If you listen to them:
1. Everything is horrible. BAD, BAD, and Worse.
2. GMXR will run out of Cash any day soon.
What GARBAGE !!!!
GMXR has enough Cash to go thru the first half of 2013.
The 2013 Debt balance will be paid in Cash.
The only fear that GMXR shareholders have is that the New Completed Wells won't be good.
This fear will be put to rest in 2 weeks.
How times change
You own the preferred, right? Why on earth don't you just buy the 2015 bonds, which yield more and are higher in the capital structure?
Also, have you done the math on how much cash they are going to end the year with? Pay attention to how negative the net current assets were at the end of Q3 and figure in the cash burn since then.
Bottom line: I'll bet they cancel the preferred dividend in Q1.
"Pay attention to how negative the net current assets were at the end of Q3 "
Did you bother to look at the Balance Sheet and see that approx $27 Million of the Current Liabilities are the Balance of the 2013 Debt which GMXR has separate Cash for that amount.
Yes I done my due diligence unlike you.
$15 Million on 9/30/12
$67 Million from Cotton Valley Sale.
$82 Million Total
$30 Million for three NET Wells in 4th Quarter.
$8 Million Negative Cash Flow from Operation for 4Th Quarter(same as 3rd quarter.
$38 Million Total
Cash balance 12/31/12 of $44 Million
Note: There is also a Cushion of approx $3 Million from sale of shares to Blackstone.
This asumes no Increase of Sales in 4Th quarter from the 3rd quarter.
Why do you think they slashed guidance then?
"Why do you think they slashed guidance then?"
The December Completion will be late.