Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
There must be a lot of Shareholders that are NOT members of this LSE BB, and are just Shareholders. What happens to them if the case is won by Cotter/CAG?
Wonder if there is large percentage of Shareholders NOT known by this board.
Could there be other BB’s which are taking there own actions, completely unaware of CAG’s?
From the COPL BB
(Shareholders have formed an Action group: CAG)
COPL have MASSIVE OIL (Circa: 1 Billion Barrels) discovery in Wyoming, however company has been run down 99.% in past 2 years.
- See Copied "STAS20"note below
RE: KSV Advisory - New Documents Added
25/04/2024 - 18:10
RBM that was a serious question as regards recruiting BP, I think there might be merit in Cotter contacting BP and bringing them up to speed with what we know and if they might wish to join the fight, particularly as based on the below, they are now also being shafted?
BP Energy Company's main objections to the proposed Approval and Vesting Order (AVO) are as follows:
1. Prejudice to BP's Interests: BP argues that the proposed AVO is prejudicial to its interests because it seeks to sanction a preference of one creditor over another of equivalent seniority. The order fails to meet the requirements of the Companies’ Creditors Arrangement Act (CCAA) and further fails to meet the criteria for the extinguishment of third-party interests.
2. Failure to Meet Statutory Requirements: BP contends that the proposed AVO fails to meet the applicable statutory requirements for approval under the CCAA. It highlights section 36(6) of the CCAA, which stipulates that proceeds from the sale of assets must stand in place and stead of the assets, with security attaching to the proceeds with equivalent priority. BP argues that the proposed AVO does not adhere to this requirement, as it directs proceeds to a singular creditor, thereby undermining the legislation.
3. Violation of Common Law Principles: BP asserts that the proposed AVO also fails common law tests, particularly in terms of fairness and equity. It cites the Soundair factors, which include considerations of whether sufficient effort has been made to obtain the best price, whether the interests of all parties have been considered, and whether the process has been fair. BP argues that the sale process was flawed, with efforts to market the COPL assets being limited, and the process stifling participation without delivering any consideration back to BP.
4. Reordering of Priorities: BP objects to the proposed reordering of priorities in insolvency proceedings, which it views as contrary to legal principles and prejudicial to its position as a senior secured creditor. It argues that allowing certain creditors to lift their pre-filing debt to a priority position ahead of other existing claims is akin to a rollup, which is prohibited by section 11.2 of the CCAA.
Overall, BP contends that the proposed AVO fails to meet legal requirements and common law principles, and it advocates for the rejection of the application.
(Apologies - it is a long thread, but quite interesting)
From the 2018 accounts,
The Group has incurred indefinitely available tax losses of £10,413,000 (2016: £8,899,000) to carry forward
against future taxable income of the subsidiaries in which the losses arose and they cannot be used to offset
taxable profits elsewhere in the Group.
Did Angus ever benefit from this?
"Furthermore, the FCA’s Market Oversight Directorate (MO) is responsible, amongst other things, for monitoring compliance with the Short Selling Regulation (SSR) and the UK Market Abuse Regulation (UK MAR).
MO have been made aware of your complaint.”
Maybe everybody should write to the MO so that can see the depth of our concerns???
at least it will come onto their Radar
"Surely right now any bidder for the company (particularly the JV partner) will see see this as a threat."
Was there ever a real "Bona Fid "JV partner?
OR
Could it have been Anavio all the time? and we were just blinded by Smoke and Mirrors?
This is showing on COPL's own website (Under News, 2022, August 5th) right now.
https://www.canoverseas.com/wp-content/uploads/2022/10/COPL-Press-Release-RNS-Final.pdf
"but of all similar cases what % see a good result? And after how many years? "
Come on, keep the faith.
Have a Read Up on: Burford Capital (BUR on this BB) v. Government of Argentina, who nationlised a company YPF overnight.
Years later BUR (litigation) won a Court Case in USA and have been awarded $16Billion - it may give you all a feel good factor - hope so.
Excellent Work/Research all, it gives us minnows some hope that there are still good, honourable people about.
Perhaps this should be mentioned to ITV/ITVX who bought
"Mr Banks v the Post Office" to the Country's living rooms
or Panorama
Would make great TV and the government wouldn't want to be seen as Passive in another scandal
Just googled "Ryder Scott COPL", wow so many articles/newsclips regarding OIL find.
including: Oil & Gas journal, World Oil, North Wyoming news, FT & many others.
Would be interested in knowing what the Wyoming folk think now, and also any Canadian share holders stung by this.
Thx email
I was hoping the JV will explain why over 15 months of Investigation/Due Diligence/Negotiation and when we were expecting the i's to be dotted ant T's to be crossed (Sept 2023?) why did they back out?
Was there something they found out about Company/Directors/Finance that stopped this.
May be further evidence we are not Privvy to, but may support our Case
Was it Only Just a Year Ago???
Frontier 1 production a "Game Changer"
Canadian Overseas Petroleum Limited (LSE:COPL, CSE:XOP) President & CEO Arthur Milholland speaks to Proactive's Thomas Warner after announcing first production from the Frontier 1 sands at its Cole Creek Unit in Wyoming.
https://www.youtube.com/watch?v=KDarcuitfRo
…
Could this CCAA/CRO proceedings be delayed/stopped if they are aware of the CAG possible legal challenges against directors etc.? or if the FCA wakes Up and starts its investigations into the Company?
and
is it now up against any time deadlines to commence proceedings?
I think the "Fringe" players in this (Market Makers/Brokers/Finance teams) must keep a copy of all communications whether by Text, EMail, Face-to-Face, Facetime or Phone.
(Remember the Bank of England v Barclays in the LIBOR scandal).
Would love the FCA to investigate these also, to see what was asked of them in this
Plenty of Opinions on You Tube
"Canadian Overseas Petroleum"
Scroll down page to see OLD Art interviews.
Financing and Debt Restructuring
Just watch the "Biz Tech Academy" view from 3 months ago to gain a better understanding of this.
Under 10 minutes long.
PANR: SHARE PRICE UP 40%
Independent Expert Report confirms Best Estimate Contingent Resource estimates totalling 962 million barrels for Kodiak Field
Large confirmed find, BUT not as big as ours (and maybe only 50%, who knows).
But the SP is moving in a positive direction, ours has moved down 85%
MM:WHY THE DIFFERENT DIRECTIONS?
Burford-Backed Investors Seeking $16 Billion in Gas Deal Payout
https://news.bloomberglaw.com/business-and-practice/burford-backed-investors-seeking-16-billion-in-gas-deal-payout