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https://www.inforuptcy.com/filings/debke_173228-1-18-bk-11172-nighthawk-production-llc
Well it’s all to late if they have sold assets and jc hasn’t done anything before then!
That is why I think there is a case for negligence on the part of the current Board
Fock you Rick! You are the worst CEO I ever seen!
Then why the hell are they still hell bent on destruction of the company? Hope I’m wrong but doesn’t look good!
The figure JC told me he had offered was not too far away from that number - and I believe the rest could be raised through a rights issue which he has also asked for
its gone
Exactly that! Middle finger mate. Can’t see a way back from here
That is without doubt the middle finger to all shareholders. Basically JC & Co needs to come up with $18,000,000 or it's game over.
I believe jc still has a lot to answer for not calling a egm sooner toboggan oust management!
Notice of Chapter 11 Nighthawk, the US focused oil development and production company (AIM: HAWK and OTCQX: NHEGY), announces that, on 15 May 2018, its U.S. operating subsidiary, Nighthawk Production LLC ("Production"), and subsidiary OilQuest LLC ("OilQuest"), have filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code (the "Bankruptcy Code") in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"). With those petitions, Production and OilQuest join the Company and its direct subsidiary, Nighthawk Royalties LLC ("Royalties"), both of which filed similar petitions in the Bankruptcy Court on April 30, 2018. Under US bankruptcy law the commencement of a Chapter 11 case creates an estate comprised of all the interests in property of the debtor. In contrast with other insolvency regimes under US law or the law of other nations, the commencement of a Chapter 11 case does not automatically cause the appointment of a trustee or liquidator over this estate. A company in Chapter 11, referred to as a "debtor," continues to operate under the management of its pre-bankruptcy directors and officers, which remains in possession of the Chapter 11 estate and is its legal representative authorized to operate the business of the company as a "debtor-in-possession". The debtor-in-possession exercises substantially all the rights and powers afforded by Chapter 11 and the US Bankruptcy Code. Along with the voluntary petitions, Production and OilQuest have asked the Bankruptcy Court to enter their cases into joint administration with the previously filed cases for the Company and Royalties, and to approve a proposed sale of all or substantially all of the operating business assets of Production pursuant to section 363 of the Bankruptcy Code. Among other things, this provision authorizes a debtor-in-possession to sell a debtor's assets outside the ordinary course of business, upon notice to parties in interest and approval of the Bankruptcy Court based upon a showing of a sound business justification for the sale. The section 363 sale is proposed to be conducted as a public auction, as the continuation of a process commenced months ago by the Company's investment banker retained in January of 2018, SSG Capital Advisors, LLC. Under the terms of a Sale and Purchase Agreement ("Polaris SPA") negotiated with Polaris Production Partners LLC, an affiliate of Morse Energy Capital Partners, and filed with the Bankruptcy Court on 15 May 2018, the Company will solicit competing offers in order to present the offer deemed "highest and best" to the Bankruptcy Court for approval at a final hearing to be scheduled in the Chapter 11 cases. The Polaris SPA that is proposed to the Bankruptcy Court as the "stalking horse bid" provides for an all-cash purchase price for the acquired assets of
I think jc needs to kick up more of a fuss. He should of kicked the board out ages ago! Bloody joke!
My understanding is C 11 is for protection of the creditors BUT under the procedures the shareholders (under representation)can challenge (with an alternative strategy) the *plan*proposal by the board to the court, however the creditors wishes will always prevail.DYOR
gingerjim, as rhertig advised, there is no direct access to the judge for shareholders and my research suggests that he is right. Hopefully JC will get his meeting and we will all get a chance on voting to boot Rick and Chuck out!
Shouldn’t think so. Back to pessimistic for me. Jc needs to do something and NOW!
Is there any way we can petition the court to take our viewpoint and position into account? I mean in terms of trying to save the company with JC?
I thought it was just a curtesy RNS advising the English courts that the company is under Chapter 11 in the US. I think they have to notify the UK Courts because Hawk is registered here. I might be wrong though.
Rick wants to protect himself from being removed from the company. But I think applying for EGM before todays RNS won't save him.
Looks like board still forcing through the move to the courts and jc could be to late to save us and himself to me. Sorry to be pessimistic!
What’s everyones thoughts?
Nighthawk, the US focused oil development and production company (AIM: HAWK and OTCQX: NHEGY), announces that it has today obtained orders (the "Orders") from the English High Court recognising the Chapter 11 proceedings commenced by the Company and its U.S. subsidiary Nighthawk Royalties LLC ("Nighthawk Royalties") on Monday 30 April 2018 in the United States Bankruptcy Court for the District of Delaware as a foreign main proceeding under Article 15 of Schedule 1 of the Cross-Border Insolvency Regulations 2006 (" the CBIR"). The effect of the Orders is that the English High Court ("Court") has imposed a stay on any action or proceeding against the Company and/or Nighthawk Royalties and their property except by leave of the Court and subject to such terms as the Court may impose, pursuant to Article 20 and Article 21 of Schedule 1 of the CBIR, as well as pursuant to the Court's common law powers of assistance. The Company's ordinary shares remain suspended from trading on AIM pending clarification of its financial position.
Rangers Brighteyes and Oldearne I have put you on the list. Thanks for your support.
Please add my 785000 shares(held with HL) to the*pot*
Please add my 1,000,000 shares to the pot...
The whole idea of the Chapter 11 is to stop the bank calling in the loan. Rick and Chuck have taken that power from the bank and given it to the courts. All major decisions including selling off the assets have to be approved by the court.