The company was trading at about $20 when they were issued. So I guess $42 was not out of the question at the time.
Looks like they filed for Ch 11 in 2016
Note = On May 16, 2016, SandRidge Energy, Inc. and certain of its direct and indirect subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas
Not sure they can (or even need) to file again so quickly.