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GMX Resources Inc. Message Board

  • don_t_panick don_t_panick Feb 19, 2013 11:35 AM Flag

    Board Retains Financial Adviser

    I sold the last batch of my 2018 notes at a small loss this morning. Sold 2015 notes at a profit awhile back. Sold some 2018 notes at a small profit awhile back. Had been cutting the small GMXR stock position back and sold the rest of it today.

    Unfortunately when a company brings in a Financial Adviser to work with the Board that's code for "bankruptcy in the near term". A "Hail Mary' asset sale or buyout offer is still possible, but not a great way to bet at this point unfortunately.

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    • Don't write good posts and I am glad to see you out. I told you the lower tier debt was dangerous and remains so. I sense a pre-pak BK and GSO gaining total control with potentially the preferred at risk and common shareholders given a few shares as a go-away present. We will see....

      • 1 Reply to wist2000
      • Wist,

        I actually made good money on the 2015's and picked up some interest. About even overall on the 2018's including a loss on a few this morning. I had some stock and took a nasty loss even on a small position there. I think the 2015's could get wiped and the 2018's could get equity. Strangely the 2015's have held up well (last time I checked earlier anyway). Made good money trading GMXR stock in 2012 on the pop last year. Gave it back here. Their wells are getting better. Too little too late I guess.

        Albucucu - ATPG brought in a Financial Adviser before they filed. They need a specialist to line up DIP financing. It's still possible there could be an asset sale or sale of the whole company, but not looking good here. Sorry. I trade distressed debt a good bit and not looking good here.

    • jondow69 Feb 19, 2013 11:42 AM Flag

      imo the price action in the last week says it all


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