Banks have this one on a short leash. Bought a little today, EROC trades without accrued today. 2017 gonna be the test. Looks like they can unwind enough hedges to satisfy liquidity requirements of the banks, but we need pricing a little higher.
Yes,, and Franklin owns 54% of the seconds, they added another 31mm last quarter. Makes for an easier restructure if need be, hopefully they pull this off without it.
Nothing offered. I found it interesting that Franklin added another 82mm to their WTI position and now owns 60%.
I come up with using a 130mm Boem escrow payment and 1.5x PV-10(my guess today) bonds worth around 40c today. So we are both in same camp. But on a cash flow basis, they may be able to make it through. I always wish I had more of this but, not a shabby position.
Wouldn't touch it, been in and out a few times since its been through its iterations, but he's created no value, in fact theirs been value destruction since he took over. Its a trade at best if you get luicky and it rises on Bouchards buy, but he's bought before and that fades over time. There's very little free cash flow generated, so whats the good, yeah they squeezed working cap down to pay down debt, but thats over the business spits out not much.. High cap-ex business with a big NOL, not a great mix honestly. So I sit on the sidelines waiting for some spark and in my mind a new Ceo wouldn't hurt.
Gotta say, not sure he's done a super job. Stock is near lows, they are highly levered and they seem to be getting less per ton he's been there almost 3 years now, time to go?
Diaz...you didn't look at the encumbrances as I asked...page 39 says nothing...why linger onit...look at the filings every County has ownership filings with all UCC's etc...I looked at page 39...and knew immediately what you were missing...This is a controlled fall...of Sears...Yes sears is going to zero we all know that...
The Eroc redetermination is by Thursday, there will be a sizeable cut and they have 6 months to deal with it..1.4 of bank debt ahead of the bonds and a small second lien at 35 which looks enticing but not until we see what happens this week.
The more closings the better, the faster th better..cash is no object for these guys..Some of these buildings will become residential...the more closings the better...DID you figure out the ownership overlap yet? Not hard..