Ann: More than $11 million secured in accelerated sales program, page-72

They had already sold that oil!

My repeated position is that they can't sell enough oil at high enough prices to sustain operations, so the equity is worthless. $11m doesn't even cover the half yearly interest payment - they went through $72m of cash in the first 5 months of the year alone, and that was without any interest payments or put option exercises!

Glaucus's valuation of zero for the company equity is absolutely fine.