A 50% trailing stop loss triggered for me in EXXI.
music selection: “Lovefool” — The Cardigans
I originally entered this position via purchasing two Energy XXI bonds at 25 cents on the dollar. I paid seven dollars in commission and 58.67 in accrued interest. I collected 247.50 in coupon payments before the company declared bankruptcy.
After bankruptcy, I was granted 12 shares in the new company. I sold today at 19.20. I also hold seven warrants with a December 2021 expiry and 43.66 strike. I was not able to find a buyer for the warrants. I expect them to expire worthless but will watch them as a lottery ticket item in case the price of oil is once again “high” in five years time.
All together, I lost 87.77 on the trade or (10.25%) annualized. I could still turn the trade to a winner with the warrants but I don’t think it is likely.
Devour your prey raptors!