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I'm miles behind. Has it been agreed how much we should contribute to the initial Cotter Assessment?
RB no worries - all good from close to the Borders
So does that mean it’s all done and dusted and SL have the asset?
Apologies, just found it in spam folder.
Denarius
Afraid we have not received that, could you please resend to coplsharewatch@gmail.com
Thanks
Mr Justice Yamauchi spoke at length with Mr Pontin representing BP at the Hearing at the end of which Mr Pontin thanked His Lordship admitting the BP Affidavit and for not construing Mr Pontin's submission as a sleight on the other Counsel in attendance. There is no right of appeal and all parties concluded the Hearing as per protocol. That is what happened and no objections were made.
Ryan, after posting here for just 48hours, please stop repeatedly telling CAG what we should be doing and what our priorities should be. Thanks.
Brilliant Denarius, the priority for the Cag has to be to stop this process first before anything else then see where we go from there
Cag might have done this already as I sent info to them yesterday —but had no confirmation .RB may I leave this for you to coordinate ?
Denarius1 - good work. As they want to speak to other creditors, connect the BP rep Derek Pontin with Jinny Kim.
Email: derek.pontin@dentons.com
The OSB will have the powers to intervene before this gets rubber stamped. A stay might allow BP's case for a more adequate SISP to be heard properly.
It’s on a PDF. But address is Headquarters
Office of the Superintendent of Bankruptcy
via 235 Queen Street Ottawa, Ontario
K1A 0H5
osb.ic.gc.ca
I fully intend to take up Mr Cotter's offer. Whatever happens, this criminal activity needs to be investigated. I particularly like the PR element of his campaign. Those characters like to operate in the shadows. If there's one thing they don't like, it is the bright light of publicity being shone on them.
Denarius1, this looks interesting. Please post again with their letterhead, contact details etc, so CAG can follow up if necessary. Thanks.
Acknowledgment of your Complaint
In the matter of the proceeding of Canadian Overseas Petroleum
Limited (COPL), et al. Estate file number: 25-095449
FYI I received this yesterday .
This letter is to acknowledge receipt by our office of your correspondence dated March 17, 2024 addressed to the Minister of Justice and Attorney General of Canada, the Honourable Arif Virani, wherein you outline concerns in the above estate.
The Office of the Superintendent of Bankruptcy (OSB), under the overall oversight of the Court, exercises independent statutory supervision of all matters relating to insolvency proceedings in Canada. As such, your request was forwarded to the Major Cases unit for investigation.
Given the role of the Superintendent of Bankruptcy, Elisabeth Lang, as a potential decision maker under subsection 14.01(1) of the Bankruptcy and Insolvency Act (BIA), the Deputy Superintendent, Integrity and Enforcement, Kirti Manek, will be overseeing this matter.
Therefore, Jinny Kim, Senior Regulatory Investigator, jinny.kim@ised-isde.gc.ca, will undertake an investigation of the issues and reply directly to you within 30 business days of the present. Should the investigation require more time, you will be advised within that period.
The OSB in accordance with the principles of procedural fairness and the provisions of the Privacy Act, supports the principle that the party being investigated should have an opportunity to respond to the concerns raised. Therefore, should the need arise, your identity may be disclosed and the content shared may include the unedited version of the complaint. Furthermore, when the
Reference Number: 24-005085
OSB needs to contact other parties (e.g., LIT/Monitor, debtor or creditor) to investigate the concerns raised, the information you have provided may also be shared with them.
Thank you for bringing this matter to our attention.
Just a few words to put things in context. At Hurricane Energy, I don't think that legals were as complex as they are here (and ours have only just got started in relation to our Class Action). There are reasons I mention this. First, Hurricane announced their legal fees back in 2021 - around £17 million. Secondly, the legal fees already accrued over the last few months by the various parties will be many millions of dollars based on the above. CAG has Michael Cotter working on a no win no fee basis but with a hard fee payable for KC or KC equivalent in the UK, US and Canada. Michael Cotter has been generous with his time given that the hard fee we have paid him to date is tiny. He will be arranging Zoom calls shortly and welcomes any questions you might have. He does not want to work on your behalf until and unless you are happy to proceed with him. There is no obligation and he has been quite clear about that. The alternative to working on a hybrid basis as we are is to appoint a solicitor on a fee basis. The cost of this would be enormous - running into tens of thousands very quickly and beyond. Most of us are not up for this at the moment and for similar reasons most likely. Please take Michael up on his offer - attend the Zoom calls and ask as many questions as you like. Don't proceed with Michael unless you are happy to do so.
Whatever the judge said I’m sure bp won’t let it lie. How can he waive it through with so much noise going on, beggars belief, surely their job is to ensure this kind of deal is legit and there is no wrongdoing . He’s got to be aware that something is amiss , I don’t get it ?
Crowd funding is a possibility, although all should be a lot clearer once the zoom calls take place. hNW individuals, unless embroiled in it would be a harder sell, but as momentum and PR kicks in, a possibility.
He did in the context of Spectrum and in the context of BP being aware of the situation in good time. The Judge seemed heavily reliant on the submissions of the parties and their representatives. Again I refer to Stas and his sound remarks pertaining to why parties such as PK and KSV submit documents of over 1000 pages. What purpose does that serve? What is the motive? Justice Yamauchi clearly stated that he had reviewed the brief and even said that he 'didn't have the means' to print off all the materials.
Since your around.....is cag discussing crowd funding to make sure we have plenty for stage one and are cag approaching any hnwi.....I know carlton will help with that after stage 1 but any thoughts before.
There was a poster here who said his mate was worth 100m......people like that who want to right some wrongs or generally see some w....s get their comeuppence?
Did he actually ask that Rodney ?
CAG addressed the errors and omissions in PK Affidavit 1 directly with the Counsel of KSV (the Monitor).
Notwithstanding this, the sales process went ahead based on a description of COPL's assets which, Inter Alia, paid no mention to the 'billion barrels of oil' as referred to by Stas20. Yet Justice Yamauchi was particularly concerned with timeliness and veracity. He queried Counsel several times on this. What exactly is going on here?
I think the best outcome for us at present would be along the same lines as bp requested. A new sisp with full disclosure as to what copl have.
'The debtors own and operate SUBSTANTIAL oil and gas holdings which must be adequately exposed for a time and at a price floor that will stimulate the greatest possible interest '
If the true value is exposed from the data room, this could sell for £500 million plus, everyone gets their money back, the protagonists avoid jail but sacrifice the prize. If the assets aren’t there then we go knocking at Arthur’s door for fraud and everyone else involved
Stas thanks for posting that PK statement link again, the bit i was always interested in was this part'' mark ??
(vii) postponing the requirement for any future annual or other meeting of the
shareholders of COPL during these CCAA proceedings, and extending the
time limit to call and hold such annual or other meeting of shareholders ?? until
and after the conclusion of these CCAA proceedings; ??
i still want to know if that statement still stand ??
regards