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Riding The ATP Oil And Gas Roller Coaster
Great analysis as usual Dev. I wouldn't touch the common with a ten foot pole at this point, as it seems likely shareholders will bear the brunt management's operational & financial missteps with probable horrible dilution to close the cash flow gap. If you were one of ATP's potential partners, at this point would you believe them if they tried to sell you part of their infrastructure and/or future production?
Wondering what you think of their senior debt trading in the 60's, I think they eventually get some form of punishing financing in lieu of BK, which would certainly push the debt back near par again. I traded it successfully before the last conf call, but haven't jumped back in, as I'm suffering from a disorder where I don't believe anything ATP management says.
Nov 19 11:34 PM
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