You Could Have Bought BXE for $0.50 in 2009And sold it for $11.50, in 2014. That's 23 times the price it was in 2009, in 5 years. Of course BXE is now down around $1.00, but this just shows that certain stocks increase over time, especially when the commodity prices go into a rising price cycle.
Now I am not saying we are going to get 23 times the current TBE price of 4.5 cents, but it does show if things go really well, anything is possible. But if people are buying the stock now, to get a 5X multiple in a couple of months, you are dreaming. This would be long term buy and hold, assuming oil prices increase over time, and the banks can be held back, and the Company actually starts doing some development work. It also assumes there won't be excessive dividends being paid out, and a cutback in Management G+A.
The key to a recovery, is first the oil price has to increase, and second, the banks have to be kept back. Rising cashflow, would help keep the banks back.
Debenture holders might be in default, with a lack of interest, but debenture holders are not allowed to ask for their money, and force the Company into receivership. However, they have to approve any deal, that is less than any legal deal, which would be "in the event of a takeover, the Company will purchase the debentures at the face value."
So this cr@p of some foreign investors trying to acquire TBE for cheap, can only happen if the aquiring company, can get the debenture holders to succumb to bullying and intimidation, and cave in to approve the deal. But the offer is not legal, and can only be ratified if 2/3's of the debenture holders agree to the deal.
By opposing the deal, the debenture holders are actually saving the shareholders from getting pushed into a bad deal, just before oil prices start another long-term run up. While debenture holders have no legal recourse to collect their money right now, they can still drag things out for a long time, and eventually TBE will be making higher cashflow, and can then backpay the interest.