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Unfortunately...if I'm reading this right...it is going to be more of a 500-600 to 1 split?
http://marketexclusive.com/basic-energy-services-inc-nysebas-files-an-8-k-bankruptcy-or-receivership-2/46490/
Looks like today's blastoff was more of a silent, wet fart.
So in other words...it is just like a reverse split? Company will give us one warrant (new share) for every ten old shares we own. That's how they get it above a dollar...yet the current common stock holders make nothing...and lose nothing? My 50-thousand shares at 50 cents a share will become 5,000 warrants worth 5 dollars a warrant?
I have a scottrade account I'm going to transfer the money to...but you know how it works...have to wait 3 days for money to clear...then 1 day for money to transfer. Guess we will see what the price is next tues.
No REAL company is going to unveil their plan until it is already set in motion. I'm still guessing we don't hear from these guys until after the first of the year. Like garyst said...why would they go through all the trouble of getting out of BK with common shares intact? This might hit .12 before we hear from them because people get scared or need the money for the holidays...but at 17 cents you already have more volume than you've had the past 3 days combined. I just wanted to be one of those guys getting it at 17 cents.
Well...I was going to buy more at 17 cents...but wells Fargo has completely prevented this stock from being traded? I called and they said it just happens that way sometimes.
Nevermind...I see they're erasing all common shares and getting a free ride like 80 percent of these companies that dont deserve it.
Agreed. Have to admit when I'm wrong. I thought this had a chance at recovery with rising prices...but being linn hasn't created an equity committee and proposed a change to reorganization plan by now says they will be completely gone and all common shares with them by early next year.
Good point! I'll hold what I have...doubt I'll buy more until we get a clear direction.
I want to buy more of this stock...no debt...10 million dollar market cap...17 million float...looks incredible!...but like I posted previously...these guys were getting killed and going down hill back when oil was well above 100 bucks a barrel? Something isn't right?
I see the VP sold off another 25,000 shares. Makes me feel more confident.
I must be missing something on this stock
Bankruptcy hearing to give them another 100 million dollars to spend is monday and will most likely be approved. Management has to make this thing go up strong in order to get their bonuses?
Think this is the reason insiders sold off?
http://bankruptcompanynews.com/basic-energy-bankruptcy-12-1-16/
They knew the reorganization plan would get challenged when they failed to make payments?
I still don't think you hear anything here until January. They'll announce any 4th quarter earnings if they have any...then they will announce when and where they've acquired leases based on the seismic data they still hold and that they will start drilling soon. It will boost the price of the stock when that happens...and even though I hold a good chunk or shares here...I'm a little leary of this company and its business structure. Even in 2013 and 14 when oil was way over priced at 100 bucks a barrel...this company was losing money and price of shares was already dropping.
Don't worry...most energy sticks are down today and tomorrow waiting for opec announcement. Just wish I would have waited to buy.
Who knows? I'm watching insiders sell off like crazy in the past week...i see this thing stuck at 51 cents. If youre heavily invested, i hope this works out well for you. I want to buy...but there are just too many red flags.
Youre right...all right there. Insiders selling shares off faster than diarreah after taco bell. Stock has to be over a dollar before the new year based on???? Can you say reverse split?
I love your enthusiasm...and I hope youre right! However, it just doesn't make sense that all the insiders are selling their stock like a teenage boy trading his lunch money for his first playboy...and it doesn't make sense that reducing the percentage value will help this thing go over a dollar. I'll go out on a limb and make 2 bold predictions here...1) This thing is nothing like Ultra petroleum. Ultra will emerge from BK next week with the new deals they now have in place and the stock will double. 2) Basic Energy will do a reverse split before the end of the year in order to hit a dollar on the exchange and keep their deal.
I agree with you. Almost sounds like a reverse split in a lot of ways. The price of the stock may exceed $1...but after all the new common stock is issued and the current common stock is recalculated...the number of shares you own might be adjusted dramatically. Might even lose money?
That's strange that the number on the ask today is nearly a 3rd of the daily volume this thing has had for 2 weeks?
Beware! This stock is crap! These bankruptcy courts allowing these oil companies to just toss the investor to the side and start fresh is garbage! This stock will screw you if you invest.
I still think LINN can pull out of this without erasing common stock.
Quote: "Linn Energy saw a net loss of over $1.3 billion in the first quarter to a net income of more than $208 million in the second - a nearly $1.6 billion improvement."
The 3rd quarter was even better! This is what happens when the price of oil averages $47 rather than $35 and the price of natural gas is $2.50 per MCF rather than $2.
There are days I wish I was just a dumb pumper...I bought this at .30...but still believe it will come back with a plan moving forward. I have bbepq and lineq stock as well...but I'm more afraid of those 2 than this...those 2 could just go ahead and cancel their common stock and get a clean slate at anytime. At least we know common stock is safe here for now.
I'm guessing it will go up and down between .12 and .20 until news is released on future operations. Probably in january. But there has only been 60,000 shares traded this morning. That's 10-thousand dollars. Probably one or 2 people selling out to take a loss so they can buy something else.
Press release firmly states They're evaluating their retained assets with the view of developing post bankruptcy operations. You are right though...they could pocket what money they have left, sell the seismic data, and close the doors. However, it would be considerably more valuable for these guys to rebuild for a year...then sell out to a bigger company. I'll be sticking with this one until at least the end of the 1st quarter in 2017. This one is rare. Usually common stock is wiped out in bankruptcy. And as far as I know...the float is not the 30 million listed here...it is 17 million. Very low!
Guys...calm down. Do you really believe if you did get ahold of them...that they would say, "ya, this is exactly what we are going to do. Tell everyone!" I'm trying to free up money to buy more of this stock. They are completely debt free and have a market cap of 10 million dollars with 450 miles of lease assets. We may not hear from them until the end of the year with everyone waiting for opec...but I firmly believe this company either sells out or starts building again in 2017...either outcome will be good for stock holders.
Doubt we will see any direction here until opec has their meeting and makes an announcement later this month.
I thought this thing would jump 4 cents on the 10-q...they've obviously cut down on a lot of debt over the past year.
Well...if any of us could tell the future...we would all be billionaires. I disagree with you and say the creditors are not going to take that kind of loss without exhausting every other avenue. I'm still predicting a year extension and a good chance of pulling out of chapter 11.
It will change...there will be an extension to let the restructuring plan take hold. Also, i wont be surprised if they form an equity committee in the next month to help move that plan along. Nobody wants to see a company that is 7 billion dollars in debt with 4 billion in assets go under...not only would banks and creditors have to eat the extra 3 billion...that they cant afford to do...but they know the 4 billion obtained from selling off assets would be tied up in legal battles to see who gets it for years. The only way this goes under is if oil goes back to 30 bucks a barrel.
SARAQ...i think linn will do the same thing in one year if oil and gas can stay at a reasonable price.
If natural gas comes back to $3 Mcf and oil stays above 50 bucks a barrel...yes...they will be similar to ultra. They may even get an extension on their time table after seeing the ruling on brietburn energy. The banks and creditors can't afford to eat the 6 billion dollars linn energy owes.
Might just be so they don't drive it down to 2 cents a share before potentially gaining fda approval. Unfortunately, i think a R/S is in our future regardless of what happens. If they just start unloading more on January 19th after the holiday weekend, I'll take my loss and run.
Unfortunately, my gambling gut is holding onto 250-thousand shares in hopes we get fda approval and this thing just takes off. However, logic and reading of the latest filing tells me they're dumping every share they've got and then doing a reverse split after the 1st of the year with hopes that fda approval combined with a reverse split puts them over 5 bucks a share by the end of january. Jmo
not really old...latest news update from feb. 2015 states the gold sample they sent in came from the company sited in the june 2014 release...that would be noble.
You want more fun news about this great company? Have you ever looked up noble metal kings, the alleged company getting the gold???? Guess what...
http://listings.findthecompany.com/l/24980983/Noble-Metal-Kings-LLC-in-Salt-Lake-City-UT
there are only 2 employees digging up all that gold...which is probably a friend of norat and his wife sitting at home and the gold is investor money!
Furthermore, I looked up noble metal kings company address on google maps. Ya, a gold mining company would have an office and equipment, this shows the guys house!
https://www.google.com/maps/place/2228+E+Keller+Ln,+Salt+Lake+City,+UT+84109/@40.694163,-111.8289017,17z/data=!3m1!4b1!4m2!3m1!1s0x875261bbe3f2291d:0xd17f743d2ecfed0
This thing stinks so bad of fraud and corruption they should be part of the Obama administration.
I doubt I'm even in the ball park compared to what you're holding. I have 60-thousand at .13 a share. I'm just expressing what I'm seeing in the 10Q and the number of shares traded over the past 10 days.
Everyone reads things differently. I'm holding simply because there's a small chance this thing could change drastically if the right blocks fall into place, but my interpretation of the 10Q tells me the FDA is nowhere near approving this thing. AMDA is obviously shifting money, diluting the stock, and trying to build cash flow to try and cover their asses...the question is why? Do they already know they're not going to get FDA approval and are changing business structure to make sure they don't fall completely into debt? Are they just getting as much money out of dilution as they can before doing a reverse split? (This is the most likely scenario)Or are they about to unveil another game changer that will make billions, but need the cash flow to mass produce it? I'm frustrated with this thing, but will continue to see what happens simply because I'm a gambler. GLA!
I hope you're right. The way I read this thing is they're preparing for the FDA to reject the product and trying to balance the sheet to break even by December of 2016. I'm hoping the CC is a bit more positive, though the 3rd quarter release wasn't as bad as I thought it would be with the crash we saw today.