LouisDesyjr, Thank you for your post, very educational. Please allow me to say this. Unless you work for anyone of the companies involved directly or indirectly you cannot say "common shares will be worthless". No one can as no one knows what will happen.
Now, you would be one 100% right if the plan of Bankruptcy is to close down the company and send everyone home...but we know this is not the case. The company is very rich in assets...all we need now is a deep pocket investor to step in and bail the company out coupled with rising oil prices...I have a feeling this will/may happen.
$900 million is a joke for some people, investors, big companies or a bank like JPM, BAC...Imagine if they bail them out and payoff their debt and allow them to continue their operation as normal. I understand they need to sell the oil at a certain price to be profitable...and guess what with every dollar we move about $50...we have a huge chance of getting out of BK.
Oil prices will go up...they may never reach $100, but in the short time they will go up. As you can see they are beginning to trickle up slowly...people keep taking about "we have so much oil now, supply is more than demand...what kind of big fat lie is this...what changed on planet earth? nothing...actually more cars are being put on the road as the population on planet earth is increasing...world population actually topped 1 billion cars and they are doubling every 10 years...
Let's hope for the best for the sake of many interested party. IMHO it is very irresponsible of anyone that walks out on their Debt...be it to lenders, creditors, and specially shareholders.
In my books it is the cowardly way of getting out of being responsible and take ownership of what a person started and promised to do.
Unless we move toward electric cars the demand for oil will always be there and continue to increase.
P.S - they say it is not political...haha..ask me what I know...been there, seen it all with my own eyes and heard it with my ears...the things that take place behind closed doors...this is nothing more than a way to crush so may small players and its working...but cannot continue for long as those in control are losing as well. They are greedy, have been and will always be greedy.
KWK will be just fine and will emerge out of BK. Let's remind each other of this day.
GLTY - Wish you all the best and thank you for the informative posts.
