Pedevco Corp. (PED)

[finbar99]

Won't be the first time to make a killing on a bk stock if it goes that way. If it goes the other, won't be the first time to lose my shirt either. Thing with bk is you rarely make or lose just a little, at least not if in to play for keeps. Assuming there is no overbid to Laurus credit bid it would look to me like there will be 10 mm left in claims and one rig with some proprietary IP - maybe worth 10 mm. So if there are going to clear the claims hurdle they need something from the litigation claims. I see from court docket that its being prosecuted on a contingency basis for 30 or 33%. I always figure if a blood thristy atty will take it on contingency, then its rarely a totally meritless case - though the atty can still lose by being outmanuevered in court. Blast has stated in some court docs that they estimate the claims to be worth between 15 and 45 million - thats probably an estimated settlement range and presumably before the atty takes their cut since I think the total value of the suits was 50 mm. Reading up on IADC contract I see that they are considered to heavily favor the rig owner as opposed to the operator when it comes to interpretation (probably because the IADC is the industry association of rig owners as opposed to association of the well operators). I do like it - wish it was trading more like .05 but oh well. Of course the last Q stock I really liked dropped 90% in a couple hours last week ;(