Who knows for sure. I think the best answer to your question, however, is if you went to the VNR website and listened to the first quarter conference call. Also keep in mind the 'boiler plate' given about forward looking statements. This is their way out if things don't turn out the way they said.
Right now it seems that we all have stranded shares at AST. Let us know when you see the shares in your account. I will then attempt to open up an account at Schwab with transferred shares, and then probably do a complete transfer. After my initial contact with Swift concerning this problem investor relations does not return my calls. Several weeks ago they told me trading on OTC in one to two weeks.
No, I seemed to have lost my magic touch. I just called a few minutes ago and got his voicemail. The last time I tried to call I got his voicemail also. This time I didn't say what I wanted but left just my phone number.
Well even if the worst happens I think at the very least the bond holders would get equity in exchange for their bonds. However, in contrast to that the CEO stated in his last conference call that he could make up any deficiency in six months from cash flow. When a question was asked about if he would ask for a 12 month grace period instead he said he didn't even consider it because he didn't need it. ..........gl
I see that you got one thumbs down for making this trade. I wish that the person who did this would state his reason why. I am always open to hear the other side of an argument.
Right now I only see 27 bonds offered at 16.75. After these get taken out it will be interesting to see if more are offered at this price. On one of my purchases I took all that was offered only to see more offered a short time later.
Also if VNR filed I wonder who would look after the interests of the EROC bonds with all the institutions gone. The trading now on EROC seems like large lots of shares on the ask which are slowly getting whittled down by retail investors. I exchanged all my VNR into EROC a few days ago.
Both the 2020 and the 2022 have been actively traded today, and both have a current bid ask price. What your broker probably means is that he has no bonds in his inventory. What he can do is send out a buy quote request and after 15 minutes or so you can pick the best quote or reject the offers. I know of no broker who will not do this. What broker do you have?
There are a lot of EROC bonds offered at 17 if anyone is interested. This represents a significant discount to the equivalent VNR bonds. The only negative is that there is a lot of accrued interest which you (hopefully} get back June 1.
BBEP filed bankruptcy because of too much debt. Yesterday they increased their debt by 75 million which is secured by assets. It seems to me somebody has to lose big time.
Well I called again on May 18 and my call went to voicemail. As of today he has not called back.
Yesterday at Fidelity I first sold VNR bonds and then bought EROC bonds. I did it all on line. The VNR bonds were not quoted by Fidelity - what you have to do is click on the link which requests offers from all other brokers. After about 15 minutes or so the offers are posted and you have the option of selecting the best one.
Great minds must think alike. I just did the same. Somebody seems to be selling large amounts of the EROC bonds. With only about 50 million outstanding I wonder if there are any big holders. And I assume the pecking order in a financial restructuring is the same.
I did about a week ago. He told me then 1 - 2 weeks. This now is the second week. He answered on the first ring.
Well I know that etrade will not accept the shares unless they are NYSE When Swift gets OTC listing hopefully TD will accept them - please post if and when they do or don't.
A little over a week ago I tried to get my shares transferred from AST into my etrade account and got the same response you did. I then went to the local etrade office and filed an appeal with management and was turned down. Etrade will only accept NYSE shares. The refusal by TD is surprising since when I posted a week ago this problem several postings said no problem with TD. Now I think everyone was referring to the converted shares in their account and not the transfer from AST. Anyway we are going to have to stick together on this problem and find a broker who will accept a transfer.
One thing to the credit of VNR management though is that they are actively trying to reduce bank debt by selling assets. This is a lot more than other companies have done that declared bankruptcy. The stockholders now have nothing, but management still has their jobs. In these cases maybe a Chapter 7 filing would have been better for the shareholders.
It seems to me all these MLP's and oil companies are taking the easy way out. Management gets to keep their jobs, reduces debt, and then runs a stronger company. Hopefully VNR does not take this route.
At todays price they are probably a good deal - even if they are exchanged for equity. As for the wash sale rule I think it is kind of a grey area. They are bonds with two different interest rates and don't represent ownership in the MLP. But, who can predict the IRS thinking. It will be interesting to see what happens with the EROC pricing after interest is paid. Another thing about swapping EROC and VNR is that after the swap your account value will show the lower bid price of the EROC bonds since they seem to have a large spread. If you decide you want to sell you may have to accept that price.