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@M O R E B A N A N A Lol, instead of addressing your blatant lies here, you choose to simply copy paste my posts just changing names but ignoring the facts stated, never mind that you obviously have nothing useful to say, hence this time I will remain by your side here 24/7, I promise that I will not filter you here like 90% of this bb have already done.
@ M O R E B A N A N A master of repetition (and negative BS only on a share he doesn’t even own and no other share but HUR!) at it again here and only here, please do continue making even more of a fool of yourself while working hard to cover your obviously desperate Short position, and please let me know if you need any support, lol.
@M O R G A N N A 1 so either you can’t count or/and are continuing on your 24/7 lying spree here, you have unbelievably posted 13 times here only yesterday, and 7 times so far today with 166 times here only all during past 30 days so go figure, and as you well know are as always and everyday 24/7, bartlebobton, available ONLY here on HUR bb in order to disrupt/deceit/deviate from any and all positive discussions on Global Oil prices, Stock price forecasts and/or anything positive whatever but for some reason exclusive to HUR bb only (btw, negative only discussions on HUR only are most welcome) and all of course without owning any HUR shares at all!), and present on no other Oilers nor any other listed or even not listed companies (as if Oil price fluctuations are exclusive to HUR), wonder why we’re so lucky here, answer is way too obvious, time to buy, lol!
As always and everyday 24/7, MORGANNA1, available ONLY here on HUR bb in order to disrupt/deceit/deviate from any and all positive discussions on Global Oil prices, Stock price forecasts and/or anything positive whatever but for some reason exclusive to HUR bb only (btw, negative only discussions on HUR only are most welcome) and all of course without owning any HUR shares at all!), and present on no other Oilers nor any other listed or even not listed companies (as if Oil price fluctuations are exclusive to HUR), wonder why we’re so lucky here, answer is way too obvious, time to buy, lol!
Ohhh... I thought I'd just tuned into Radio 4, again, with another episode of; Just a Minute.... Points, deducted if you repeat yourself...
I do miss Nicholas Parson.... but not onthebeach3 and his/her particular brand of flibberty jibbet nonsense ....
BTW what happened to the fast rising oil prices, you were wanging on about.... "Ditto, Brent is back above $74+ and fast rising, new HUR BoD is thankfully in place, and all looking very good here ahead, GLA."
So lazy, nothing new to say, the needle is stuck.... BTW...what other boards do you share your insightful knowledge on ?
That's right, none.....
"As always and everyday 24/7, bartlebobton, available ONLY here on HUR bb in order to disrupt/deceit/deviate from any and all positive discussions on Global Oil prices, Stock price forecasts and/or anything positive whatever but for some reason exclusive to HUR bb only (btw, negative only discussions on HUR only are most welcome) and all of course without owning any HUR shares at all!), and present on no other Oilers nor any other listed or even not listed companies (as if Oil price fluctuations are exclusive to HUR), wonder why we’re so lucky here, answer is way too obvious, time to buy, lol!"
No sucking or blowing.... "Suck on this bb and swallow it whole"
The word to focus on is "possibility" A "possibility" is something which may happen, equally, it may not happen.
I think you're getting rather muddled, between "the mercy of company boards ....blah blah...." You have to differentiate that part of the ruling, from the "possibility" of events in the future.... The behaviour of the BOD, was laid bare, that's one thing, moving forward the possibility of events.... For example there is a "possiblity" bonds could be bought back on the market...but that's only a possibility...nothing more, nothing less...
There is work to be done, there is a small "possibility" that you know what path we're on .... There is a greater possibiluty CA know what path we're on .... !
Get it, it's all about language.
Suck on this bb and swallow it whole -
'The Decision
Having considered the competing views, Mr Justice Zacaroli refused to sanction the scheme. Agreeing with Crystal Amber, the Judge was not convinced that the “relevant alternatives” were as suggested by the Hurricane Board, nor that shareholders would be “no worse off” absent the Hurricane Plan. The Judge recognised that there was every reason to believe, come July 2022, Hurricane would be able to repay the bonds in full, either from available cash or by bridging any shortfall. As the Judge recognised in his judgment, the bondholders’ desire to obtain control of the company was not a good reason to deprive the shareholders, now, of all but a fraction of their equity, rather than waiting to see if the actual performance over the coming months continued to improve.
Conclusion
As Government financial support is withdrawn and the fall-out from the COVID-19 pandemic comes closer into focus, we anticipate that the attempted use of Part 26A Plans will become more frequent.
For shareholders or creditors who find themselves at the mercy of company boards and/or other creditors trying to take control at their expense, this decision could prove pivotal. Having approved the seven previous restructuring plans under the new procedure, far from the rubber-stamp exercise the Hurricane Board and its advisers might have anticipated, this was the first time the Court declined to sanction a Part 26A Plan. It was a terrific result for Crystal Amber and all Hurricane’s shareholders, relieved that its share of the company has not been diluted, and hopeful that Hurricane will now continue to trade profitably with a view to repaying the bonds in full.'
https://www.rosenblatt-law.co.uk/media/hurricane-force-a-victory-for-shareholders-big-and-small/
bartlebobton
If you are going to quote from the judgement you cannot be selective in quoting only those bits which suit your agenda. You have to read it all. Zacaroli never suggested the company would be certain to have sufficient cash to repay in full, but he did also say:
“125. For the reasons I have set out above, given that the relevant alternative involves on each side’s case the Company’s continued profitable trading for at least a further year, I do not think this question requires me to be satisfied – in order to find against the Company – that the most likely outcome from the relevant alternative is that there will be a return to shareholders at some point in the future. In my judgment, the fact that there is a realistic prospect (based on one, other or a range of the possibilities outlined above, including through refinancing any shortfall) that the Company will be able to discharge its obligations to the Bondholders, leaving assets with at least potential for exploitation, is enough to refute the contention that the shareholders will be no better off under the relevant alternative than under the Plan.”
He is clearly of the opinion that any shortfall can be managed by one means or another.
Gb1
I wonder if Bernstein genuinely believes that the previous board and the ACH concocted a 'scheme' to manufacture a veneer of insolvency to trigger the CB's to to all intents and purposes misappropriate the company from its original owners?
The opportunity is the convertibility of the bonds and the nature of Hurricane's assets ie fractured basement reservoirs which offer the opportunity to create the idea that such an unconventional crude source is open to massive variabiity and irregularity of flow.
The malicious and cynical exercise to incite uncertainty and fear amongst shareholders to force them to accept the preposterous restructuring plan is surely unprecedented. To also use CV-19 emergency legislation to force it through is beyond moral and enters into a place in which trust, honesty and dignity have become an irrelevance
Utterly appalling behaviour and they know it
I hope the new directors can unearth any incriminating documents especially regarding the behaviour of the ACH and the actions of ECRE
With a true picture of cost per boe and latest audited water cut , then projections will be forthcoming .
Unravelling this ' Scheme' takes time as multi facetted , well planned but ultimately did not consider the resolve of Hurricane Shareholders , therefore Failed .
I simply asked for a calculation. The Judge was gracious enough to produce a nice, simple, calculation, which I am sure everyone understood. I think it is quite reasonable to ask if that could be reciprocated by those who state "comfortably be able to repay / renew .. CB's.. . @230 ?
Fair and reasonable, just and equitable ....
Could you share your calculations with us all, so we understand how you came to your conclusions.....
"comfortably be able to repay / renew? .. CB.. Convertable Bonds = $230 million
Now I wonder who said this;
(7) If the anticipated production levels adopted in the PwC report turn out to
be accurate, then in order to generate sufficient cash from operations by
May 2022 to repay the Bonds in full, the oil price would need to be at an
average of US$85 per barrel throughout the period. The prospect of that
happening must be seen in light of the fact that: (1) the price has not
reached US$85 per barrel at any point in the last five years; and (2) it is
not forecast to reach that price at any point over the next year, even
applying a sensitivity analysis of +$10 per barrel.
(8) Even on the basis of the high case for production forecasts, if combined
with the high case for the anticipated future oil price, the increase of
US$20.3 million in cash generated by the end of May 2022 would be
insufficient to repay the Bonds in full by July 2022.
From Judge
HUR with it’s now rapidly increasing net-cash, should comfortably be able to repay/renew CBs before 24 July 2022 and still have cash/assets left that will IMO be worth north of ~16p+ a share at the very least, in the meantime, any additional positives achieved here by the new just in HUR BoD (with way different agenda than before) will likely add lot more value here than that for HUR going forward, DYOR.
Lemonentrary..... no, no, no ....no "MM or anyone to manipulate the SP on the day" .....repitition ....
Extremely low volume trading here again today and hence very very easy for MM or anyone to manipulate the SP on the day, good time to top up while awaiting for the newly appointed HUR BoD to finalise/announce their forward plans on which rallies are undoubtedly inevitable from these lowball valuations here, and certainly don’t get suckered into selling as HUR is today way way too oversold and undervalued.
GLA
HTTP://www.energyvoice.com/oilandgas/north-sea/west-of-shetland/334219/bluewater-very-keen-to-discuss-longer-stay-for-fpso-on-hurricanes-lancaster-field/
This article is on Linkedin and has been 'LIKED' by 92 Linkedin members with many of them Bluewater employees (both working on board the Aoka Mizu and in Bluewater employees in Holland in tender and contracts) and other oil and gas employees operating in the North Sea sector
I reckon an extension with the AM-FPSO is in the bag. News on this would cement optimism and point to the further positive developments elsewhere across the company's operations
Fingers crossed