collapsed on Monday, falling more than 70% ahead of its bankruptcy filing, which was leaked during the trading day. The stock has been falling for almost a year, but a downwardly revised production outlook in May exacerbated the rout, feeding the rumor mill and taking down former CEO Richard Whiting.
Only a few days later, on May 29, CEO Richard Whiting resigned, forcing chairman Irl Engelhardt to step up. Patriot had announced it was hiring Blackstone to help it refinance $625 million of loans and credit facilities from Citigroup, Barclays, and Natixis. Patriot came in to being five years, wh
