Here is what is reported for you to read and the board to read. What you wrote is not what I am reading
It does not mater if sh holders will get nothing or not, what is important is what is reported is exactly what SEI said: they will default on 6/2 and that will force bond holders to react and they did. game is not over, but we are in over time
Friday, Bloomberg reported that American Investors Life Insurance Co. and other Seitel creditors representing noteholders owed more than $79.6 million filed an involuntary Chapter 11 petition for the company in U.S. Bankruptcy Court in Wilmington, Del. Seitel will have 20 days after receiving a copy of the petition to respond. The company said on May 30 it would default on its notes.
Seitel shares closed down 16 cents Friday at 26 cents.
The BK was reported in the Houston
Chronicle this morning. I would have
to think their is a plan already set,
or there wouldn't have been a new
noteholder. The selling noteholder
was probably blocking the bankruptcy
filing. I agree shareholders will
probably get nothing in a reorganization.
DJ news is a paid subscription service, so Yahoo won't post it (otherwise how could DJ make any money from paying subscribers?).
Mullins has done us all a favour by posting privileged information - a minor crime perhaps, but then I don't know what copyright provisions apply to DJ info.
I expect we'll get an announcement from Seitel or maybe some other source more in the public domain soon, perhaps over the weekend.
One thing we do know is, given the chronological order of today's news, Lenig chose to focus only on the SEC investigation. Surely he knew of the petition being served prior to his PR's today.
Last week's press release was bad news. Unfortunately, a lot of folks didn't understand what it meant. Some even thought it was good news.
The genie is now out of the bottle and the fight is on. My analysis indicates that the shares are worthless.
Well here's the PR:
Looks good to me. The constipation on this stock may finally be over.
As for this afternoon's sell off, somebody panicked, that's all.
I dropped my crystal ball 4 days ago. There was a .49 seen in the corner of the crack. I took it to mean it was only up from there since the stock had been jetting upward for the past few sessions. Boy was I wrong. Now it seems as if someone pumped it up to unload during the last few sessions.I sure would like to see who sold yesterday and early today.