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There was no investigation at all. Just a deal between friendly parties as always on aim.
Extract from Administration Progress Report - 24.2.2020
4. Investigations
4.1 The Administrators conducted investigations into the conduct of the directors and transactions entered into prior to the company’s insolvency, as required by the Company Directors’ Disqualification Act 1986 and Statement of Insolvency Practice 2 – Investigations by Office Holders into Administrations and Insolvent Liquidations. Based upon the outcome of the Administrators’ investigations, there were no matters identified that required further action.
Really! So the BOD were squeaky clean were they? I remember numerous posts here which suggested otherwise. Was there really no evidence of wrong doing or was it all just BS? If the BOD acted improperly or illegally, then action should be taken against them, Administration not withstanding.
Unscrupulous activity by two "trusted" directors of our company. Would be interesting to see if they have any "interest" in the new entity. Pigs, troughs, crooks and thieves spring to mind.............................
I got into atc on recommendation of my broker, SVS Securities. SVS is now in special administration and I wonder what are the chances of claiming compensation from the FSCS on the basis of bad advice?
How did it end here?
How it all ended with the lawyers when conpany was actuve but delisted?
Bod should be brought to the court for misleading and wrongdoing!
Massive scam has unfolded here . Our asset is now in the hands of a wealthy bank/vulture fund.
Business as usual. Lick yer wounds.
Move along nothing to see here.
it shareholders with nothing which is pretty standard when a business goes under. there is a list of who gets paid first with the money recieved.
now whether you believe there is any connection between the previous BOD and the future no idea. the company how too much debt it declared, couldnt pay and so went into admin.
in theory all shareholders have lost out even the BOD. its not unusual for companies to use admin to remove different debt and obligations and start again? no idea whether this is the case but we stand no chance of getting anything.
Thanx for all the info, unvrkw, but where does all this come from and where does it leave us?
What I understand is that White Oak has bought the assets out of the bankrupt ATC for a song and left the shareholders behind with nothing. Nobody cares and nobody is going to do anything about it.
SSG Capital Advisors, LLC ("SSG") acted as the investment banker to Atlantic Carbon Group Plc ("Atlantic Carbon" or the "Company") in the sale of its equity interests to ACG Holdco, LLC, an affiliate of White Oak Global Advisors, LLC ("White Oak"). The sale was effectuated through an Administration proceeding in the United Kingdom and an ancillary Chapter 15 proceeding in the U.S. Bankruptcy Court for the District of Delaware. The transaction closed in December 2019.
Atlantic Carbon is a leading anthracite mining and processing company with operational headquarters in Hazleton, Pennsylvania. The Company is among the top U.S. suppliers of high-quality anthracite coal from surface mines with property that spans over 2,500 acres of owned and leased land. Atlantic Carbon is one of the largest anthracite mining producers with a maximum operating capacity of approximately 480,000 tons of anthracite coal annually.
While Atlantic Carbon had a strong history of successful operations and continued growth, a recent acquisition of a nearby mining site constrained liquidity which led them to trip loan covenants. Upon receipt of a notice of default from its lender, Atlantic Carbon opted to initiate an Administration proceeding in the United Kingdom to protect its assets and continue as a going concern.
SSG was retained by the UK Administrators to conduct a comprehensive marketing process and solicit offers for the equity interests in Atlantic Carbon. The process attracted significant interest from several domestic and international strategic and financial parties. A credit bid from White Oak was ultimately determined to be the highest and best offer for all of Atlantic Carbon's equity interests. SSG's previous anthracite coal experience and special situations sale expertise enabled the Company to continue operations as a going concern, preserve over 150 jobs in Northeast Pennsylvania and maximize value for all stakeholders.
White Oak is an investment advisor and private credit firm that provides small and middle market businesses with term loans, asset-based loans, invoice factoring, trade finance, equipment financing and treasury management.
Other professionals who worked on the transaction include:
Alastair P. Beveridge, Simon J. Appell and Clare L. Kennedy of AlixPartners UK LLP, Joint Administrators for Atlantic Carbon Group Plc;
Seth Schwartz of Energy Ventures Analysis, Inc., restructuring operator for Atlantic Carbon Group Plc;
Graham Lane and Iben Madsen of Willkie Farr & Gallagher (UK) LLP, counsel to the Joint Administrators for Atlantic Carbon Group Plc;
Pauline K. Morgan, Sean T. Greecher and Jordan E. Sazant of Young Conaway Stargatt & Taylor, LLP, counsel to Atlantic Carbon Group Plc in the Chapter 15 proceeding; and
Deyan P. Spiridonov, Andrew V. Tenzer and Shlomo Maza of Paul Hastings LLP, counsel to ACG Holdco, LLC and White Oak Global Advisors, LLC, as Administrative Agent.
Any news on the SEC investigations into the wrongdoings of the ATC board?
Had a small amount in this which I wrote off a while back to be honest. No real surprise whats happened here to be honest, AIM is littered with shysters such as the ones running this company. Commiserations to all who've lost here.
SVS itself purchased the whole load as Placing. that's why I followed them as a route for gains. They must have lost a lot here. My other assets are frozen, no access to my account. If you know anything, write to me...
Thanks krynapatgmail and then dotcom
I bought my shares in ATC on recommendation of my broker, which is SVS Securities. Now SVS is in special administration for misconduct and all my assets are frozen. I am just wondering if I, and others in the same boat, could perhaps claim compensation from the FSCS, based on the argument of bad financial advice? Anyone with experience of this?
They’ll have followed legal law whether you like it or not I’m afraid. That maybe far different from expectations however they only need to do the minimum. The independent/new ceo will demonstrate decisions made by him, previous bod sit on side lines doing nothing wrong but demonstrate they can continue the business as a going concern and buy out for a fraction with less debt. This isn’t unusual nor alien to many businesses and the risk increased by literally being so far away in different legal jurisdictions
Eff all
What is happening to our complaints to the SEC? Does anybody have any info?
Every trace of the business will go, it’s who does admin sell the business to? It’s usually the closest ones who offer to keep jobs going ie going concern. In this case it probably is with some debt gone. So I suspect close aids of the bod will buy it for not a lot, bod loose all their shares like us however the new business moves on
Think its a bit late for that mariog. Our company has been stolen from us and the regulators/administrators could not give a toss about it!!!!
Administrators should also look into events prior to delisting to see the real scam and stop this robbery before is too late!
Hopefully mines running as usual Debt be in paid down once the mine mines is sold depends what’s left of debt and what they get for it? If it’s a going concern they will get for it.
How much debt is there anyone have the figures??
Because it’s a massive sham and always was. More often than not aim companies are. They only benefit those at the top and the institutions. I have lodged my concern with the relevant (authorities) but won’t hold my breath. They are there to pay lip service at best.
Once again Aim turne's over the small investor,no more Aim for me.
I am confused! How can the administrators claim that there are no funds for shareholders if the mine continues to be run as a business entity and presumably continues to be profitable. Is this purely to allow the lenders to get their money out, and if so why can't the business continue making a profit for the benefit of all of us?
The business won’t stop trading just admin to clear debts and start all over free. Not unusual, not illegal just **** for everyone Involved bar the bod of course