Legacy Reserves Inc. (MM) (LGCY) Cotización

TDamer just removed this from my list of

positions with a History statement "removal of worthless securities"!

LOL, my $200 gamble poof gone with the wind!

But...but....but...I thought everyone was going to make millions here? :)

Gonna hang out here on the fka LGCYQ board for a little longer.

https://budgeting.thenest.com/happens-value-issued-stock-common-stock-redeemed-canceled-32057.html

Good Read: What Happens to the Value of the Issued Stock When Common Stock Is Redeemed & Canceled?

“The trend in earnings-per-share is a vital factor in stock valuation, so buyback in theory should make the stock more valuable. This is the primary reason that companies redeem their shares -- to benefit shareholders, including officers and directors who have an investment in the company, as well as employees holding stock options.“
Check the link to understand what’s happening. Legacy may redeem the shares.


https://budgeting.thenest.com/happens-value-issued-stock-common-stock-redeemed-canceled-32057.html

The Wall Street Journal has a “$2.00 price target” on Legacy Reserves Stock with a “HOLD” rating. Legacy reserves is not finished. This company will be bought out or merge. The company is still in business. We’re sitting on a winner. Be patient with this. Legacy is a great company with a lot of bank financing. Check the link.

https://www.wsj.com/market-data/quotes/LGCYQ/research-ratings

That's the risk-excitement of gambling on 'Q' tickers. To try and make a buck before cancellation.

"...How does it work? You just simply lose your shares? Crazy for the people invested...."

$LGCYQ: I lost more.... you'll win your $200

Back and more on something else.


Nothing is Guaranteed on the Stock Market.


Get used to it.

I lost $200 on this crap, thanks for

recommending on the other board Zman!

Sadly yes. A call to your broker and taxman might be useful.

How does it work? You just simply lose your shares? Crazy for the people invested.

At 10:27 today

Yup!

all existing equity interests in Legacy will receive no recovery under the Plan and will be extinguished.

http://app.quotemedia.com/data/downloadFiling?webmasterId=101533&ref=114634695&type=HTML&formType=8-K&dateFiled=2019-11-19&cik=0001735828&CK=1735828&symbol=0001735828&companyName=Legacy+Reserves+Inc.

Hey there mess124,

LGCY has overcome hurdles in the past and am hoping that they can deliver for their shareholders once again.

I don't currently own shares, but am watching.

GLTU on LGCYQ and all of your investments.

IMO and FWIW.

10Q released yesterday, looks good!

glta!

Just checking in on LGCYQ. GLTA. EOM.

news probably....yessssssss

go go go go now + 53% again 0,014 goooooooooooo

I'm finally back in black/green!

Come on .10 or $1!

glta!

ran from.12 to .835 in june !!!!

its accumulated 2ml shares in 2 days,some insider knows something

bid building,getting found,thin ask,no dilution,could blast off

Well color me surprised. Still an itty bitty pop. If the volume can reach 10 mil it might actually have some legs.

something big is brewing,lots of loading

Popping now!

I don't care i'm not in the stock myself just watching it

There won't be any pop. Sounds to me like they already plan to issue new shares with an ex-date of 9/24 (already passed, so trading now is pointless). I'm not a holder and didn't get the recent letter. But seems it boils down to do you want to take whatever they offer in a payout or exchange your current shares for new ones on a pro rata basis out of BK.

It sounded like if you Opt Out

you get paid some coinage, but I'm no lawyer.

glta!

Agree..holding till than

as i read it > THE COMMONS WILL BECOME WORTHLESS. ANY OPINIONS?

$LGCYQ: You might wanna reachout to @Legacy_OCC on Twitter


To get a second opinion on that.


Sounds like they are telling noteholders to REJECT the proposed plan.

Thats for noteholders though.


For common equity holders, it might be a different case.


Send them a message and ask them what they they think of it.

Take a snapshot of the email that was sent to you and copy it
in your twitter message to them and use the $LGCYQ tag.


You can also follow the case on LegacyOCC.com



I'm interested in whats going on with $RITT today.
They were also in receivership but delisted down from Nasdaq to
pinksheets and now majority owned by a Chinese company, the largest
fiber-optic company in the world.


Have a Great DAY !


https://www.legacyreserves.com/2018-09-12-Legacy-Reserves-LP-Announces-Final-Court-Approval-of-Delaware-Merger-Litigation-Settlement



GO $LGCYQ

MZM, let us know whatYou think of OptOut

plan that was emailed to everyone yesterday.

glta!

Sounds like if you OptOut you get paid

something, and if you don't, you get nothing, but I'm no lawyer by any means.

glta!

Email sent to stock owners of LGCYQ. I am interested to hear anyone’s interpretation of it.

Just checking in on LGCYQ. GLTA. EOM.

There could be a decent pop as we emerge out of bankruptcy

I own .001% Is that a lot?

BlackRock Investment Group owns 75% of LGCY's shares:

$LGCYQ: Oil hitting $63/bbl right now


Hey MERCURIA.... wanna buy it now ?


Here's your chance to get some CHEAP CHEAP CHEAP LGCYQ !!!!!!!



GO $LGCYQ

GOOD LUCK. But at this point i see COMMONS canceled

I'm thinking .50 per common, but

I'm a gambler! I got 10K shares at $1 and 10K more at .81 and I might risk a little more beer money at lower pps.

glta!

i think NO RECOVERY.... here the proof, or am i wrong ?

----------

Class 9 (“Existing Common Equity Interests”) is impaired, deemed to reject and not entitled to vote the Plan. The estimated aggregate amount of claims is NA and the estimated recovery is NA.

i cant read it . are COMMONS SAFE?

$LGCYQ: Judge approves Bankruptcy EXIT plan


https://www.wsj.com/articles/judge-to-approve-outline-of-legacy-reserves-bankruptcy-exit-plan-11568315892



GO $LGCYQ

Only like 115M o/s

why?

glta!

The way I read it is noteholders and debtors will receive debt to equity conversions and the rest will be cancelled....that includes common shares.....

Again....could be wrong....

How many O/S SHARES are out there for LGCYQ?

How many O/S SHARES are out there for LGCYQ?

.50 per share coming our way??? https://bankruptcompanynews.com/legacy-reserves-inc-files-amended-plan-351mn-of-term-loans-to-be-exchanged-for-51-4-of-emerged-debtors-equity-983mn-of-senior-notes-left-with-2-5/

https://www.prnewswire.com/news-releases/legacy-reserves-announces-september-24-2019-voting-record-date-and-subscription-record-date-300916515.html

Legacy Reserves Inc. – Files Amended Plan; $351mn of Term Loans to be Exchanged for 51.4% of Emerged Debtors Equity, $983mn of Senior Notes Left with 2.5%
by New Generation Researchon September 10, 2019

September 9, 2019 – The Debtors filed a Further Revised Plan and a related Disclosure Statement [Docket Nos. 453 and 454, respectively] each of which attaches a blackline showing changes to the versions of each document filed on August 18, 2019.

Overview of the Plan

The Disclosure Statement provides the following revised summary of the Plan:

"The Plan contemplates the implementation of a debt-to-equity conversion of a substantial portion of the Debtors’ prepetition funded indebtedness, the payment in full of all Allowed General Unsecured Claims, committed equity investment from the Plan Sponsor and certain Holders of Notes Claims, a rights offering, an exit financing facility, and other potential sources of debt or equity capital, which collectively will result in a significantly deleveraged balance sheet and necessary liquidity for the Reorganized Debtors upon emergence. Successful implementation of the Plan will avoid a sale of all or substantially all of the Debtors’ assets during these Chapter 11 Cases. The compromises and settlements embodied in the Plan preserve value by enabling the Debtors to avoid costly and time-consuming litigation that would delay the Debtors’ emergence from chapter 11."

The key component of the Plan is its debt-for-equity exchange further to which (i) all Term Loan Claims in Class 4 will be converted into equity in the reorganized Debtors ("Term Loan New Common Stock Shares," receiving approximately 51.4% of the emerged Debtors' equity) and (ii) $464.6mn of the Senior Notes in Class 5 will be exchanged for "Notes Claims Shares," representing approximately 2.5% of the emerged Debtors' equity. The $518.1mn of Senior Notes held by Legacy Reserves LP will be cancelled and will have no equity allocation.

The following is summary of classes, claims, voting rights and expected recoveries showing no major changes (Defined terms are as in the Plan and/or Disclosure Statement):

Class 1 (“Other Secured Claims”) is unimpaired, deemed to accept and not entitled to vote on the Plan. The estimated aggregate amount of claims is undetermined and the estimated recovery is 100%.
Class 2 (“Other Priority Claims”) is unimpaired, deemed to accept and not entitled to vote on the Plan. The estimated aggregate amount of claims is undetermined and the estimated recovery is 100%.
Class 3 (“RBL Claims”) is impaired and entitled to vote the Plan. The estimated aggregate amount of claims is $313.0mn and the estimated recovery is 100%.
Class 4 (“Term Loan Claims”) is impaired and entitled to vote the Plan. The estimated aggregate amount of claims is $351.2mn and the estimated recovery is 53.9%-83.4%. Each holder of an Allowed Term Loan Claim will receive its pro rata share of the Term Loan New Common Stock Shares (about 51.4% of the emerged Debtors' equity, see see Equity Allocation table below).
Class 5 (“Notes Claims”) is impaired and entitled to vote the Plan. The estimated aggregate amount of claims is $982.7mn (although the $518.1mn held by Legacy Reserves LP will get no distribution) and the estimated recovery is 3.1%-4.8%. Each holder of an Allowed Notes Claim shall receive its respective pro rata share of the Notes Claim Shares (about 2.5% of the emerged Debtors' equity, see Equity Allocation table below). Holders of Notes Claims that are Qualified Noteholders will also receive Subscription Rights to participate in the Rights Offering. This estimated Notes Claim recovery includes potential receipt of the Participation Premium Shares, as such shares will be available to each Holder of Notes Claims pursuant to the terms of the Plan and the Rights Offering Procedures. The estimated Notes Claim projected recovery without taking into account such shares is 2.0%-3.0%.
Class 6 (“General Unsecured Claims”) is unimpaired, deemed to accept and not entitled to vote on the Plan. The estimated aggregate amount of claims is $2.0-4.0mn and the estimated recovery is 100%.
Class 7 (“Intercompany Claims”) is unimpaired/impaired, deemed to accept or reject and not entitled to vote the Plan. The estimated aggregate amount of claims is NA and the estimated recovery is 100%/0%.
Class 8 (“Intercompany Interests”) is unimpaired/impaired, deemed to accept or reject and not entitled to vote the Plan. The estimated aggregate amount of claims is NA and the estimated recovery is NA.
Class 9 (“Existing Common Equity Interests”) is impaired, deemed to reject and not entitled to vote the Plan. The estimated aggregate amount of claims is NA and the estimated recovery is NA.

Equity Allocation Table

Equity Allocation




Emergence on 9/30/19


Emergence on 10/31/19


Emergence on 11/30/19


Emergence on 12/31/19


Emergence on 1/31/20


Emergence on 2/29/20

Term Loan New Common Stock Shares


51.40%


51.69%


51.97%


52.25%
52.53% 52.78%

Plan Sponsor Backstop Commitment Shares


31.42%


31.24%


31.06%


30.88%


30.70%


30.53%

Rights Offering Shares


11.01%


10.94%


10.88%


10.82%


10.76%


10.70%

Plan Sponsor portion of Rights Offering Shares


1.69%


1.68%


1.67%


1.66%


1.65%


1.64%

Plan Sponsor Backstop Commitment Fee Shares


1.60%


1.59%


1.58%


1.57%


1.57%


1.56%

Noteholder Backstop Commitment Fee Shares


0.56%


0.56%


0.55%


0.55%


0.55%


0.55%

Plan Sponsor portion of Noteholder Backstop Commitment Fee Shares


0.09%


0.09%


0.09%


0.08%


0.08%


0.08%

Notes Claims Shares


2.50%


2.49%


2.47%


2.46%


2.44%


2.43%

Participation Premium Shares


1.50%


1.49%


1.48%


1.47%


1.47%


1.46%

Plan Sponsor portion of Participation Premium Shares


0.23%


0.23%


0.23%


0.23%


0.22%


0.22%

Total


100.00%


100.00%


100.00%


100.00%


100.00%


100.00%

Notes

Equity allocations shown above are prior to dilution from the MIP.
Equity allocations shown above assume $189.8mm Sponsor Backstop Amount by the Plan Sponsor (excluding $10.2mm Sponsor Participation Amount) and $66.5mm Rights Offering (including $10.2mm Sponsor Participation Amount).
Equity allocations shown above do not assume any Incremental Equity Investment. Ownership for each category will be adjusted with respect to any Incremental Equity Investment raised in accordance with the Plan and otherwise in form and substance acceptable to the Debtors and Plan Sponsor.
(4) Notes Claims ownership includes all Noteholders (including any notes held by Plan Sponsor and for the avoidance of doubt excluding any notes held by the Debtors or their Affiliates).
Equity allocations for emergence after 2/29/20 shall be consistent with the methodology reflected herein in accordance with the Plan and Global RSA.
Equity allocations are reflected herein on a monthly basis for illustrative purposes only. Actual equity allocations for distributions under the Plan shall be calculated on a daily basis to reflect adjustment to the Effective Date consistent with the methodology reflected herein in accordance with the Plan and Global RSA.

The Disclosure Statement referenced the following Exhibits:

Exhibit A: Plan of Reorganization (Filed at Docket No. 453)
Exhibit B: Global Restructuring Support Agreement (Filed at Docket No. 343)
Exhibit C: Corporate Organizational Chart (Filed at Docket No. 343)
Exhibit D: Liquidation Analysis (Filed at Docket No. 373)
Exhibit E: Financial Projections (Filed at Docket No. 373)
Exhibit F: Valuation Analysis (Filed at Docket No. 373)
Exhibit G-1: Plan Sponsor Backstop Commitment Agreement (Filed at Docket No. 343)
Exhibit G-2: Noteholder Backstop Commitment Agreement (Filed at Docket No. 343)
Exhibit H: Rights Offering Procedures (Filed at Docket No. 343)
Exhibit I: Stockholders’ Agreement (Filed at Docket No. 385)