Dan Dicker, Energy contributor at TheStreet.com, talks with Jim Cramer about the very distressed oil companies working U.S. shale plays. While these companies have seen their share prices go to single digits, some of their bonds are still investible. While share prices can go to zero, the bond investor would be first to be rescued if a distressed company is bought out or restructured. A likely target for this very speculative investment, Dicker says, is a company with highly leveraged debt accompanied by an otherwise very valuable portfolio of assets. One company that Dicker thinks meets these criteria is Halcon Resources (HK).
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