There are some people here in denial. This is the same old movie. Look at Eagle, Seitel, GeoKinectics and Grant (for starters). The common share holders all got hung out to dry. Seismic acquisition is a capital intensive business and bad business decisions abound.
The Ft. Worth Regional office of the Securities and Exchange Commission (the “ SEC ”) has notified the Company that it has commenced an investigation into potential violations of the federal securities laws by the Company and has issued a subpoena in connection with its investigation. The Company is cooperating with the SEC in this matter. The Company is unable to predict what additional action, if any, might be taken in the future by the SEC as a result of the matters that are the subject of the investigation.
Hey look maybe the SEC is not watching PORN in texas hope they put all the crooks in jail!!!!!!!!!!!!
This is not correct. There has been many instances where stock revived with more than double after chapter 11.
Between January 1980 and December 1993, there are 546 firms that emerge from Chapter 11. Among this sample, 131 firms emerge with equity trading on the NYSE, AMEX or Nasdaq. When the firms emerge from bankruptcy, 71 begin trading on the Nasdaq, 37 on the NYSE and 23 on the AMEX; 76 of the stocks trade throughout the bankruptcy process. Though we cannot rule out the possibility that our sample is less than the population, we are confident that we have assembled the vast majority of firms.
The average closing price on the first day of trading (post-emergence day 0) following emergence is $6.32 and the median is $3.75. Similar to other studies, we find that the average time spent in bankruptcy (measured, in our case, from the bankruptcy announcement date through the first trading date after emergence) is close to two years with an average of 22.39 months and a median of 20.17 months.