Nothing is a fact, but the debtors have put forth their position that there is no money for Equity. And Equity has countered with their assertion that there is.
Now the fight is on, and both sides can prove in court what the truth is. But if you line up bidders and buyers for assets or the company in whole, the debtors can only lowball so much before they are outed.
It's like if they came back and said ok, this guy will give us $10,000 for our used car, but then Equity said well obviously you didn't try hard enough because we know 2 people that will give you $20,000. That is often why there are several POR's exchanged and why it's of ultra importance that there is an EC to fight everything and make sure it's a fair distribution. And also it's not just that there is an EC, but that they have proper counsel and again the EC has 2 fantastic attorneys that represented them so far, and most likely will be retained once the EC is formed.
Also keep in mind that if there is forced liquidation or a buyer for the whole company, then that could bypass all of the above and move this down the tracks a lot quicker, and the creditors have already stated in their filing what they believe the Permian assets to be worth and that they should in fact be liquidated. Something tells me Wexford would love to have this company, and if they want it, then they should pay top dollar for it, not what they deem as fair.
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