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Nobody is saying losing money in a bankruptcy

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56Chevy Member Level  Tuesday, 10/18/16 02:52:01 PM
Re: None
Post # of 108 
Nobody is saying losing money in a bankruptcy is fun. It stinks.

Been there done that and I won't forget the sting.

But there are a couple things that some of you who lost need to understand or you'll go through this again down the road on another Q.

Have you ever noticed when a company files bankruptcy the filing is called a "voluntary" filing? There is a reason they use that word. It implies there must be "involuntary" bankruptcy filings as well.

Creditors can force a company to file bankruptcy when certain conditions are met. With the price of oil down by as much as 70% it was only a matter of time before the company bled dry.

SD management decided it was better to surrender (Voluntarily file) than have the creditors come in with guns blazing.

$50 oil is the new normal. SD was built for $100 oil...anything less would be disastrous...and it was.

Surrender..or bleed to death...what would you do!

**Those who lost and are still blind with anger are missing a monumental chance to recover some of those losses with huge moves like there have been the past month.

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"Your life will go in the direction of your dominant thoughts". ~~ Author Unknown
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