Member Info for RBMInvest

When there’s nothing specific to report, why report? Should we just make things up, or take your lead and just post for the sake of posting, whilst actually saying nothing of value? We were all made aware that this was not a quick process.

Not all emails have gone out yet.

No, referring to the second stage info/instruction email that is due to go out imminently. We’ll seek confirmation from Mr Cotter today, we have a conference call booked with him later. CAG

SM

It was stated pretty clearly on the zoom calls that this initial stage could take 4-6 weeks, did you join one of the calls?

CAG

Our understanding is that ‘next stage instruction’ emails are due to go out this week, those should answer all your questions.

CAG

MC is readying emails to go out through this week. We don’t have a confirmed number yet, a lot of incomplete applications being followed up.

Good question, will find out.

As far as COPL is concerned, we simply learnt not to believe in coincidence!

Saint/Ryan, agree with you that looked extremely suspect and is still being investigated. Blake’s and Cassel’s are separate LLPs, but are clearly related and work out the same offices. As with all aspects, we clearly need to establish the facts prior to making public accusations (as established by Mr Cotter) , but it obviously set alarm bells ringing when we saw it.

As stated yesterday, we are not expecting anything from Summit, but with full control of the asset, there would be many options open to them with regards restructuring of debt. They’ll have those options, but whether they’ll use them is the big question. Again, we are expecting nothing, the options are there.

Duster, it wouldn’t help them at all, but then neither would it hinder them in any way. They have crystallised loses already, it makes no difference to them and they would still benefit via the class action. A lot will fall into this category, although there are many who have signed up to the class action who still hold shares. The fact is that some legal targets are already nailed on and ready to go regardless, but some are yet to be confirmed. That is the nature of the task at hand - the situation is still playing out in front of us.

Ryan, I agree, we don’t know what could come out of a BP success. Right now, success for BP means BP getting their money back. If anything falls in our lap, that would be down to luck rather than anything else. We’ll wait and see, but we do not understand why any SHs would be hoping for that at present, all it delivers is unknowns. It’s a distraction. Anavio will be loving it though, it’s keeping the attention off the true culprits for the first time in months.

We’re not expecting anything from Summit. We’re not doing any deals with Summit. We’re simply looking at the big picture and looking for all potential wins. Some seem to think there’s only one way to win, that’s not true. Coming out of this whilst retaining some equity does not stop the class action. There are some parties that, regardless of the outcome, will be receiving that knock on the door, they cannot distance themselves from their actions that have cost SH’s millions. They will be pursued relentlessly. Others have a chance to do the right thing. We can see if they do, then take appropriate action. We must continue to look at the big picture. Currently, BP is fighting its own fight, it is not fighting ours.

Maid, I’m not aware lots of people are asking that, or that there is huge support for Summit. We’re simply not allowing ourselves to be distracted by a legal squabble between secured lenders, we’d rather continue to look at the main prize. We don’t ‘support’ Summit, we support the innocent COPL shareholders. Not sure who ‘the lucky few’ are, but no deal is being struck with Summit, no idea where you’re getting that from, can you explain?

Maid, I agree with you entirely, just as pointless as assuming BP are our knight’s in shining armour. They’re not.

The problem here is that some are looking at isolated passages of play and are forgetting the full picture. When we’re Anavio, our Tommy etc last mentioned here? That’s where the ‘big picture’ crime took place, not an argument between secured lenders over a payment waterfall. No doubt Anavio et all are enjoying the distraction.

I never mentioned the true value of the assets, but it should be pretty obvious as to my thoughts are there, given that I’ve helped to organise a class action in order to recover true value.

Work out what outcome you want, then consider what best delivers it. It might not be another elongated SISP designed to secure BP their cash. Can’t see that delivering us anything. Some people will argue otherwise, it’s a nice distraction.

Plan was to have all acknowledged by COB on Monday, but I shall seek clarification on Monday morning.

Folks, there appears to be some misunderstanding here.

Summit is not paying $11M for the assets, it’s due to pay $56M in a credit purchase, writing off the long term $45M and $11M owed to it by COPL. There is no cash involved (other that the $11M put up by Summit in interim financing, an opportunity offered to, but rejected by BP).

BP simply want their secured loan judged as equal to Summit’s long term secured loan, after covering the ‘super priority debt’ of $11M put forward by Summit. They have a point, but as this is a credit purchase, with no cash surplus beyond the repayment of the $11M, there are no ‘cash proceeds’ to share.

Also, at no point have BP suggested they’d bid for COPL, even at a lower starting bid (pretty pointless as Summit have already bid $56M!, so would probably do so again). BP simply want parity of debt repayment, or are possibly seeking an out of court settlement with Summit. Perhaps such a settlement could include some equity in a restructured COPL, a COPL which dumps its vast Bond debts (effectively Anavio), as mentioned a couple of times by Summit’s counsel at the hearing. In order to do this, we understand they may require full control of the business. Other actors remain in the wings.

There are many, many layers to this and just as many motives and agendas. We are keeping our powder dry until we fully understand Summit’s intentions with regards equity within a restructured COPL. In the meantime, BP are simply seeking what is best for them.

In addition, Anavio are very quiet, we’d imagine they’re enjoying being out of the spotlight. Not for long though…..

CAG (quite understandably) will not be discussing any legal plans or representations on an open forum, a forum where many posters are relatively new and identities remain unknown. Mr Cotter shall be deciding upon the best legal strategy to adopt. Unlike ourselves, he is fully qualified and experienced in this field.

Angus, MC and his team are nearing the end of an extremely busy ‘collating’ stage. The next step will be communicated soon as it can be.

Judge suggested a ruling within 7 days. I’m no lawyer, but didn’t feel BP lawyer won the argument. Judge keen to see COPL continue as a restructured business.

No, it could just means that they’ve been looking at this through the eyes of a secured lender, nothing more.