Their latest filing before announcing BK sounds like what IR was telling you even as they, management/ EIG were apparently plotting their own futures another direction; and why did management salaries and professional fees rise so much Q1 2016 vs. 2015 even as their revenues and those of the industry, were down and they knew they had to cut costs to ride it out?
The game with UNrealized losses is also interesting.
They were so blatant in milking the situation I have faith that with savvy shareholders and representation on the case there will be proven breaches of fiduciary duty to shareholders common AND preferred if not downright illegality; the assets are there to restructure the company as a going concern and not wipe anyone out, MORE than the management already has piled burdens on them; for that matter bonds are also unsecured debt;
management's lawyers arguing that shareholders are already adequately represented by managements's awareness of their fiduciary responsibilities can be proven false on its face. (From their lawyer's letter responding to request to form shareholder committee, which I have seen, this is a major argument and IMO pretty lame... a good lawyer can make mincemeat.)
Meanwhile major price manipulation is going on with heavy continued buying as cheap as possible: what does that say?
General and administrative expenses, excluding non-cash unit-based compensation expenses, were $17.6 million in the first quarter of 2016, compared to $14.5 million in the fourth quarter of 2015. The increase was primarily due to higher employee related costs and professional fees. -- WHY EXACTLY?
Gains on commodity derivative instruments were $37.9 million in the first quarter of 2016 compared to gains of $141.8 million in the fourth quarter of 2015, primarily due to unrealized losses of $97.4 million during the first quarter of 2016 compared to unrealized losses of $2.2 million during the fourth quarter of 2015. Derivative instrument settlement receipts were $135.4 million in the first quarter of 2016 compared to receipts of $144.1 million in the fourth quarter of 2015, primarily due to lower hedged volumes.
Net loss attributable to common unitholders was $115.3 million, or $0.54 per diluted common unit, in the first quarter of 2016, which included $97.4 million in unrealized losses on commodity derivative instruments and non-cash impairment charges of approximately $2.8 million, or $0.01 per diluted common unit, primarily related to the impact that further deterioration in future commodity prices had on our projected net revenues for certain of our oil and gas properties, compared to net loss of $902.3 million or $4.25 per diluted common unit, in the fourth quarter of 2015, which included non-cash impairment charges of approximately $878.3 million, or $4.14 per diluted common unit.
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