Breitburn Energy Partners LP fka BBEPQ

[Congo Mining]

Docket #319

best letter yet.

Honorable Stuart M.Bernstein
United States Bankruptcy Judge
It is with great trepidation and disappointment that I must admit that as a Unit holder of over 15,000
units there is a current need to have an Equity Committee to be a proactive advocate of my interests in
the company as it defines it Bankruptcy issues. There is an apparent trend of the Company to dissolve
the interest of the current Unit holders by 1) unnecessarily going into Bankruptcy and 2) misleading its
Unit holders that the company was being managed correctly during this current phase of deflated oil
prices.
I am aware of the risks in investing in a small up-stream oil producer , however I felt I was mitigating
those risks by the management philosophy and structure that was being advertised by the Brietburn
management staff and the information provided on their website: http://www.breitburn.com/.
To assist the solvency of the company during these difficult times with the depressed oil prices the Unit
Holders support the decrease and the eventual termination of the Unit dividends. However , the
surprise management decision to go into Bankruptcy was not supported when the need was not
justified.
Although some of the small upstream oil producers have gone into bankruptcy due to the current
depressed oil price situation like Lynn Energy, Brietburn was in a better economic position and did not
need to go into Bankruptcy as analyzed by Daniel Jones in its Seeking Alpha article, see:
http://seekingalpha.com/article/3975229-breitburn-declares-bankruptcy.
Consequently Brietburn’s premature Bankruptcy declaration has caused significant economic damage to
its Unit Holders by making its Units practically valueless. . Moreover, the Bankruptcy is allowing
Brietburn the option of restoring the Units value in the future or discontinuing them. Brietburns web site
now advertises that there is NO ASSURANCE that the current units will be transferred to the reorganized
company.
Brietburn should not have this level of autocratic power over its Unit Holders who have provided the
company significant capital.
Moreover Brietburn has mislead its Unit Holders by painting a more survivable scenario in dealing with
the current oil price decline as they have advertised on their web site and on and at public conferences,
therefore its Bankruptcy declaration was a surprise.
BREITBURN ENERGY PARTNERS LP - CH 11 Case #: 16-11390
David Hensley
to:
bernstein.chambers
07/28/2016 12:19 PM
Cc:
susan.golden, bbepshareholders
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From: David Hensley <[e-mail]>
To: [e-mail]
Cc: [e-mail], [e-mail]
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file:///C:/Users/cgreene.NYSB/AppData/Local/Temp/notes90C43B/~web4408.htm 7/29/2016
16-11390-smb Doc 319 Filed 07/29/16 Entered 07/29/16 11:10:23 Main Document
Pg 1 of 2
Consequently, the Unit holders need a strong proactive advocate, an Equity Committee, to insure that
the current course of Brietburns’s damaging decisions and misleading prognosis can be corrected in
order to mitigate the economic damages the Unit Holders have experienced.
David Hensley
[e-mail]