Sanchez Energy Corp. (fka SNECQ)

[jbaxter]

There are a few good posts with links on this board. The current filing seems to wipe out all interests in the PFD and common stock. Then depending upon whether you had secured or unsecured debt, you would receive a percentage of equity in the new company. The link that someone so thoughtfully provided also shows that the bond holders are objecting to that plan. I don't think that the current equity holders have any possible recovery in either scenario, as the bond holders will be in control here.

I have to say, if I were a bond holder, I wouldn't accept equity if what was disclosed by the one link is true, that there was bonuses paid just before the filing. Bond holders expect payment in full, and if management did that, they have no right to control a bondholder's fate IMO.

As you said, I feel badly for those that lost here. They should have done well for all the stakeholders, and I'm sure there will be a postmortem for this, but that will be little comfort to those that lost big time here. Sad.