Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
afrenlegalaction@yahoo.com join us
We believe the Afren Administration process is being used to 'bury' the wrong doing by former Directors and advisors of Afren PLC Bondholders. They are as responsible as the Directors and Bondholders that destroyed the company in 2014 and 2015. You are a collateral victim.
We believe that the actions taken by Alixpartners Afren Administrators appointed the 31st of July 2015 throughout the course of Afren's Administration amounts to Professional Misconduct because they have not givendue consideration to going concern options that were made for Afren plc (from August 2015 ). They sought only to dispose of assets.
In regards the Administrations proposed strategy (poorly justified), we believe that the choice of Administrators objective ‘2’, and the reasons for choosing it, are not proven given that 3rd parties were actively seeking from August 2015 to discuss options for Afren plc that might have achieved the aims of objective ‘1’, and led to a better outcome for all creditors, including shareholders. And will have avoid what we are seeing with Lekoil today, you are also victims of misconduct
It’s our understanding that the three Administrator objectives must be considered, and adopted or dismissed, in sequential order (1, then 2, then 3)
Our point is that ‘1’ was wrongly dismissed, as there were potentially routes to achieve that objective. However, these routes were blocked by PJT Partners acting on Alixpartners’s behalf.
We believe Alixpartners performed their function with a view to achieve Objective 2 only. In our opinion there is a breach of duties as they clearly failed to consider Objective 1 when the opportunities presented earlier in the Administration process.
The Adhoc Committee advised by Blackstone (PJT Partners) acted in the same fashion before administration appointment as we mentioned in the previous email.
It is of great pleasure to see how Alixpartners fails catastrophically. Maybe you should go after them for giving Lekoit people false hope:
https://thenigerialawyer.com/absence-of-ministerial-consent-renders-acquisition-of-opl-310-invalid-court-rules/amp/?__twitter_impression=true
Afren Legal Action (@saveafrenALAG)
hxxps://twitter.com/saveafrenALAG?s=09
Pensioners victims of corporate mis-management, misinformation, over‐zealous, greedy creditors, an unimaginitive & ineffectual administration @Alixpartners_UK
Clearly OPL 310 transaction​ is very controversial! Blackstone selling assets to Blackstone. Really???
http://www.indigo-net.com/lib/cookie_log/redirector.asp?mail=albolo@uepnl.com&ID=114621&DOCIID=108107198&ENAIID=248289&RETOUR=SIMPLE&link=https://www.africaintelligence.com/AEM/oil/2017/01/31/optimum-unhappy-over-lekoil-afren-deal-on-opl-310,108209575-ART?utm_source=AEM&utm_medium=email&utm_campaign=PROS_EDIT_FOC
Probably a scam.
Is this a joke? http://sweetcrudereports.com/2016/11/30/optimum-petroleum-plans-opl-310-appraisal-development-next-year/?utm_source=dlvr.it&utm_medium=twitter As far as I know, they don't have any cash!!
Thanks, so the Afren part is still pending and hopefully never granted as the Afren shareholders are fighting against the criminals that created the Afren debacle. Hopefully many will end up in prison!
Which one affect Afren plc transaction with Alixpartners?
The RNS itself is confusing as in the title is saying "Receipt of Nigerian Ministerial Consent for Initial OPL310 Farm-in" and at the end is saying: "Application for Ministerial Consent for this interest has been made and is pending." Can anyone explain? Did anyone read this?https://www.naij.com/1056546-just-company-linked-minister-enelamah-others-sued-249m-breach.html ? It looks like Alixpartners and PJT Partners are in trouble with the Afren assets... surprise surprise...I wonder if OPL 310 ludicrous deal will be challenged too by the thousands of victims affected.
It is still in High Court in Nigeria. Many question marks are around that deal and it is being legally challenged. Ministerial agreement won't be easily granted now.
Afren Shareholders seek help to pursue directors and others in Court, you bet! https://t.co/qn4mn8EmQh Help to recover OPL 310 back! All the assets transactions are in court in Nigeria. Good luck, you will need it!!
Any help will be highly appreciated.Help raise £50000 to finance the Legal Expenses of our claim to recover losses incurred by Afren Legal Action Group's members resulting from Afren's collapse. Please, go to justgiving dot com and search for Afren
BREAKING: Afren Shareholders seek crowdfunding to pursue directors in Court By Tom Winnifrith | Sunday 30 October 2016 I do not hold out much hope for this bunch and they should have heeded my oft repeated advice to sell their shares instead of insulting me. However it seems as if some Afren (AFR) shareholders want to fight on and nail the directors. In that - since I instinctively have no time for City fat cats I wish the Afren Legal Action Group (ALAG) the best of luck and if they can make the lives of directors who earned a fortune but failed more miserable this Christmas that has to be a good thing don't you think? ALAG has written to its members thus: We need to move and we have a legal firm happy to act. As you know Afren plc is now in administration, and we are concerned that we will not get any of our investment back. An offer was made to buy the company shortly before its administration (the “Offer”), but it was rejected by the directors (who were advised as such by the bondholders) and subsequently also by the administrators. We met recently a new company that claimed to have offered 30% debt cut, around $800m to buy Afren and commitments to drill wells to increase production. We believe that the Offer should have been accepted (or at least seriously considered), and we feel that the directors and subsequently the administrators did not act in accordance with their duties in rejecting the same. Presumably we are interested in bringing a claim against the directors and/or the administrators for the damage that my fellow shareholders have suffered as a result of the Offer not being accepted (i.e. flowing from the directors’/administrators’ breaches of duty). We would like to explore the possibility of making a pre-action disclosure application to the court. Presumably and based on the information we have we hope this will shed some light on the decisions taken by the directors and subsequently the administrators to reject the Offer. In any event, an application to the court should really be the last resort in these circumstances. We have been suggested in the first instance writing to the directors and the administrators and asking them for a full explanation of why they rejected the Offer, and for any supporting documentation (including relevant contemporaneous communications). If this request is unsuccessful, or the directors and administrators comply but the result falls short of what we require, we can then consider making an application to the court. The fact that a document request has been made of the proposed defendants should assist with such an application, as may any information that is obtained from the same. A legal firm could prepare the initial document request for us, and they could act on our behalf as the matter progresses. Please also let me know if you have any questions. We will share thee details of the legal firm in due time. We need funding for this strategy, around 1%
ALAG in the news, they say there is no such thing as bad publicity, so we are getting a little assistance to the fundraising! Thanks John for doing this: See http://www.*************.com/views/24893/breaking-afren-shareholders-seek-crowdfunding-to-pursue-directors-in-court HELP HERE PLEASE https://www.justgiving.com/crowdfunding/stewart-clough
We will see, it is a matter of time.
http://www.thetimes.co.uk/edition/business/revealed-bust-oil-firm-advised-by-tory-mp-faces-fraud-probe-2qwcpgsd6 OPL 310, we will fight to get it back. We won't tolerate what is going on.