n the #mergecdevmerge sweepstakes, after bondholders in CDEV didn’t love the proposed debt conversion and how the benefits accrued to Riverstone, already the largest owner in the equity, Riverstone increased their equity ownership in the company.

With 0 rigs and 0 frac fleets running, CDEV is the perfect example of a ZombieCo. The question will be- who’s equity do they take in the merger OR does Riverstone take them private to provide optionality and control? Not investment advice, just asking questions out loud.

While we are on the topic, anyone feeling good about the S&P at 3050? Talk about the carpet not matching the curtains.