In the link, you provided they only list the preferreds and not the common stock so that actually IMHO a bad sign that CHK common stock may not end up even trading in the OTC market but only time will tell. Good information you found never the less. Thanks and have a great day.

Thank you for the compliments Dad4487. I'm sorry if you were holding a long position in CHK. I hope if you had a position it was not a big position in your portfolio or you got out before today. I wish you great success in your future trading or investing. I wish the same for all who lost on their positions today. It's never fun to see others or be on the wrong side of any trade. GLTA.

CHK is being delisted from the NYSE so it will either end up trading in the OTC penny stock market someday or never trade again which would level shareholders with nothing. So for the ones holding puts do you know what's happening with your puts yet because of the delisting which means the puts are delisted and you get the full value of the options but what does that mean? Do you get the full value you initially paid for the option or do you get paid the price based on a zero price? Also how long do you have to wait for this process to be done and receive the cash credit to your brokerage account? I actually sold my puts on Friday afternoon so I'm kicking myself now but want to know what would have happened had I held them till today. Here is a link to the article about the delisting of CHK. It looks like either way this is bad news if you are in a long position. There will be no Ka-Boom for you those of you kept touting that instead of looking at what happens to most publicly traded companies that file for bankruptcy whether ist's chapter 11 or 7 to the common shares. You can't say I tried my best to warn you who did just the opposite of what I told you could or would most likely happen. I even didn't expect a immediate delisting from the NYSE.

https://seekingalpha.com/news/3586882-chesapeake-suspended-nyse-de-listing-to-begin

Here are some links if it hasn't already been posted that may answer some of the questions people have that were released by the company today. Basically what happens to the common shares has not been determined yet and will be decided through the court during the bankruptcy process until everything is finalized so CHK common stock probably will have some volatility until that's determined.

http://www.chk.com/about/restructuring-information

http://www.chk.com/Documents/restructuring/CHK%20General%20FAQs.pdf

http://www.chk.com/Documents/restructuring/CHK%20Investor%20FAQs.pdf

Right now is your chance to load the boat up in the 11's that you thought you missed, Majic. Time to back the truck up if you feel CHK is going Ka-Boom. GLTA.

Here is an interesting article about LLNW if you haven't already seen it. 82% of the shares are owned by bt institutions according to Yahoo Finance.

https://finance.yahoo.com/news/hedge-funds-never-bullish-limelight-014231940.html

Low float stock is pooped up intentionally so they can sell more calls. These are what the deep pockets are doing in my humble opinion. It will be back to under $12 by the end of the day. Same trick every time then they cash out once the bankruptcy is announced or hold till the completion of the bankruptcy. Most likely their short on the call options go to zero or they cash out at $0.01 and reap huge profits before either scenario happens. They are wolfs and most are the sheep. Most likely they sell the calls because of time decay and let the option go worthless or almost worthless to cash out on their profits. Every pop is amateurs chasing what the big money guys I stated are doing IMHO. Easy to manipulate stock with less than 10 million shares in the float. Easy money for them and you can profit doing the same on every major pop if you know what you're doing. I love these pops. It's like a free money machine that someone else spent the money to prop the stock up so much. Thanks to whoever is doing this. Why do you think call volume on these pops is more than the put volume on a daily basis. Do you think most of the call volume is being bought on the ask or sold at the bid or midpoint on the spread? Something to consider as a possibility. GLTA.

You can read this article and decide for yourself.

https://www.fool.com/investing/2020/06/24/why-chesapeake-energy-stock-is-down-sharply-again.aspx

Raymond James Notes ' This is an especially meaningful development for Limelight (LLNW) who stands to gain the most as a percent of revenue given that Amazon Prime Video made up 30% of its 2019 revenues.'

This was on the Benzinga Pro news feed today. I don't understand why FSLY is skyrocketing when this company is profitable which FSLY is not and is set to grow 100% year over year (2020 earnings vs 2021 earnings) based on 7-8 analysts published on Yahoo finance as of this writing. Yet LLNW has only 1/10th the market cap of FSLY. Look at the fundamentals between both companies and you will see a lot of similarities and they are direct competitors in this space. Once Main Street and the Robinhood traders find out about this stock it will probably skyrocket like FSLY. If you look at their list of customers like Amazon it's maybe a much better play in the same industry as FSTY. The kicker or tailwind is when Amazon adds 24/7 live streaming cable TV channels to Amazon Prime Video. This will cause estimates and positive earnings (which FSTY doesn't have) to rise dramatically IMHO. Also hoping it starts to show up on institutional radars as well now that it trades over $6 a share. Have a great day and good luck with your trading!

You're very welcome Dad4487 . Though I for disclosure am talking my book or my position but still try to be as unbiased as possible and just want to share or contribute where I can but it's ultimately up to each person to make their own analysis and make their own decisions which I respect. One positive of this move is they are getting rid of at least one high-level person that is part of the old management. This company needs fresh new blood to make better decisions in the future so that part I feel is positive for CHK. They need to get rid of most if not all of the old C-suite executives and board members with new ones that will do a better job of managing CHK in the future. Have a great day!

Dad4487, I watch the morning and closing imbalances on stocks in the morning and the close and the imbalances are usually small in the morning for CHK to buy, sell, or no imbalance and large imbalances to sell at the closing bell (MOC) every day as of late. Usually one or more blocks of around 40,000 shares. The huge blocks you are seeing considering how small the float is and the relatively low volume of the stock is always sold at the bid on the closing bell. Those aren't buyers but sellers. There are people selling their shares or sophisticated large traders who can get allocated shares to short normal retail traders can't get. This morning's news of one of the CHK board members leaving for another oil company is not a good sign IMHO. I would leave if my preferred (Class A stock for insiders) and stock options were going to zero was going to be worthless because based on the insiders the middle and lower tier creditors are going to probably get pennies on the dollar if anything and preferred is near the end of the line behind the bondholders and retail stock is at the very end of the line in bankruptcy. Franklin who is owed the most debt from CHK will get the lions to share if not all the equity and take control of the company based on the many dozens of articles I have read on CHK in these past weeks. If the creditors that are going to take over because of bankruptcy then would replace most of the existing management that drove this company to the ground and suspect this is just the first of many who will be asked to leave or leave on their own. That's just my humble theory but people leave companies for many reasons so it's just speculation. Because there are so many reasons possible for this person to leave CHK for another oil company so take it with a grain of salt. Never the less it's what you usually see when companies are distressed so they need to start reshuffling things or people voluntarily do sometimes choose to leave on their own due to pressure from others in management, the board, or the creditors. Maybe he wants to leave a sinking ship for a better company. Maybe this board member sees the writing on the wall and got a better job offer from another oil company since he is leaving CHK to work at another oil company. I saw the article on Benzinga Pro this morning under the oil company this CHK board member was moving to which I suspect the reason why there was a slight dip in this morning premarket trading in CHK. A turn around is less likely when natural gas is a bigger part of CHK then oil still and natural gas prices are much worse off then the oil market. Unless we get a very cold summer then don't expect that to change. Like I said before the market is the voting machine and we will see eventually what the results are. So until then good trading to you all.

This news about the government can be seen as a positive and a negative. That means CHK has literally stopped producing oil despite having futures hedges that allow them to sell oil at over $50 that expires before the end of this year. CHK I read does not break even on the oil till it hits the $40 range I read so not taking advantage of their hedges is a waste of money unless they used up all the hedges already. Not to mention that they could lose these leases in bankruptcy or even before that if extensions are not granted by the government if they don't start drilling and fracking on these government-owned properties soon. While the fracking rigs stay unused and dormant they are still required to pay the rent or leases on these properties. The cost of restarting operation on these rigs is very expensive. You can't just flip a switch and start drilling like starting a car. So I don't expect CHK to restart drilling on over 100 of these leases and the land they own till oil markets are stable at least at $60 a barrel level but that's just my humble opinion. Every time there is a modest or even decent rally it's a lower high followed by a new low so I'm not concerned and if it does skyrocket I will welcome it and add to my puts and sell calls. Either way, I'm in a good position regardless. These rallies never last more than a day in general or less because the smart money sells every rally or sell the calls or buy the puts which force the options market makers to hedge themselves with stock. Good trading to you all. So I see the glass as half empty but of course, you guys can be right and I could be wrong. But a lot of you though the 10K and 8K meant they were not filing for bankruptcy and their debt was being reduced from 3 billion to 2.3 billlion and thought that was good news when what that actually meant was their credit facility was reduced from 3 billion to 2.3 billing which triggered a downgrade of their bonds to super junk status of a "D" rating. I earned you you guys to understand what you're reading and do your due diligence and research. That was so laughable that some thought the 10K and 8K was good news. Good trading to you all.

https://finance.yahoo.com/news/trump-administration-allows-chesapeake-suspend-215031558.html

Agreed. Thanks for the confirmation on the definition of Ka-Boom, Dad4487.
Have a great day!

Welloff, the markets are the ultimate voting machine by means of price in the short and long run depending on the time frame you trade or invest usually which reveals who is right or who is wrong. Maybe you're right and CHK will go Ka-Boom! The problem with the definition of Ka-Boom is it means it could go up or down drastically when you google the definition of the term. So what direction do you anticipate the shares will go? I have made it clear in the past posts of my opinion on CHK. Ka-Boom is rather ambiguous by definition but most seem to use it saying it will explode to the upside from what I've read. If you haven't read my posts or read the articles I posted I felt were most relevant in my humble opinion then I think CHK goes Ka-Boom as it implodes and there will be zero current shareholder equity when they complete their bankruptcy. I'm not referring to the new shares after the restructuring is completed and it's given a new CUSIP number and ticker symbol to be clear. I also in my humble opinion expect the new Chesapeake Energy or whatever new name they give the company after the bankruptcy to be completed to possibly file for bankruptcy again in a chapter 7 filing unless oil gets to at least $80 a share by the time the new company starts operating as a new entity. I would like to hear your opinion as well, please.

As I always say I respect everyone's opinion but a post that merely expresses CHK is going to go up or down without explaining why they think that doesn't help or contribute anything in my humble opinion welloff. I certainly don't think I know everything and I have stated that in some of my past posts as well as saying I could be wrong. I never meant to imply that only my posts have "substance". Why would I read InvestorsHub boards if I wasn't searching for others' opinions and getting more information that I may not know? It's a tool in my opinion that's sometimes useful when doing research to find out if I'm on the wrong side of a trade I'm in or looking to get into. I hope that clarifies my intentions. Not to mention if I find something that may help someone they were unaware of then hopefully I contributed or gave something back rather then just taking to find out information from others.

I respect your opinion and have read that article. This does not apply in my opinion to CHK because it's financial situation is so negatively extreme. But opposing opinions are what makes markets. Here is another article for your information to help further see why I'm negative on the stock that was released this morning.

https://seekingalpha.com/article/4354971-chesapeake-formal-bankruptcy-is-starting

Sorry, I am reposting this message as I ran out of time to edit it. For the ones who say BOOM (or similar things) and nothing else on their post on CHK or any other stock when it's expected to file for bankruptcy regardless of the price of oil is currently or the rest of the year unless oil suddenly goes to $80-$100 a barrel. How do you expect it to go up dramatically unless you have a pump and dump which is an extremely risky bet that is gambling? The days of companies stocks to go up 400-600% on news of little to no significance or no news at all but just because pumpers on these boards (especially stock twits) or because it's a cheap stock are ending soon as more and more people are getting burned trying to use this risky, dangerous and uneducated method. Now they are learning it doesn't pay to do this in the long run as I have warned in my previous posts. People are following the herd mentality and when you post something without some substance to back it up then you are only hurting these naive people new to trading which adds to this problem. An example of this is the recent tragic story of the 20-year-old college student who killed himself because the Robinhood trading account he was newly trading with got his options exercised creating a negative balance of over $700,000. If he knew better he would have realized his account was not in the hole as badly as he thought. Please post things only if you have some reasoning or factual information otherwise you look like a stock pumper or dumper with ulterior motives. The purpose of boards like this is to share articles and information with your opinions so we can make more educated decisions with more due diligence collectively than on our own. Good luck with your trading and investments as always. Thank you.

Here is a great article and excellent podcast in it that you should listen to regarding many stocks that have filed for bankruptcy recently or are in possible danger of it and how someone who is in the business to help these restructurings for publicly traded companies goes through the whole process and explains everything we been discussing on this board about CHK which is also talked about in the podcast. As I said this is an expert on the subject as his firm advises publicly-traded companies on the strategies and how they should go through their bankruptcies whether it's Chapter 11 or 7. I hope you find this helpful for some of you who are speculating in dangerous waters or help you profit from it. Good trading to you all. Here is the link to it:

https://seekingalpha.com/article/4354658-breaking-down-bankruptcy-market-podcast-transcript

Thank you for your comments Dad4487. In my humble opinion, the top executives of CHK don't have the shareholder's best interests in mind as they recently paid themselves a $25 million bonus when the company has been on the verge of bankruptcy for quite some time and declining share price for years. I prefer executives who have most of their net worth invested in their own companies or who only get paid for performance milestones like Elon Musk, Jeff Bezos, and the late Steve Jobs. You can see how their companies have faired compared to CHK and many others. They get paid $1 a year unless they hit certain positive milestones. So their interests are aligned with their shareholders.

I'm very concerned for the people who think the 8K filing is a sign or hidden way of saying they are not proceeding with the bankruptcy. If they do not file for bankruptcy they will become insolvent very quickly. Be safe and cautious with your trading and fully understand what you are reading. The banks make money by being part of this process. They are not creditors necessarily. The banks have many functions besides lending. Remember most of what is owed is to one creditor (Franklin) which is 700 million of the 900 million owed and not necessarily the banks one of you posted. Do your due diligence and make sure you understand this is a complicated financial restructuring. Safe trading to you all who are playing musical chairs and gambling basically. Just like any stock, you can make money on the volatility but you don't know when the details of the bankruptcy filing which is almost certainly to happen will be filed and announced. I congratulate you if you are making nice gains trading in and out of this stock but I hope you are not long when the filing and the details of it are released because history is not on your side. The stock market price of the shares will determine who is wrong or right once the bankruptcy is completed and the details regarding the current shares are released. Longs are hoping for a lottery ticket unless you are doing very short term trades in and out profitably which is no easy feat in the long run given the situation with CHK in my humble opinion.

I get it now gta888. Thanks for the reply and clarification. Have a great day.

I see. Sorry for the mistake gta888. So are you implying that the fair share price for CHK, if they file for chapter 11 as most expect, should be $13.20 a share or $0.066 per share? I'm just curious also how you came about that number or whoever came up with that calculation especially when we don't know any of the details of the bankruptcy until they file it. Thanks in advance.

gta888, all the articles I've read take into account the reverse split and the hedges that CHK has done so it would be false to base that the price per share should be $13.20 based on a $0.66 pre-reverse split valuation after they file for chapter 11 bankruptcy in my humble opinion. That would make no sense to me if I understand your post correctly. Please correct me if I'm wrong. I'm also curious how you got the to the $0.66 valuation. What was the method or formulation to get to that number? Good trading to you. Thanks.

Thank you for your response Nebuchadnezzar. You have some good points.

One misconception I think most people have is that CHK is mostly a shale oil producer but their main business is still natural gas.

The articles below I think would be helpful in understanding the full situation. It makes more sense to me that after chapter 11 the new shares that trade might be a good investment but in every article, I read everyone agrees the current shares will become almost if not completely worthless. I don't doubt there will be some volatility up and down but the current shares will trades for pennies or go to zero in the end in everyone's opinion I've read. After chapter 11 these shares will most likely be delisted and the new shares which don't go to the current shareholders will start trading kind of like as if it were an IPO.

https://seekingalpha.com/article/4354033-chesapeake-energy-new-beginning-is-coming

https://seekingalpha.com/article/4354304-robinhood-gamblers-and-chesapeake-energy-corporation

What I'm wondering is why CHK and the lenders they owe would want to take over the company in a chapter 11 bankruptcy if the expected earnings loss per share for CHK for 2020 is $95.34 by 7 analysts and a loss of $126.83 per share for 2021 by 13 analyst according to yahoo finance. Wouldn't it be better for them to just file chapter 7 and stop the losses by trying to restructure a company that appears beyond repair even with a chapter 11 bankruptcy? Any opinions or explanation for this is appreciated.

That's a good question contrarian bull. I don't know the answer to that but I have read several articles explaining that they sold off a lot of their assets already in the past then made bad acquisitions and expansions instead of paying down their debt that just added to their losses. So it's not just Covid-19 that ended it for them but bad management for years according to these articles. Covid-19 just sped up the process of the enviable end of what was at one time was a giant in oil and gas according to many articles you can search for easily. Please share the answer to your question if you can find the answer to your question. My assumption is if they have to borrow 1 billion or more just so they can file for bankruptcy then the assets that they have are not worth even that amount and just adds to their debt. I could be wrong of course but that's really bad if you need to borrow money to just be able to file for bankruptcy. The fact that the main creditor they owe is 700 million in debt so they are expected to take over the company means there's nothing left most likely for shareholders. The creditors are not in the business of loaning money for free or feeling bad for shareholder losses. Their intent is to minimize their own losses in this case. Either way, I wish you profitable trading during these unusual times.

It's not a question of if CHK files for bankruptcy but when. If you are new to investing or trading then get out before the announcement as they have been telegraphing this would be the probable outcome for the last year and COVID-19 was the final nail in the coffin for them. They have already officially announced their intent to file for bankruptcy so there will probably be zero shareholder equity given the history most every chapter 11 filing of publicly traded companies which means your shares are worthless because shareholders are last in line after the creditors are paid as much of the debt as possible. CHK assets won't come close to covering their debt and they are expected to lose over $27 a share this quarter I read which is hard to believe if that's true which is way more than there share price. So for those not experienced get out before the imminent bankruptcy filing or your shares will go to zero. Below is a link to an article for those of you that may not realize this as there have been a huge influx of unemployed people supposedly trading the stock market to make some kind of income that has no experience in trading or investing. Good luck to everyone with your trading. I tried to find the expected quarters earning loss per share on the estimize but it says "defunct" and yahoo finance has it listed as an average loss of $24.68 per share from 13 analysts for the current quarter ending in June 2020. You should do your own due diligence and not just rely on what I'm telling you to see it yourselves.

https://www.fool.com/investing/2020/06/16/report-chesapeake-energy-is-on-the-verge-of-filing.aspx

It's hardly huge. They could have made a deal like this with anyone in the US which are better companies in this space in my humble opinion. Terrible deal.

I respect your opinion but I do a lot of research as well so we will let the markets be the judge of that in the short term my friend.

I don't feel bad because I just shorted more shares every so often as it went against me as I said I would do yesterday so my average price I shorted at so now my trade is quite profitable. I got lucky though because I was worried ACB would keep running up. It looks like ACB prediction is actually playing out so I will be slowly getting out of my shot position over time. Luckily I didn't panic and close my positions. I hope you all have a great trading day and a great weekend.

Yeah, with this news that just came out ACB could hit 20 or more easily. Too bad I'm on the wrong side but if trading was easy we would all be billionaires. I'm glad because I never feel good if I make a lot and others lose. Too bad we can all win together all the time. It's part of the game and so no tears shed. It's my decision and my fault as I said the market is the judge and not me. Have a great rest of the day everyone as I have to now manage my losses as best as possible!

My apologies as I was not aware of that. Thanks for letting me know and congrats if you are long.

I admit I should have gotten rid of my entire short position at the 60.8% retracement level but I was wrong not to think it would go lower. My losses on my position are manageable but it does sting. The new news is that cannabis can help treat COVID-19 possibly so cheers to you all who stuck with your conviction. I congratulate you all and have no intention of just disappearing. I'm just following my plan still to short more which I admit could just add to my losses but I like to tell it like it is. I'm human and make mistakes so I raise my glass to you all who bought low and held through. You all deserve it. Cheers my friends!

Also if you say this like so many bad characters on places like StockTwits to just artificially pump or dump the stock that is dangerous waters as well so please be more specific within the securities laws or just keep it to your self in all due respect. I'm not trying to mean or offensive but rather trying to keep yourself in line with the true spirit of why we are here to help each other in a legal and productive manner. My apologies if I come off sounding a bit harsh. That's not my intention.

I respect that but I would be careful if you have information that hasn't been made public yet. I'm not sure what you're exactly trying to infer but tread those waters carefully so you don't find yourself in hot water later. I will stick to my analysis for now and wish you the best in your trading as well.

Very true. We all have different methods and reasons for our trading or investment style. There have been many times I wondered if I should adopt a longer-term investment horizon as it would have given me better gains or avoided losses but it's just my personality to swing trade. Usually the turtle wins the race vs the rabbit so completely respect that. Warren Buffet is the perfect example of that.

Thank you. I will keep what you said in mind. I was burned pretty badly during the hype of cannabis stocks that turned companies like TRLY into crazy bubbles due to its low float so I am a little more careful but you never know. Perhaps this is the second wave but for now until ACB gets a new CEO I'm keeping to my guns. That's what makes a market and appreciate the counter opinion. Stay well also.

Yes, you are right. That's what makes this country great but not perfect as no county or person is. I wish you the best with your investment endeavors. Take care in the meantime.

Thank you. I appreciate the kind words but as I said before I am often wrong as well so look for advice from all of you as well. Stay well.

I respect that but I don't see THC based products to be sold at 7-11 or similar stores for quite some time. I'm looking at a shorter time horizon and what is factual now and not trying to speculate that many years ahead. If that is your time horizon then you could be right or wrong. No one has a crystal ball my friend. I do hope your right because that's why we are here. To share opinions and information to help each other and not argue. So I hope your prediction comes true sooner than later as I would be long the stock with you.