Approach Resources Inc (fka AREXQ)

[Jeremias]

I was hopeful that with the Wilks Brothers and other institutional groups with commons there might be some meat left on the bone. Since the are ceasing operations and closing up shop I feel like the only way we see anything is if there is some of the settlement and sale proceeds remaining ($115mil sale + $28 mil current cash or cash equivalents per doc#626 which i assume includes the alpine settlement). No preferred shares or class A notes that I can find.

My confusion would be on the following items:
1)$100 million in docket #581 and the $35 million in DIP facility. I cant seem to find any other secured creditors but this is definitely not my expertise. Are these one and the same?
2)Docket#626 states that there is $395 mil in liabilities "subject to compromise".
3)Docket #626 page 7 states that post petition liabilities is $47.9 mil. Wouldn't the $100 mil to JP Morgan be listed there as a liability as well?
4) I don't see where Zarvona took any liabilities as part of the sale.Ive read a few places where it says they get the asset free and clear of any liens, taxes, etc.
5) If commons are just going to get wiped out then why wouldnt the wilks sell when the price was $0.03/share and get something instead of nothing for their 45 mil shares?

My two cents on this. I sold a bunch of other stocks to play this lottery with AREXQ