GREY:WFREF - Post by User
Comment by
canneon Nov 19, 2015 3:34pm
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Post# 24306671
RE:a penny away from all time LOW !!!! LOL
RE:a penny away from all time LOW !!!! LOLThere was a write down of $285 million of the company's assets in Q3 - this is an accounting loss and will come back when the prices of oil and gas go back to more normal levels and the land values increase. However, they are still losing money if the write down is disregarded and the Q3 M&A was ominous as the outlook calls the enviroment "challenging" and then there is the bank call of $245 million coming in May. IF they can get the Chinese money ($100 million) they will need $145 million more and will have to find it somewhere-I think that is why this stock is trading at 26 cents....
This is ugly no matter how you look at it. They are presently going through a "review" which is apparently a semi annual event and it will be completed by Nov30.