Replies to post #12129 on SandRidge Energy, Inc. (fka SDOCQ)

[Porgie Tirebiter]

I haven't paid much attention to SD since I drew the conclusion that bankruptcy was inevitable.

But here's what a quick study seems to show me at least: The real problem for the debt is the abusive preferred share structure. That was all set up under Tom Ward. It looks like the debt all agrees that the preferreds have to be killed off, and there is no way to do that except to force bankruptcy and cancel all equity (because you can't kill the preferreds without killing the commons first). So killing off common equity is kind of "collateral damage", if you will, in getting done what has to get done to get the company back on it's feet.