Is The Moody's Downgrade The Final Straw For Legacy Reserves? [Seeking Alpha]
LEGACY RESERVES (LGCY)
Last legacy reserves earnings: 5/9 07:32 pm
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Source: Seeking Alpha
Is The Moody's Downgrade The Final Straw For Legacy Reserves? Summary Moody's downgraded Legacy Reserves unsecured to Ca rating, the bottom rung for any firm not currently filing for bankruptcy. Moody's sees only partial recovery for the bonds, implying the common worthless. This is quite different from the Baine Creek Capital bull thesis. Worth a gamble? Not in my view. Much of the growth story laid out by Baine Creek is blown by the lack of access to capital and lower market pricing. Experts can become overconfident and smitten with a firm’s prospects, becoming indifferent about what price they pay. An expert may be extremely competent at finding good assets within his field of expertise, but it may not be a good buy at the time. His expertise could cloud his judgement on making a purchase decision, overlooking the possibility that the asset may be overpriced. The above quote is from the 2017 Baines Creek Capital letter to its investors LGCY In my opinion, the story continues to unw
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