Yes, you should not have sold at .02 as the 10-Q did not state MHR was filing BK, only that there was a risk. And, instead of basing your decisions on what a Scottrade rep advises, it’s always good to do your own research. Filing BK does not always make a stock worthless; it depends on the circumstances. For instance, Mirant shareholders received new Mirant common stock when it emerged from BK and the value of the stock increased afterward. Mirant was relisted after having been delisted on the NYSE. Often in a BK a trustee appoints an equity committee composed of the largest shareholders who may succeed in obtaining benefits for shareholders. As the process drags on, a company's financial situation sometimes even improves. As mentioned in a prior post, MHRC executives are in meetings this week at the offices of PJT Capital and Kirkland Ellis in New York. May be some news soon! (must run errands now - Happy T Day)
It's not too late to buy commons - IMO they are going up much more, "fp" not jp! (it's my right forefinger that dominates) Many professionals aren't working today and Friday. Monday could see even higher volume, compared to prior volumes.
Hedge Funds sometimes align themselves with large-position shareholders and buy enough common shares to exert influence in a company’s restructuring.
Hedge fund Harbinger Capital Partners bought up Delphi Corp and joined with Appaloosa Management, Delphi's largest shareholder with some 9.3%, to begin talks regarding a "negotiated business arrangement" that could shape Delphi. They hired UBS Securities and Merrill Lynch to advise on a "potential restructuring transaction" after the company gave the funds access to confidential financial information.
I bought more common this morning and am enjoying the ride! Happy Thanksgiving Freight, jp and everyone!
Judge D. Michael Lynn of the U.S. Bankruptcy Court for the No. District of Texas ruled against several constituencies that argued there would be no value for s/holders. The judge told the Atlanta energy giant's financial adviser to hike its valuation by $450 million. That represented a victory for an official committee of Mirant shareholders.
Instead of getting wiped out, Mirant's stockholders won 3.75% of the company, in addition to warrants for 10% more - an investment that placed equity holders "almost immediately in the money," says Maxwell, who was the equity committee's financial adviser. .S/holders also received rights to 50% of any net litigation proceeds from legal proceedings that had not yet been settled.
The process and rulings that were determined in this case are useful in gaining a better understanding of the valuation issues that can arise in a contentious BK case. Following Mirant’s BK filing, two official committees emerged to represent the creditors and a committee was appointed to represent Mirant’s stockholders. The committees each hired experts to present valuations on their behalf during the valuation hearing, which sought to estimate the reorganization value of Mirant.
The higher evaluation a company is assigned, the more shareholders will receive. When valuations rise, potential for recovery seeps down the hierarchy. When combined with investors that have a greater ability to organize, a pre-negotiated plan may be harder to shove through court.
Valuations are based on what some charge is the "tendency" of senior creditors to "undervalue these companies. "An equity committee's valuation is looking for conservative spots in the projections. You question management and try to come to a more realistic set of projections,” says s Chanin's Madden, who advised the equity committee in the Owens Corning case.
I called and the receptionist said she would have heard if Mr. Yankowsky was no longer with the company. She said all the executives are in New York this week. I also noticed Keith is still listed on Magnum's website. He certainly lost a big incentive with the drop in the stock. Perhaps Yahoo could be contacted about why he isn't listed on the Profile.
I believe Evans was always trying to grow the company believing profits would come later. Last year he purchased shares in New Standard Energy representing ownership of shale in Australia, a country rich in shale. MHR’s bid lost out to another Australian company when NSE sold off their valuable acreage, and MHR's shares representing ownership of the less desirable acreage at NSE were sold at a loss. Chevron and Conoco Phillips are also working on Australian shale plays.
And what might your other IDs be? I see this one just joined today. I think the ID of the poster reflects a lot on the quality of the post.
Wonderful information gushing! And MHR will be well positioned. Utica Hunter: # of wells drilled: 2010, 51; 2011, 64; 2012, 69; 2013,148; 2014, 234; TOTAL 566 wells in the Utica
What's the matter with Yahoo. It did not allow "well head" prices. Ha - the screener must be a foreigner who doesn't understand the terminology and needs to get his/her head out of the gutter!
Thanks! I see Tenn Zone 6 is up today1.13 to avg price 4.36. I believe this is the spot price in that Tenn area. "The term natural gas prices is often used to refer to a number of different types of prices. Some natural gas prices refer to the point in the market where the natural gas is purchased, other prices are based on the timing of delivery and some prices refer to pricing mechanisms. These different prices include but are not limited #$%$ prices, spot prices, futures (NYMEX) prices, citygate prices and residential prices. It's important to be specific about the type of price under discussion and to understand the relationship among the various types.? (American Gas Assn)
"I still have skin in the game and hoping for a 1% miracle." Me too!
And you posted: "Although this is MHR and weird stuff is always in the cards!!!" I still have hope for a merger or acquisition that gives us new shares in the new company. And you can say our shares will not be worth much, but when commodity prices change the value of the shares will change.
This is price at Algonquin Citygate. The "city gate" is generally the point where natural gas is transferred from an interstate or intrastate pipeline to a local natural gas utility. The "city gate price" is the sales price of the natural gas at this point: the price reflects the wholesale/wellhead price as well as the cost of transporting the natural gas by pipeline to the citygate.
Citygate prices can show tremendous variation between regions, often reflecting regional usage patterns, WEATHER trends and the number of competing interstate pipelines serving each region.
Rare cold weather phenomenon brings the coldest temperatures in 100 years to South
• Tennessee, the Carolinas and Chicago were all warned to wrap up for record lows (fp stay warm!)
• Record-breaking lows in Boston, D.C. and New York on Friday
• Maine and New Hampshire set for six inches of snow into the weekend
A 'Siberian Express' was barreling up from the Southeast to the Midwest and the East Coast bringing 100 record lows across the region, according to forecasters.
Kentucky was the first to experience a record-breaking low in the early hours of Thursday when the city of Paducah felt -8F - the coldest temperature in 120 years.
In Feb 2014, Henry Hub gas averaged $6 due to the cold weather.
In 2013, when a spell of bitter cold descended on the Northeast it caused natural gas prices in the region to skyrocket to over $100 per mcf and paper mills in New England to temporarily close and layoff workers and numerous industrial users had gas supplies interrupted.
You are probably right. MHR stated in its August presentation, asset sales of Kentucky Gas Properties was estimated at $45.0 to $70.0. How much are those properties worth now? Also MHR had 178 gross producing wells in Divide County, North Dakota with 7 gross wells brought on production in 2015. How much is the Bakken property worth? Of the 65,700 net acres in the Williston Basin, 66.3% of reserves was proved developed producing at year end 2014 at 7.9 MMBoe.
The 10-Q states capital expenditurs for Williston Basin and the Bakken (now primarily non-operated). The 10-Q also states the total impairment for all properties of $63,791,000 for period ending Sep 2015. An impairment is defined as the “reduction” in the value of an asset because the asset no longer generates the benefits expected earlier. But what is the value of all the properties? I believe Evans was trying to wait for O&G prices to improve prior to selling these assets.
In a depressed price environment due in part to a lack of pipeline infrastructure, Consol Energy lost an average of 28 cents for every unit of Marcellus and Utica shale natural gas, oil, liquids and condensate it sold from July through September. Source: The Intelligencer/Wheeling News-Register
It owns midstream assets that enable a company to have immediate access to transportation when pipeline capacity needs to be available for new wells. Producers without this capability are handicapped by having to fight for gathering capacity in order to produce their wells and they are subject to high transportation rates.
Subsidiary Alpha Hunter offers possible drilling joint ventures on the exploration side.
Magnum has a capable midstream company ready to build pipe as needed, as well as further expansions through additional producer services such as low-pressure gathering, dehydration, treating and processing. Each of these services is a value added to the producer as well as the midstream provider.
TransTex Hunter brings an existing inventory of equipment deployed in wellhead operations in several states as well as the ability to quickly respond to unique opportunities that otherwise would go overlooked as simply “too difficult” for many other producers and midstream companies.
An in-house treating company provides the opportunity to bring production on faster than other producers that are forced to seek treating solutions.
“MDA (merger, divestiture, and acquisition) buyers and sellers can take advantage of important valuation indicators to form far superior and accurate valuation ranges,” writes Thomas McNulty of Navigant.