Ok there eagle ford is worth about 130 million with 35 oil. TMS break even is around 50 oil. Hansville could eassily fetch 100 mill. 210 million total debt if deal gets done. 800 million total debt including pfds wiped out. @78 mil shares outstanding after the deal. No inerest payment will be due on the 210 mill senior secured debt after the new deal. Oil 50 the common could easily rocket over 1 dollar. Far cry from .05 where it is now
Yes true and this company's management should be taken out to the wood shed and be disposed of. Will not be tending my pfd shares at that #$%$ conversion of 4.5 to 1. Voting no on proxy and rather see them in bankruptcy court. Will be able to recover much more on pfds in bankruptcy then this #$%$ conversion deal. They should amend the conversion to 15-1 for c and series and 20-1 for series if they want to get this deal done.
They will live to fight another day
Tehy can drill profitablity with 55 oil with all the debt including preferred and cost reductions they are doing and will continue to do. Will be a much leaner stronger company for when tides turn.
Yes they have options and wiped aout around 600 million in debt including the last preferred exchange and also looking to retire 100 mill more with 50 mil senior secured notes set aside. So yes they are struggling but they time atleast another 12 months. If they sold 100k tms at 1k an acre thats 100mil more in debt they can retire bringing there total including preffered debt down to 250 mill. With plenty of valubale land to boot when oil returns. Be patient grasshoppers
What a complete joke these morons are
No you are wrong about the reverese split and getting 5 for 1. The series E will be adjusted accordingly to the reverese split IE.. reverese split 5 for 1 on common the the series E will be adjusted to 1 for 1 with common. The Series E are convertable anytime after dec 8 to common stock regardless of the price of common
Yes you are 100 percent correct arb play will be done by the time dec 8th comes rolling around. Makes no sense to convert them with this low ball offer with most holders holding from the par value of 25.
you will not tender your shares at this 5-1 conversion without a 2 doaar kicker in cash for each prefferd share tendered. They can do it and would be foolish not to. And to open up to the the entire series of C and D issues
Your right the conversion wont happen to 2 bucks a share but they are planning to do a reverese stock split probabaly 8-1 and the the series E gets adjusted accordinly . These oppurtinitys dont happen often proabaly never.
you literally cannot lose even if they filed BK tomorrow if you short the common or if your short the common and buy the c or d series preffered anything under 2.75 a share you lock in gains. They are 1.30 now never seen anything like this makes zero sense
Because they will do a reverse stock split after the tender