Are you able to explain the Hedge portion you are referencing? I checked it out - I guess this is the 1st I've seen of this. Thank you for the reference.
So you think this will hit under $1? I'm kicking myself for not dropping a bit last weekend and selling at the high today. But I wasn't really ready to risk more into the company. My other long position tanked pretty hard... but I'm keeping it in there for the divs and hope it returns.
If this hits $1... I'd definitely throw more into it... unless there's definite signage this is going under.
Okay, and the hedge discussion -- the prices that are disclosed in the press release -- do they take into account the short puts that you have sold, whether it is the short put in the collar or the naked short puts that you have sold?
And to that point, when we intimated that we may restructure, use some of the proceeds from monetizing the 2018 and 2019 hedges, that is where we'd look to restructure our existing 2016 hedge portfolio. It would be likely to lower the short put dollar -- the short put numbers.
Well, with the combination of the short puts, we were never naked. We had swaps in combination with those, and so you did have a fixed floor.
Now, when they went below those puts, you are now just getting the difference between the swap or the short put -- or the three-way collar instance, the put that we did buy and the put that we did sell.
I don't want to belabor this, but you have three-way collars; and then you have a book of just naked puts, with no swaps, no upside puts against those. Then you also have range bonus accruals. So, specifically, the naked puts and the range bonus accruals -- how do you view that as hedging your portfolio? You sold --.
Again, we had swaps against -- when we put those -- what you call naked puts, we did not consider them naked because there was an underlying swap that it related to. So in our perception, it was never naked.
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