The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
RBM, CAG, Dusterhater, Alfresco, Antha, Stas20 and others,
We all seem to be asking similar questions and I've collated the ones I came across here in this post and added mine at the end, which echo others. I suspect everyone will be keen to participate, so the Zoom calls could get a little messy; I suggest we send the questions to MC before so he has time to prepare effective answers.
1). % chances of positive outcome for shareholders
2) If winning result then when % chance of actually funds being retrieved from culprits so as to compensate shareholders.
3). When does no win no fee kick on
4) Guarantees no more cash calls after 1st stage or when / if the first £150,000 raised is used.
5) Expected time scales.
6. What percentage will the lawyer take on top of the contributions already made.
7. Has Michael Cotter been in contact with Mr Denton of BP?
1. How much work have you conducted to date to know if we have a strong legal case?
2. Can you explain all the upfront costs?
3. Are there other fees (later down the line) that might need to be paid, on top of the 100 – 550 charges such as disbursements / expenses etc?
4. In the case of a win am I correct in that we would need to pay;
a. Your CEC costs?
b. Do you also envisage a success fee, what is the success fee, is it a percentage of the base fee, if yes what percentage?
c. Do you also expect to get a cut of the awarded damages on top of the above?
d. What percentage would you expect shareholders to receive against their original investment?
e. What percentage of your costs could we recoup from the opposition?
5. In the case of a loss are fees to be paid to the other side, who pays them or do we take insurance against this?
6. Will there be multiple cases, e.g. against Anavio, then against Directors individually, how will the case be structured?
7. Under what jurisdiction will we be fighting this case?
8. Assuming we win the initial case, is there a possibility to further fight for punitive damages (what about in the US this is COPL America that owns the assets). Punitive damages are for me almost more important due to the;
a. time spent,
b. stress
c. sleepless night,
d. distress for both me and family,
e. missed opportunity etc.
9. I note CEC (Barry legal) had a US attorney (Daniel Shier..) on his team is this still the case, can he be of help. – who will be on our team?
10. How do the various actors and support networks fit into the mix between CEC and Setford?
11. What plans does MC have as regards Media.
12. The CAG and the support base of 450 shareholders can be powerful to support, what can we do to support you further?
13 His background-how many similar cases has he been involved with and success rate (%)?
14 How does he rate our case 1-10 and why?
15 Even if we win the court case what about the money? And further costs?
16 Fees-how many stages might there be and costs for each? In more than one jurisdiction?
17 Timescales for our/similar cases?
Denarius1, this looks interesting. Please post again with their letterhead, contact details etc, so CAG can follow up if necessary. Thanks.
RBM,
I couldn't tell from your comment " Mr Denton to get confused due to multiple approaches" whether you had/hadn't contacted them. I don't want to confuse/step on toes whatever, and I very much appreciate what you're doing so thank you. But I just want a good result asap and I feel we should do it now, while things are still being decided, not afterwards when everything has been signed off. Why not get our lawyers to agree some juicy info and you contact Dentons? I'm a cynic when it comes to lawyers, never give them too much control over the agenda. I think you should call Dentons, or arrange a 3 way Zoom-you, lawyers, Dentons. Who knows, a plan may come out of a simple Zoom.
RBM,
1 " Mr Denton to get confused due to multiple approaches"...I’m assuming there’s only one CAG which is why I said “I don't think we should inundate them with emails but you (Stas20)/CAG might like to send them a periodic update with some juicy piece of info”?
2 "The cag should 100% be contacting Derek immediately, we need to have all options open at this stage not just the class action." Why not telephone him? Get our lawyers to verify some juicy info and email it to Dentons, who are over there on the ground, help them to get up-to speed, what's to lose?
3 What I’m not sure of is our plan/goals; is it to do whatever is possible now to unravel the bid (stage one) which I see as urgent, or has it always been to go for a long-term legal case (stage 2)? What’s been our goal? Can we not do both, 2 if 1 fails? A legal case will take years and more importantly, what's the percentage % success rate??? I don't want to put a damper on things and for me I've lost a sizeable amount, but I'm also being realistic. What's the downside of you contacting Denton's direct, you not our lawyers in the first instance?
Stas20 ref BP and Denton,
I emailed Derek yesterday "I understand you are representing BP Energy Company in their case against the recent quick sale of Canadian Overseas Petroleum (COPL). I am part of a shareholders group also objecting; do we possibly have common ground, objectives worth discussing? We certainly have a wealth of information on what the company has been up to for the last year or more, would you be interested? Thanking you in advance for your prompt attention and any thoughts."
and he replied "We may need to speak further. I was retained rather late into this matter, so playing catch up (including following an order granted yesterday, which has significant implications). I will speak with my client (BP) and confirm what instruction I may have to discuss matters further with the shareholders. Thanks for reaching out. "
Looks like it depends on what BP wants with SH but might lead to something... I don't think we should inundate them with emails but you/CAG might like to send them a periodic update with some juicy piece of info?
Sharebel "feel very let down by him and even KSV..." insolvency experts = vultures who want a quick deal and maximum fees, nothing more. The word "restructuring" and similar blurb is just PC stuff to make people feel comfortable and go away, while they pillage whatever to pieces. KSV and similar are simply wolves dressed in sheep's clothing. Don't be surprised at what's happened once they were appointed.
"..BP might not be ideal partners with regards litigation..." what is our primary objective, to get our money back asap or create a litigation case? If BP's objections help undo the sale, why not get into bed with them?
Copy and paste the link
https://www.google.com/maps/@51.4567732,-0.3012846,3a,75y,124.95h,84.33t/data=!3m6!1e1!3m4!1szorDoa7AdaSlkL4vEpNXpQ!2e0!7i16384!8i8192?entry=ttu
Ref Carlton Elleker Chase, this looks like their office?
https://www.google.com/maps/@51.4567732,-0.3012846,3a,75y,124.95h,84.33t/data=!3m6!1e1!3m4!1szorDoa7AdaSlkL4vEpNXpQ!2e0!7i16384!8i8192?entry=ttu
and
https://solicitors.lawsociety.org.uk/office/37451/carlton-elleker-chase-ltd
RBM
Was anything done to try and influence the bidding process outcome eg delay, open to more transparency etc? Or was this always going to be a long-term legal thing?
OOOps, should say CAG Costs
This is beginning to look like the first stage of a long-term fishing expedition for money.
Insolvency experts = quick solutions and maximum fees. They've succeeded.
Lawyers = long-term solutions and maximum fees. No guarantee of success.
Hi Rbm,
I sent letters to oil companies and got no response, but never expected any and I suspect this is true for others. Has CAG got involved in any way in stage 1, the bidding process? Eg seeking transparency, a delay, responses from other oil companies etc? Or is everything geared to stage 2, the legal process? Thanks.
"Former subpostmaster Lee Castleton reveals £150m paid to lawyers in Post Office scandal...." I don't know how true this is, but lawyers = fees and this case will run for years, which = humungus fees. We need to somehow stop/delay the bidding process, "building a case" long term is for the birds.
Shouston, I emailed jgant@globalwitness.org this morning and cced media@globalwitness.org
Https://www.theguardian.com/business/2018/mar/29/exxonmobil-liberian-oil-deal-went-ahead-despite-anti-corruption-concerns "A spokesman for COPL said the company had fully investigated the findings in the auditor general’s report, and found there were no irregularities. It said it had insisted on a fully transparent process for the deal, which required approval by a vote of both the Liberian congress and senate, as well as the approval of multiple Liberian ministries"
Basically JVP = stich-up between Copl and Exxon planned over last two years, now reaching its denouement. Where gang members (direct and indirect eg govts, authorities etc) say "looked into...found nothing wrong..." and SH get dildoed up the cake hole.
3 Stas20 mailing,
People can simply copy and paste either letter, then copy and paste the email addresses. I use Microsoft and simply sent the email to myself, putting the other addresses in the cc box, which means recipents can't see who else is getting one. I also marked as High Importance. Hope this helps. Took 2 minutes.
2 Stas 20
Here's your email list, with a few delted as undeliverable.
IR@torm.com
investorrelations@nustarenergy.com
Investor.Relations@DelekUS.com
DKLIR@DelekLogistics.com
JLanders@rpc.net
glp@investorrelations.com
investorrelations@helixesg.com
IR@dorianlpg.com
InvestorRelations@genlp.com
info@caplp.com
investor.relations@teekay.com
gpiontek@newpark.com
IR@solarisoilfield.com
IR@CactusWHD.com
IR@summitmidstream.com
investor.relations@enbridge.com
Ir@marathonpetroleum.com
investorrelations@p66.com
Investor.relations@eprod.com
investorrelations@valero.com
InvestorRelations@energytransfer.com
InvestorRelations@williams.com
invest@suncor.com
investor_relations@tcenergy.com
km_ir@kindermorgan.com
investor.relations@cenovus.com
investors@halliburton.com
investor.relations@bakerhughes.com
InvestorRelations@targaresources.com
investor@cheniere.com
investor-relations@pembina.com
Kristen.Shults@WesternMidstream.com
investors@hollyfrontier.com
PlainsIR@paalp.com
apatel@parpacific.com
InvestorRelations@TechnipFMC.com
investor.relations@weatherford.com
mkennedy@anteroresources.com
HessMidstreamPartners@hess.com
ir@pbfenergy.com
IR@ViperEnergy.com
scott.grischow@sunoco.com
ntetlow@equitransmidstream.com
WebsterK@natfuel.com
InvestorRelations@CVREnergy.com
1 Stas20:
I've emailed the companies and used your letter but shortened it, see below. I wrote an email to myself and put all the emails into the cc box, which means I only had to send one email. I also marked it High Importance.
"Subject Are YOU interested in an Enormous Oil Opportunity in the Powder River Basin
Dear Sir,
Right now, Canadian Overseas Petroleum (COPL) faces allegations of corporate misconduct and those responsible are trying to seize control of the assets on the cheap, which may land them in jail. Amidst this current turmoil lies a window of opportunity, a chance for you to make a truly valuable investment.
Why should you be interested?
• 40 years plus of increasing oil production.
• 2P NPV at 10% DCF stands at a formidable $492 million, as of July 31, 2022.
• A massive discovery in the Cole Creek area, with over 993.5 million barrels of Original Oil in Place, independently verified by Ryder Scott and compliant with NI 51-101 regulatory standards.
• Recent infrastructure upgrades to GGS to support enhanced oil production, with potential for considerable carbon capture in miscible EOR project.
Time is of the essence, swift action is required. Visit www.copl-media.com for background information, and track the CCAA and Chapter 15 proceedings at https://www.ksvadvisory.com/experience/case/canadian-overseas-petroleum
To put it bluntly, why not take a look, see what you think? If you can’t make a load of money there I’d be very interested to know your reasoning? Thanking you in advance for your prompt attention and any thoughts.
Finwithtrader, thank you. As a LTH I've crossed the two sides of my heart in hope, but the two sides of my brain wouldn't cross in the same way... ...Anyway GLA and let's see how it pans out.