Bellatrix Exploration Ltd (Canada) BXEFF

Good Investigatig MikeTrike

[RichyRich$]

Thanks for putting in the legwork to put an end to MJ's B.S. I think we will be fine. The Book Value is $16.00/share. With the current market share price so low, it's at 2.0% of Book Value per Share. Usually such a low market to book value attracts a lot of competing bids to buy. Competing bids means a decent buyout price. When Googling about book value and bankruptcies... it says when low Price to Book Value... the common shareholders make money even in a bankruptcy. Since CCCA is not technically a bankruptcy, its bankruptcy protection, and the business is still running with higher AECO now, it's not a pure distress sale. Seems more like a proactive move by the band/lender that bought majority of the common shares to try and get it bought out by a larger player. Also... when reading about book value... I read that Oil, Gas, Land are the best industries to use Book Value as gauge of worth, because it doesn't depreciate. Oil n Gas still appreciates with inflation. And their $200M in pipeline infrastructure wouldn't depreciate much. Their plants with double capacity now were recently upgraded and all the money already pumped in. Whatever that's worth. Not even including their current proven reserves and future potential. The Cardium JV alone is worth $150M. Spirit River not even included.

[mjhayman]

Call Steve and prove your case.. Ask what our chances are?

[miketrike]

If things go really bad, which is entirely possible, I will lose a lot less money than the bankers who converted $100 million debt to common shares, and much much less than Mjhaymen, who for some reason and in ways we will never find out, bought 100,000 shares AFTER the CCAA was announced and AFTER claiming on Oct 2 "I have a feeling it’s curtains for this company".  Maybe MJ is