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.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?
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."
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1 comment:
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.
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