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LGCY - Legacy Reserves: Strange Moves From Baines And Management
Legacy Reserves
The Legacy Reserves (LGCY) saga continues to grow stranger and wilder. Just as it was looking like the firm might declare bankruptcy as the deadline for a resolution to its revolving credit facility overhang drew near, two news items popped up that are of the utmost significance. The first piece is courtesy of Baines Creek Capital, Legacy’s largest shareholder by a mile, and the second is a strange press release issued by Legacy’s management team. These developments, when taken together, are peculiar and suggest that while the odds are likely against the oil