Today's plunge in GMX Resources (GMXR -21.2%) caps a 60% collapse in shares since the company's...

|About: GMX Resources Inc. (GMXRQ)|By:, SA News Editor

Today's plunge in GMX Resources (GMXR -21.2%) caps a 60% collapse in shares since the company's Feb. 19 production update. Its turnaround strategy has hinged on Bakken production, but it hasn't been enough; an even bigger worry is the liquidity crisis which appears to lie ahead, as GMX said it had just $46M cash on hand. For investors, today's hiring of a financial adviser looks like the last straw.