I don't possibly see how this company can make a legal claim of BK when there is an asset sale of this magnitude and of this value in the same area they operate. It would be the fiduciary duty of the BOD and management to pursue similar deals in an effort to avoid the need to restructure debt. $888 million for 61,000 acres and 9,000 barrels per day is a lot of money...compared to Sandridge's acreage and daily production, it is a chip shot. I known the assets are not of the same quality, but even if Sandridge's assets carry half the value of Payrock's it still values them at a few billion...and that is a low-range estimate of just the mid-continent assets.
I don't see how any judge could let this BK move forward with the new evidence of a recent transaction right in Sandridge's backyard...this shows the existence of a market for the company's assets, and also provides a benchmark for valuing those assets.
The deal was $888 million for 61,000 acres currently producing 9,000 barrels per day. I think I read in their 10-K that Samdridge has something like 1.2 million acres under lease in the Mid-Continent region and about 60,000 barrels per day in production.
If you thump an old lady on the head and steal her purse, you get a felony and 10 years in the pokey. If you use lawyers and the courts to defraud shareholders with a BS bankruptcy to pawn off company assets for pennies on the dollar to a new company that you're most likely going to work for, it is a just "business". I see there was a big deal today in the Oklahoma shale...Marathon spent almost a billion dollars on some unheard of company. Wonder how the price paid in this deal would value SD's comparable assets? BK my #$%$...