Given their hedging, the revenues for 2015 are not going to be all that much lower than 2014. They have some cash and are deferring the preferred dividend to conserve cash. What they need to do is work with their lender. Most likely they will pay some fees and be required to use cash flow to pay down the credit line until they are back in compliance with the lowered borrowing base. Preferred holders would not accept 3 - 4 per share. The bank would not accept 80 cents on the dollar. Natural gas may yet rebound over the next couple of years.