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He need to discuss with bod the duration of extension,lol.
He knows that extension is coming here.
"Would be turkeys voting for Xmas - against their own commercial interests"
I used exactly the same words and argument on here a few weeks back. I wonder if the Judge has been reading this BB?
And then the larger AGM and EGM question.
Voters, you get what you vote for. We don't want Brutus leading the Bod.
Please vote ''AGAINST'' all resolutions on June 30 . ( AGM)
Please vote ''FOR'' all resolutions on July 5. ( EGM)
"but they just been handed an unbelievable deal...hence supporting it."
Latino - Sorry to be a bit dense here but what 'unbelievable deal' ? Could you clarify for me please?
Peeps
Bad morning for HUR & bondholders. Good morning for shareholders
Judge for 1 hour forcing Hur QC to return to same essential crux - if I don't sanction Plan, why would bondholders try and force controlled wind down May-June next year when commercially extractable oil still in ground? Would be turkeys voting for Xmas - against their own commercial interests
and i agree Latino. They have been trying to go round and round trying to confuse the judge. Hope the judge can see through it all.
Mr Smith seems to waffle at every point while Stephen Robinson seems as if he is watching tv on his big monitor,looks sheepishly now and then in the camera. Meanwhile hur QC are not addressing the imminent questions, they are still trying to contradict themselves. And you wonder, these bunch of jokers would have walked away with part of the $17 million giveaway bounty.
Don’t fall for the waffle...isn’t that how this has gone from 60p to 1p....! Whatever they say is all subjective and guesswork, and with their record they will fail again miserably if this is allowed!
Only 1 more hour of Mogadon Man .....
Yes complete joke and continuously waffling...judge seems to be on top of things so very confident!
hur lawyer just contradicted himself - spent all yesterday saying no shareholder value as company bust . now he says they are better off under restructure as 5%.so now admitting there could be some value...haha...
You have to understand BH also simply like us PIs look at their commercial interests. As long as you can demonstrate and have a cunning plan they will move to the side of CA...they know this BoD are useless, but they just been handed an unbelievable deal...hence supporting it.
Term is an issue.
As it's a contract.
If HUR are in a position where they would have to cancel the contract (early termination), this will result in a fee. An early termination fee - at £mills.
dyflynch - this is the crux of the matter i was saying before - how hard bondholders want to play.
hur would be willing to extend if the bondholders have company
not if they dont.
interesting points by judge
More i listen to arguments, more I feel the board has done a criminal manipulation here with some of the bondholders referred to as 66.6% of the block. It is not incompetency any longer. But just my assumption.
In any event, if the Plan is sanctioned, the Bondholders will require the FPSO to be retained in order to continue extraction until the new CB bond maturity in December 2024!
Another hugh point in timing again....why can’t this be delayed...no real answer apart from waffle!
"Term is not an issue - plenty of flexibility and compromise available - surely that is what negotiation and business deals are all about - it makes the business world "go-round"
Yup - BOD have to go and I hope someone asks about large shareholder having some / greater interest in Bonds, I'd really like to see this point clarified.
Term is not an issue - plenty of flexibility and compromise available - surely that is what negotiation and business deals are all about - it makes the business world "go-round"
slift - that option has now expired. It is up to the both parties what any new contract entails. Bluewater already have some vessels not hired out so unlikely that they would refuse imo
‘Looking at reducing’...well they aren’t going to be here in a few weeks to reduce the option / amend contract...
"the company that has the option to continue the FPSO arrangement"
Yes, but the problem is the option is 3 years.
HUR are looking for a reduced option (therefore an amendment to the option/contract).
Surely it is the company that has the option to continue the FPSO arrangement - not Bluewater
Why not carry on until May 2022...and BH should agree to an extension!