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GMX Resources Inc. Message Board

  • hamradio73s hamradio73s Apr 18, 2013 7:03 PM Flag

    Docket #179 - Motion challenging the DIP and payment of emergency pre-petition claims.

    Unsecured debtors motion basically says DIP is a rip-off. In other words...... the "Plan" does not benefit the debtor nor the creditors, but only the DIP folks. Read the docket.

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    • agian. this is all or bust play......
      wait till common crumbles drop hard into the lowest range
      get long on common
      as well slap the trade with hedge on the perferred much lower as well.
      all or nothing
      We rode tall in the saddle all the way down based on asset value
      ride this beast like one of the 4 horseman.
      trade where others fear to trade-

      Sentiment: Hold

    • Ham can you please explain in laymen terms Thank-you

      • 1 Reply to stingerpain101
      • Unsecured folks are objecting to the "Plan". They say secured folks (GSO/BlkStone/Chatham) are not only taking care of themselves, but making an additional 35% on the DIP, thus forcing GMXR into even more indebtedness to the secured and placing GMXR, the unsecured , and shareholders at even greater risk. They say it is not important for GMXR to use the DIP to run the business full-speed-ahead, and it would be better to sort things out now. HOWEVER.... if GMXR does not work with the secured folks, the secured folks could force Ch-7 liquidation.