I would expect that the approx $1.2M worth of notes where the company does not have the option of converting these notes to shares will be redeemed (at least I would if I were holding them) post the of Permian asset.
Some good news, title defects & environmental liabilities reduction looks like its going to be about $70K.
Also good news (in a round about sort of way) is that while the PSA allows for LPI to receive appropiate adjustments for sale of HC that sum is after ALL net costs and expenses (including the capitalized expenses) - which means $0 as the sale of HC at present is negative (after Capex expense adjustments)
Also some amount of the trade payables is future accruala that now wont be paid.
Not pretty but not insolvent either.
GGP Price at posting:
2.5¢ Sentiment: None Disclosure: Held
