Keep shorting..you're doing a great job!
45c now,, LOL!
And with huge volume.
This stock was abandoned for too much time.. with the low float, can easily triple in two days.
Sentiment: Strong Buy
Why Breitburn is not searching collaboration from all the stakeholders? They said ALL stekeholders,but i can't see any proposal.
For what we know, they may be preparing a swap offer.
Look at HK.. they just prepared an offer that include preferred and common ( an offer that for us would be terrible ).
There are two problems.
First, only a fraction will sell at 18 cents; probably the vast majority wants 100.
Second, to buy back you have to use cash.
The exchange that they did is a lot better: they paid 40 on the dollar but without spending a cent.
IMHO is exactly what is happening with BBEP.
If you look the first day motion, you'll see that they list a lot more assets than liabilities.
Banks aren't collaborative with bbep and are forcing bk..probably because they have a high percentage of notes, not like VNR.
Hell, from 45$ to 75$ there's a big difference .. LOL
There must be a REAL value.
Obviously at 75$ they can pay debt etc.. but if the oil was at 75$ the credit line would be at 1.8M :)
Seriously, they did a lot of work to reduce capex and loe, so it's impossible that they need 75$. don't know if 45$ is enough, i suppose not. But dec futures are already at 50$, so they can hedge all the production.
LINE stated clearly that shares are going tobe cancelled.
I can't find the same statement in BBEP pr or filing. I can read "interests of ALL stakeholders".
Maybe they are going to leave a small percentage of the co. to actual equity holders?
Today all MLP's will suffer.. but VNR ( and MEMP and EVEP , imho ) are all different.
LINE has 10 MILLIONS $ IN DEBT..
Breitburn will follow LINE.
Is less than ideal, but surely better than what most of invetstors were expeting.
They can cure "a small deficiency" easily because they are distributing ZERO.
Most of the borrowing bases were reducted 25-30%; 30% of 1.8 it's more than 500M,so it's not the case ("small deficiency"). It looks that the banks want VNR to survive.
Do you have a link that explain this conversion ?
For what i know,warrants have a fixed price, and only prefs have a variable conversion price ( with 10c floor ).
Missed. Can you provide me a link ?
I was talking about the conversion price of prefered, not the actual share price.
Since the deal took place with VNR at 10$, probably actually it hasn't much sense to calculate the price of the acquisition.
Now the problem is: 280M is enough? i hope so.