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Strategies & Market Trends : Value Investing

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To: Jurgis Bekepuris who wrote (55728)	7/23/2015 11:04:12 AM
From: E_K_S	of 78673

Re: SFY Debt Yes I saw that. The initial pricing was North of 10.5% and the company said they had other options. There was some internet chatter of a JV deal in the works for new well development on the Eagle Ford property. If/when they do a Debt for equity offer/exchange, a fair value exchange offer/price might be $0.67/100. Therefore, my exit strategy is: 1) if an exchange for debt is offered, then I would take it as long as the debt exchange value is $0.67/100 or higher AND I can sell the new shares immediately; 2) continue to hold debt and receive semiannual interest until it defaults; and/or 3) understand liquidity for the bonds is soft and watch. My exposure not too much so it will be interesting to see how the asset value(s) play out. In all cases, better than holding the common shares. EKS

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