Twin Butte Energy Ltd TBTEF

RE:share price

[JayBanks]

It may have finally died the slow death...

I'm still holding 11,000 shares that I bought for $9140... What a newb terrible investment/hold decision I made with this. I'm only still holding the shares to write off when it's advantageous for me, but if this is officially dead it might be this year...

Whats really sad is that the banks are what killed this company for no better reason than they where stupid with thier own loan businesses. They called in thier loans and refused to reup the terms because of thier own internal politics/issues, the company was still producing enough cash at like $35-40 oil to pay the interest costs twice over! The bank shot themselves in the foot killing this company as they only recieved a small portion of the loans back in bankruptcy and wrote off the rest. These guys despite being way over leveraged, were producing a fountain of money at low costs in a low price environment and were very comfortable on FCF. I held out hope that sanity would prevail and the bank would extend the loan timeline provisions while not extending/reducing the borrowing limit as it was getting paid off. Instead the bank cut off thier foot to spite thier face and punched the shareholders in the stomach. While management put themselves in bad shape by over leveraging so much, I don't put the failure on them, they were delivering and trying to make it work till the end.