Depends on where you bought I suppose. If Hession brings an offer to the table of 40-60 per share, it'll suck when a fews ago we could have got double that.... but if you're buying today it's 50-100 percent premium. Looks like it's all coming to a head, sounds like some offer is going to be made and Shareholders can either side with Phil and reject the offer (and Hession gets paid), or take the offer (and Hession gets paid). Either way Hession's made the money.
yes, the certification payment would have to be part of the purchase price. Not the 10TCF number, because Total is going to drag this out of a year or two and IOC will have financial problems by then, as well as maybe government problems since they can no longer afford to drill.
No, it's over like I said two weeks ago. They will restructure the companies debt... some will be written down, some will go into new equity. Current equity holders will receive ZERO. The reemerged company will have a better debt structure and HOPEFULLY a new CEO. This clown is a joke, and still making millions.
Best thing Hession could do at this point, is sell the company. He's blown through all the cash and without much success and no clear path and/or timeline to monetize (let another finance a path to monetization).
Bigger pockets are needed, to ride out this down market and develop this asset. Too bad Phil just cannot get that as a proposal for the AGM.
Took a flier on UPL not going BK. 100 may 20th 1 dollar calls. 500 dollars in.... But I don't see a snowballs heck in chance with don't file BK.
LG conference call run-up starts monday. LG to announce 600 million in debt reduction between exchange and open market buy backs. Cliffs with under 2 Billion in debt as of today.
Debt after debt exchange 2.4B, Debt after LG bought all the available bonds AFTER debt exchange 1.9Billion. Conference all next week will be huge.
we'll see how much of the 2018 was bought in the open market during conference call.
The next release will be interesting, as the settlement date will be after the move to 4 dollars. 4-26
It's misleading to everyone who doesn't know a selective default is given when you offer a debt exchange at 60 cents on the dollar. BUT.... it's a huge positive and that's why the rating upgrade. Thank gawd it allowed us to buy and keep buying on the cheap, by the time main street figures out whats going on we'll be over 10 dollars per share and the debt will be under 1.5 Billion.
I'd also like to hear from LG, "we retired 100million of the 2018 bonds for 20 million dollars".
The 2018 bonds were trading at 11 cents on the dollar 2 months ago, I think we should move that up to the positive side! :)
way off base. Two separate issues. Did LG take advantage of Bondholders fear, YES! Did it benefit the company AND shareholders, YES.
Hession just gave the finger to shareholders, he's out of touch. They have spent a BILLION dollars with very little to show for it. Amazing, and now he has to go.
and the best thing is as the stock goes higher the probability of being able to pull off a debt/stock offering to wipe out the 20/21 bond wall goes up too.... ergo, the path to eliminate all but a very manageable level of debt is within site.... even if it's 3 years off.