RE:RE:RE:myhoneypou liarYou have said exactly what i have pointed out. The only difference is that i don't believe their bank like should of been cut so drasticly leaving them in a do nothing position, and forcing them into huge hedges at low commodity prices.
I think the banks risk in this situation is very small, and if the company had any flexibility in terms of finances, it should of paid 10 million dollars on Oct 1 to buy back 7.67% of the company. This clearly illustrates that they are either flat broke, on no spending flexibility, or management a vision for the future.
The banks are running the company and they seem to disregard the fact that there is 450 million dollars in enterprise value, between them being at any risk at all.
I think the CFO should of done a better job with the banks.
IMHO