"Goodrich Petroleum Announces Results To Date And Five-Day Extension Of Tender Offer Period" $GDPM

The Goodrich Petroleum exchange offer that I mentioned a month ago, and which is far too greedy, looks like it is going to fail.

Exchange offers are a great idea for insolvent companies, but the nuisance value of equity is about 5%. Goodrich tried to get far more than that. So they'll either up the offer or file for bankruptcy.