- Report: #1306307
Complaint Review: Sandridge Energy - Oklahoma City Oklahoma
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Sandridge Energy
123 Robert S. Kerr Avenue Oklahoma City, 73102 Oklahoma, USA
Phone:
405-429-5500
Web:
https://sandridgeenergy.com/
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Sandridge Energy Sandridge, SD, SDOC, SDOCQ Sandridge Energy BK Ch. 11 robs Roth IRA from a average hard working american family. Oklahoma City Oklahoma
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Hard working American family, who believed in the new age development of oil and gas production and invested into my Roth IRA, will lose it all. After being a raving fan of Sandridge and believing in companies such as this one who aims to produce Oil and Gas in the United States, rather than us having to rely on other countries to feed us our energy needs, I chose to invest into Sandridge Energy as a common shareholder. We, the shareholders, are the ones who truly had the backs of Sandridge Energy's management team and their company at heart. We believed in what they were doing and were in a sense, their most loyal raving fans and supporters.
SandRidge also listed $7 billion in assets and $4 billion in debt on its Chapter 11 bankruptcy petition, filed in the U.S. Bankruptcy Court for the Southern District of Texas. With the amount of assets and cash on hand to the remaining debt, I simply cannot believe a Judge would rule in favor of a BK for them with this kind of remaining asset value and leave the commons sharefolders with nothing. I and my family who work so hard to simply make ends meet and hopefully secure a little savings in retirement so that we cannot be a burder to the tax payers will simply be another victim.
Now, my fate lies in the eyes and ears of a Judge who will decide whether Sandridge Energy can protect the large investors and relinquish the many loyal and dedicated common shareholders leaving with them with nothing.
Oklahoma City-based oil and gas firm SandRidge Energy filed for Chapter 11 bankruptcy protection Monday, May 16th, after securing support for its debt-cutting plan from many of its creditors. From sources noted in many pulbications, SandRidge said it had reached a deal with many of its major creditors for a pre-arranged restructuring plan that would involve converting about $3.7 billion of debt into equity.
2 Updates & Rebuttals
SandRidge Energy - You had no reason to file BK - see here!
#2Author of original report
Fri, July 15, 2016
Emergency Motion for appointment of a official Committee of Equity Security Shareholders was made and this 148 page document is packed with a wealth of information supporting the facts that this company deliberately and knowingly planned a Ch 11 restructuring filing in order to eliminate the Shareholders and come out profiting greatly from it if it is approved. You can read this Case 16-32488 Document 516 at the below link: https://cases.primeclerk.com/sandridge/Home-DownloadPDF?id1=Mzg3ODA4&id2=0
BSPECK
Edmond,Oklahoma,
USA
I am to a victim.
#3General Comment
Wed, May 18, 2016
I am too a victim of soon to be a common shareholder that gets wiped out! SEC needs to investigate this company. Over 600 million in cash, they made interest payments this year and funded new prospects (Colorado).
Now that oil is rebounding, why file for bankruptcy now? Why not weather it out and fight in the best interest for your shareholders who supported you guys all these years??
Something does not smell right and I be damned if a judge does not question this bankruptcy or even approve this. Basically throwing your employees and shareholders under the bus and STEALING money to fund your bankruptcy.
This is my account as of today (SEE UPLOADED PHOTO). I had faith and trust of the management team to do the RIGHT thing.
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