PRE RIP?This seems like a backdoor way for Harbor Energy aka alpha to control the bond debt of PRE with the expectation of an inevitable default in the coming months ultimately leaving them and the bank notes in control of the remainder assets. The equity holders are last in line post liquidating PRE's assets post bankruptcy. This seems like a enormously better option for them then assuming the debt and a $6.50 sp offer like they made in May 2015. Gonna need more the a 1 billionare white knight to save this one it seems.
Is PRE a sinking ship for equity holders. RIP PRE? What a wild stock! Up 80% intraday one day in dec and down 80% in 2 days 2016.