Romang my good friend...it's time to throw in the towel on this one.
Do you know how rare it is for a DIP lender on a $3 Billion dollar BK to be short on recovery??...and not only that but short by such a wide margin?? R U kidding me!
The answer is - it's extremely rare.
The DIP lenders aren't the bad guys here...they really aren't. They're not getting out this without a black eye of their own.
This oil company was so grossly over-leveraged it was beyond ridiculous.
The whole world had a chance to bid on this company and the whole world said - NO thanks... it isn't worth what the DIP lender has in it.
Think about that for a moment.
I hate losing but the real culprit imo is management & the BoD.
These are the same guys that paid Preferred holders a dividend just a month before filing BK. These are the same guys that handed out bonus's to themselves last Christmas.
Were there ever any adults in the room when these guys made a decision to do something?! Incredible as it seems it appears there weren't.
So I ask you:
Are these guys - 1) completely out of touch with reality ..or 2) woefully incompetent ...or 3) so flaming arrogant they should win a trophy...or 4) all of the above.
Its a tough choice ...but pick one.
Don't bother the Judge with letters ...I'm sure he's having a hard time deciding which one they are too.
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