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BCC, BUCCANEER ENERGY LIMITED
melua
post Posted: Aug 20 2014, 09:16 AM
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In Reply To: gollygosh's post @ Jul 22 2014, 05:42 AM

"Law360, New York (August 14, 2014, 7:48 PM ET) -- Bankrupt oil and gas exploration outfit Buccaneer Energy Ltd. has reached a $12.3 million settlement to soothe unsecured creditors’ objections to a proposed asset auction that affords AIX Energy LLC the right to extend a $64 million credit bid, according to court papers entered Tuesday.

Under the tentative agreement, Buccaneer will establish a $10 million unsecured creditors’ trust as part of its liquidation plan and pay attorneys for the creditors committee another $2.3 million in fees, with any extra cash collateral left over in the estate..."



Nice little $2.3M lawyers' fee hey? Just 23% of the $10M settlement. ohmy.gif

 
gollygosh
post Posted: Jul 22 2014, 05:42 AM
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In Reply To: UniversalTrader's post @ Jul 21 2014, 01:00 PM

https://finance.yahoo.com/news/billionaire-...-174243389.html

I wonder how the American courts will now view Meridian given the present circumstances in Ukraine with the shot down Malaysian flight . They are screwed .

gg

 
UniversalTrader
post Posted: Jul 21 2014, 01:00 PM
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In Reply To: justsq's post @ Jul 21 2014, 12:58 PM

Mmm interesting though there Justq - not that our stock would be worth much after a recapitalisation. We seem to have so many debtors knocking at our door - just shows how bad the disclosure was!

 
justsq
post Posted: Jul 21 2014, 12:58 PM
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In Reply To: justsq's post @ Jul 21 2014, 12:58 PM

sorry not profits but pockets.

 
justsq
post Posted: Jul 21 2014, 12:58 PM
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In Reply To: UniversalTrader's post @ Jul 21 2014, 12:51 PM

Well the Americans will not let this proceed, Meridien will need a rethink. The parties which are affected have deep profits and US based so if Meridien can't give sufficient evidence to curtail the allegations then Meridien need to move to plan B which would most likely be a recapitalisation of the company. Interesting to watch.



 
UniversalTrader
post Posted: Jul 21 2014, 12:51 PM
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In Reply To: justsq's post @ Jul 21 2014, 12:07 PM

It's about the only way Meridian have any chance whatsoever in recovering their capital. Doesn't matter what happens every other shareholder is burn't toast curtesy of the previous mis-management.

 


justsq
post Posted: Jul 21 2014, 12:07 PM
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Meridien will do their money on this one, just read thru the full article and it is quite intriguing and funny. The sorry thing is that all existing shareholders are gone. The funny thing is that all the previous suppliers who Dean, Curtis etc p#%$ed off and were sued by have taken offence to the bankruptcy protection and uncovered the lengths that Meridien have gone to in order to get out of paying them off. Meridien now face the risk of the company actually sinking and losing everything which will probably happen. Interesting times ahead if the Meridien and AIX are linked.

 
gollygosh
post Posted: Jul 21 2014, 10:55 AM
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In Reply To: gollygosh's post @ Jul 21 2014, 10:19 AM

Correction to my above post as Meridian and AIX may not be related but the court has subpoened the Meridian team to explain their relationship to AIX .

GG

 
gollygosh
post Posted: Jul 21 2014, 10:19 AM
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http://www.petroleumnews.com/pntruncate/45991323.shtml

For those who didn't see this link posted over the rd it is very very interesting .

So according to ? the new lender to bcc is still Meridian .lol
I'm guessing the amount Meridian was paid from the original loan of 1 mill is the result of the original VP loan where they were paid a commision on production of kl . But could be wrong as would be darn expensive interest rates . wacko.gif

It's a shame , in my view, that some aussie shareholders did not get on the Official Committee of Unsecured Creditors.

But with Meridian being the major shareholder it would probably be a non event anyways .
cheers gg



 
gollygosh
post Posted: Jul 1 2014, 07:36 AM
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In Reply To: xscape's post @ Jun 30 2014, 10:34 PM

Xscape most have just moved on to ramping other crap and hardly surprising how some of them have stuck together .

 
 


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