RE:legacy
Fine if they can survive. Management put this company into much too much debt. Worse, they didn't hedge virtually nothing. If you are overleveraged, it is even more important to hedge.
The first time, I'm concerned as Management stated they were only fine with the Bank line loans down to $55. We are looking like we will be below this for the next 6 months and the next Bank review is April.
I honestly think the only option left is to sell (if someone wanted to buy - no too many companies in a position to be able to buy today).
This is a totally different situation than 08/09 - LEG didn't have much debt back then.
$1.44 tells you the market thinks LEG is a high risk stock now. We are approaching LRE and LTS in terms of risk. Won't be long and we will be sub $1 if oil doesn't get back over $50 which is not looking good.
Ask me "how pissed off I am". I hated the debt level and should of sold. Trent kept telling us he was going to solve the problems (including making sure the company had adequte hedges in place, selling non core assets, and ......)