Time to start a new string. Once again thanks joe, smart and others, for your thoughtful comments. I too seek clarity, but it seems like the only clarity I get is seeing more parts to this puzzle. My purpose here is to learn from you all and not to try to influence. I only state my position to expose it to your scrutiny. My exposure to GMXR is three fold, common stock , preferred stock, and a few acres of mineral royalty in the GMXR "Heiser" well. It was through the Heiser well that I learned of GMXR's 100% track record and thereafter bought a boat-load of common and pref. Pre BK I communicated with GMXR almost daily in regards to our extended family's complicated undivided royalty interest. Unfortunately, we have not received our first royalty check, and they no longer answer my e-mail. During these discussions I got the feeling that their drilling program was expanding. This drilling expansion was also self evident for anyone following the NDIC Dockets and Daily Activity reports, declaring multiple pads and multiple stratigraphic production zones. Ok enough on the introduction..... and, now to the subject matter.... But what happens to the assets ???
First of all... a look at the dynamics of these assets. They are not static. They are in motion and time sensitive. Some may be stuck in completion phase, none drilling though as evidenced by the loss of H&P Rig #255. Many are producing and need daily attention. There are regulatory liabilities 24 hours/day. Leases are expiring and some may be in the inking. Oil in storage is being sold, via pipeline and truck w/ associated scheduling issues. Gas line meters whirling. Royalty checks though stopped. Etc, etc.... you get the idea.
So, what happens to the this living breathing organism called assets when GSO/Blk/Chat buys it ?
What happens if Big Oil wins auction ?
(continues) What happens to the corporation called GMXR with no assets, many employees with know-how to operate the business, essentially no debt as the result of the asset sale, with many common shareholders some of which are GSO/Blk/Chat, and many preferred shareholders ???
How can this be called a GMXR Ch-11 reorganization with nothing to emerge. Why take DIP money to operate assets, as if there is the be a re-emergence of GMXR, when the "plan" is to actually sell its assets? There is a basic contradiction here in a "plan" to emergence without assets.