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Re: LGCY - looks like LGCY is about to file ch11Used to own the LGCYO preferreds, then they got converted into common, and sold my preferreds at pretty close to cost in the spring last year. Then, like so many of us, could not help but notice that Baines was buying and buying like crazy the common, which was close to $ 5 in Nov 2018. That buying by Baines went into hyper drive earlier this year, so I traded it a few times, made a few bucks that is all. When Baines stopped buying, I bailed at 50c. More puzzling is the fact that the new CIO and General Counsel, both of whom took on RSU's as part of their pay packages, 187,943 and 340,426, respectively. As to the big bonuses, the new CFO took on 496,984 RSU's as part of his new pay package on 19-Feb-2019. Looks like that RSU package which was probably worth about $ 250K at the time of award, is about to be zero value. http://app.quotemedia.com/data/downloadFiling?webmasterId=101533&ref=12721145&type=PDF&symbol=LGCY& companyName=Legacy+Reserves+Inc.&formType=4&dateFiled=2019-02-19&cik=0001735828 So, Bob Norris' $ 600k bonus will cover the $ 250k that is about to become $ 0. http://app.quotemedia.com/data/downloadFiling?webmasterId=101533&ref=12926222&type=PDF&symbol=LGCY& companyName=Legacy+Reserves+Inc.&formType=8-K&dateFiled=2019-05-23&cik=0001735828 Even more puzzling is the fact that about 3 months ago, some debt holders of $ 3.25 worth of notes, converted their debt into LGCY common shares. That seems really odd - unless - they were convinced that LGCY is going to be able to fix this mess. http://app.quotemedia.com/data/downloadFiling?webmasterId=101533&ref=12718261&type=PDF&symbol=LGCY& companyName=Legacy+Reserves+Inc.&formType=8-K&dateFiled=2019-02-19&cik=0001735828 |
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