Quicksilver Resources Inc. (fka KWKAQ)

[Renee]

KWKAQ BK PLAN effective. All shares cancelled:

http://otce.finra.org/DLDeletions

[shurtha2000]

made $200K in the month of July

[shurtha2000]

Made some money in July

[hwllo]

8$ is where chart shows lol

[crawford2012]

The stock price will go past $0.15 in due time.
If you read the hidden hints in the material that is being published you see how this will rise from the ashes.

People that managed this company are not going to let their shares go to waste. They will fight for it.

The company may issue shares to repay debt.
All IMHO ofcourse. Have you read the last sec filling.
Lots of good info.

http://investors.qrinc.com/sec.cfm

[C-Money365]

why the rise?

[crawford2012]

Quicksilver Purchaser Strikes Pipeline Deal

The purchaser of bankrupt oil and gas company Quicksilver Resources Inc. (KWKAQ) has reached a new pipeline agreement, allowing the $245 million purchase to close.

BlueStone Natural Resources II LLC, which made the purchase offer for Quicksilver, and Crestwood Equity Partners LP reached a 10-year service agreement for the pipeline that services Quicksilver's Barnett Shale assets in Texas.

With this agreement, Quicksilver will reject its prior arrangement with Crestwood. BlueStone had said that agreement was too expensive and it wasn't going to complete its deal with Quicksilver unless the agreement was modified or nullified.

"The new agreements provide for comparable gathering, processing, compression and treating services to BlueStone, are in-line with our previously announced 2016 guidance, are designed to maximize production in the current low commodity price environment and provide significant upside to both Crestwood and BlueStone as commodity prices recover," Crestwood Chief Executive Robert Phillips said in a statement.

Quicksilver had previously asked a bankruptcy judge for permission to reject the agreement outright, making its arguments to Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court in Wilmington, Del., last month.

Pipeline operators and midstream operators have been watching this and other similar fights closely to find out whether bankruptcy judges will rule to let these companies exit their contracts--negotiated before oil prices took a nosedive--potentially spurring a mass exodus.

Last month, a New York bankruptcy judge was the first to rule on the matter, issuing a preliminary decision that permitted Sabine Oil & Gas to reject its pipeline agreements.

In considering the requests, bankruptcy judges must grapple with whether bankruptcy law will trump state law, which generally states that pipeline agreements "run with the land" and therefore can't be rejected in bankruptcy.

Judge Shelley Chapman of the U.S. Bankruptcy Court in Manhattan gave a non-binding ruling in March that the court would "defer to the business judgement of the debtors to reject the agreements," in permitting Sabine to let go of its pipeline contract. She did note, however, that there isn't a clear ruling from the Texas Supreme Court on the matter and that the agreements are governed by Texas law.

Recently, Magnum Hunter Resources Corp., another bankrupt oil and gas company, also reached a settlement with its pipeline operator rather than leaving the decision with the courts.



--Tom Corrigan and Jacqueline Palank contributed to this article.

[DocLevi]

This week's National Enquirer (at WalMart yesterday) shows big timers tax evasion accused in Panama Papers Bombshell http://www.nationalenquirer.com/celebrity/jennifer-aniston-divorce-justin-theroux-split-claims/ (see the top left of cover) ... I would bet some of these shorters if are executives going against common shareholders and the SEC should investigate these foreign companies and who's putting up the money to short our stocks and commodities.

[DocLevi]

You mean when they hired their advisers or before all around .60'ish ... it seems like spending big money to get advice on how to spend capital is a sure tail sign of kaput...

[crawford2012]

Breaking News - March 8, 2016! Bankruptcy Court Judge Rules in Favor of Sabine

Also see this extracted from the end of this article.:According to court documents, Quicksilver argued cancellation of the contracts is necessary for the court-approved sale of some of its assets -- to BlueStone Natural Resources II LLC, for $245 million (see Shale Daily, Jan. 25). Silverstein said she will issue a ruling soon (see Daily GPI, March 7).

In an ominous development for midstream companies, a federal bankruptcy court judge ruled in favor of Sabine Oil & Gas Corp. on Tuesday, allowing the distressed producer to terminate natural gas and condensate gathering agreements in the wake of low commodity prices.

Meanwhile, Magnum Hunter Resources Corp., which filed for Chapter 11 bankruptcy protection last December (see Shale Daily, Dec. 15, 2015), fired back at a Gulf Coast pipeline company after it objected to Magnum moving to reject similar contracts.

Tuesday's ruling by Judge Shelley Chapman in U.S. Bankruptcy Court for the Southern District of New York [No. 15-11835] will allow Houston-based Sabine to reject agreements it signed in 2014 with Nordheim Eagle Ford Gathering LLC, a subsidiary of Cheniere Energy Inc. The agreements cover all of Sabine's natural gas interests in a geographic area of DeWitt County, TX (see Shale Daily, July 15, 2015).

Court records show Sabine also wanted to cancel separate gathering, treating and processing agreements signed in 2013 between Forest Oil Corp., which Sabine acquired in December 2014, and HPIP Gonzales Holdings LLC (see Shale Daily, Jan. 14, 2015; May 6, 2014).

Nordheim and HPIP had argued that the agreements cannot be rejected because they are covenants that run with the land under Texas law. Chapman disagreed.

“The court preliminarily finds that none of the covenants runs with the land either as a real covenant or as an equitable servitude,” Chapman said in her 21-page ruling. “Moreover, the agreements do not grant Nordheim or HPIP a real property interest in the debtors’ mineral estate...Therefore, under Texas law, the debtors have not transferred any portion of their real property interests to Nordheim or HPIP through the agreements.”

Midstream companies are fearful that, should Sabine, Magnum and other producers be allowed to terminate their contracts, a host of other E&P companies struggling in the low commodity price environment could attempt the same strategy (see Daily GPI, Feb. 23). Executives and analysts say that could spell trouble for the midstream sector as well.

David Karp, an attorney with firm Schulte Roth & Zabel LLP, told NGI that Chapman's ruling was the first of many important decisions yet to come affecting midstream companies and producers.

"This ruling covers the two specific midstream agreements of HPIP and Nordheim in Sabine," Karp said Tuesday. "It covers agreements where there is a dedication of acreage, and the dedicated interest is production or personal property once it has met the surface. It is not going to impact certain agreements that include dedications of a mineral estate."

Last Thursday, in U.S. Bankruptcy Court for the Delaware District [No. 15-12533], Texas Gas Transmission LLC filed an objection to Magnum's motion to reject contracts between Texas Gas and Triad Hunter, Magnum's Appalachian production subsidiary (see Shale Daily, Dec. 17, 2015). Among the issues are an agreement where Triad Hunter would support Texas Gas's Northern Supply Access Project (see Daily GPI, June 24, 2014), and a $65 million credit support agreement. Both agreements were reached in 2014.

"The debtors' request to reject the agreements is governed by the 'business judgment' standard," Texas Gas said in its objection. "While debtors are normally granted wide latitude in exercising their business judgment, they must nonetheless do so rationally...

"The debtors' proposed rejection of the precedent agreement leaves the Rockies Express Pipeline [Rex] -- the more [expensive] pipeline -- as the debtors' only outlet. If the debtors are pursuing some strategy to improve their negotiating leverage with Rex by rejecting their only alternative to Rex, the Debtors should explain their rationale, as it is not readily apparent."

On Monday, Magnum told Judge Kevin Gross that there were two reasons why he should overrule Texas Gas's objection.

"First, the objection is premised on the faulty assumption that the debtors have only two options: transport natural gas to the Gulf Coast via Texas Gas's pipeline or transport natural gas to the Gulf Coast via an alternative pipeline," Magnum said. "The objection ignores a third alternative that is both reasonable and significantly cheaper and that the debtors have determined is the best approach forward: Do not transport natural gas to the Gulf Coast.

"Second, Texas Gas's own publicly-filed statements aver that it has not suffered -- and will not suffer -- damages other than damages for loss of profits, the right to which it has waived under the contracts, as a result of the proposed rejection."

Midstream companies are also watching a third bankruptcy case. Quicksilver Resources Inc. has asked Delaware Bankruptcy Court Judge Laurie Silverstein to allow it to terminate its gathering and processing contracts with Crestwood Midstream Partners LP [No. 15-10585]. The contracts expire in 2020 (see Shale Daily, March 18, 2015).

According to court documents, Quicksilver argued cancellation of the contracts is necessary for the court-approved sale of some of its assets -- to BlueStone Natural Resources II LLC, for $245 million (see Shale Daily, Jan. 25). Silverstein said she will issue a ruling soon (see Daily GPI, March 7).

[crawford2012]

Important to know this info for those that missed it.

Tulsa, Oklahoma-based BlueStone Natural Resources has submitted a top bid of $245 million to purchase bankrupt oil and gas producer Quicksilver Resources’ assets, according to court documents filed Monday in Texas.

BlueStone, which must be approved by the bankruptcy court, was picked by Quicksilver as the winning bidder after an auction that lasted 19 hours and stretched over two days, according to court papers. Quicksilver and 13 affiliates entered court protection in March, listing $2.3 billion in liabilities, including roughly $1.1 billion in secured debt....

We all know that a spike in oil price is a game changer for may companies like Quicksilver. For those of you that follow international news from the rea source will know how this game is played.

In short, the strong greedy players are trying to get the weak players out as they started to eat from their share...they knew if they dropped the price of oil many companies will feel the pressure and go belly up. This is exactly what happened but we are still early in the game as judges know the corrupt game that is being played and the million on investors that are being affected.

No one should allow kwk shares to be stolen for pennies on the dollar. The company has a lot of assets and proven Proved reserves as of the end of 2011 were 32.6 trillion cubic feet of gas ...

Quick silver still has gas that we are not hearing about. This is worth $$$$$$$$$$

[crawford2012]

A good read and I felt its important to keep everyone that is following this stock to read this.

A midstream pipeline operator contracted with Quicksilver Resources Inc. urged a Delaware bankruptcy court Friday to stop the oil and gas producer from rejecting the operator's agreement, in a closely watched fight both sides called “white hot” and that gas processors said could threaten the fragile midstream industry.
The battle unfolded during a hearing in Wilmington with a nervous midstream industry looking on — many of which fear that the historic plummet in energy commodity prices, which has swept so many producers into Chapter 11, could bubble over into their sector if the court allows Quicksilver to reject its agreements with Crestwood Midstream Partners LP and several affiliates.

Under bankruptcy law, debtors are permitted to reject certain contracts, and Quicksilver wants to ditch its agreement with Crestwood in part because doing so is a condition of closing for Quicksilver's $245 million oil and gas assets sale to Oklahoma-based BlueStone Natural Resources.

But Crestwood argued Friday that under the Texas law that governs the issue, Quicksilver's obligations would survive any transfer because of the type of property right bestowed by the agreements, and that the debtor is therefore actually not permitted to reject the contracts without at least a more involved adversary action.

Quicksilver struck back, contending that Crestwood is employing a “tortured reading” of bankruptcy rules and is really seeking to hold things up long enough for the BlueStone deal to fall through and the oil and gas producer to have to go with a backup bidder that has no such rejection requirement.

The asset sale was approved under Section 363 of the Bankruptcy Code, which transfers assets free and clear of liens and encumbrances, and Crestwood never objected, and even if it had, it could have been compelled to simply accept money to relinquish the interests it said should hold up the rejection process, argued Quicksilver's attorney Sarah Link Schultz of Akin Gump Strauss Hauer & Feld LLP.

U.S. Bankruptcy Judge Laurie Selber Silverstein noted that argument, wondering how she could square Crestwood's silence during the sale process with its request now.

“I don't know what to do with the failure to object to the 363 sale,” Judge Silverstein said from the bench. “There's a free-and-clear order out there.”

Meanwhile, the issue prompted amicus briefs, a rarity in the Delaware bankruptcy court, from The Gas Processors Association and Texas Pipeline Association, which argued that a decision Quicksilver's way would set the table to undermine the entire midstream industry and upset the balance by which midstream operators have been interacting with producers for decades.

Part of that relationship are deals that keep pipeline capacity fees level for a certain period of time, but dramatic gas price drops are pressuring producers to change those costs to squeak out some lean-time profit.

In court, attorneys for prospective buyer BlueStone said that the current contracts were “above market” and that the company “didn't want anything to do with them,” preferring instead to find a way to get a lower-priced deal.

Judge Silverstein did not rule Friday either on whether to accept the amicus briefs or on the dispute, but said she would render an opinion before the deal closing deadline at the end of the month.

Quicksilver had filed for Chapter 11 protection a year ago, marking one of many in the energy sector riding a wave into bankruptcy court as oil and gas prices continue to fall.

The company listed $2.3 billion in debt as of the end of 2014, and had struggled for a time to find a clear path out of Chapter 11, but the company's creditors have acknowledged it has made progress, shedding burdensome contracts and getting forbearances on loans to its nondebtor Canadian affiliates.

A major step came in the form of a 19-hour bankruptcy auction that saw BlueStone put in the winning bid in January.

Crestwood is represented by David M. Fournier and Michael J. Custer of Pepper Hamilton LLP, Alfredo R. Perez and Christopher M. Lopez of Weil Gotshal & Manges LLP, and Jonathan M. Hyman, James J. Ormiston, Philip B. Jordan and Lydia R. Webb of Gray Reed & McGraw PC.

Quicksilver is represented by Charles R. Gibbs, Sarah Link Schultz, Ashleigh L. Blaylock and Kevin M. Eide of Akin Gump Strauss Hauer & Feld LLP and Paul N. Heath, Amanda R. Steele and Rachel L. Biblo of Richards Layton & Finger PA.

The case is In re: Quicksilver Resources Inc., case number 1:15-bk-10585, in the U.S. Bankruptcy Court for the District of Delaware.

[crawford2012]

Quicksilver Resources Inc.’s bid to tear up pipeline agreements ahead of the sale of its oil-and-natural gas drilling operations raised novel and perplexing legal questions that a bankruptcy judge wants time to consider.

This is just a part of the full Article. Good news should come our way soon and we see the share price Sky Rocket.
As I said hang tight.

[crawford2012]

Too much is going on behind the scene, energy stocks are not going away without a fight...people know the game that was being played in the world with regards to oil and energy.

Best things to do now is to continue to do DD. Share any news that makes sense and not mislead new investors.

In my humble opinion with any solid good news, we could see this pass the $0.20 easily.

Let's see how things play out, watch out for those that will try to pull shares out of your hands for cheap. At this low price the tree is going to be shaken pretty hard to see who will fall off and go away.
Buy, Hold, Accumulate, Hang Tight...oil prices will go up and so will the PPS.

Please do your own dd before you invest.

Pretty good day here with a lot of interest.

Good Luck to all.

[mrpickem]

Mostly every time I see a certain individual posting on an Ihub board the stock crashes the same day, hmmm I wonder why.

[mrpickem]

Actually it's at .0086 now

[mrpickem]

Why would this go up tomorrow it's been going down for the last couple of hours. I've been watching this since it was .024 it's now at .01. Why would it go up tomorrow?

[Rainer]

Huge dollar volume today

[newlonginvest]

It's great accumulation for EOD or tomorrow run

[mrpickem]

It's going the wrong direction

[newlonginvest]

This is going up .. Will move fast

[mrpickem]

Looks like this is being shorted, they may try and drop it to .007 at the close

[newlonginvest]

Will move up very fast !

[KennyJayyy]

Please elaborate? KWKAQ

[Helter Skelter]

The Company expects that the shares of its existing common stock will be cancelled in the Chapter 11 proceedings and will not receive any recovery.

[newlonginvest]

.03 coming !

[ClearlyStocks]

Monster bid + buys now

[newlonginvest]

.03 coming back ..

[mayerxx]

What's so good about this news? They are selling off more assets in bankruptcy

[newlonginvest]

I guess .03 coming again

[newlonginvest]

Going to be huge

[Zardiw]

Got the 8KSpy Alert on $KWKAQ! .....:



z

[ClearlyStocks]

Breakout time!

[ClearlyStocks]

.02 break shortly

[hondaboost]

That's huge! It went to $0.03 this morning.

[babuji]

HUGE NEWS!!...$KWKAQ!!

[Stock Logics]

WOW!! MONSTER NEWS!!

$KWKAQ

[HDOGTX]

KWKAQ huge news 74 M asset purchase

[toad511]

Interesting news today. This could start getting fun

[toad511]

Nice day here. Now just riding free shares an a little money to boot

[toad511]

Slowly walking this up. Or painting

[makinezmoney]

Quicksilver sells assets to BlueStone for $245Million

Quicksilver Wins Court Approval to Sell Assets to BlueStone for $245 MillionFont size: A | A | A
12:34 PM ET 1/27/16 | Dow Jones
By Lillian Rizzo

A bankruptcy judge on Wednesday approved Quicksilver Resources Inc.'s (KWKAQ) sale of its oil and gas drilling operations throughout Texas to BlueStone Natural Resources II LLC for $245 million in cash.

"The sale price meets the market price under the circumstances of what is a very challenged oil and gas market these days," said Judge Laurie Selber Silverstein in the U.S. Bankruptcy Court in Wilmington, Del., on Wednesday. "I find it was a rigorous sale process."

BlueStone was named the winner of Quicksilver's operations following a Jan. 20 bankruptcy auction that spanned nearly 19 hours over two days, according to court papers. BlueStone beat out Barnett Shale Gas LLC after several rounds of bidding.

Based in Tulsa, Okla., BlueStone is a private-equity backed acquirer of oil and gas assets, formed in 2006.

"The members of the BlueStone management team have collectively over 100 years of experience in the oil and gas industry, and have partnered the last 13 years in private-equity-backed oil and gas companies," said Bill Sullivan, counsel for BlueStone.

Quicksilver, based in Fort Worth, Texas, had reached out to 240 potential purchasers as part of the process.

The company filed for chapter 11 protection last year with a $2.3 billion debt load amid falling gas prices that led dozens of energy companies to bankruptcy court throughout 2015. The company's senior lenders include Silver Point Capital LP and Farallon Capital Management LLC. Big investors in the second-lien group include Monarch Alternative Capital LP and OFI Global Asset Management Inc., according to court papers.

The second-lien lenders were declared the back-up bidder should the deal with BlueStone fall through. The lenders offered a $250 million bid that included $90 million in cash.

(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection. Go to dbr.dowjones.com)

Write to Lillian Rizzo at [e-mail]

> Dow Jones Newswires

January 27, 2016 12:34 ET (17:34 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.

[Ecomike]

Don't underestimate yourself, it takes some long hard knox experience to learn that certain types like this one wipe out shareholders in favor of preferred or secured priority debt holders. Common stock rarely even gets the bread crumbs.

[basesloaded]

It was a no brainer...

[Ecomike]

I predicted BK on KWK when it crashed under $1 about 12 months ago. Sorry to see I was right on this one.

[Ecomike]

Most of my stock investment losses since 1980 were from buying BK or near BK stocks like this one.

[Ecomike]

I have never seen since 1980 went I got into stocks seen a BK stock like this where the old common shareholders made a dime, most were wiped out 100% and the new stock was issued to debt holders or the company was taken over and it was lights out. I warned that this one was likely heading to BK over a year ago, last summer (on my stock chart board Ecomike's stock DD board) when it fell under $1/share in a nose dive as oil and gas prices collapsed. Oil and gas are dead investments long term now for some time. I went through this mess in the 1980s in Texas. Wiped every one in Texas out. History is repeating itself.

I was invested in this one (made a few dollars) at times back in 2009-2011. Never got back in as it became clear the glut was here to stay and would BK them sooner or later.

[1nv3st0r_Gadg3t]

So, what ever happened w/ going up to the company and asking a few questions?

~ You still plan on going, then posting here?? TIA

[basesloaded]

At this point, it does not look too good. The big players keeps the supply quite high n it prevents energy projects from making a profit, thus destroying small outfits, which will be bought at bargain prices by the same companies starving them. I don't have a crystal ball. Maybe energy prices will skyrocket...best of luck...imho, shareholders will get nothing...

[finvestorshare]

There's a huge risk we will loose it all. I have a lot of shares too and I'm not sure what to do either. Gass prices are going up and most income for Quicksilver is coming from Gass. On another message board an attorney who filed a claim says that all stakeholders are being considered. I'm not even sure that's worth anything and if he's trustful. I'm just hoping we'll get something.