I was very much sickened by profanity and threats used against the mamagement. I really think that Yahoo should ban such posters and that a simple apology by such posters is not enough.
I would also add that the negotiations between Russia, Saudis, and others are the very first since 2014 when all of them stopped respecting any limits on production (specially Saudis and Russians) and the fact that they have started talking is a sign that they have finally decided to raise the oil prices back up and although they are only talking about freezing productions right now once they see there is no agreement on that and the prices keeps dropping they'll begin talking cuts.
One more point: there are news this morning that US is now begun bombing ISIS in Libya for the first time showing instability in the middle east is only expanding which may push to member states to push more to stabilize oil to at lease financially help the region while bombing itself if extended to libya's oil field could also impact prices.
If one dilutes current numbers of shares outstanding (86.03 million) by 35% you'll get 121.95 million shares. Now if you divide $763 million by 121.95 shares you get $6.25/shares. Compare to last week's closing price of a meager 0.215 the share price needs to multiply by 29.1 times to get to $6.25; Why are you saying by 10?
It seems to me even in the face of oil price, court matters, and other uncertainties going from 29 times to only 10 times that is too much of a discount specially that most if not all oil stocks these days face much uncertainty and speculation. I say the stock price needs to go up by at least 20 times from here to be even in the ballpark of where it needs to be; PGNPF is the cheapest most undervalued of all the stocks in the oil sector at this time.
It is funny how this Cheng guy can't get over the fact that he missed out on buying shares before the big jump. And now he sounds like he is in another world and, as you pointed out, does not seem to understand that the game is pretty much over and one way or another the equity holders will be getting the 65% already agreed on and submitted to the court by nearly everyone including the management, the bondholders, and the banks and whether term lenders object is for the most part irrelevant. Of course as it stands the term lenders have not recorded an objection with the court yet but even if they do won't matter much.
Right now what is important is what happens to the price of oil and how long before the offshore drillers begin getting contracts again. But as for the 65% the game is over and Cheng better just accept that fact and move on.
Paragon site says it is today after close with cc tomorrow at 9 central time; Anyone knows any better?
I also have to say "a buck" is much much too low specially that an obejection by term lenders is alreay more than built into the share price; I suspect even if there is an objection that the price would probably have a relief rally but not too much; However if there is no objection I believe the shares will easily go way above your "buck".
I have been searching but have not find any such filing today; where did you see it was filed? can you provide the link or the site?
oil now above 45 ...Ocean Rig is more than tripled in the last few weeks with oil moving up but specially after ORIG bought a rig worth over $600 m for a mere $63 m in auction...With Paragon having written off a whopping $1.1 Billion of its debt and the oil moving up I expect the share price to zoom more than any other driller as Paragon is the only oil sector company giving a huge 65% of the restructured company to shareholders...that is 65% of the same Paragon company but only about half as much debt...think about it...once restructuring is done shares should be worth much more than few months ago when oil was near 40 and share near 5 bucks...