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Hi-Crush Partners (HCP) is one of the most deeply distressed companies I've encountered recently and it is amazing to me that it's stock still has an $80m market cap. Extrapolating from these results it should be clear that the company will not repay its creditors. Subject to an individual investor's portfolio make-up and personal preferences, it still looks like a good short even from the recent low price of 80 cents.
1. Background
Hi-Crush sells frac sand which is one of the key components of hydraulic fracturing and provides associated logistical services. In the early