This is one area that I haven't had much experience in the underlying intent of the 10k common to one share of the new preferred. I get the NOL - I can sort understand - the poison pill protection for unwanted takeover when the stock is at this low of a price. There may be some M&A interest that is spurring this action. Again, this is new territory for me.
I'm also guessing that what ever news is going to come out, it won't be until after the 11/30 date.
Management should be taking 50-70% paycuts or paided in Common Stock. They need to show that they are sharing the pain with all of their employees plus us stockholders. Right now they are pulling in their salaries and lettiing the poor common people eat cake.
The oil and NG glut is going to continue in 2016, so their ability to negoiate better loan terms is going to be zero or even negative.
They are losing money or barely breaking even on every well they drill so they can't drill their way to profits.
Selling non-core assets will be at rock bottom prices because all of the other small cap E&P's are doing the same thing.
Here is my thought - I would appreciate all of the pumpers and bashers weight in on this proposal.
Simply stop all capex spending, layoff all operations and non-core personnel, implement a 70% salary reductions to senior mgt, and negoitate a bridge type loan to carry them through the "storm" at the best rate they can get.
OR - BE MORE TRANSPARENT WITH THE SHAREHOLDER/BOND HOLDERS on how Mgt intends to manage their way through this mess. All they are communicating is one terse slide in their presentation - wow.
Key point is that the current Oil Market conditions are severely hurting their financials. Otherwise, they are executing well on the operations side which would pay off great if we weren't under the current market pricing conditions.
Also, I agree with SD Jones - Terry is telling the bondholders to pound sand. I feel he is playing hard ball on renegoiating the debt to the point where they file BK or sell assets at fire sale prices rather than give in to them. I think its posturing for the negoiations in the next 60 days.
I curious if any analyst attended, if and what questions they asked, and what was, and how did management come across in the meeting? From the stock price it looks like management didn't make any positive points during the call.
You are exactly Right. I have most of the repeating dumpers and pumpers on ignore. There are so few real contributors here that is making this Board worthless. I was going to send Yahoo customer support a note on the situation occurring on their Message Boards. At some point you just have to throw in the towel and no longer use this service.
Comment - I really hate these posters who do nothing but copy and paste the same obvious materials from the Headlines and the companies presentations over and over again. Really makes me want to scream at these idiots.
My apologizes - I thought you were call me a bot. Yes agree that someone has set up a bot on the SFY. I've been putting all of the obvious posts on ignore. I wish Yahoo could do something to eliminate these posting - the old Boards were pretty good. The current Board is so messed up its hard to look at it any more.
LMAO - not a person - yeah right.
However, I'm am tired of dim wits posting the same nonsense over and over. I'm also sick of the "Good Morning Vietnam psycho chick".
People who do finacial analysis or research articles that give insight to investing in the company are very much appreciated.
I don't get the guy - he must be an idiot, an unemployed moron with lots of time on his hands, or a paid pumper/dumper. All he does is reiterate the obvious.
I have been ignoring every poster who spams their penny stock newsletters and those who do nothing but cut and paste repeatedly from the Corp Presentation.
There are only 2-3 posters left - everything else is "post ignored".
It's too bad - the board was fun to read a year back.
I also spoke to Doug Atkinson from IR and he stated the same thing regarding the redeterminations.
One other thing I was think that might me driving the price up is that Lazards Recommendations may be positive and may be leaking out. The reason I say that is that the volume has been extremely low for the last several months. And all of sudden their is huge uptick in the volume and the price. Coincidence? Doubt it.
why do you keep pumping the same story over and over. you aren't going to change anyone's investiment strategy with your repeated posts. so lay off the copy and paste functions.
If you want to see an idiotic board - take a look at the Swift (SFY) Board. I'd like to reques that Yahoo just suspend the whole message board feature. I haven't owned SD since last Sept, but I was looking for Member's analysis on the SD Situation as it applies to the boarder industry.
Looks like 11 thumbs down were hoping for a .34 cent close too. Not gonna happen. Klili - send me the 100 bucks you owe me!
$100 it won't - send me your email address so I can send you my address on where you can send the money. Talk to you a 4:01pm EST
I think you hit it on the head. This was one of the reasons why SFY pulled the loan was due to the oil pricing used for the interest rate. Now the redetermination is coming into play with the asset vaulation.
When I spoke to IR, Doug mentioned that they work with 3 major banks who understand the oil/NG situation and he mentioned that they are not freaking out; and that the pricing redetermination is not more negative than the company is expecting.
Bottomline - is that we are in a price trough for the last 9 months, the Banks realize that fact. But there are signs that prices will start to rise, demand is rising, supply has slowed and is starting to drop, and major capEx projects have been shelved which all may contribute to a supply disruption. I think the banks are looking to minimize their risk but stay in the game.