Shareholders of the oil storage co. will fight to show Fairway Energy is worth more than the $94m in debt it owes lenders, a lawyer for the stockholders said after the company’s first day in bankruptcy court in Delaware.
“We own a big salt mine under Houston that is full of oil,” shareholder lawyer Robert Stark said in an interview Nov. 28. “The company should be valuable.”
A buyer may be willing to pay “a couple hundred million” dollars for the co., Stark said
Typically in bankruptcy, shareholders lose their investment because all creditors must be paid first before any ...
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