The Company is engaged in the acquisition, development and production of natural gas and oil properties in the Gulf of Mexico and the U.K. and Dutch Sectors of the North Sea.
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Buying or selling a rumor is dangerous. The source cited by Bloomberg on ATP Oil & Gas Corps exiting CEO arranging bankruptcy financing could be fake, or it could be real. Except for new financing ATPG got last quarter, howeer, there is little positive news to support the net negative book value that developed over the last three quarters. Loan payments are coming due and income will not support it. Either another financing deal is needed or BK will occur....if not the next few days then sometime soon. ATPG was such a promising company as it purchased highly sought leases the last two years, but issues on the Gulf and over extension have depleted it before it could utilizet the assets. In this economy the assets are probably not going to bring adequate relief if sold under diress.
Buying in that if the rumor is false, the end result will not be.
ATPG and SVNT have been the largest losses of my fund (excluding the hedge via SPY short position). Oh well, fund is still up around 45% since inception in March 2010 ... :)
I "fell" for both ATPG and SVNT at various times for real money. There will always be some that "catch you" no matter how diligent you are. At least I didn't have to name my first born "Krystexxa" like zzlangerhans did! ;)
http://caps.fool.com/Pitch/SVNT/4003216/a-very-curious-development-tod.aspx
ATPG has been my largest mistake as an investor. My regret is not buying it but chasing losses. I have learned to be comfortable taking risks and watching a stock go towards zero but ATPG was my first big risky investment and I went to the well a couple times too many. I cashed out today at .35 and will try to forget those 4 letters!
SVNT has been on a run lately...I would like to see them pull out of the tailspin.
I have a few ticker combos that I never want to see again either and I didn't get $0.35 out of one of them and only by some unknown quirk of a one day spike months after it went BK on another one!!! I was guilty of chasing on that one as well.
Events like these are part of our Historical DNA now, hopefully it will make us more "seasoned". ;)
I have a ten $1 long calls on SVNT. I don't expect them to mature, but I'll risk the $57.50 total and let them ride! ;) Sometimes I "knowingly" live dangerous!!!