The Fed Left "The Rate" Unchanged -- September 17, 2015; Samson Resources Files For Bankruptcy But Will Keep Operating

The Fed did not raise rates. The poll? 67% of MDW readers that responded said the Fed would not raise rates -- a pretty smart group of readers.

What's the market doing? The market is up 51 points. What does David "trickle down economics" Stockman say about that? The "market" is in store for huge correction if Fed doesn't raise rates. The market (NYSE) closed down about 100 points for the day.

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Old News?

Note: Samson Resources has filed for bankruptcy protection but will keep operating. It is one of the few operators still applying for permits in the Bakken. Most recently, it was issued permits #31951 and #31952 for wells in Ambrose oil field (September 11, 2015).  My data base shows Samson Resources has 10 permits in 2015 as of this date, all in Divide County.

I thought this already happened; must have been a story suggesting it likely to happen. Whatever. KKR's Samson Resources declares bankruptcy. [Yes, this was posted back in August, 2015.]

Oil and gas driller Samson Resources Corp. filed for bankruptcy in Delaware Wednesday night, undone by a collapse in energy prices and billions in debt that KKR & Co. and other investors piled on to fund a 2011 takeover.

Tulsa, Oklahoma-based Samson and its owners were stung by the price drop that put money into the pockets of consumers through lower gasoline and heating costs, while driving other producers, such as Sabine Oil & Gas Corp. and Quicksilver Resources Inc., into Chapter 11. Samson’s filing is among the biggest energy bankruptcies in the U.S. this year, but it probably won’t be the last.

Samson has said it will use the Chapter 11 process to try to shrink its $4.2 billion debt load. Second-lien lenders would own “substantially all of the equity” of the company if the plan goes through, according to a statement last month.

The plan has support from more than 68 percent of second-lien lenders, Samson said Wednesday. That backing could help speed the company through reorganization. Samson said it has as many as 10,000 creditors and that it will keep operating while in bankruptcy.

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Target Pharmacy (Soon To Be CVS) Unionizes In Brooklyn, New York 

The vote was 7 - 2. We'll check back in a year. Each of the top four directors of Target earn about $1 million in annual salaries and live in a state sensitive to workers' needs so this should not be a big deal. Operating cash flow for Target is estimated at almost $6 billion, so even a $1 million annual salary per union member that voted (9), the $9 million annually would only be 0.15% -- fifteen-hundredths of a percent of operating cash flow. With profit estimated at over $20 billion, the $9 million would represent only 0.045% -- slightly less than 5-hundredths of a percent. Everyone agrees the income gap between owners and workers needs to be narrowed. This would be a good start, Brooklyn.

And not only that, soon this will be a CVS issue. Nothing to see here folks; time to move on.

Note: I often make simple arithmetic errors. If this information is important to you, go to the source. This is not an investment site. Do not make any investment or financial decisions based on what you read here or think you may have read here.