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I've thought all along that's the one of the most outrageous things I have ever seen. The courts and Sandridge are screwing a school district. It's really unbelievable.
I would have thought it would have got a little bump today on the WSJ article that the bk has been delayed in order for the shareholders challenging the Chapter 11 to gather more information.
Mr. Old Spice,
Are you sure about that?
Get'm while they're hot folks.
A little birdie told me that the equity committee has a meeting with the judge.
As they say, just say'n.
Personally, I like the 57 Chevy but that is neither here nor there.
I think the difference in the Sandridge bankruptcy and others is that Sandridge brought it on themselves, to save their own selves. Probably not even the employees just the big money guys. And, you are probably right at least if you look at share price but, I am like Mr. JNelson and will continue to hold a fairly sizable position.
I think that a fight did and does need to be put up in this case in particular. I know that if I go BK I loose everything and there have been times its been tough, but you know what, I struggled and still paid my bills. Somewhere along the line business bankruptcies became too easy and enticing. The laws will have to be changed for the general public to ever regain any confidence in the market and that is going to take some time. I do know in the short term there are still things going on that could change the course of this particular case. So Mr. 56 Chevy, I hope your wish comes true and we do manage to prevail.
The Sandridge Shareholder Equity Committee members are the smartest most hardworking and dedicated group of people I have ever encountered. They have produced about as close to a smoking gun that Sandridge is trying to steal the company that you can get. Thank you Committe Members and all shareholders for fighting this worst managed, dishonest company I have ever seen.
Thank you so much for the link. This makes it even easier to get the word out and this fraud exposed.
Lots of companies have debt and by the way crude is at $46.67 as I write.
I agree, in that, this company is run by a bunch of corrupt morons. They may know a lot about drilling for oil and gas but have no common sense or conscience.I think the company with this leadership will fail even if they do pull off the Chapter 11. You can only cheat people so many times. About once, then the old fool me once adage applies. So yes I would gladly take 5 or 6 dollars because I don't believe even if us shareholders did end up getting something I could ever trust the current management again. Pretty much everyone in charge needs to be replaced in my opinion.
I wouldn't be surprised.
And the guy running this co. makes how much per year? But then again, if he worked with the people who drove the price down maybe he earned every penny, at least for them.
I will make a call. sandriddge management better fess up to some additional oil and gas properties they own. Otherwise, it may be more than just money involved here.
That didn't take long. Just long enough for an unethical company to say they are sorry but just can't pay their bills. How convenient for this questionable group to jump in and try to steal a company that going forward will be worth billions all for themselves. At least the last time they stole it they gave the guy something. I think these people have gotten away with so much that they believe they and their lawyers are above the law. I also think they will prove to be wrong this time.
I hope it is before Sandridge gets any kind of ruling. They will be laughed out of the courtroom.
Proxy away. It's going to be a long hot summer in more ways than one.
That is not what they told investors. They were supposed to be one of the lowest cost producers. That's what this company was all about. Shallow wells. Now, if were're going to talk what was then these guys are in a lot of trouble for misleading people. This oil was supposed to be much less expensive than Baaken Oil. No where near $75 to $100/brl. If this company did not outright conspire to take investors money and they would, just ask Tom Ward, but God knows I not defending him, then at they very least they mislead investors which you can not do.
I don't think I have ever seen anything quite like this. A company is not bankrupt and is only going to be getting a whole lot richer, probably soon, declaring their shares worthless. Can you really do this in America? Who's next,Exxon?
I think they are going to be paying plenty of fees in the months to come anyway.
My question is why the hell would anybody trust these people with their money next time round. They will steal it in a heart beat given the chance.
Mr.Chevy and Mr.Rambler,
You sirs are preaching to the choir.
For those interested in being part of a shareholder's committee there is information on the Yahoo board. These posters seem very legit and know what they are doing. If I were a sandridge "manager" I think I would be reading that board and have a suitcase packed just in case.
For those interested in being part of a shareholder's committee there is information on the Yahoo board. These posters seem very legit and know what they are doing. If I were a sandridge "manager" I think I would be reading that board and have a suitcase packed just in case.
I agree. One for all and all for one.
I think Wells Fargo et al. are going to take these guys to the woodshed and teach them a thing or two about selling people out who were depending on them for leadership. Especially when one or more in the group being kicked to the curb happens to be very large and powerful.
I had typed this long tirade in response to your question but hit the wrong button and lost it so, I will just sum up like this. Yup.
I am also happy to see Mr.Wells Fargo has jumped into the fight. I am pretty sure they are somewhat larger than Sandridge Energy and I have a checking account with them. Probably not too much pull but more than I have with Sandridge.
It would be so satisfying to expose people and those around them such as Bennett and the others at SD. I don't how but we have to find a way. Not only will these greedy blights on society get what's coming to them, because let'face it this is pretty shameful, and we just might get a little of our money back.
I think in layman's terms it's called legalized stealing.
Well then, please tell us what has to do with it and I'm sure this has been asked more than once but, if oil does rise substantially I think you are saying that this would not have any impact on the common and preferred stock. From what I understand that is being said,, is that simply by Sandridge saying that the stock will no longer have any value then it won't. The judge, according to what is being written, will have not any say and even if he did he would not change anything in the agreement. If this is what you are saying, I do not think you are correct.
There are a lot of people who would like for it to be this easy. It will not be this easy.
So let me get this straight Smilin. Your saying were SOL. Is that correct?
And by the way Mr. JNelson, you give Bennett one grade higher than I do.
Thanks for clarification. Makes me feel some better to know we are not out of this even before the hearing. And for Lucky Oil, exactly where do you stand. I mean it seems like at times you think we have a chance and at other times we have a snowball's chance.
Mr. JNelson,
Why do you give the judge a 1? Is it that the case has been allowed to be brought at all or rather his background? The way a read it a 1 is the worst rating. I am not disagreeing only curious if you think he that much of a hard ass. In an earlier post I was thinking you thought he might give us shareholders some consideration. One thing about it, just like things on the internet never go away, the same can often be said for lawsuits. For lawyers they are the gift that just keep on giving like some other things that come to mind.
I agree with you Mr. Nelson that this is just too obvious. Someone asked earlier whatever happened to making money on $45.00 oil. I have wondered about that myself. I am not familiar with this judge and am glad to hear this about him, but not ever knowing that I would think that most judges would see this as being rushed in addition to being very questionable as to whether "our leaders" really have to do this or maybe iy is just convenient. Things like cleaning up all the other outstanding issues such as OXY and the employee overtime suit before proceeding with this to make it easier to slip through. These people are and I don't use this work lightly, liers.
As to the class action suit I haven't heard any back yet either but I am sure we all will if this stupid sham of a deal continues.
I would say it is because the BK plan has only been submitted but not approved and thank you Mr. Rambler for your honest difference of opinion.
Sorry,
This my first bankruptcy. I don't know how many you have been through but I could not stand to many and have very much left. And even though you must be a very experienced investor you will never convince me that these guys didn't throw in the towel way too soon. Remember what a disappointment Reberto Duran, No mas, No mas. Anyway, its not what you think or what I think, its what the Court thinks and I hope a some point they think Sandridge did very wrong.
I would not want to buy a house much less a car from this group. Even if you made the payments they would probably send a couple of huge guys in the middle of the night to repo it.
I have been screwed around before like every other small investor. I get the class action papers in the mail but have never bothered to fill then out because I feel like it was probably just a bad investment and I'm really not going to get much of anything back anyway. This time,however, it will be based on principle as much as anything, and I am going to fill out any and everything I get even if it costs me a little.
I'm not saying it can't be done cause obviously it can but if it were my house I would work like h'll to save it. It should be obvious to everyone what is going on. Bennett and others are trying to keep way their overpaid jobs. They throw in the part about saving the employee's but if they don't stand up they will also be gone soon enough. Some keep referring to the shareholders as the owners and poor Mr.Bennett and the BOD as helpless to do anything but give the farm away but they will still be running the farm. This is a huge lie and downright sickening. These people are going to be in court from now on.
Let's get one other thing clear.We can go back and forth on this board until we are blue in the face and nothing will happen. Only when we prove in court that the company had their bests interest at heart and not ours can we get our money back and put some people in jail. Their careers are already ruined anyway we might as well give them something to do picking up trash on the side of the road.
It just looks like this was all rushed up before oil and gas go back up. I don't know if is legal but it certainly not right. I feel that of the oil companies that have filed for BK we have really been screwed. I think the prepackaged part was just to move things along.