50 million lawsuit may not help common shares
The problem is that the common shares are class 6 in the POR. There is a class 5, which is ahead of the common shares, that is also getting zero in the plan. I am not sure exactly how much the claims are in class 5, but I think the class five claims, and higher in priority, are greater than 50 million, so those classes will benefit; leaving nothing for the common shares.
The whole EOS situation is strange. I have no idea what they thought was going to happen. The only thing I can think of is that DUNR waited so long to 'get the price they wanted' from a buyer and then oil prices fell, making it impossible to get anyone except EOS to bid.
Louis J. Desy Jr.
