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Sure, but do you think Mr. Cotter WILL be targeting Summit. (He is all we got)
I personally don't think so.
He WILL be going for the "low hanging fruit". Get some money back for shareholders, take his commission and move on.
As he has mentioned most case like this are settled out of court.
So I don't see justice being meted out to anyone and everyone that had a hand in the debacle, simply an out of court financial settlement.
They own the assets they can do what they want.
BUT they won't be doing any favours to shareholders. They are money men and have done nothing wrong.
We will get nothing back from them.
Our only course is to sue the BOD and Anavio. They are the ones that caused this.
Right, so the dispute is because BP want to pay something over over $11m but NOT $57m
which is what Summit would part with it for so as to get their loan back. (57-11 =46)
Either way there is nothing in it for the bondholders or shareholders.
Maidit, no sorry I don't think that's right.
If BP were offering £50m for the assets there would be nothing left for shareholders. All the other creditors would still have to be paid including the bondholders before shareholders saw anything.
And of course with all the assets gone there is no COPL.
Were not BP simply attempting to buy the assets of COPL, not COPL itself. So they could have potentially put in a much higher bid than Summit but shareholders would still end up with nothing if there is no surplus on all the debt.
I think they did actually say they had injected some gas into the wells but observed no effect so stopped as the price of it was really high.
What we don't know is how much gas and how much they spent on it.
And of course the gas injected needed to be sustained and prolonged to re-pressurise the field fully.
Yes, clearly one form is enough, just 2 different formats for those with a preference.
If you download Abode reader(free for 7 day trial) you can import the PDF version.
Using Adobe reader is very convenient. You can fill in the PDF form, tick boxes with it and also do a digital signature.
I suspect Anavio have made their money. Don't care about the bonds now.
If you lend someone money then destroy the company you won't be expecting to get your loan back.
It's odd that BP are in dispute with Summit if they are part of the the same Secured Senior Lender.
Surely it's ideal for BP. Just make an offer to Summit for Summits part of the debt and they get all the COPL assets cheap.
No shareholders, no bondholders.
I don't think the demise of the JV and subsequent events is that Machiavellian.
I think Summit were waiting for a sizable JV amount so as to pay back some/all of their loan.
The JV were probably offering way less than was hoped for and Summit scuppered any deal which would have been great for COPL but not for Summit because the JV would be taking away some of Summits secured assets
I presume Summit have acquired all our assets for a nominal amount and will sell them on in due course to recover their loan. (Summit were the only creditors that were secured against the assets)
So that leaves COPL with no assets and other debt.....Bondholders and sundry other debt.
Given no assets to generate an income COPL is bust and will be wound up.
No other creditors and bondholders will get any money back. (because summit took all the assets)
Of course Anavio probably aren't too bothered. Probably made all their money shorting all raises, conversions ,and interest payments.
Shareholders left with nothing, and the company will be dissolved along with all shares.
Shocking, Scandalous.
Do those involved, the directors of COPL, appreciate the affect they have had on on investors lives? Do they even care?