I hear you....but the banks can't stand idly by and have a trillion dollars (industry wide estimate) of defaulted debt on their books; regulators will crush them if they did that. Unfortunately it has to play out; defaults, bankruptcies (most will be forced into total liquidation as even a reorganization does little if anything to staunch the bleeding), then assets auctioned off for literally pennies on the dollar. After the majority of US producers die off the Saudi's will cover their short, cut production and jack oil to $200 a barrel. Mark this post
Omg why would you believe anything these crooks say?? I mean how can you even remotely trust anything these criminals spout??
I don't know what kind of snake oil presentation Ellis and his soon-to-be cell mates spoon-fed the hapless morons that bought the secondary, but clearly that has to be the biggest fraud since Enron. Waiting for Federal indictments to be issued.
Typical twisted and false narrative that one would expect from left. Everyone knows the pile of S that Bush had heaped on his plate was all due to the lax oversight of 8 years of Clinton liberalism. But hey; don't let reality stand in the way of your delusions.
And these greedy con artist management teams will be the first to be butchered once all hell breaks loose....
Reagan had to bail out the complete and utter disaster Carter left for him. Of course you don't have the balls or objectivity to state that. And for the record; I love Jimmy Carter, but I have the integrity to still state the reality of history....something you fantasy land lunatics can't comprehend.
Rockov knew. Mike Linn knew. Admittedly the Saudi strategy destroyed not just LINE but everyone. The gross negligence is not having protections and strategies in place to prevent the death of the company and it's unit holders. If I were a member of this management team I'd seriously consider getting the hell out of the country; these guys screwed a ton of people....some are surely not the kind of people you want to screw with. Remember that secondary at 12? What a huge scam that turned out to be. And those were some BIG players. Run LINE management. Run and hide.
Unbelievable arrogance and audacity
It means shareholders are wiped out and management has to go into federal protection and change of identities.
I agree. NG glut is way worse than oil. I really can't see NG getting any higher than $2 for years; it's just everywhere. These companies are completely dead and buried. And management should burn for not having hedges out 5 years to protect against this mess.
To still draw a fat salary and show his face at the office. Someone please take this skum outside and have Sil or Paulie take care of him. Bada bing.
If they file within 6 months of this draw on the revolver the federal bankruptcy court will nail management to a cross. That's called LOADING and it is a criminal offense. But LINE management has shown no hint of morality.
LINE is on life support and soon the S will hit the fan. They have zero chance of survival unless there are output cuts globally. And the Sauds aren't going to take the knife away from US oil producers throats at this point; they're so close to decapitating the US oil and gas industry. Why stop now??