Replies to post #12956 on SandRidge Energy, Inc. (fka SDOCQ)

[ZIA SPIRIT]

Thanks for your input. None of us knew that

[knowbs4u]

Diesel Joe,
You are missing the point. No one here disagrees that if a company is bankrupt that the commons lose out. What our case evolves is that Sandridge is not BK but rather being dishonest and fraudulent. In that case the commons have as many rights as any other stakeholder in the company. Now I realize that is hard to prove but Sandridge is so obviously crooked that it just might happen.

[kingman]

thats true , after all the debts are paid , debt ones pref issues and if theres anything left , then in full bk the shareholders get whats left. However the point here is SD claims they are worth less than total debt and using there own proven reserve figures from other sec filings they are worth twice the debt . So if they go full bk the surplus should be given to the common upon liquidation . Thats why they are trying to use this quickie BK because it lets it go through without doing that but since we all know their worth is actually on the plus side they should not be permitted to use expedited BK. Remember when we had Tarp and GM back in 2008. They wanted to allow expedited BKS and the knock was everyone would start doing that to blow the shareholders out off any compensation.