I will be very concerned if we cash flow negative but building up a cash reserve. For years we have been holding on to only $5M in cash (I think we spend that everyday on toilet paper in OKC). If we have $200M+ that's trouble, no reason to pay interest on debt you could have paid down with cash.
It takes allot of cash to get through bankruptcy. Lots of lawyers to pay and you need at least a skeleton crew to keep the oil flowing. If there is no $ coming in, bankruptcy isn't going to help.
It would be awesome to be bought out by someone with cash but it seems unlikely. Maybe an international company like Sinopec but no American company would want us. They wouldn't want to deal with shutting down campus and the OK assets. Why not wait for CHK to fall apart and buy the pieces you want in a salvage sale. We have to much liability to be of any interest.
Will we try to restructure debt or will DL run us right into the ground full speed and his buddies can pick up the pieces. After all there might be another multi million dollar no show position if they pick up some of our assets.