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I'm curious to know the answers, or at least theories, to questions 1 & 3 i asked RodneyT yesterday (19.37) as giving Summit the benefit when they now own the assets just doesn't sit right with me.
So, any and all theories welcome from anyone to the following:
1. How else could the protagonists acquire the COPL assets apart from via a default followed by successful stalking horse bid?
3. What was the point in destroying the company from the inside if not to create the scenario we are now in?
Anavio trying to steal COPL i dont think fits the timeline or behaviours seen i.e. use of Tosca to avoid 30%+ ownership, the last $2.5m loan after the default notice was received (smoke & mirrors), 20% shares worth nothing now. They're most definitely on the hook for some shady dealing so not getting a pass but i dont see how they could've acquired COPL or why they didn't in early Dec if that was the plan. Richardson was their man on the inside, why do Summit now own the prize?
I wish i had your optimism. PK and Province were called in way before the default notice but also before the mass dilution of the extra $2.5m and resulting 3.7 billion shares.
That said, there's nothing i can personally do to affect any of it so i'll go with Summit possibly helping scenario and see were it leads. Role on June.
Could you elaborate? I'm not aware of as many of the facts as you guys and i, like many others, just feel shafted by all involved.
Anavio, installed by Arthur, short sold via insider trading as far as i can see so lock them up. What i don't see is how they could acquire COPL without Summit stepping in.
In what scenario could Anavio get away with that? If anything, they did everyrhing possible to avoid 30% ownership, which would trigger a bid situation, using Tosca.
The default was triggered by mismanagement from the inside, are you saying that despite Tom being at the helm, Arthur was clever enough to orchestrate the default without Anavio and Tom realising? If so, maybe we should all be thanking Arthur??
RodneyT - I fully respect the below is your opinion only but given you are closer to the information than the vast majority of us, could you please give your take on the following:
1. How else could the protagonists acquire the COPL assets apart from via a default followed by successful stalking horse bid?
2. Do you think the planned theft of the assets has actually been thwarted, or is this Act II of a longer story?
3. What was the point in destroying the company from the inside if not to create the scenario we are now in?
I've said previously that big money attracts the big players, and we're talking billions here, so I'd be surprised if it's really as simple as Summit stopped the game. They were the only one's who could place the ridiculously cheap stalking horse bid, without them the plan doesn't work. Arthur's still got a job and Tom was installed by Arthur but placed by Anavio.
I'm not so convinced but would be relieved beyond words if Summit actually turned out to be an honest player in this whole charade.
Stas - you raise a good point, not casting shade on you Ryan but, how does MC effectively communicate his strategy and answer genuine queries from shareholders without giving that info to the oppo?
Seems anyone who has a shareholding gets entry, i can name a few i wouldn't want on these calls.
I also read the email, hence the £15 admin comment.
Anyway, i'll wait for the Tues call as this is in danger of becoming a circular discussion and Finwit's 4 additiinal HNWI's adding another £2m loss to the pot will skew the figures once they join the group.
What might give some perspective to the number is what an average contribution would be based on the average loss of £25k. That would also likely increase people's willingness to join in as it should be under £300. We need everyone to support MC's efforts.
Maybe a weighted average contribution would be more appropriate, cut off at £1k or less were those below just pay the £15 admin fee.
My loss is in the ten's of thousands so i get duster's point about HNWI's in for hundred's of thousands also paying the same fee as myself.
Also, do we have our own KC in that group?
Duster - some might be right, if SWP isn't included in the deal then Summit either retrain all their desk jockeys to become rough necks or ship this on smartish to an O&G major.
Come to think of it, playing the victim who had no choice but to purchase COPL from Summit would be a crafty way of avoiding suspicion. A compromise deal as it were.
At this point nothing would surprise me!
If TIA1 is out there, could you do some Cayman's style digging on Yamauchi, Sidnell and social connections to any COPL exec's?
Denarius1 - good work. As they want to speak to other creditors, connect the BP rep Derek Pontin with Jinny Kim.
Email: derek.pontin@dentons.com
The OSB will have the powers to intervene before this gets rubber stamped. A stay might allow BP's case for a more adequate SISP to be heard properly.
RBM - as it seems BP have been hoodwinked along with the rest of us, a thought occurred that might be nothing but who are COPL's lawyers at present?
McCarthy Tetrault and Robert Brant were in the thick of it but I remember someone saying they had been paid in shares. If true, that might indicate them being shafted like the rest of us.
Does client confidentiality or litigation privilege still exist if you don't get paid, or were paid by alternative means that were part of potentially fraudulent activity? One to ponder.
Stas - i get your point but sharing ideas or acknowledgement of them being good one's will make no difference to the opposition. They will have top level legal reps planning appropriate responses to anything we through at them.
If we can find it, or think it, then the oppo can also. I'm not worried about that, i'm expecting a fight and dirty tricks from the fraudsters. Our collective job is to help out were we can and expose what they've done.
BP were talked into a swaps deal, there must be emails and documents of promises made, if our evidence can prove BP were lied to then we have a collective interest. There's no way BP are putting in the man hours the CAG and others have so they need us and we need them.
If the oppo find out, good. It might just make them think twice and settle with both parties rather than risk jailtime, which will come if we can prove what we know to be true.
Finwittrader - I tend to agree. There's just an undertone of suspicion being subtly injected which is why i posted the SRA link earlier.
It would be good to get clarity on any Setford involvement and the insurance against a potential lost case as given the true size of the asset value i don't trust any of the participants over the pond to act fairly.
The Wyoming Governor Mark Gordon turned up to a flaring meeting to rubber stamp an application and Judge Sidnell worked a golf swing away from COPL headquarters at Rose LLP, both on 5th Ave SW Calgary. Also, the courthouse were the AVO was heard is on 6th Ave SW Calgary 3 mins walk from COPL HQ.
Could there be social connections between the COPL executives and the legal establishment in Calgary? I'd say it's more likely than not.
Where's TIA1 and they're relentless brilliant info churning gone? Could be useful about now.
A fair point RBM, but in seeking to stop the AVO due to the speed at which it's being expedited, BP will either provide or need evidence of how SISP process was being unfairly curtailed and that can help both groups in their different aims.
Surely its better to slow or stop the AVO at this point as it casts doubt on the whole process and the true intentions of those involved. Something a future Judge would have to take account of.
Stas - i'd say contact BP with a brief of what you've collated so far. If they bite, bring in the CAG to see if there can be mutual benefit for our differing goals.
Stas20 - that's a great idea. They're owed £12m, we're owed around £11m according to Mr Cotter, and we've got a better idea of exactly what they did to defraud us all due to the time spent by all of us investigating this.
BP and the CAG together would get some well needed media attention i'm sure Summit and Arthur would rather do without.
SteveV - it doesn't look like scheming to you?
Ok, just on the basic timings this stinks. 15 months of DD and a LOI whilst £m's raised to upgrade BFU but not delineate CC (or did they, 2 undisclosed wells?).
Continued use of Anavio but no equity raise with shareholders (written into the contract - Robert Brant, sterling work) and then it all falls down.
But, and here's the kicker, the JVP jumps ship Dec 18th, Summit issue default notice on Dec 20th, PK and Province REPLY to Arthur and Tom Dec 19th accepting the gig so they obviously contacted him weeks or months before the JV pulled the plug.
Why did Summit, with first lien debt against the assets, allow Arthur to sign up and keep returning to death spiral financing? The bonds could have been bought out but instead they all allowed this to happen. All of them.
Alfresco - re your 13.30 post, there might be a 3rd solicitor in our team, James Wilkes.
Just checked on Mr Barry and the SRA have nothing issued against him. All 3 listed are regulated people with no regulatory decisons published and all linked to Setfords.
https://www.sra.org.uk/consumers/register/organisation/?sraNumber=8006648
Adnauseum - tbh, i think it was real otherwise issuing the LOI notification in July 23 was just plain stupidity. With all the effort put in to release shareholders of their dues, a mistake like that seems unlikely.
On that basis, 15 months of due diligence by the JVP suggests there is something there hence all the cloak and daggers to bring COPL down, or rather just remove the shareholders.
Subpoena all involved and we'll get the truth. If AM, RG et al made it up then get them back to Blighty under the bilateral UK MLA agreement we have with Canada as these crimes were committed primarily against UK investors regardless of where the company is incorporated.