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Is it just me or does the dude below Ving Rhames on the movie poster look like Tiger Woods with no hair? :)
HOUSTON, Dec. 19, 2016 (GLOBE NEWSWIRE) -- Memorial Production Partners LP (MEMP) (“MEMP” or “the Partnership”) today announced that it has further extended its previously announced forbearance agreements (the “Forbearance Agreements”) with certain noteholders that hold 51.7% of the Partnership’s 7.625% senior notes due 2021 (the “2021 notes”) and hold 69% of the Partnership’s 6.875% senior notes due 2022 (collectively, the “noteholders”). Under the terms of the Forbearance Agreements, the noteholders have agreed to forbear from exercising any and all remedies available to them as a result of MEMP’s previously announced election to not make an interest payment of approximately $24.6 million due on the 2021 notes. The Forbearance Agreements now extend through January 13, 2017.
In addition, MEMP reached a new agreement with the lenders under its revolving credit facility to extend through January 13, 2017 the waiver that was previously granted in connection with MEMP’s election not to make the interest payment on the 2021 notes as noted above (the “Extended Waiver”).
As previously announced, MEMP is engaged in ongoing discussions with its lenders and a steering committee of its noteholders regarding potential strategic alternatives to strengthen its balance sheet and improve its capital structure. The Forbearance Agreements and Extended Waiver will allow the parties to continue this dialogue and work towards a comprehensive solution that substantially improves MEMP’s balance sheet.
Operations are continuing as normal across MEMP’s asset base.
Perella Weinberg Partners L.P. is serving as financial advisor to MEMP and Weil, Gotshal & Manges LLP is serving as its legal counsel.
That is exactly my question. Unless otherwise stated, all pre BK common shares are gone. Someone on this board is stating otherwise, however, I have not seen anything concrete to support that. To state that "it doesn't say that the shares will be wiped out in the filings" is not proof. Somewhere, in writing, it has to state what these original shares will receive, if anything. Anybody?
It is nice to see someone else here understands what is about to happen to this company.
Wow guys, I didn't mean to upset everyone so much this morning, just passing on current events. As far as the credit drawdown, any bankruptcy attorney will tell you, max out all of your credit cards and stop making payments on anything you plan on defaulting on, this is the same thing on a much larger scale.
That page automatically gives the current date everytime you open it, read the dates in the article.
That is from last year. This is hot off the press, can you say bankruptcy?
SandRidge Energy, Inc. Elects to Exercise Grace Period for Payment of Senior Notes Interest
36 minutes ago - DJNF
OKLAHOMA CITY, Feb. 17, 2016 /PRNewswire/ -- SandRidge Energy, Inc. (the "Company") (OTC PINK: SDOC) announced today that it elected to exercise its grace period and defer making approximately $21.7 million in interest payments due February 16, 2016, on its outstanding $543.6 million principal amount of 7.5% senior notes due 2023 and its outstanding $46.9 million principal amount of 7.5% senior convertible notes due 2023. The Company has sufficient liquidity to make these interest payments, but has elected to use the 30-day grace period in connection with its ongoing discussions with stakeholders. Entry into the grace period does not constitute an event of default under the indenture governing the notes.
"With a strong cash balance, we will continue operations without interruption, including paying employees, vendors and service providers, " said James Bennett, SandRidge President and CEO. "Today's actions will preserve liquidity and flexibility as we continue to engage in constructive dialogue with our stakeholders."
Sorry, I misspelled know.
Isn't anyone on this board concerned with the fact that this company just approved an A/S count increase to 5 billion shares? I understand the current O/S count is manageable with a low float, but this new filing clearly states the purpose - to pay off debt. Everyone should no what happens next.
I searched Edgar and found no recent evidence of insider selling. Can you please share where you found proof of this. Thanks
I have a question for anyone on the board that might know the details of this restructuring plan. Isn't it likely that these pre-existing common shares that everyone here now owns will be wiped out and new shares issued after reorganization?
What I think is that my post was intended to bring light to the fact that, "in my opinion", the management of this company made several wrong decisions, before during and after this event, and that they shouldn't be compensated nor retained in their current board positions. I was not posting to get anyone's blessing, approval, or disapproval of my stock purchases.
I would recommend anyone/everyone that received voting rights to the upcoming meeting vote AGAINST all compensation packages as well as retention of any board members. I know, the few votes from this board won't make much of an impact, but it seems crazy to reward these guys for what has happened. BTW, I sat in this thing from late January until 1.88 before I finally accepted my fate and sold. My nay vote did seem to take the edge off of the very painful sting of my losses, at least for a few brief moments. :(
Does anyone know anyone that knows anyone that may have listened to the conference call and would be willing to give a thorough summation of what was discussed. Thanks in advance for any information/feedback.
Reverse split coming soon.
I think you answered your own question. Obviously the negativity of these multiple recent events have taken their toll. Until there is some REAL improvement to the situation, we will languish were we are.
GO FXCM!
Please give an example of one "real" lawsuit that has been filed. And before you do, please keep in mind that all the news releases that you are referring to from the ambulance chasers state only that they are "investigating".
GO FXCM!
Please read this for clarification of the 8k so that this ongoing confusion of when the AS count increase take's effect will cease.
"The Company has agreed to file a preliminary proxy statement with the Securities and Exchange Commission seeking an approval of the increase in authorized capital on or prior to January 5, 2015."
Now for the definition of a preliminary proxy statement, or also known as a FORM PRE 14A.
"A filing with the Securities and Exchange Commission (SEC) that must be filed by or on behalf of a registrant when a shareholder vote is required on an issue not related to a contested matter or merger/acquisition. SEC Form PRE 14A should provide security holders with sufficient information to allow them to make an informed vote at an upcoming security holders' meeting or to authorize a proxy to vote on their behalf. It includes information about: the date, time and place of the meeting of security holders; revocability of proxy; dissenter's right of appraisal; persons making the solicitation; direct or indirect interest of certain persons in matters to be acted upon; modification or exchange of securities; financial statements; voting procedures; other details.
This clearly means that on or before Jan 5, 2015(which will probably be before that date)this PRE 14A will be filed which will give the time, date and details of the actual vote.
Now for the reality of the situation that myself and any others in this stock trying to make a buck or break even is currently in.
1)You can bet Ezra Green is a crook, he did destroy
Clear Skies Solar.
2)This new company has nothing, and they are going
nowhere.
3)Management does have majority shares and the vote
will pass.
I can only speak for myself but I think originally most of us where hear for the bounce play, which it appears won't happen, at least not on the scale we had hoped. There is still some time left to let this play out, but make no mistake, when the PRE 14A form hits, that is the time to exit.
Wow, I had 2,190,000 shares of this back in March, I feel sick. :(
I'm not sure but I think you are correct, the shell still exists and all those worthless shares are still floating around. I hate to see anyone lose their money, thus the reason for my post. I was in this stock when the company was still in business, I watched them cancel projects, watched board members resign, watched them default on the lease for their corporate headquarters, and watched them sell their remaining interest in their only patented asset. There is absolutely nothing going on here, even their grossly outdated website is gone.
Attention everyone that seems to be interested in CSKH, they have been out of business for a few years now, don't waste your time or money on this turd!
Been away from the GLER board a few days, anyone know what happened to cjstocksup?
If anyone has Scheer's email address can they please post it, I think it's time him and I discuss this ongoing dilution problem. Thanks in advance
Bought at .008 thinking I had found the bottom and sold at .0065 realizing I hadn't. The last few 8K filings truly explain the state of the company at that time, board of directors resignations along with the filing on 3/2/2012 suspending all business activities until further funding could be found, which in one year apparently has not happened. There last 10Q stated a loss of 32 million dollars since their inception in 2003. I think solar has great potential and there are some real companies out there, I just don't see much of a future for this one.
Guys you should really do some DD on this so called "company". For those of you that are trying to flip and make a buck, you may be successful, for anyone else that actually thinks this is going anywhere please take off the rose colored glasses. There is no X-TRAX, the rights to that technology was sold LONG ago, there is no office, the doors were closed LONG ago. I was in this play back in Oct. 2011 when they were barely holding on, selling everything they had(shares, remaining technology rights, etc.), and would still answer the phone. Yes, I lost some money here and my only reason for this one post is to prevent anyone else from doing the same.
GOOD LUCK
Assume worst case of a 1 for 50 split, do you really think they want this stock price to be at 2 cents at the time it takes effect starting out at only $1 per share, that's not even close to what it would take to keep them off the pinks. Even at a 1 for 5 split the price would have to be .20 per share to get to that minimum $1. Please keep in mind this is all assuming the big board is their goal.
One other thing to keep in mind here guys and I can give a few examples of other stocks that rose considerably pre-reverse split, even if this AS/RS was approved this company wants that share price as high as possible at the time it takes effect. They know it will automatically begin to slide down afterward and if the big board is there end goal they need some room above that $1 mark.
When you've done your proper DD on this magnificent company please come back and explain how you feel they are undervalued at this level.
Looking like this one has already shot its wad, "SPNK" would have been more suitable. :)
TO DA MOON!!! TO DA MOON!!!
OOOPS, I meant clarify.
"CNN covered South X Southwest all day yesterday and spoke several times about the small company Research in Motion owned by AMWI."
I wouldn't say Research In Motion is a small company nor are they owned by Amwest Imaging. Hoping you meant something else and would like to carify.
http://www.stockmauthority.com/, works for me.
I went online to the Austin Statesman and searched for any reference to AMWI or Amwest imaging with no results. Since you have a subscription to Agora Financial and you're familiar with the article in the Statesman perhaps you could post a relevant excerpt from both sources (and I ask for just the excerpt as I recall you mentioning the size of the Agora document). Thanks in advance for any help.
Dig a little deeper my friend, from their last 10Q filings:
"Subsequent to September 30, 2011, our ownership of Carbon 612 was reduced from 66% to 33%. See Note 10 “Subsequent Event”."
Carbon 612 is XTRAX, and since this still hasn't made it to the market, 33% of nothing equals nothing.
No brother what they are saying is that they do not know how to properly manage a company (considering as of Sept. 30th 2011 they have lost, since their 2003 inception, 31.9 million dollars) and when they complete the current open projects (if there actually are any) they will be shutting the doors until they can find someone that wants to invest/lose their money in Clear Skies Solar. Even the board of directors are running for the door and I doubt if they are even financially compensated.
The XTRAX technology you are referring to has been in the works for approximately 5 years and still has not been implemented. Besides the company has already sold 2/3 of the rights to pay their bills.
I receive Preferred Penny Stocks first, which this time is the only one I received.
Looks like this prized turd has resumed it's death spiral.
I usually receive this one first followed by PennystockUniverse then AwesomePennystock last, usually about twenty minutes apart, didn't happen that way this time, have only received the one.