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The administrators if they are US based may not have the freedom to act as they wish if based in the UK. There may be a possibility that this works to our advantage as the US legal system has far more teeth than the UK regulator...we will see....maybe the fact it is not in UK will help?
"No action group will have any influence over the administrators I'm afraid" The Administrator is going to have to be careful under the circumstances that they get fair market value for all of the assets and that is what we need to ensure. In order to do this we may have to canvass all those who either are or should be interested in the assets. Obviously, where the producing assets are involved, the partners with Afren should be the first choice since they know well what the producing properties are worth; then there is the General and Sapetro as well as Seplat, KKR, Fosun, etc. There may be a long list of prospective buyers apart from the Directors, Bondholders, banks, etc. The banks (Zenith and Access) may be our allies since they have not been overly cooperative with the bondholders. The Administrator can only determine the value of the Kurdish assets and the E&E assets thru a technical evaluation of these properties. We need to ensure that happens and we should hold the Administrator's feet to the fire and we could start by sending a letter to the Administrator that we will protest any sale of such assets w/o such evaluation. Then there is OPL 310. Again we need an appraisal of the value of this property to be sure that it is not sold for less than it is worth. I still believe this is the "crown Jewel" of the Afren assets. I think we should try to reach all parties who might be interested in these assets and somewhere in there we might find a group willing to partner up to make a bid.
Tying to de-rail SHs using obscure methods is a clear pointer to legal representatives, that would help to build an even stronger case of legal action. Read the English unjust enrichment law, compensation can be gained from all those involved in an hypothetical Afren conspiracy if proven. our team is growing and growing, stronger and stronger
"No action group will have any influence over the administrators I'm afraid" At least nobody will tell us EVER that we didn't try our best.... they are clearly moving fast, starting with the Houston offices...miserable situation, we will try to get them on board and fight fight fight We can still be a pain in the backside. The Afren legal team is extremely active and will continue to be so, there is no lull and there will not be so until such at time we reach settlement or court action & FCA investigation of a suitable solution is found for the shareholders and employees.
I was expecting Alan Linn to cut the overspending that was bringing the company to the knees and that he would trim the fat. This is what was required. https://www.youtube.com/watch?v=X8a9S4hQWCc
Looks like he's been replaced by the administrators. I guess he will be at his local jobcentre plus first thing monday. Too bad as I wanted to see him do well at Afren and turn it around. and a shame that he wasn't able to get a positive outcome. but I guess he came in too late and didn't have much to work with as the spending was already out of control.
Are t the bonds in suspension as well? Of course they will get paid before us if anything but doesn't guarantee they will receive what they put in, right?
I expect a good portion of bond holders will end up with losses as well - the bonds are certainly priced that way.
I just think the Bondholders would have worked out some scheming plan to come out of this well in pocket. Going into admin guessing only would not have been AL's" decision". I think this has been carefully planned and basically they will or would not tolerate been pushed against there restructuring plans by a bunch of pi,s. Yep I bet it was a case of we will show them who's boss so pi's take that for your agrevation. Not a penny will we see from this fiasco.
Oneandonly - there are hundreds of millions of pounds of debt. The equity is worthless - no one is coming in offering anything for the shares.
Afren but not all of it and never once have the bod come to the sh the legal owner's for cash so it's not tried to hard hey.
of only around 20m so don't be surprised if someone now comes in and offers 1p
Afrenlegalaction Yahoo Com You know that, I want to understand your comments
Could you please send us an email?
ASOG seem to have all but thrown the towel in here. Pete308 has said he thinks it's the end of the road for shareholders but ALAG will not stop fighting. Join them today and make a difference. Whatever happens here, at least you can say you didn't just roll over at let the greedy ones get away with your pensions, life savings, savings.......unchallenged. Afrenlegalaction Yahoo Com
thks for update
Isengard That's very interesting post
http://www.alixpartners.com/en/Services/TurnaroundRestructuring.aspx
We are working in different areas. Thanks GB because I liked your document very much
Ldv do we have a leg to stand on with the solicitors in tow or is it thank you and good night ?
i will be interested to see what ynotdeal's take is on it.
That sounds very familiar...
according to Duedil the company is still active but its probably not updated yet.
I was afraid you were going to say something like that. looks like it is the end of the road. but how come they haven't de-listed from the stock exchange? (so far only suspended) Unless of course that's next thing on their list to announce next week.
Is this the end of the road for ASOG? Afrenlegalaction Yahoo Com