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Could be an idea. However what we need is YOU to all act as one as well and file SEC complaint like I and others have. The more they see the more they will take note and investigate.
What about Gordon Bowden of Pandoras Box investigations, maybe? Just thinking aloud.
There is only one way to recover any value from this mess and that is through legal action, nothing else will catch the attention of White Oak. I doubt that any small group of shareholders will be willing to stump up enough cash for this. However, it may be possible to find a no win no fee lawyer in USA to go for it. TTNY2013 are you willing to find this lawyer and front a group of shareholders?
But how to access/contact the Group, how to unite, communicate?
We were like fools wasting our time and expressing foolish hopes - the naked truth WAS and IS; the purpose for private investors here was, as someone posted an article about the Board, private investors are to be duped.
The new CEO started with loads of new loans - yet before raping any fruits - aims for bankruptcy of the so-called the best and biggest mine of the best coal at the moment of highest demand for it.
We expected from Seth a high level of skills and ethics - it occurs that he crashed the company unexpectedly with supernatural speed and force. The previous band will stay in his shade, maybe they all are equal on shame.
There is already share action group that did take legal advise we need to all unite now there’s already has confidential material available in the group I do agree we need to unite.
6) A heads of agreement, signed by White Oak, was in place for Atlantic Carbon I understand to purchase the Jeddo coal businesses from the Pagnotti Group fully supported by White Oak only months ago. This was I believe to avoid having to pay royalties anymore, increase reserves and scale up streamlining business delivering greater efficiencies, lowering operational costs and thus directly improving the bottom line (i.e. profitability). Currently, all Atlantic Carbon licenses are Jeddo assets which are the biggest coal mining group in the area. This would have also included a massive wash plant.
7) Will be very interested to see who purchases Atlantic Carbon Inc, the 100% owned subsidiary of Atlantic Carbon Group Plc, and how that company performs over coming years once Atlantic Carbon Group Plc is disbanded with all its shareholders?
8) Steve Best (Director) and Adam Wilson (CEO) were both terminated on appointment of new CEO Seth Schwartz a week after he became CEO end of April and then things have moved quickly all in a negative manner culminating in UK company being placed into administration whilst Atlantic Carbon Inc (US business) is still being run as solvent business. I believe everything is in place for it to be a very profitable one in next few years.
9) Shareholders at two AGMs in space of a month of each other deliberately held in US to prevent UK shareholders from attending voted I believe 94% and 95% to not support Seth in his CEO directorship as he seemed to colluding with the bank (or working in their interests and not the shareholders). Once, this occurred an announcement was made on 22 July to cancel the 2nd delayed AGM and put Atlantic Carbon Uk Ltd into administration.
10) White Oak as primary lender seemed to have acted way beyond their power as primary lender, and the CEO has not since his appointment ever been free to speak with shareholders or have their best interests in mind. White Oak took control and became themselves the board of directors, all decisions appear to have been made by the bank since March 2019.
I would really appreciate you investigating this matter.
I would like to file a formal complaint regarding the handling of events for Atlantic Carbon Group Plc and Atlantic Carbon Group Inc
http://www.atlanticcoal.com/
by new CEO Seth Schwartz who was appointed recently only 24th April 2019 (as White Oaks banks own man) collaborated with White Oak who are company’s primary lender.
I feel we as shareholders have been totally led down the garden path and I personally stand to lose at least 25,000 GBP which is an awful lot of money for me as a private investor. Was planning to use some of the proceeds for a wedding in the near future. My money has been locked in since Jan 2016 when the company Atlantic Coal (ACG) which was listed on the London Stock Exchange was delisted and renamed Atlantic Carbon Group Plc. The operations are in Pennsylvania, USA.
I believe the recent notice in regards to the company administration is a deliberate attempt by White Oak to disenfranchise shareholders by removing them and seizing the company's assets who are acting as bank and primary lender. However, they really just seem to be a hedge fund dressed up as a bank. What type of a responsible lender would act this way? They are hoping that us shareholders are naive and will just rollover.
Why do I think this.
1) I have attended all the last 4 annual general meetings in the UK and the news updates to shareholders has been extremely positive right up to the Spring 2019, including imminent relisting on the LSE that as shareholders have long awaited as this would provide liquidity. Told expansion of business all the time was helping with making business more cost effective and hence profitable, H1 2018 results showed return to profit, positive production & sales performance which was announced 11 Oct 2018. This was all leading to LSE relist. Told bank fully behind company. Told terms of Jeddo acquisition were agreed.
2) Then suddenly events seem to have changed in Spring 2019 (after delisting suddenly at last moment pulled I believe by bank) with a different message gradually being provided in news announcements since then i.e. things suddenly not so good. How can this all change so suddenly at a time of highest anthracite prices and teh Trump positive affect?
3) Anthracite is at an all time high price ( $135/ton now but was $75/ton a coupe of years ago). Cost of production to produce clean anthracite FOB is about $85/ton so it is highly profitable now! Then there is Trumps 20% steel tariffs affect providing strong headwind for the industry further fuelling demand the next few years seem to be very positive.
4) The company was about to be relisted on the LSE in April 2019 but suddenly as I mentioned at the last hour this was stopped without any real explanation being given after the lender pulled their support.
5) Why would White Oak be supporting the business and investing an additional $10m only in June 2019 and agreed to heads of terms on Jeddo acquisition only to then immediately call in their
Please fellow shareholders don't give up as this is a deliberate disfranchising of our shares by US lender White Oak in my opinion and their appointed CEO. Note, Digit4lis and GaryKC also feel this. So lets stand-up and unite and take the fight to them! Or of course one can rollover and let them have your shares for free!
In summary by new CEO Seth Schwartz who was appointed recently only 24th April 2019 (as White Oaks banks own man) collaborated with White Oak who are company’s primary lender. I feel we as shareholders have been totally led down the garden path. I believe the recent notice in regards to the company administration is a deliberate attempt by White Oak to disenfranchise shareholders by removing them and seizing the company's assets who are acting as bank and primary lender. However, they really just seem to be a hedge fund dressed up as a bank. What type of a responsible lender would act this way? They are hoping that us shareholders are naive and will just rollover.
I have filed my official complaint to the Security Exchange Commission (SEC) is US and ask them to investigate into this matter. Suggest strongly that you do the same if you want any chance of recovering your money tied up in your shares.
https://www.sec.gov/oiea/Complaint.html
Please join me in this fight! The more shareholders who object and make a noise the more we will be listened to. So we need to get a shareholder action group together of us private investors. We need to ACT NOW!
Please let me know your details - name, no of shares you own, cost (your potential loss), and contact email.
Then I will try to set up an external private group where we can share further information. Spread the word please to any fellow shareholders. The more of us the better. There are approx 650 shareholders in the company. Many of which will be in nominee accounts like me.
I will share my thoughts in a moment as a separate post as to what I have included in my complaint.
I once heard the tale a lowlands farmer with a few quid used to frequent the drinking holes of hill farmers in the 1930,s.......he would have his ear to the ground for farmer that had hit upon hard times,after befriending the poor target hill farmer and a couple of drinks later he offered to lend him a cow.....after a few months the lowly hill farmer was still struggling and the benefactor came to his rescue again offering another cow on unbelievable decent terms......
Finally the hill farmer was so indebted to the canny lowland farmer he had to hand over the keys to the farm.....including the borrowed cows.......the lowland farmer rinsed and repeated this exercise till he had acquired many thousands of acres of land.....roll on to 1939 and WW2 all the land was turned over to food production....making the canny lowland farmer immensely wealthy......
And there be a tale!.....sound familiar
We already know that ****e Oak will rape the company dry of any assets etc. leaving us with Jack all. Still very sad that they carried on lending them the money to support the business. Maybe they were as naïve as the rest of us with Porky and Best pillaging...............
Maybe people livong near could visit Alixpartners office to talk directly..
Sorry garykc it’s just a case of looking at ACG group related material and seeing what unravels on a weekly basis.......
Any timescales Digit4lis? Need to register to open the documents I believe.
Many thanks
Atlantic Carbon Group Plc: Chapter 15 Petition
Chapter 15 Petition for Recognition of a Foreign Main Proceeding in England and Wales by Alastair Beveridge, of the Netherlands, as the Foreign Representative of Atlantic Carbon Group Plc, at the U. S. Bankruptcy Court for the Southern District of New York.
https://www.offshorealert.com/atlantic-carbon-group-plc-chapter-15-bankruptcy-petition.aspx
White Oak put ACG in administration,documents on companies house,registered address changed from strand to Manchester administration office
Oak are gonna get fat out of this.......at our expense.....a hedge fund dressed up as a bank is just that......
Shares deemed worthless and being removed from portfolios.
Well done to Wilson and Best.
I now feel this is a royal rogering by White Oak, the primary lender to ACG, they are in fact a hedge fund dressed up as a bank.....
This royal mugging disposed of Atlantic Carbon Group UK plc and all the shareholders then Atlantic Carbon Group inc US operations will be flogged off incumberent of whinging shareholders
Whether the dynamic duo are sat in the wings waiting with the cash shell DS to scoop up the US side is to be seen....
This is my opinion only but the smell is very pungent
Thank you szynd!
Digit, that sort of detail would be obvious to people familiar with UK area codes but there are other areas in the universe. My immediate thought on reading the CFO "like" was the same as when I read Donald Trump's claim of being the least racist person in the entire world.
AlixPartners
The Zenith Building
26 Spring Gardens
Manchester
M2 1AB
0161 838 4507
I would imagine if the guys contact number area code is 0161 it’s Manchester!
Interesting the ACG CFO has recently ticked/liked this old Warren Buffet quote on his LinkedIn page
1) False promises to get someone to do something, e. g. to accept a job or a responsibility
2) Plagiarism of someone else ideas and credit-taking for someone's work
3) Lies of omission to withhold relevant information.
4) Spreading rumors to damage someone’s reputation.
5) Cheating to get a financial or positional advantage.
6) Misrepresenting own accomplishment to make oneself look better at expense of others.
"Honesty is an expensive gift. Do not expect from cheap leaders." Warren Buffett
szynd, do you have a postal address? Is it the New York office?
Received a letter from AlixPartners
Regarding Atc group plc in administration
Michael Watkins’s dealing with the case.
Does state, Financial position of the company is such that is no prospects of funds becoming available to the company’s shareholders.
Also states if you are aware of any matters in connection with the directors’ or former directors conduct which you think may be relevant to our investigations please advise us in writing. This request forms part of the Administration usual investigation procedures and does not imply any criticism of the directors.
There’s a number to contact Michael Watkin: 0161 838 4507
Posted information where from?
"The financial position of the company is such that there is no prospect of funds becoming available to the company's shareholders".
The Appointees noted above were appointed Administrators of the Company. The Administrators are licensed to act in the UK by the Insolvency Practitioners Association. The affairs, business and property of the Company are being managed by the Administrators, who act as agents of the Company without personal liability. The Administrators are bound by the Insolvency Code of Ethics when carrying out all professional work relating to their appointment.