Replies to post #14 on Swift Energy fka SFYWQ

[brandemarcus]

Based on your posts ,4,6,7 it seems to me you have a predetermined point of view. In most cases you are right but the exception could have such an amazing upside that it might pay to be more objective. Can you point to one commodity company that's in a lot of trouble where you actually think there is investment merit.

[liverless]

Look again. There are 44.6mm shares outstanding, so at $0.2 that is $9mm value, which at 4% of equity implies market is giving the entire new equity a market cap of $225mm

EV is $225mm + $324mm of bank debt so $550mm

For that $550mm they had Q3 EBITDA of $23mm, so 5x EBITDA, and 16,000 per flowing boe

These aren't unreasonable metrics.

The kicker is the existing common gets warrants for 30% of total equity which is a lot, but I do not see any info about what that will be priced at.