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Any one know if the GNBT forum for Digitaltradz is still up?
read 13686
That may depend.
No it does not mean that. If you are part of the lawsuit and signed up to be part when the BK was still being litigated then you can benefit if there is any payment. Only those that are part of the action will benefit. The old shares are worthless to the extend if you hold them but if you are part of the suit and an accommodation or agreement is reached based your number shares or investment then you may find some relief. This was all laid out on this forum when it was first proposed. . My personal opinion is that if any agreement is worked out it will be for shares held by the individual prior to the bankruptcy proceeding. i don't see any deal accommodating shares that traded after the BK that were already basically worthless and just for speculation . This company in my opinion committed fraud in both their bankruptcy testimony and their SEC filings going back several years . As the great FBI agent Sadusky once said. Ben somebody has to go to jail.
The suit moves onward and upward. Sec under Trump going after fraud and corruption should fast track this investigation I would think. They are going to want to see examples early on and it could benefit this litigation. Somebodies got to go to jail , here comes the FBI hopefully.
Well the original stock yes but a lawsuit is filed to recoup damages for fraud and misrepresentation but it only covers those who joined it .
That is absolutley correct . Only the proxied shares involved with the appeal will benefit from any decision or deal.
$6 / share
Thats not why you sue. Hopefully it will cost them more than to settle and be fair. Just economics
From where I stand SD looks like they are trying to bail out the Titanic with a pasta strainer
When you think your so smart you become stupid.
Whistle blower is going to say either they undervalued their reserves or they overvalued. If he was saying hey your putting numbers on your SEC filings that are overvalued the company isn't worth that much thats fraud and criminal. If he says I said hey the numbers your putting on your sec filings are way low then they really have undervalued it today more than thought. Heres another idea. If they were using bogus numbers in the past that were inflated then banks and services were loaning then money based on fraudulent numbers . In any case they need to go to jail , its all illegal which ever way he testifies. This is one of those deals were you shake your head and think, why in the world would they let this be proved without making some deal to save their asses. Why let all this come out . If it was me I would be looking to save my butt. Ok I got caught with my hand in the cookie jar lets fix it so we make it go away. Arrogance is all I can think of.
thats true , after all the debts are paid , debt ones pref issues and if theres anything left , then in full bk the shareholders get whats left. However the point here is SD claims they are worth less than total debt and using there own proven reserve figures from other sec filings they are worth twice the debt . So if they go full bk the surplus should be given to the common upon liquidation . Thats why they are trying to use this quickie BK because it lets it go through without doing that but since we all know their worth is actually on the plus side they should not be permitted to use expedited BK. Remember when we had Tarp and GM back in 2008. They wanted to allow expedited BKS and the knock was everyone would start doing that to blow the shareholders out off any compensation.
This is exactly the case isn't . whether the company is worth far more than the amount owed in debt.
They have devalued the company by 50% since oil went up from $33 bbl. when they filed it was worth 7.1 billion plus gas has gone from $1.85 pmmf to $2.85. So its a matter of whether the judge believes the company or the surveys of experts and the companies own past reports. I might add if the company is worth half what it was at $33 bbl when they said it was worth 71.bbl then they are guilty of fraud and misrepresentation by filing false sec reports. This isn't ending at the BK hearing on Tues, it is going to Fed court.
I don't think anything anyone writes on this board is going to have any affect on the decision. It will be what it will be . However if there is merit to some of the filings , SD could modify the BK package by giving a special dividend to shareholders before a certain date in the form of 10 for 1 maybe 20 for 1 new stock for old. Thats what Im hoping for , have you joined the shareholders committee?
are you a shareholder or do you work for the company or creditors ?
Hear ya, however I'm old, and I don't give _rap about much anymore. .lol Get a lot of perks when your old.
irregardless
Oh my important stuff here, but it is a word according to Websters. "However, if a word is used with regularity by a certain number of people, for a certain length of time, to mean a certain and specific thing, it becomes a word, whether we like it or not. And there is no question that irregardless meets the criteria for inclusion in a dictionary of general English usage. "
I think you use it enough and I think its a word . May be a non standard word but it is in the dictionary.
LOL
Sounds like you bought it from one of the SD board members
If there own past data and what our expert said , they have about 3.5-5 billion in assets left after paying their debts of 3 billion. Thats about $4.50 t0 $6.00 per share if you liquidate at that price. Lets say you only get 2Billion because its a fast sale , thats still almost $3 a share we should get. Even using their own enterprise value the stock is worth over $1 share. This whole thing is ridiculous but lets see if this judge will actually decide whats right or if he's just paper stamper.
You know it seems to me the SEC or FBI if they get involved should go to each board member and tell them the first one to open up and tell the truth about all the fraud and misrepresentation and conspiracy gets a free ride. No jail no prosecution. Bet they would get takers.
SandRidge, which was founded in 2006 by former Chesapeake Energy Corp executive Tom Ward, did not immediately respond to requests for comment. Houlihan Lokey declined to comment.
They are hiding , Hopefully SEC will file charges and get this out of BK court and into Fed Court
If people think nah this doesn't go on , the board wouldn't do anything like this, think of Enron. It does and is because it's greed by a bunch of people that think they can get away with it.
Wonder if we can get T Boone or Icahn to help, maybe they buy it LOL.
Thats what this AdHoc appeal is all about. They say one thing and based on past data from the company and prices it should be way way higher. Yet we don't know and neither does the BK Judge who now has to make a decision. Does he want to give time to have it analyzed by engineers for us and the SEC or does he approve the BK, have a class action lawsuit and if its proven he should have waited or knew before hand they were lying then he at the very least is humiliated if not removed from office or other possibilities.
your asking here?
I put investment in a different category than a quick flip. Not to say an investment can't be sold in a day or two or even an hour but thats rare because in an investment Im considering a lot of things in a company with a good balance sheet cash flow etc, for me a quick flip is betting on the come and dumbing it.
Why would you say that ? While the more the better on extensions , its still all uncertainty with this bk situation. right now its a bet not an investment. Believe me I want it to go up but there's too much speculation here. Its a quick flip if you your lucky enough. Need an affirmative decision of some kind for equity holders then I can look at it again as an investment maybe
don't play the game , wait there will be news .
No it matters as to whether it was fraud or a conspiracy .
Like the famous agent FBI AIC Sandusky says. " somebody's gotta go to jail"
Are you short and unable to close out because no-one is selling at this juncture?
thanks, clears it all up
believe you are correct, sounds like some of these here have their wagon hitched to the BK approval.
I don't think your right about that. Nothing is written in stone when it comes to misrepresentation.
Exactly , I asked the moderator to end this but low and behold it appears Congo had himself listed as a moderator. This seems like its a Sd board running this trying to make a buck on the confusion by suckering guys in. Wonder if they are part of the problem?
absolutely
I gave it a quick once over. Now Im not a CPA but it appears to me this company was either profitable or really close for the quarter, it also seems to me they are using accounting tricks to redefine things so they can show a worsening balance sheet . They have gotten their epenses down and it seems they are using items that are supposedly associated with the bankruptcy of which I wonder if they have really accured at this time or they have been inflated to reduce the positive side. JMHO but at this time ai wouldn't trudt the board as far as I can throw a pump jack.
Ive been pondering this. They could keep to the original plan, and old shareholders get dust. Also what they might do is this, anyone who was a shareholder when the Bk ws announced and who still owns the same shares will get new stock and then they dont have to reward the speculators that have been swapping the stock around since Bk on a bet . Or lastley they could offer say a 10 for 1 or so reverse new stock issue to all holders. or some combo of 2&3 Just a WAG and JMHO.
NT-10-q . More late filings, we expect revenues to be significantly lower . why oil has been way up for 3 ,months as has been Nat gas from 1.80 to 2.80 . Ill tell ya it appears to me they are cooking the books and deliberately lowering production to get this BK through just to kake the company look like its a total loss. We need a Federal imvestigation into this company.
I also proxied my shares , the rest I don't know , I check their site daily to see if theres any news.