Member Info for Isengard7

a company like Shell is better because they are more diversified. they're not a one trick pony. look how much debt they have but they know how to manage it

also he makes it known that he thinks investor on LSE BB are a bunch of lunatics or bunch of idiots.

lol i think so. i think they only hate him cos they're gutted when they realise their in a crap stock. and then you get anger and denial phases that come from that. But from my view sometimes you have to admit to yourself when you get it wrong. I certainly got it wrong with Afren. looking back on it I think i did get caught up in the hype and lost my marbles throwing so much into it. But only a few companies that he despises. Afren and Quindell being the main ones. At least I didn't invest in Quendell lol Started following and reading his stuff recently. and he's right about debt being crack for CEOs. or in this case Bond finance was crack for Afren BoD. podcast on the lesson of Afren. http://www.shareprophets.com/views/13964/tom-winnifrith-bearcast-1-august-the-lesson-of-afren-executive-greed

no conspiracy theories. its just business. its a dog eat dog world.

*they would be lucky to even get $30m if they sell it now

don't know. But maybe it would have ended this way regardless. I think they needed to redo the refinancing proposal. and i think the bondholders or ad-hoc just said nope that's enough now. and then Ebok completely tanked. they bought for $300m or something or they borrowed $300m for it. and they would probably lucky to even $30m for it as there is a lot of technical water flood issues involved. Creditors will get their money back with Okoro and the oil fields. liquidation preference means big fat zero for shareholders. As much as its comforting to be in denial that's the cold reality of the situation now.

I follow Tom Winnifrith on twitter now. he warned against Afren ages ago. I didn't take any notice at the time. He's very anti BB. But now if he warns against any other stocks I will avoid them like the plague. I am keeping an eye on Shareprophets. They were right about Afren. So can't go wrong reading about stocks from there.

do you think if the yes vote had won the EGM would have gone ahead?

if it was a voluntary administration surely they couldn't do it voluntarily without shareholder approval. it wasn't a compulsory administration as far as I am aware. Maybe I am clutching on straws here. But anyone heavily invested would be. but the last paragraph sounds positive unless I have gone completely into denial. "The appointment is made with the consent of the Company’s secured creditors and is seen by those secured creditors as an important step in preserving value in the Company’s subsidiaries. No other company in the Afren Group has appointed administrators today or taken any other step to commence insolvency proceedings. The Group is in discussions with its partners and other key stakeholders with a view to continuing its operating businesses." That doesn't sound like "THE END!"

On 16 June 2015 (being the latest practicable date prior to the publication of this Prospectus), the following Shareholders have an interest of 3% or more in the Company’s issued share capital: Number of shares Percentage issued share capital South Atlantic Petroleum Limited 78,103,520 7.05% Aedos Advisers 55,401,876 5.00% I guess they just wrote it off.

So I take it they just wrote their investment off then? LOL mad.

Ironically still had over $100m in the bank. i guess it makes no difference how much cash they have. even if it was $200m in the bank I guess that still wouldn't have been enough.

I was expecting Alan Linn to cut the overspending that was bringing the company to the knees and that he would trim the fat. This is what was required. https://www.youtube.com/watch?v=X8a9S4hQWCc

Looks like he's been replaced by the administrators. I guess he will be at his local jobcentre plus first thing monday. Too bad as I wanted to see him do well at Afren and turn it around. and a shame that he wasn't able to get a positive outcome. but I guess he came in too late and didn't have much to work with as the spending was already out of control.

http://www.alixpartners.com/en/Services/TurnaroundRestructuring.aspx

i will be interested to see what ynotdeal's take is on it.

according to Duedil the company is still active but its probably not updated yet.

I was afraid you were going to say something like that. looks like it is the end of the road. but how come they haven't de-listed from the stock exchange? (so far only suspended) Unless of course that's next thing on their list to announce next week.

Peteb Fair enough that explains why i haven't see their posts. I take it back in that case.

i don't think we'll see ynotdeal post here again now.