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GMX Resources Inc. Message Board

iamthewalrus_3214 10 posts  |  Last Activity: Jun 26, 2015 10:33 AM Member since: May 2, 2000
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  • Reply to

    The one problem about naked short selling is...

    by imogenel49 Jun 26, 2015 10:12 AM
    iamthewalrus_3214 iamthewalrus_3214 Jun 26, 2015 10:33 AM Flag

    The one problem with naked shorting is that it is used to create a desired outcome. Companies in financial distress get naked shorted down to the point where they have no real equity options, which may expedite a BK, and at which point the naked short companies never have to find available shares to cover. It is legalized thievery because under the right conditions the shorter is permitted to mitigate or even eliminate the only negative outcome to their actions. It's like a criminal walking around in society with a get out jail free card.

  • Reply to

    Oklahoma earthquakes

    by trmmara Jun 24, 2015 8:46 PM
    iamthewalrus_3214 iamthewalrus_3214 Jun 25, 2015 9:56 AM Flag

    Are you 13 years old? Quit using "lol" after every other sentence you sound like a moron.

  • iamthewalrus_3214 by iamthewalrus_3214 May 28, 2015 1:56 PM Flag

    If they #$%$ through this billion to try to stay afloat and if it fails, the common most likely is a goner. Hard to believe they can get anyone to lend them money without basically turning over the keys.

  • Reply to

    price target

    by a42unateinvestor May 15, 2015 10:25 AM
    iamthewalrus_3214 iamthewalrus_3214 May 19, 2015 10:51 AM Flag

    More like the debt holders plans. They short the stock into oblivion to thwart issuing equity to pay off debt or service the interest…then sit back and collect the assets in a default. The only hope any common shareholder has is a reverse split followed by a huge equity issuance that will dilute current shareholders down to nothing but will give them a chance someday to recoup their investment.

    I'd rather see them issue 5 billion shares at a dollar, wipe out all of the debt, and just scale back until oil and gas recover.

  • Reply to

    Schiff 1 Bernanke 0

    by chessmaster315 May 14, 2015 12:06 PM
    iamthewalrus_3214 iamthewalrus_3214 May 14, 2015 2:50 PM Flag

    The Fed was responsible for priming the pump, the GSE's supplied the power to keep the pump going. I was in the industry during the boom and I knew it was getting out of hand when Fannie introduced an automated underwriting program that lenders could use to manipulate almost any loan into an approval. The training we underwent as lenders during this period was geared mainly on how to "trick" the Desktop Underwriting program into issuing an approval and then manipulate the collection of information to match the automated approval. I got out in 2004 because I saw a very bad ending to the whole situation and I knew as a loan officer the fit was going to hit the shan quickly. I remember we had a Fannie loan for public servants (teachers, cops, firefighters, etc.) that had zero down and 625 FICO features…all the borrower had to show was that they had $500 available to chip in toward closing costs, escrows, etc. These loans came with adjustable teaser rates that made the initial payment very palatable presuming there was no change in income. I shudder to think how many of these loans ended up being a tragic mistake for borrowers.

    It got to the point where I felt the only real qualification for a loan was a heartbeat and the ability to sign documents.

  • iamthewalrus_3214 iamthewalrus_3214 May 14, 2015 2:25 PM Flag

    Even if they both lose they won't really give a $#!& because they will still be insanely wealthy.

  • Reply to

    This is good

    by char5es May 14, 2015 12:32 PM
    iamthewalrus_3214 iamthewalrus_3214 May 14, 2015 2:22 PM Flag

    I agree…buying back those shares showed a complete lack of understanding of the potential fluctuations and risks associated with energy prices.

    The best thing that could happen now is a completely new executive management team because the guys that are in there now will be looking to cut deals to save their own skins and milk those ludicrous paychecks until the teet dries up…and these deals will not be good for shareholders.

  • Reply to

    This is good

    by char5es May 14, 2015 12:32 PM
    iamthewalrus_3214 iamthewalrus_3214 May 14, 2015 1:14 PM Flag

    Unfortunately it shows they couldn't find anyone to take their underwater bonds off their hands so they converted to stock (liquid) so they can sell and get their cash. Not good because it shows somebody was nervous holding the debt which is in a priority BK position. This seller may be looking at a BK situation and determining that not only the equity but much of the debt could get cleaned out.

  • Reply to

    I hear SD has put their buidings up for sale

    by livemusicman2u May 11, 2015 11:21 PM
    iamthewalrus_3214 iamthewalrus_3214 May 12, 2015 9:26 AM Flag

    I had read somewhere that they were thinking about doing a sale/leaseback deal on real estate to raise capital.

  • iamthewalrus_3214 by iamthewalrus_3214 May 8, 2015 8:13 AM Flag

    naked short playbook being followed to the tee - following up earnings with a hatchet piece that rehashes old news. my guess is that one of the majors wants their acreage and would rather buy it in liquidation than pay fair value for it.