“Sources” Say Penn Virginia Putting Itself Up for Sale

Although headquartered in Radnor, Pennsylvania (near Philadelphia), Penn Virginia Corporation is an oil and gas driller with (at last check) only a small presence in the Marcellus Shale: 21,700 net acres with no drilled wells. They concentrate on oil drilling the Texas Eagle Ford Shale play. Penn Virginia is one of the Philly area’s oldest companies, started in 1882 by Philadelphia coal barons. It later transitioned into an oil company. MDN told you in March 2015 that Penn Virginia’s top stockholder, the vile corporate raider George Soros, forced the company to put itself up for sale so George can line his pockets with more cash (see George Soros Finally Bullies Penn Virginia into Selling Itself). That didn’t work out so well for old George. Penn Virginia filed for bankruptcy in May 2016 (see George Soros’ Penn Virginia Corp. Files for Bankruptcy). They exited bankruptcy last September. The company did what many have done: wipe out existing shareholders, making their shares worthless, and giving new shares of stock to debtholders. Now those debtholders want out and are, according to sources quoted by Reuters, forcing the company to put itself up for sale. Looks like old George was a day late and a dollar short. The company will sell itself after all…

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