Eagle and Beagle, April 7

Eagle and Beagle, April 7
by Don Mecoy Published: April 7, 2013

The stock, already beaten down, was delisted and nearly deactivated. The shares, with a new ticker of GMXRQ, sank 81 percent to close at 42 cents on the over-the-counter bulletin board. Because this column covers only Oklahoma stocks that trade on major exchanges, this will be the last appearance of GMX unless it somehow rises from the ashes of this bankruptcy.

The company, which has significant assets but crushing debt, hopes to reorganize. But bankruptcy typically wipes out the holdings of shareholders, who stand at the back of the line of creditors.

GMX stock recovered once before from penny stock territory. But investors likely won't recover from this event.

Eagle & Beagle is a weekly look at the state's high-performing (eagle) and low-performing (beagle) stocks by Business Editor Don Mecoy.

by Don Mecoy
Business Editor
Business Editor Don Mecoy has covered business news for more than a decade after earlier working on The Oklahoman's city, state and metro news desks, including a stint as city editor. He has won state and regional journalism awards for business,...
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