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“If the SL got our company for free ..”
It’s not OUR company though is it? It belongs to the SL as they sit senior secured.
Arguably there was never any value in the shares whatsoever, hence why only us Pis bought and bought as we were stupid enough to believe that fat cant’s lies and misleading statements.
AM belongs in prison
Go after them for what exactly? This has gone before a judge and everything passed. No legal action by the CAG or anyone else, pathetic.
As someone else raised on here, the stalking horse bid as per the docs is $11.25m, from summit the senior lender.
So them + Millholland are seizing the business (if no1 else comes forward with a BETTER bid by the deadline) for just over $11m ….
How wrong we all were.
Perhaps the CAG could put together a bid and feed it in?
No I didn’t think so, rather waste time peddling moronic conspiracy theories that make no sense.
- production taxes
- opex
- work over capex
- royalties
Net back IIRC was around $20/bbl, thanks to the gross incompetency of Millholland himself.
Hence you have c 20k/day, allow for 30 annual days of downtime (weather, pressure, etc) = c 6.6m
Then you have interest costs, (500k+/mo) further G&A bloated by the incompetent management team and you are running and operating loss.
Pls use your brain
Again, I’m playing devil’s advocate - there’s just no evidence of any wrongdoing that’s been provided whatsoever, if there were the court case would be well underway.
Reality is hard, it’s gone it’s over, but people here are blindly coming up with all sorts of theories and accusations without any proof which is just going to get them sued.
I’d be very careful to remain on the “right” side of the law.
Despite the allegations and theories there is always the case of these parties having enough and suing individuals for slander and libel.
I’ve still not seen any proof other than mentally unhinged theories. The shorting, unfortunately, looks like it was hedging which isn’t outlawed - the best here is lack of disclosure.
I recently watched a program on conspiracy theorists and unfortunately this board and the CAG are starting to resemble that more and more.
The best “claim” is against Arthur Millholland for deliberately misleading statements. He lied over and over.
Whilst it’s awful to see peoples losses this has always been a high risk, speculative punt of an investment. Nobody forced these people to buy this mess.
There’s no “claim” for having bought something and lost money, regardless of all these wild conspiracy theories, which as far as I can tell are totally lacking any evidence.
Hoping Mr Cotter gets somewhere because Friday is end of forbearance and I imagine total wipeout shortly thereafter.
No it’s not, you utter clown. Canadian companies can delay an EGM by up to 45 days.
Trying to call an EGM in a company, which is set to delist in less than 2 weeks, where the largest holder, who you’re trying to accuse of all sorts, owns 90%.
I bet they’re quaking in their boots, NOT
I’ve asked this before and got insulted but someone please tell me how we know it isn’t Arthur that hasn’t injected the gas DELIBERATELY, considering he is running COPLA now it looks like?
To me looks like:
- he lies to us, pumps up rubbish like “I fell off my chair”
- does this god awful bond deal
- won’t release report cos we wouldn’t understand it
- lies to us again about production and refinancing
- more bond deals, diluting us further
- lies to us more about production
- puts his mate Cowan into ceo role
- he slinks off to the operating asset, leaving patsies at board level to take the heat
- he deliberately doesn’t inject gas but lies and says he has,
- remaining board get sued and goes and bankrupt
- Arthur buys it out of bankruptcy with another version of senior lender
- WHOLE THING STARTS AGAIN
Remind me of OILEXO
As a sophisticated financial investor why would they even want to buy or “steal” COPL for £2m or whatever it was, when they fully aware that Summit owns all of the operating subsidiary? Ie the listed entity is worthless cos it’s the subsidiary that Summit have the security over.
It doesn’t make any sense.
Playing Devils advocate here, but what did directors have to gain from stopping jv?
Summit are secured lenders, unless I’m incorrect, but guessin they are given they can seize it and would have most to gain by stopping it, if they thought it was worth 10x the jv bid?