Judge Approves Penn Virginia Bankruptcy Plan, $50M in New Stock

George Soros
George Soros

Although headquartered in Radnor, Pennsylvania (near Philadelphia), Penn Virginia Corporation is an oil and gas driller with 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 last month (see George Soros’ Penn Virginia Corp. Files for Bankruptcy). The judge overseeing the bankruptcy proceedings has just ruled that Penn Virginia is cleared to float $50 million of new stock. The question (for us) is: Who in their right mind would buy stock from a company going through bankruptcy? To further line the pockets of Soros? No thanks. The judge has also not ruled out the possibility the company can still sell itself. The new stock offering won’t interfere with a sale according to the judge…

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