Member Info for SteveV

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 am guessing around 500 people will have registered with a average loss of , say £50k.

£25m loss.....The same amount that we borrowed via the bonds. !!!!!!!

But did BP not even register an interest to make an offer?

There was no auction because there were no bidders.

When everyone has declared an interest it would be great to know how many shareholders are involved, the amount of losses, and shares held.

I suspect it will be substantial.

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.

Clockface, I used the PDF version and used acrobat reader to load that into. Everything was then editable. The tick boxes worked and you can also do a digital signature.

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.

Can someone clarify WHO are we going to be suing, AND, do they have enough insurance cover to pay out a successful claim.

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?

I think we need clarification on what costs, and from whom, are no win no fee.

AND what costs might we be expected to be paying £500 per hour ...!

Jiddy,

"...I would anticipate due to the likely multi-jurisdictional, aspect of this action, we will require the following (please note the below is an indication):

Expert documented/written legal advice from Kings Counsel (ideally a specialist in Canadian law and/or with working knowledge within their Chambers).

Legal advice from documented from a Canadian law firm as to process and procedure.

Forensic accounting and/or financial services advice as to the likely explanation for the collapse in the share price.

Review and consider valid PR angles in the media/press in both the UK and Canada (and beyond if required).

All UK legal action and instruction of (1)-(4) and others to be ran by myself via Carlton Elleker Chase.

The purpose of the above will be to ensure you are provided with not just theoretical but practical legal advice, in any normal instruction, individually or as a small collective, the combined fees would be in excess of £150,000.00 (my own hourly rate being typically £500 p/h by way of example and it would not be uncommon for Counsel to be 3 times this...), however due to the size of the group, we will be able to spread this cost and risk across those interested in moving forwards.

On first review, the average investment size is in excess of £25,000.00, therefore I propose in order to fund the first stage of the action, we will have a banding in order to be a part of the group and fund the initial action, the banding will be between £100.00 plus VAT and £550.00 plus VAT , that is to say, no-one will pay more than that to be a member of the group and receive the benefit of the above and also, my specific on-going advice on receipt, to be delivered via a series of Zoom calls and other contact at your request...."

This usually happens and a lot of people may drop out.

Yes got my email. I see payment is involved.

Which bit of of the action is "no win no fee" ?

Yep, the damage has been done.

The assets have been transferred to Summit for a pittance and they will sell them on to get their money back.

No way back from here, someone else will legitimately buy them and COPL shareholders are history.

Can't blame Summit, they just wanted their money back.

Anavio probably came out on top.

It was them that were shorting all the Anavio financed raises which destroyed the share price and COPL's ability to raise from other sources( e.g. shareholders rights issues). And also probably made it impossible for reputable RBL's to get involved once they knew we were in bed with the loan sharks

I have said it before. Arthur should never have bought CUDA with the Anavio bonds. He could have easily got enough finance from a shareholder raise. We were buying assets at a discounted rate.

Once Anavio had got involved, aided and abetted by Tom Richardson who refused to allow future funding from anyone but Anavio, the spiral continued and caused the demise.

A promising business wrecked by the money men and incompetent management.

Summit will get all the assets and sell them on at their leasure.

You would think WTI at $86 just our current production must be worth the debt.

Will the bidders see it like that ?

Trouble, I fear, is that the highest bid that covers the debt and expenses will be immediately accepted.

Those dealing with the process have no interest in getting the best possible outcome for shareholders.

I wonder how the bidding process works.

Does everyone interested put in a bid then the administrators accept the highest bid.

OR, is there ANY kind of auction whereby lower bidders get a chance to up their bid. Clearly the latter

ensures that we get the best price possible.