Market agrees with you. BCEI down 30% yesterday. LOL
Sentiment: Strong Sell
Key to the situation is value of underlying assets.
Banks just said assets are WORTH 50% LESS than what they were at last redetermination.
Oh, and they tried to sell the mid-stream before and failed. Not because they couldn't sell, but because they couldn't sell for anything close to what is being carried on the books.
This one is toast. They'll keep the lights and keep paying salaries and bonuses, but I predict equity holders walk away with zero.
it probably is. Sorry to all the yield chasers that lost precious capital in this one.
"What exactly is a long term hold in your opinion, 10, 20, 30 years?"