Tuesday, April 2, 2013

Amazing Bit About GMX Resources' Final Days ($GMXR)

From this article,

"Before entering bankruptcy, GMX sought to raise capital through debt and equity. In January, GMX retained Credit Suisse Group to raise $75 million in stock and $75 million in convertible notes. About 14 of 30 potential investors signed nondisclosure agreements, but there was insufficient interest to consummate any deals.

GMX then retained Jefferies LLC on Feb. 8 to raise $25 million in stock and $75 million in convertible notes. Jefferies also was unsuccessful in its efforts."
I don't know why they would have thought that would be possible. Who was going to come into the capital structure pari with or below unsecured debt trading at 50 or less?

1 comment:

blogger said...

I tried to short this stock (PINK:GMXRQ) at $0.40, but could not get the trade; I then tried all the way down to $0.10 and could not get the trade to work.

How can the quote be at $0.42 when I can't get a buyer even at $0.10 ?


Anyway thanks for all the articles. I did not visit since 2 years, and the blog is still there and still very interesting.
Thank you for writing this blog.