Did FST holders get stock in Sabine? Does Sabine have publicly traded stock? Do you still have FST shares trading under FSTO? Did these fraudsters believe that NYSE would allow Sabine to get a NYSE listing via reverse merger, or did they expect to be suddenly delisted without mentioning it to stockholders?
NYSE to Suspend Trading Immediately in Forest Oil Corporation (FST) and Commence Delisting Proceedings
December 16, 2014
NEW YORK, December 16, 2014 – The New York Stock Exchange (“NYSE”) announced today that the staff of NYSE Regulation, Inc. (“NYSE Regulation”) has determined to commence proceedings to delist the common stock (the “common stock”) of Forest Oil Corporation (the "Company")from the NYSE. Trading in the Company’s common stock will be suspended immediately.
NYSE Regulation has determined that the Company is no longer suitable for listing. Pursuant to NYSE Listed Company Manual (the “LCM”) Section 703.08 (E), the NYSE is prohibited from listing the additional shares issued pursuant to the Company’s merger agreement (the “transaction”) with privately owned Sabine Oil & Gas LLC (“Sabine”) that was completed on December 16, 2014.
The aforementioned transaction was viewed to be a “back door listing” as defined in the NYSE LCM Section 703.08 (E), whereby an unlisted company proposed to combine with, or into, a listed company under circumstances which, in the opinion of the NYSE, constituted an acquisition of a listed company by an unlisted company. As of the close of the transaction on December 16, 2014, the resultant Company did not meet original listing standards pursuant to Section 102.01 of the LCM, as would be required in the case of a “back door listing”.
In addition, the Company had previously fallen below the NYSE’s continued listing standard in Section 802.01C of the LCM requiring listed companies to maintain an average closing price per share of not less than $1.00 over a consecutive 30 trading day period.
The Company has a right to a review of this determination by a Committee of the Board of Directors of NYSE Regulation. The NYSE will apply to the Securities and Exchange Commission to delist the common stock upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.
Why post as *if* you have experience? I will take out your "if." DLIAQ will trade OTC til the bankruptcy closes. And no one is shorting this, fool. It takes $2.50/share collateral. No one wastes their money on that. Aside from that, it's too risky.
You fool. Of course it will continue trading OTC until the bankruptcy is closed. Watch and learn. Til then, keep your yap closed, as it only reveals your stupidity.
Well, maybe you'll learn after the notice comes out...or maybe you won't. You can look at the notices for any other Nasdaq stocks that fell below $1 if you want the truth. I'm not going to argue any more.
Durdy inbreeders...they're everywhere, walking silently among us. Incest makes a great topic; everyone's ears #$%$ up. Never tiring. Please give us more, with the durdy bits.
I don't know how you fabricated 90 days. It's a 6 month initial extension, and usually another 6 month extension if they meet all other listing criteria. This presumes that it meets market cap and/or stockholder equity criteria. Look it up on Nasdaq.
Please elaborate on how you believe the March note principal will be resolved. I believe it is a major issue, considering that they gave up on standard refinancing. Paying it off without refinancing or generating cash elsewhere would strain working capital for anything. I believe it will be resolved in either a cash-conserving way, or paid-off by selling assets. Management won't want to sell the company unless there is an offer that enriches them. In general, directors and management will run a company into the ground before letting go of their incomes, free share/option grants, and other perks.
When you can't refute, resort to ad hominem attack. I don't know what's in it for you, but if you're short now, you're a fool. If you're working for a short, you're a tool. If you're trying to talk down the price to buy lower, you're greedy and foolish because it is already way oversold. I'm here because I've got skin in the game, and I'm pretty confident that I'm going to win. Too bad that that upsets you. Carry on with the intellectual "wealth" of your posts.
I'm really glad I stumbled in this stock, simply based on screening daily droppers. Compare its assets and esp. its balance sheet to some other hammered small cap E&P companies, e.g., KWK and FST. Compare the market caps! This stock got hammered way more than others who have far worse balance sheets. BPZ has enough cash to weather the March note payment without even selling assets (yet it work out a deal to conserve cash)! Other companies with virtually no cash relative to debt have market caps double or triple BPZ! They are in danger of bankruptcy; BPZ isn't, at least not anytime soon. When the notes due in March are resolved, BPZ will rocket. Before then, I believe it will regain stock price to at least equilibrate with market caps of other companies in the sector in worse shape.
The sky is falling, the sky is falling! Yet, I bought 100K shares on the drastic drop, and I'm feeling pretty good about it. I figure in January or February, I'll be able to sell for at least a double.
Regarding fundamentals, you need to look up the definition of stock float.
It's not going bankrupt anytime soon, so if someone wants its assets, this will be the time to buy, while oil is depressed, and the company and sector are financially stressed. Do you know how long oil price will be depressed?