Did Your Broker Recommend Quicksilver (KWK) Oil and Gas Stock?

Soreide Law Group is investigating broker/dealers who sold, the now bankrupt, Quick Silver oil and gas stock to their clients without informing them of the potential risks involved with these investments.  Any broker/dealer who held this stock for a client and watched it go to $0 with no downside protection or risk strategy may be liable for losses.
QUICKSILVER RESOURCES (KWK)
FILING DATE:  M a r c h 1 7, 2015
Quicksilver is based in Fort Worth, Texas with it’s primary assets located in the Barnett Shale, Delaware Basin in West Texas, the Horn River Basin in British Columbia, and the coalbeds of Horseshoe Canyon in Alberta, Canada.
Quicksilver’s total debt is approximately $2.1 billion with:
$273 million first lien credit facility
$610.2 million second lien term loan
$195.2 million second lien notes
$975 million unsecured notes
The lack of support for a plan led Quicksilver to determine that it could not delay commencing a sale process to advance its case towards exit. On January 27, 2016, the Court entered an order approving the sale of the debtors’ U.S. oil and gas assets to BlueStone Natural Resources in exchange for $245 million. On March 17, 2016, the bankruptcy court entered an order extending the Debtors’ exclusive period to file a plan of reorganization until May 16, 2016.
A condition to the BlueStone sale was rejection of a gas gathering agreement with Crestwood Equity Partners. Quicksilver filed a motion seeking the bankruptcy court’s authority to reject the contract. On April 6, 2016, Quicksilver withdrew the rejection motion with prejudice. The withdrawal is only effective, however, upon Quicksilver's receipt from BlueStone of payment in full of the purchase price in connection with the approved sale of Quicksilver's oil and gas assets.
The second lien lenders also faced challenges with Quicksilver. In November 2015, the Official Unsecured Creditors Committee filed a declaratory judgment action, arguing that some of the debtors’ property is not encumbered by the second lien term loan. The dispute turned on whether the liens granted in favor of the second lien lenders included after-acquired property. The bankruptcy court concluded that the liens granted in favor of the second lien lenders included all of the debtors’ assets, including after-acquired property.
If your broker/dealer or financial advisor recommended Quicksilver (KWK) oil and gas stock, call Soreide Law Group for a free consultation with a securities lawyer. Soreide Law Group files cases in all 50 states before FINRA.  If Soreide Law Group takes your case they will advance all costs and only get paid if you make a monetary gain.  Contact:  https://www.securitieslawyer.com or call 888-760-6552.