All the major Anti-Ward dissenters (TPG and friends) need to average down their price for SD. Put more of their money where their mouth is. I don't see them doing that, so I am skeptical of any value above 7 bucks. If they don't think it is worth 5 bucks, then why would anyone else?
1. Sell off non core assets and reduce debt - get the company to state where someone would buy it.
2. Off the company as-is for an attractive price - get what you can and be done.
3. Sell off assets that can reduce debt and run the company as viable business.
Why would you sell off non core assets......it reduces the upside tremendously considering NG is still at depressed levels. NG will rise over the coming years I anticipate which should help SD with the miss and the WTO, however if we sell the WTO not only do we lose a huge NG producer but as well we would have to sell it at cents on the dollar to what we could have had, had we waited 5-10 years. That is unless you see SD needing much more funding to coninue to drill the uproven miss up this point in which case maybe you should reconsider your investment here. Most of SD's debt is due around the time many would hope/forsee signifigant gain in NG prices, so around the time debt tries to kill us, we should start to become much more profitable.
Your trying to sell a company based purely on ASSETS, yet you want to get rid of many of the ASSETS which is the only real value this company has. So in fact you want to reduce the value even more. ............