creditors rule in bk.
Sour grapes?
It's amazing how much guys spend on a bankruptcy "education".
And my guess is you failed the class which means you didn't learn a thing..and if it all happened again tomorrow you'd play this the same way.
There was a reason the people who held $150M each in equity sold back in May when the BK was filed. If they didn't fight this what makes you think it was a wise thing for you to do??
Just askin....
SandRidge Energy Emerges from Reorganization with Approximately $525 Million in Liquidity
4 Year high hit today!
Select Sands Corp. (CLICF)
$0.538 up 0.1468 (37.53%)
Volume: 189,936
*Not all sand is created equal. No matter who is doing the drilling E&P shale companies in the US are finding out its all about the sand you use to frack the well...and guess who has the right grade of sand!
Marker:
Select Sands Corp. (CLICF)
$0.489 up 0.0978 (25%)
Volume: 155,236
Holders of Acceptance Insurance Company Inc. Capital Trust Preferred 9% shares now hold shares in a private company. The CT's nor the common stock (AICIQ) no longer publically trade. You will not see quotes associated with these stocks. No bids..no asks.
However your ownership still stands..the company remains to be in Ch 7 bankruptcy and there could still be some level of recovery for holders. No promises it's just my hope and opinion.
I believe shares (certificates) can still be bought & sold if you find interested parties ....contact your broker on how to handle a negotiated transaction.
For some reading on selling shares in a private company Google Investopedia and see what guidance they provide on how it's done. I would provide a link but am using my Android phone to post this and my abilities are limited.
That's all I know guys...this is new territory for me..if someone can clerify or provide more info please do.
Best of luck!
56Chevy
Marker:
Select Sands Corp. ( (CLICF)
$0.37 up 0.0197 (+5.62%)
Volume: 67,350
Potential Opportunity In Frac Sand Market: Select Sands
Steven Ralston, CFA
Special situations, CFA
Overview
Headquartered in Vancouver, Select Sands (OTC:CLICF) (TSX:SNS.V) is an early-stage frac sand (oil & gas proppant) company engaged in the exploration and development of a frac sand property (Sandtown) located in northeast Arkansas near Cave City. A recently completed NI 43-101-compliant Mineral Resource Estimate and PEA includes a resource estimate of 22 million tons of medium-to-fine-grained, well-rounded, high-purity sandstone, which is prospective for use as frac sand and other industrial silica applications.
Strategically located closer to the major Texas and Louisiana shale plays than the Wisconsin sources of frac sand, the Sandtown property has intrinsic logistical advantages versus competitors.
In October 2014, the company entered into an option to acquire a 100% interest in the 520-acre prospective....
[....]
*further reading of this past article from Seeking Alpha Pro requires a membership..never-the-less the opening comments reveal a favorable opinion.
http://seekingalpha.com/article/3332015-potential-opportunity-in-frac-sand-market-select-sands
Marker:
Select Sands Corp. ( (CLICF)
$0.343 up 0.0121 (3.66%)
Volume: 2,000
Bakken Update: Significant Oil Production Increases Seen In Subpar Bakken Geology Due To Mega-Fracs
Summary
Enhanced completions continue to improve initial production rates in US unconventional plays.
Mega-fracs were only used sparingly in 2015, but still improved 270-day production year over year by 22%.
As oil prices improve, we will find that improvements in well design provide a much larger footprint of development in US plays.
If correct, production increases could be much more substantial at lower prices than analysts expect.
Mega-fracs continue to improve unconventional production in the US. The changes to well design are significant, and many do not understand how much it may be changing the world oil markets. OPEC has tried to crush the US oil business, and spent a significant number of calendar days during this process. In the past, the Saudis had done an excellent job of evaluating breakeven prices of other plays. As the low cost producer of crude, it used this to push others out of business when too much production entered the market. I'm not saying this is wrong or right, as I believe in supply and demand. The point I would like to make, is this may not work. Current technologies are improving oil extraction at a much faster rate than anyone has expected. We believe this will continue for several reasons. If oil prices remain low so with the US Oil ETF (NYSEARCA:USO).
[....]
Source:
http://seekingalpha.com/article/4004358-bakken-update-significant-oil-production-increases-seen-subpar-bakken-geology-due-mega-fracs
Marker:
Select Sands Corp. ( (CLICF)
$0.343 up 0.0121 (3.66%)
Volume: 2,000
Oil and Gas Recovery: Known commonly as proppant, or “frac sand,” industrial sand is pumped down holes in deep well applications to prop open rock fissures and increase the flow rate of natural gas or oil. In this specialized application, round, whole grain deposits are used to maximize permeability and prevent formation cuttings from entering the well bore. Silica’s hardness and its overall structural integrity combine to deliver the required crush resistance of the high pressures present in wells up to 2,450 metres deep. Its chemical purity is required to resist chemical attack in corrosive environments.
Marker:
Select Sands Corp. ( (CLICF)
$0.343 up 0.0121 (3.66%)
Volume: 2,000
Frack Sand: The Unsung Hero Of The OPEC Oil War
September 19, 2016
The late-2014, Saudi-initiated oil-price war may have taken the ‘boom’ out of the US shale industry as it seriously threatened OPEC market share, but Saudi victory has been elusive: US shale has proven amazingly resilient. The industry has adapted quickly to the new playing field, and the unsung hero of a new uptick in drilling and investment isn’t just true grit—it’s sand.
The Saudi victory is equally dulled by the fact that it was not a decline in US shale production that rebalanced supply and demand; rather, it was chaos in Libya, militant attacks in Nigeria, massive fires in Canada and the destabilization of OPEC’s own Venezuela.
US shale made good use of the down-time to regroup and innovate. And now, with the drilling rig count consistently rising, drilling activity coming back on track and new investment surfacing in our favorite shale patches, it is perhaps ironic that the dessert Kingdom should find sand its new enemy in the next phase of this battle for market share.
Sand has been the most significant innovation on the US shale playing field.
“North American producers are rapidly increasing efficiency and reducing production costs, and we’re just at the beginning of this innovation curve,” says Select Sands Corp. CEO Rasool Mohammad.
“Right now, it’s all about the frack sand. The story of US shale resilience is now about huge quantities of high-quality frack sand. This is the backbone of the comeback.”
Welcome to the Mega-Frack
Hydraulic fracturing involves injecting highly pressurized water into a well and then pouring sand into it in order to keep the tiny fractures created by the water blast open, and then widening them so that more crude oozes from the shale rock.
The US response to the oil price war has been the ‘mega frack’, which means that producers are creating more fractures in rock because the more source rock that is fracked, the more oil and gas they’ll get out of it.
Source:
http://finance.yahoo.com/news/frack-sand-unsung-hero-opec-230000203.html
Marker:
Select Sands Corp. ( (CLICF)
$0.343 up 0.0121 (3.66%)
Volume: 2,000
OEC'S are seldomly approved by the courts. Just because one is approved in one situation doesn't mean it will in another.
OEC'S are very costly to an estate. Plus courts generally consider that the interests of the shareholders has been taken into consideration by management.
The existing shares being bought and sold as we speak will be cancelled and deregistered in the very near future.
Buyer beware.
The time to mount a case for equity came and went.
The court considers that the interest of shareholders were considered and represented by management.
I appreciate the encouragement Congo Mining. I was hoping a few guys would investigate and ask questions why and how moving to the debt side would have given them the returns they hoped to see on the equity side.
You put it out there for them like a picnic...but hype, rumors and baseless notions drown out genuine opportunities. It's the Ihub way.
Take Care and congratulations... you played it spot on.
56Chevy
Your multiple analysis missed the elephant in the room.
Oil went from over $100 @ bbl in the summer of 2014 to less than $30 18 short months later. When something of that magnitude happens something has to break.
Looking for a villain? Think Twin Towers and 9-11. Look no further than the middle east primarily Saudi Arabia. They declared war on oil...and they're being quite successful to take out many of our small to medium producers. This price war on our oil producers is the equivalent to flying a couple planes into some towers.
Unfortunately that's the beginning and the end of this SDOC story.
They [SD] were heavily extended and as long as oil stayed in the $100 range life was manageable...but that didn't happen.
Debt is a killer when your income takes a direct hit.
The legacy shares will be deregistered and cancelled. Therefore theoretical short sellers don't need to buy back anything. The stock simply won't exist meaning there won't be anything to buy back.
No need.
As a shareholder of common equity in a company that went bankrupt you're the guy(s) who owes the debt(s).
You're not a "Creditor" with a claim in a bankruptcy.
Thank you for the concession. ;)
No doubt about it. Since 12/17/2015 its been bumpy for the entire globe in every industry sector.
Take C for example...they're 52 week high of $55.80 was on 11/10/2015
And their 52 Week Low was just 13 weeks later at $34.98 on 2/11/2016
How do they compare over a 10 year investment;
On 5/31/2007 C was: $544.90
On 5/31/2007 DAL was: $19.05
A 10 year investment on DAL shows it up +94%
A 10 year investment on C shows it down a whopping -370%
The moral to the story is it's a lot bumpier in Citibanks boardroom than it is at 35,000ft in a DAL plane.
No. The goal is to restructure the debt. Period.
H&R Block Sees Loss Widen
Date : 08/30/2016 @ 6:20PM
Source : Dow Jones News
Stock : Bofi Holding, Inc. (MM) (BOFI)
Quote : $22.08 -0.9 (-3.92%) @ 4:59PM
H&R Block Inc. on Tuesday reported weaker-than-expected results for its latest quarter as the tax-service provider said it had fewer customers in the U.S. and suffered from currency woes.
Shares of H&R Block, down 30% this year, fell 5.6% to $22.85 in after-hours trading. The company noted that, because of the seasonal nature of its business, its fiscal first quarter is not indicative of full-year results.
"The fiscal first quarter typically represents less than 5% of annual revenues and less than 15% of annual expenses," the company said in a statement.
Still, H&R Block missed Wall Street expectations amid changes to the company's balance sheets after the sale of its bank business to a unit of BofI Holding Inc. The move resulted in the reclassification of certain revenue and the loss of some investment income.
Under the agreement, BofI Federal Bank would act as the bank for H&R Block-branded financial-services products, such as lines of credit and prepaid debit cards. H&R Block also sold securities related to the bank.
In April, H&R Block said it was laying off 250 workers during a disappointing tax season. H&R Block said it handled 5.8% fewer U.S. tax returns in the most recent tax season and planned to restructure operations, including laying off nearly 13% of its workforce.
For the period ended July 31, H&R Block reported a loss of $123.7 million, or 56 cents a share, wider than its loss of $99.7 million, or 36 cents a share, a year earlier. Excluding items, adjusted per-share earnings sank to a loss of 55 cents from a loss of 35 cents a year ago.
Revenue fell 9.1% to $125 million.
Analysts polled by Thomson Reuters expected per-share loss of 53 cents and revenue of $133 million.
http://ih.advfn.com/p.php?pid=nmona&article=72319849
You would be correct in your assumption. And I would agree that any cause for delay to confirmation gives hope for equityholders.
Here's the rub. It wasn't the court doing the asking. In other words it wasn't the judge who said he needed more time.
The company asked that exclusivity be extended purely for precautionary reasons. It will be granted ..but it doesn't mean that extension of time will actually be used.
Good luck to all.
56
Samson Outlines Revised Chapter 11 Exit Plan
Date : 08/29/2016 @ 11:00AM
Source : Dow Jones News
Samson Resources Corp. has signed a revised restructuring pact with a group of creditors that calls for the oil-and-gas company to exit bankruptcy with its top-ranking loan paid off and equity in the hands of second-lien lenders.
Tulsa, Okla.-based Samson is battling junior creditors in bankruptcy court and must either defeat them or win them over in order to make the restructuring proposal a reality.
The agreement signed Friday pledges investors holding 39% of Samson's second-lien loan claims to support a new chapter 11 plan that should be filed within days.
When it filed for bankruptcy protection in September 2015, Samson was weighted down with about $4.9 billion worth of debt. It had a deal in hand, but falling energy prices continued to chop into the value of Samson's assets and the pact fell apart.
Unveiled Friday, the revamped turnaround plan comes as Samson is taking bids on its oil-and-gas assets and fending off challenges from junior creditors.
Proceeds of the asset sales will be used to pay down Samson's top loan, while the rest of the loan will be refinanced, court papers outlining the revamped proposal say. Samson will also tap the value of its commodity hedging contracts to help reduce the loan.
Second-round bids came in recently, but Samson hasn't disclosed the offers, nor did it say which of its holdings have attracted buyers. An onshore oil-and-gas exploration and production company, Samson has interests in Colorado, Louisiana, North Dakota, Oklahoma, Texas and Wyoming.
If the revamped turnaround strategy plays out as proposed, investors in Samson's $1 billion second-lien debt get the company, and a share of a settlement trust to be set up as part of a chapter 11 exit plan, according to an outline of the revamped proposal filed Friday in the U.S. Bankruptcy Court in Wilmington, Del.
The sale process continues, as does the clash with junior creditors, who are owed $2.3 billion and are being threatened with a minimal recovery from Samson's bankruptcy.
According to Samson, the restructuring proposal is the best it can do in a market that has seen only a sputtering recovery. Junior creditors are being offered a share of the settlement trust after second-lien lenders are paid in full.
A lawyer for the official committee of unsecured creditors, which speaks for junior creditors, couldn't immediately be reached Monday to comment on Samson's latest proposal.
However, at a court hearing last week, Christopher Shore, a lawyer for the committee, predicted a new chapter 11 plan was on the way that would deal harshly with the group.
According to Mr. Shore, Samson has persisted in treating creditors on the lower rungs of the bankruptcy recovery ladder "as hostile, out-of-the-money creditors." Creditors left uncompensated in a corporate bankruptcy are called "out-of-the-money creditors."
Over the coming months, Samson will joust with junior creditors in bankruptcy court on a couple of fronts. Junior creditors say they should be able to propose a competing chapter 11 plan, and they want to sue over prebankruptcy dealings that they contend call into question the validity of some senior loans.
Samson and its senior lenders say there is nothing to the suits, and a rival chapter 11 plan would be a waste of time and money.
As part of its restructuring, Samson proposes to hand out broad releases from liability.
Junior creditors have accused Samson of surrendering legal claims that could be worth more than $1 billion, trading them away for nothing.
Source:
http://ih.advfn.com/p.php?pid=nmona&article=72306483
Marker:
Samson Oil & Gas Lim (SSN)
$0.73 0.0 (0.00%)
Volume: 6,330
Stone Energy Negotiates Sale Of Marcellus In Restructuring Bid
2016/08/26
Stone Energy (NYSE: SGY) is talking to potential buyers for its Marcellus assets as it attempts to back into a possible bankruptcy filling with a restructuring agreement in place among its creditors.
The Layfette, La.-based company plans to sell its Appalachian assets to an unrelated third party for a net price of $350 million, according to Securities and Exchange Commission filings. Previous market tests indicated that Stone Energy’s assets could fetch a sales price ranging from $250 million to $400 million, depending on commodity prices.
Under the company’s plan, $150 million from the net proceeds—about 43%—would be paid to noteholders. The remaining money would be used to pay bank debt and to fund working capital needs. If the Appalachia assets sell for more than $350 million, noteholders would receive 60% of the proceeds.
<to continue reading>
http://www.oilandgasinvestor.com/stone-energy-negotiates-sale-marcellus-restructuring-bid-1348076
Marker:
Stone Energy Corp. (SGY)
$11.37 up 0.28 (2.52%)
Volume: 1,062,448
*rut roh....
It matters as to who it is doing the objecting. Those objections you're seeing arent from senior creditors.
Why not? They basically created the plan. The debtor submitted it.
Marker:
Gastar Exploration 8 (GST-A)
$10.91 down 0.24 (2.15%)
Volume: 6,237
WTI Crude is currently $46.95 @ bbl
Marker:
Gastar Exploration 1 (GST-B)
$11.62 down .16 (1.36%)
Volume: 1,054
WTI Crude is currently $46.94 @ bbl
Nothing rolls into new equity.
New equity is "issued" not purchased. All forms of old equity go away.
make sense?
You got it!
Its not a baby so hold it like a hot potato...get in and get out... best of luck ;)
Chevy
Its complicated but in a nutshell the company was losing money hand over fist due to the collapse in world oil prices and before they lost everything they filed bankruptcy.
The reason its called a "pre-packaged" bankruptcy is because the creditors sat down with the debtor and they came up with a plan on how to restructure the debt.
In that plan the creditors will exchange debt for equity. Think of it like a bank repossessing a car or house when someone can no longer make the payments. The creditors of big oil companies don't want to own equity...they're not oilmen..they're bankers and they have no interest in running an oil company. But if taking ownership of the company is their only option for recovery that's what they will do.
Therefore all the legacy equity must be cancelled and new equity will be issued.
As of today that will happen on Sept. 6th.
You can trade this if you so desire..many here are and some are making money..that's great we all like making money..but it will be a game of musical chairs and when the music stops anyone holding shares instantly becomes a bag holder of a dead stock.
The goal here is not to be one of them. Good luck.