Member Info for littlened

Yes I have and a new director appointed.I have emailed Leblanc for news

But new director appointed yesterday

Yes it could well be,noone left that I know

Despite uncertainties about ownership,and the possible need for Prax E&P to provide cash for insolvent owners,I can’t see that company itself can go into receivership as it is cash generative and profitable.

Read my last post

Is Prax E&P a wholly owned subsiduary of State Oil ?

If that were the case it would make having separate legal entities,ie limited companies,pointless

Would make sense

Corry,In those circumstances when the Director shareholders may be required to make recompense then the simplest way would be to keep Hurricane Prax in production and have lien on the profits.It seems a simple business to run,only one asset,just keep going until the oil runs out.Much better value in my opinion

Well thanks Sense,this what I have been saying all along,that Directors can be pursued in the event of malfeasance.In this case the director shareholders may have to sell Hurricane Prax,when according to the research on here,DCU holders will receive 17.5% of the proceeds

Ron,dont thnik there is any debt or any unpaid tax liability for Hurricane Prax

Thanks Corry,do we know whether the tax credits have been fully used yet ?

Your long history shows you should have sold up long ago and stopped posting .

Hi Senseman,you are allowed to be 'obsessive'about anything so I will desist on this subject.

However you seem to ignore the fact. that Prax companies are all limited companies whereby shareholders are not responsible for any debts in administration.If Directors are guilty of malfeasance then they can be prosecuted and could be required to make financial contribution.If Prax Hurricane,the company.were to be sold the the obligation to DCU holders remains in force.We have no current balance sheet for the company but there maybe substantial cash as the company appears to have been quite profitable since inception.

This really is your full time job isn’t. It ?

The outcome of other Prax companies is irrelevant to Prax Upstream.Only if the individual shareholders go bankrupt and are compelled to sell to raise funds is it relevant as I pointed out.

Thanks Corry,lets see if you get vilified as I did for saying the same thing

In that case FFX why havent you answered my question.Who is to blame and why ?

Well how rude !I am merely pointing out that Prax Upstream is a legal entity in its own right.The company has obligations to DCU holders.Only the shareholders can make decisions about this company which appears to be profitable.If the shareholders needed to sell due to insolvency then DCU holders will get their 17.5% of the proceeds.Have you any reason to suppose that those shareholders are likely to go insolvent ?The companies in administration are separate legal entities too and unless there is some malfeasance on the part of the owners then they go bust and that is the endof the matter.The whole reason for a limited company is to LIMIT the shareholders obligations .If you are a lawyer or corporate expert please explain why I am wrong

Why are you obsessed with those Prax companies in administration ? Hurricane Prax is not involved as far as I understand unless the shareholders themselves go bankrupt when administrators may need to sell it.