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we will be buying bond,lets kick the bod out first.....lol
new bod will maximise the shareholders interest as it is usual for bod,except in hur....:(
It seems that the Companies excuse for not buying back the CB’s in the market is that it might upset the Ad Hoc group. What a load of tosh.
now on to LINCOLN!!!!
if some money invested then we could recover that money plus 55mil or more from that well!!!!
what has this bod done to hur and all the shareholders!!!!!!!!!!!!!!!!!!!!!!!!!
judge is seeing what has happened here and what they are trying to do more imo.
Prime - Agreed, it's very obvious that our BOD have not explored options that even the Judge has identified that would have prevented the Sanction Hearing let alone developed the Company.
If I wasn't listening to Tom Q argument I wouldn't believe it. I think the judge can see what the bondholders are trying to do in collusion with the BOD.
prime does tom want another pandemic??? lol
judge said that in anyway bond holders will extend the BW contract after the dates.........
Maqsood: Agree, Tom Q is struggling as the Judge is strewn. The Blue Water charter, judge said, is a must to enable the generation of cash from the oil. Directors saying they can't take on liability as company might be insolvent and they would need the BH to approve! What do they think the Bondholders will do if they get control? Not extend the Bwcharter? No oil no cash no payments! It's laughable. Judge is great. Tom Q just said what if the oil price drops significantly ha ha
you are welcome.
judge is pushing to do deal with BW........
applebee,even tom said in best case we will have more cash than repayment and in worse cash below that figures.
"do you get that albie???"
I think so Maqssod7, Alan Turing would definitely have but I think I have too.
Cheers Alb.
That wasn't what the poor chap asked. He / she just asked if those were the judge's words or yours.
Albie - i think those were not the judge's words cos he would not say 'our' would he?
Loving this judge. Tom Q struggling with skewed PIC figures. Liked when the judge queried why include BY interest of 7.5 % on 23rd ill after July 22, until March 23., 9 months, when either the BY would have been paid or part paid or company being wound up! Judge is not missing a trick
from next july to march 2023 interest was included while we will be paying bond holders in next july.
and wind down cost was included but we will be carrying on the business.
so those two figures restricted our cash more and will come to unrestricted cash and we will be able to use that cash.
do you get that albie???
Sadly not Maqsood7.
Albie are you listening???????????????????????????
"our unrestricted cash will be more than the payment need to be made to bond holders!!
according to those figures!"
Is that your assessment or comment made by the Judge?
our unrestricted cash will be more than the payment need to be made to bond holders!!
according to those figures!
exactly.
why you need to restrict the cash for wind down while business is going to be continued????????????????????????????
we are on guys,me think!!!!!!!!!!!!!!!!!!!!!!!!!!!
now on the numbers!!!!
restricted cash numbers are wrong!!
He's really struggling isn't he?
now on to the cash figures at the end of july next year.
problem with figures maybe wrong figures provided by company??
Tom is again in trouble........!
CA QC continued to give an excellent presentation of the case for SH's and the judge took a lot of notes. Smith now has an opportunity to challenge the presentation. A few SH's gave good accounts of SH value and the reluctance of the BOD to work other options and destroy SH value.
Far from over and depends on Smiths presentation in a few minutes but he has a considerable task to challenge CA's findings.
those 55mil asset value was based on loss making oil prices!! i.e. 30-35usd per barrell!!
please remember that.
calculating price of that asset at current oil rate would be significantly higher!!
and since then have been making profit and adding to cash balance. The previous year (2019) Net Assets were $691.085m, clearly decimated by the impairment charges and write offs in 2020.