For a good read, look into the GENERAL GROWTH bankruptcy. While it was a much larger company back in 2009, it's interesting to note that assets were 2B more than liabilities, the same as here.
With that, it brings in a lot of creativity for someone and that's what happened with them. They couldn't get rearragned debt financing because of the housing market crash, yet investors wanted their company because of all the property they had for retail shopping, malls, etc...In the end, they had 5 bidders and each time the bid increased.
Every class was paid 100% and common also received shares in a new spinoff company. The gains were massive for everyone. There may be people in oil and gas who feel the same way about Breitburn. Regardless, we are in at the low end here.
And I agree that it's not the same as Ultra Petroleum. They had a guy from Apaloosa come in and buy 17M shares early on, but Breitburn is a much stronger financial place than they are. I would be completely shocked if there aren't several big players who already have, and will be dissecting this company and licking their chops at how they can buy it, and it's also going to be interesting to check and see who is buying large blocks of shares here from last week to the next couple.
Sometimes you don't need to know the who's and why's, you just need to follow the crumbs, and it's already started when you look at the people involved that are in support of the EC. There is a reason they wanted that approved. It's nice to be in as probably all of us are, now just sit back and watch the show.
