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Wadda
You may well be 2nd guessing what has already been done, but we’re not going to broadcast everything we are doing, and with whom, over a public forum. That would not be wise.
RBM,
I couldn't tell from your comment " Mr Denton to get confused due to multiple approaches" whether you had/hadn't contacted them. I don't want to confuse/step on toes whatever, and I very much appreciate what you're doing so thank you. But I just want a good result asap and I feel we should do it now, while things are still being decided, not afterwards when everything has been signed off. Why not get our lawyers to agree some juicy info and you contact Dentons? I'm a cynic when it comes to lawyers, never give them too much control over the agenda. I think you should call Dentons, or arrange a 3 way Zoom-you, lawyers, Dentons. Who knows, a plan may come out of a simple Zoom.
Maidit308 11.38 - Excellent advice and the only sure way to get our money back. Oil is still being produced at 1000 bpd and to lift the SUSPENSION A.S.A.P..
K
Best man for the job imo, can give a comprehensive picture, plus he hates AM as much as me!
Maidit,
Well CAG and Mr Cotter represent the largest combined group of shareholders so it should come from them. But well done to others that have contacted BP's Canadian solicitors. But CAG should now make themselves clear to BP's representative, best to come through Mr Cotter too imo.
Regards,
Ed.
YES'' BP putting a spanner in the works to stop these crooks is the best bit of news we have had in a long while but we still need calm head on how to approach them, with the wealth of information we have amass, without causing a frenzy on here.. although it brings hope, but IMO the best outcome we could ever hope for is for BP to put in a late higher BIB that they cannot refuse'' re focus the CO, and take us out of suspension... and although it sound like bob hope ATM anything can happen.. I think we should leave it up to the CAG to try and make contact in some meaning full way if they think it may help our cause, and i think BP could do with all the help they can get from us, and perhaps will respond, if the help offer from us is done in a lawful meaningful way via the CAG lawyer... depend on cost''
see what happen in the days & weeks ahead as the story unfold, but we should never give up hope of getting a return
GLA
Ok we can assume an approach has been made, it would be easier to be explicit about it though. Let’s shut this silly bickering line down now and continue to move forward on all fronts.
Sharebel,
That certainly would be sensible. There is a common enemy here that has led to this situation and the possible obfuscation of the asset sales process. You would think the basic outcome of this should be the cancellation of the current asset sale and either a fair transparent process to sell the assets for fair value and allow all interested parties time to bid. Certainly the likes of BP taking exception to the AVO leads a ton of weight to the case against what's going on this last 12-18 months. Just when they thought they were home and dry BP steps in! Lets hope CAG and Mr Cotter can capitalize on this fully.
Regards,
Ed.
Stas,
Was just wondering about this i.e. Exhibit E. Would like to understand a little more about the content of the document entitled "Project Copper" pages 106 thru 117 of PK's April 18 affidavit. I've no clue as to its significance or not so all comments, opinions etc gladly welcomed.
Wadda
At what point did I say we had not contacted them? That’s the very point - he’ll be sitting there getting confused as to who is who.
To be fair the lawyer is hardly going to get confused he’s a top lawyer! Also time is of the essence so there’s no harm in getting in contact to get the ball rolling and so hitting the ground running surely? Perhaps CAG or MC can follow up and make contact today then. IMHO
Did anyone look at the letter that KSV put out to potential bidders
https://www.ksvadvisory.com/docs/default-source/insolvency-case-documents/canadian-overseas-petroleum/ccaa-proceedings/motion-materials/copl---affidavit-of-peter-kravitz-affirmed-april-18-2024.pdf?sfvrsn=de0eb286_3
Exhibit E, no discussion of the billion barrel discovery, downplayed in fact, no discussion on CO2 or CCS, no discussion that their had been a potential JV or that a letter of Intent had previously been signed. No picture of Millholland falling of his chair, the whole thing reads so downbeat, its unsurprising when you read what they put out followed by the bid process and timelines their were no offers, rigged the bloody lot of it!
Did you also note that the 137 contacted by KSV were given by the applicants (read COPL) what did they do, like me in my assessment of which companies to mailshot, I looked at the top 150 with financial firepower, what did COPL do look at the same list but order it by those WITHOUT financial firepower, perhaps we need to see this list of 137 that were delivered to KSV.
T H E B I D P R O CE S S
▪ COPL and Province, under the supervision of the Monitor, are seeking binding bids for the acquisition of the business and/or assets of, or the equity interests in, the Applicants. The SISP Approval Order provides that an offer or combination of offers must, amongst other criteria, provide aggregate consideration payable in cash in full on closing equal to or greater than the following amounts, the aggregate of which is estimated to be at least $56 million, unless agreed upon by the prepetition lenders:
• all outstanding obligations under the Senior Credit Agreement (anticipated to be $44 million);
• all outstanding obligations under the DIP Term Sheet (anticipated to be US$11 million);
• any obligations in priority to amounts owing under the DIP Term Sheet, including any Charges (anticipated to be US$500,000 and $3.5 million);
• the amount of US$500,000 to satisfy the Bid Protections.
▪ Capitalized terms in the above list have the meanings ascribed thereto in the SISP.
▪ Bidders must familiarize themselves with the SISP's participation requirements and Qualified Bid criteria (as defined and described in the SISP), which this is subject to the terms of in all respects. The Applicants are authorized to finalize a stalking horse agreement as outlined in the Stalking Horse Term Sheet, which will be provided in the VDR promptly after it is finalized.
RBM,
1 " Mr Denton to get confused due to multiple approaches"...I’m assuming there’s only one CAG which is why I said “I don't think we should inundate them with emails but you (Stas20)/CAG might like to send them a periodic update with some juicy piece of info”?
2 "The cag should 100% be contacting Derek immediately, we need to have all options open at this stage not just the class action." Why not telephone him? Get our lawyers to verify some juicy info and email it to Dentons, who are over there on the ground, help them to get up-to speed, what's to lose?
3 What I’m not sure of is our plan/goals; is it to do whatever is possible now to unravel the bid (stage one) which I see as urgent, or has it always been to go for a long-term legal case (stage 2)? What’s been our goal? Can we not do both, 2 if 1 fails? A legal case will take years and more importantly, what's the percentage % success rate??? I don't want to put a damper on things and for me I've lost a sizeable amount, but I'm also being realistic. What's the downside of you contacting Denton's direct, you not our lawyers in the first instance?
As I said at the beginning of this PK was a process monkey and cared not a jot. His task was to ensure the stalking horse bid was successful, that includes not being challenged and out bid. By underselling and lax marketing he achieved that.
His role was the final one in the scam all whilst hiding in plain sight as a court protected CRO. Although he has left himself exposed by effectively lying on his affidavits. He accepted the role before the public foreclosure announcement, ergo before it was needed, it must have had extensive lead in times measured in months to be able to accept and churn out the information packs in the timescale.
He might not have started this but his job was to shut it down, which he has.
Let the dogs loose..
I have no doubt if BP have lost 11 million they will try and retrieve it plus all costs. Its a no brainer for them.
"Wadda, a good initiative, but which shareholder group did you say you were representing? I wouldn’t want Mr Denton to get confused due to multiple approaches."
A very important point, we need to look organised and efficient with a consistent message, not fragmented.
Personally I think all comms should be coming from the CAG but I hope and expect we get some guidance on this from MC on our zoom call.
I can only say thank God its Friday after reading some of these court documents, its extremely fortuitous that none of these KSV lot are standing in front of me
"9. In accordance with the SISP Order, the Applicants, with the assistance of the Financial Advisor and Monitor, have engaged in extensive marketing of the Applicants’ business and assets."
"13. Despite the considerable efforts of the Applicants, and the ongoing support of the Monitor and Financial Advisor in responding to diligence requests, among other things, the Applicants did not receive any letters of intent (“LOI”) by the deadline for submitting LOIs under the SISP (the “LOI Deadline”). "
extensive marketing, considerable efforts - What an F'ing joke
Whoever loses will end up footing the bill. My point is, seems like a minuscule amount for a company like BP to be bothered about unless they’ve been shafted in some other way. Which could mean there’s further evidence of COPL wrongdoing that BP may have. Which would definitely help our cause
Bp have potentially been defrauded just as much as we have, if you’re saying it will cost millions then we have no chance with a class action, where’s the money coming from for that
That should actually have read hundreds of billions dollar company…..
A billion dollar company. Who will be paying legal fees of quite possibly millions. To scrape back 11 million? Does this seem likely or are we missing something?
The cag should 100% be contacting Derek immediately, we need to have all options open at this stage not just the class action
Wadda, a good initiative, but which shareholder group did you say you were representing? I wouldn’t want Mr Denton to get confused due to multiple approaches.
Waddaweknow - excellent well done indeed! Thank you for that. IMHO
Exactly Harry, for bp to get their money back they will undoubtedly uncover more information, they’re a billion pound company who are far better able to investigate this than us, and they’re right in the thick of it.
Certainly worth highlighting as he’s late to the game the engineered scam pantomime he’s entered.
Whilst BP just want their $11m back the fact they’ve unwittingly been dragged into an unethical scam might actually mean they might go further than just their owed coin to protect and uphold their good name, lest it be tarred by this lot. The byproduct of that could help us greatly.