ATPG Senior 11.875% 2nd Lien Bonds (fka ATPG.GE)

[romang]

Check this board out some stuff going on with trustee

http://investorshub.advfn.com/ATP-Oil-&-Gas-Corp-(fka-ATPAQ)-13446/

[romang]

http://www.law360.com/articles/648525/atp-wants-ok-to-pursue-deepwater-claims-against-bp

[romang]

http://www.wsj.com/articles/u-s-says-20-8-billion-bp-spill-settlement-finalized-1444058619

[romang]

Looks like they can be traded after all.

[romang]

Looks like the atp bonds cant be traded anymore so we are locked in for better or worse.

[OHMYGOD]

Hey chevy,

Still holding on to bonds by my fingernails. Bp seems to be our final hope before writing them off on my taxes. Hope life continues to be fun for you.

OMG

[56Chevy]

Supreme Court

Dec 8, 2014

BP Stuck With Spill Settlement After High Court Refuses to Hear Case

http://blogs.wsj.com/law/2014/12/08/bp-stuck-with-spill-settlement-after-high-court-refuses-to-hear-case/

* I have no idea how or if this would effect ATP's situation. I'm posting it for anyone who might be interested.

[cpaok1]

Fidelity shows a Bid to me of $800 (800 bucka) for $40,000 face (40 $1000 bonds) of 2nd Lien bonds.

[hgabreal]

I got quoted at 1.75 too by etrade face value of 48K. I got in at 4.17 and don't know whether to keep holding or cut my losses

[cpaok1]

Are there (still) active buyers for the Bonds - Fidelity is giving me a quote 1.75 cents per dollar. $50,000 face of bonds = $875; so who is buying?

[rockraider3]

Unless BP settles before the conversion to chapter 7 is completed, I dont think the bondholders will get anything

Why would this make any difference whatsoever? A chapter 7 is a liquidating trust, but it doesn't relinquish the claims asserted by ATP against BP.

The biggest issue is, which really isn't a change from today, is how does the estate (whether chapter 11 or chapter 7) puruse it's legal remedies against BP? I'm not sure that there will be funds set aside for lawyers on the BP litigation or not. I certainly hope there is.

The point is, whenever there is resolution on the BP matter, if it results in a payment to the ATP, then the funds go to the chapter 7 liquidating trust. Then those funds are paid out to resolve the bankruptcy claims, in the order that they are due.

[hgabreal]

Unless BP settles before the conversion to chapter 7 is completed, I dont think the bondholders will get anything

[cpaok1]

SO ... will the 2nd Lien Holders (ATP OIL & GAS CORP SR 2LIEN NT 11.87500% 05/01/2015) ever get anything ? sounds like I am hearing NO, convert to 7 and DIP keeps what they bid on. Thanks for any thought.

[romang]

Wrong on this one :(

[romang]

Do you have any thoughts on the plan filed? I was wondering does it look like the 2nd lien will be the same in priority as the dip lenders for any recovery?

http://www.kccllc.net/atpog/document/1236187140512000000000001

Thanks.

[romang]

Is it just me or does this mean the 2nd lien are equal to the dip in priority?

B. Second Lien Noteholders Superpriority Adequate Protection Claim. On the later to occur
of (i) 90 days after the Effective Date and (ii) the date on which such Claim shall become an
Allowed Claim, on account of the Second Lien Noteholders Superpriority Adequate Protection
Claim, the Liquidating Trustee shall either (a) pay to the Indenture Trustee, on behalf of the
Second Lien Noteholders, the amount of available cash in the Claim Fund, after the
establishment of an appropriate reserve from the Claim Fund for Disputed Claims, and thereafter
make periodic cash payments as set forth in the next sentence, or (b) satisfy and discharge such
Second Lien Noteholders Superpriority Adequate Protection Claim in accordance with such
other terms as may be agreed upon by and between the Indenture Trustee and the Liquidating
Trustee (acting with consent of the Oversight Committee). As often as reasonably practicable
thereafter, in the sole discretion of the Liquidating Trustee, after the establishment or
maintenance of an appropriate reserve from the Claim Fund for Disputed Claims, the Liquidating
Trustee shall make additional periodic cash distributions to the Indenture Trustee on account of
Case 12-36187 Document 3084 Filed in TXSB on 05/12/14 Page 16 of 37-11-
the Second Lien Noteholders Superpriority Adequate Protection Claim until the earlier of the
date that (i) such Claims are paid in full and (ii) the Claim Fund has been exhausted.

Class 2 - Other Secured Claims.
(a) Classification. Class 2 consists of all Other Secured Claims. For purposes
of voting and distribution, each Holder of an Other Secured Claim shall be deemed to be
classified in a separate subclass of Class 2.
(b) Treatment. Each Holder, if any, of an allowed Other Secured Claim will
(i) be paid such Holder’s Allowed Other Secured Claim in full in cash; (ii) be paid the sale or
disposition proceeds of the property securing such Allowed Other Secured Claim, to the extent
of the value of the Debtor’ interest in such property; (iii) receive the property securing such
Claim; or (iv) be paid such other distributions as necessary to satisfy the requirements of the
Bankruptcy Code. The election of the treatment for each such Holder will be made by the
Liquidating Trustee (acting with the consent of the Oversight Committee).
(c) Voting. Class 2 is impaired. Holders of Other Secured Claims in Class 2
are deemed to reject the Plan, and are therefore, not entitled to vote to accept or reject the Plan.

[hgabreal]

I have a hunch that we will conveniently find this converting to Chapter 7 BEFORE the BP lawsuit and the DIP lenders taking in all the spoils after excluding the bondholders...

[romang]

ARTICLE II
PROVISIONS FOR PAYMENT OF ADMINISTRATIVE
EXPENSE CLAIMS AND PRIORITY TAX CLAIMS

The Debtor believes that if the Plan is not confirmed, it will be required to convert
this Chapter 11 Case to Chapter 7. In this event, Holders of all Claims described in this Article (other than the DIP Superpriority Deficiency Claim) will likely receive no recovery
on account of their Claims.

A. DIP Superiority Deficiency Claims. On account of the DIP Superpriority Deficiency
Claims (all of which Claims are Allowed pursuant to the Plan) and the DIP Secured Claims (all
of which Claims are Allowed pursuant to the Plan), the DIP Agent, on behalf of the DIP Lenders,
shall receive and retain the DIP Lender Distribution.
The DIP Agent’s vote of the Class 3 DIP Secured Claim to accept the Plan shall
constitute and be deemed to be the DIP Agent’s consent and agreement (as Holder on
behalf of the DIP Lenders) to receive treatment for the DIP Superpriority Deficiency Claim
that is different from that set forth in 11 U.S.C. § 1129(a)(9), which otherwise requires
payment in full in cash.

B. Second Lien Noteholders Superpriority Adequate Protection Claim. On the later to occur
of (i) 90 days after the Effective Date and (ii) the date on which such Claim shall become an
Allowed Claim, on account of the Second Lien Noteholders Superpriority Adequate Protection
Claim, the Liquidating Trustee shall either (a) pay to the Indenture Trustee, on behalf of the
Second Lien Noteholders, the amount of available cash in the Claim Fund, after the
establishment of an appropriate reserve from the Claim Fund for Disputed Claims, and thereafter
make periodic cash payments as set forth in the next sentence, or (b) satisfy and discharge such
Second Lien Noteholders Superpriority Adequate Protection Claim in accordance with such
other terms as may be agreed upon by and between the Indenture Trustee and the Liquidating
Trustee (acting with consent of the Oversight Committee). As often as reasonably practicable
thereafter, in the sole discretion of the Liquidating Trustee, after the establishment or
maintenance of an appropriate reserve from the Claim Fund for Disputed Claims, the Liquidating
Trustee shall make additional periodic cash distributions to the Indenture Trustee on account of
Case 12-36187 Document 3084 Filed in TXSB on 05/12/14 Page 16 of 37-11-
the Second Lien Noteholders Superpriority Adequate Protection Claim until the earlier of the
date that (i) such Claims are paid in full and (ii) the Claim Fund has been exhausted.
Notwithstanding the foregoing, the Second Lien Noteholders Superpriority Adequate
Protection Claim is not and shall not be deemed Allowed pursuant to the Plan. Accordingly, to
the extent any of the asserted Second Lien Noteholders Superpriority Adequate Protection Claim
is not entitled to superpriority (whether by Final Order of the Bankruptcy Court or other
agreement) but is otherwise allowed as an Administrative Claim, the amount of such Allowed
Administrative Claim shall constitute a General Administrative Claim and receive the treatment
afforded to General Administrative Claims set forth in Article II(C) below.

[romang]

PLAN OF LIQUIDATION OF ATP OIL & GAS CORPORATION


http://www.kccllc.net/atpog/document/1236187140512000000000001

[eddy2]

Took a huge position on.

[glengold47]

Haven't been here for a while, but thanks for the link, will be most helpful as looks like next year, maybe?

glen

[TheProfit]

Yes, we do, that is basically the only reason I've held on so long here and b/c of the pending BP lawsuit...any news on the lawsuit? I can't find anything on it..maybe the bond activity will pick up with this news?
Tia

[romang]

Yes it is. We have a great judge in this case.

[TheProfit]

Hi Romang, this is what you partitioned for,correct?

[romang]

case management

http://www.kccllc.net/atpog/document/1236187140327000000000005

[TheProfit]

More 1MM+ buys coming through today..good sign coming on the horizon for ATP Bonds?
http://finra-markets.morningstar.com/BondCenter/BondTradeActivitySearchResult.jsp?ticker=C539707&startdate=01/27/2013&enddate=01/27/2014

[56Chevy]

For anyone wanting to follow BP settlement related news.

http://www.laed.uscourts.gov/OilSpill/OilSpill.htm

*I've been out of this for quite a while but saw this on another posting site...thought I would pass on. Good luck.

[TheProfit]

Great news for ATP's claim and 2nd lien bondholders?

http://www.huffingtonpost.com/2014/01/11/bp-gulf-spill-settlement_n_4581202.html

Courtesy of Chevy

[romang]

Chevy

Bonds hit $10 yesterday but closed at I believe 7.50 I'm using finra for quotes

[romang]

Notice of Filing of Preliminary Plan Term Sheet


http://www.kccllc.net/atpog/document/1236187140123000000000003

[TheProfit]

Hi Romang, Great!
Yeah they have been on the rise lately, not that they could go much lower anyways but still its a nice welcomed sign, esp since this was good part of my portfolio from last yr..Hope we hear something on the BP part soon!!
Thx again

[romang]

Got the message :)

[TheProfit]

Thx Romang. I hope someday we can get out of this mess with something to show, getting even would be awesome, I also did av down today..I understand its a huge long shot but I am hoping it can get me down low enough so I can get out earlier on some good news as well..

[romang]

I also bought around 10 the bonds. and then averaged down recently.

But are only real hope is the BP lawsuit. BP is making tons of money so we might have a good shot at some type of settlement.

Just dont throw any money at it that you arent comfortable at losing. The good thing about averaging down if we have any type of good news the price you average down to could be just enoguh to get you out even :)

[TheProfit]

I hope so, I'm way way down on these bonds, it was the worst investment I made in 2013 and I keep holding out the slightest hope that we will see alil recovery here in 2014..no matter what I appreciate you keeping the board upto date.

Merry Christmas!

[romang]

Dip is owed 82.5 million down from 856 million in october

and then the 2nd liens are next at 1.6 billion

This doesnt include the 70 something million in stuff we just sold i believe hopefully?

things could get very interesting with BP in 2014 with the multi billion dollar lawsuit

[romang]

BP lawsuit.

[esteb21]

Thank you for the update. What assets of notable value remain in the estate now (after the sale of UK, Netherlands)?

[romang]

$133 million to estate sale this will help pay off money dip is owed about 200 million



http://www.kccllc.net/atpog/document/1236187131125000000000005

[romang]

motion to convert to chapter 7 trustee
http://www.kccllc.net/atpog/document/1236187131008000000000006




doc

http://www.kccllc.net/atpog/document/1236187130709000000000005

[romang]

report bankruptcy fraud email

http://www.justice.gov/ust/eo/fraud/index.htm

[romang]

he should be ashamed of himself.

[cpaok1]

Note that the report is signed by our good and ever faithful & totally believable (ouch!) Albert Reese Jr. - cash flowed nearly $15 million in a month is what the report says for July 2013. Who put the DIP in the dip da dip da dip?

[romang]

mor

http://www.kccllc.net/atpog/document/1236187130820000000000020

[romang]

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=90449516

[romang]

dealing with the worst management money can buy

[hgabreal]

Total liabilities went down from 2.9 billion to 2.7 billion. Not much, but look at the assets. Total Assets are the exact same value as the total liabilities right to the last digit. This is fishy accounting.

The "property held for sale" had not been valued and included with the assets before but they value it NOW at 1.8 billion and add it to the assets in June AFTER the 363 sale is finalized??? Seems like they did not want to publicize that value before the auction winner was announced.

Despite the inclusion of the 1.8 billion with the assets, the total assets have become even lower than the liabilities. They must have manipulated the other asset numbers to keep Total Assets lower than Liabilities. If their current assets were > their liabilities, the 363 sale might be halted because the company would be cash positive.

This is my "novice" 2 cents.

[romang]

MOR

http://www.kccllc.net/atpog/document/1236187130719000000000009

[56Chevy]

Normally I give management/BoD's the benefit of the doubt in most all situations...its too easy to be a Monday-morning quarterback on Ihub.

But in ATPs' case these guys deserve some harsh criticism. If you want to act like these jerks that's fine but makes sure the company is a private one and not public.

When you pay a dividend you're telling your shareholders and the whole world that things are financially under control. What we learned was its laughable how out of control things really were.

ATP and Uncle Sam have alot in common.

[TheProfit]

"These are the same guys that paid Preferred holders a dividend just a month before filing BK. These are the same guys that handed out bonus's to themselves last Christmas."

That is bordering on criminal negligence IMO!

Is there any action that will be brought against these monkeys in your opinion?