Press release firmly states They're evaluating their retained assets with the view of developing post bankruptcy operations. You are right though...they could pocket what money they have left, sell the seismic data, and close the doors. However, it would be considerably more valuable for these guys to rebuild for a year...then sell out to a bigger company. I'll be sticking with this one until at least the end of the 1st quarter in 2017. This one is rare. Usually common stock is wiped out in bankruptcy. And as far as I know...the float is not the 30 million listed here...it is 17 million. Very low!
The way I've understood exactly what assets they still possess is this: seismic DATA for 450 square miles of land. They don't own the land, they don't have a license for use of the land. They don't even own the seismic DATA. They simply have a license to it...to the DATA. I have no idea what that's worth....but it probably isn't $10M.
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