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AMZGQ BK PLAN effective. All shares cancelled:
http://otce.finra.org/DLDeletions
Then this article about a 'Liquidation Trust'.
http://bankruptcompanynews.com/american-eagle-energy-bankruptcy-11-3-16/
Hard to see any possible recovery of any investment here
Wanted to share this article: http://www.reuters.com/article/us-energy-bankruptcy-samson-idUSKBN0TK41120151201
Says they sold all assets (211million for 37 million)
Trading above the 200 DMA as well as the 50 weekly MA :)
May 8, 2015
American Eagle will continue to operate the business as debtors-in-possession under the jurisdiction of the Bankruptcy Court. American Eagle has filed a series of motions with the Bankruptcy Court requesting authority to continue normal operations, including requesting Bankruptcy Court authority to continue paying employee wages and salaries and providing employee benefits without interruption.
http://www.americaneagleenergy.com/media/press-releases/detail/386/american-eagle-energy-begins-voluntary-chapter-11-proceeding
Whos is with me ? Lets create a rally and push these share prices up to 300 or more a share .
I know natural gas is becoming more in demand has winter gets closer . There is no reason why this company is selling shares for so cheap there share prices should be rising not falling .
This market makes no since to me at all . This companies share prices should be selling at 60 dollars a share . Winter coming on natural gas will become more in demand .
AMZGQ emerging from bankruptcy and common shares dead
I can't tell exactly when the confirmation date will be entered, but you do realize that once that happens, and the 10 days for appeal passes, that the court will enter the 'effective date' for the plan, and the common shares will stop trading?
Louis J. Desy Jr.
Hmmm, $AMZGQ emerging from bankruptcy?? Do we Have Lift~off here???
Why it is still trading
Until the legal date that the plan is put into effect, the stock is still 'alive' and will trade.
What will happen is that when the court had the confirmation hearing, that will start a 8 or 10 day appeal period, in which anyone who objects to the confirmation can file an appeal. Once that time period runs, then the court will enter an order for the confirmation and set the 'effective date' for the plan.
Once that happens, the stock will be delisted, stop trading, and the shares will be dead.
At that point the common shares will be trading. If you look it up in the NASDAQ/OTCmarkets symbol news, you will usually see the notice on the morning prior to the open of the market on the 'effective date'. There have been some cases where this trading stop happened in the middle of the trading day.
I would say that you probably will want to sell the shares in 2015 so you can take it as a loss on your 2015 taxes, since if you still hold the shares into 2016 and then the stock stops trading, you will not be able to take the loss until tax year 2016 is filed for.
Louis J. Desy Jr.
Need some volume to come into play here, she is trading like it's dead lol
i think its still trades because they filled chapter 11, I bought some of this last week just because I seen I could make a little money short term
Ok, I owned and still own some of this stock. Somebody please tell me why I should keep stock in a company that has filed for bankruptcy, and why is it still trading.
Hitting Penny today! NICE ~Upside looks good...
$AMZGQ recent news/filings
bullish divergence breakout
double bottom
stochastics crossing back up and exiting oversold
bullish sar flip
http://ir.americaneagleenergy.com/
10-Q, AMERICAN EAGLE ENERGY CORP 08/10/2015
During the past five years, we have engaged in exploration and production
activities in the northern United States, as well as southeastern Saskatchewan,
Canada. In July 2014, we sold all of our net revenue and working interests in
our Canadian oil and gas properties. As of June 30, 2015, we are engaged in
exploration and production activities in the northwest portion of Divide
County, North Dakota, where we target the extraction of oil and natural gas
reserves from the Three Forks and Middle Bakken formations. Through the end of
2014, we aggressively pursued the development of our Spyglass Area, to which
virtually all of our capital has been or is being deployed. Our Spyglass Area
generated 100% and 98% of our revenue for the six-month periods ended June 30,
2015 and 2014, and represents 100% of our estimated remaining proved reserves
as of June 30, 2015.
In addition to our existing wells, we own undeveloped acreage interests located
in Sheridan, Daniels, and Richland Counties, Montana. We currently do not plan
to devote capital to any of these areas over the next twelve months.
Bankruptcy Proceedings
On May 8, 2015 (the "Petition Date"), we filed voluntary petitions in the
United States Court for the District of Colorado seeking relief under the
provisions of Chapter 11 of Title 11 of the U.S. Bankruptcy Code for our parent
Company, American Eagle Energy Corporation, and for our wholly-owned, first
tier subsidiary, AMZG, Inc. The purpose of filing for bankruptcy protection
under Chapter 11 is to provide us with the additional time necessary to develop
and implement a plan of reorganization aimed at improving our capital
structure. Our bankruptcy cases are being jointly administered by the 10th
District of the U.S. Bankruptcy Court and have been have been assigned case
numbers 15-15073-HRT and 15-15074-HRT, respectively.
As a result of filing our voluntary petition for reorganization relief, our
creditors are prohibited from taking action to obtain possession of our assets,
from creating, perfecting, or enforcing any lien against our property, or from
collecting any monies from us relating to any pre-petition debts. 30,448,714 shares of common stock issued and outstanding at August 10, 2014.
As of June 30, 2015, the Company's liabilities exceed its assets by
approximately $95.7 million. In addition, the Company is in default under the
terms of the Indenture related to its outstanding Bonds, as a result of paying
only a portion of the interest that was due on the Bonds as of March 31, 2015,
as well as the failure to meet or maintain a number of financial ratios
required by the Bond Indenture.
The sharp decline in oil prices that occurred during the latter part of 2014,
and the continued depressed pricing, has materially reduced the revenues that
were generated from the sale of the Company's oil and gas production volumes
during that period, which, in turn, negatively affected the Company's year-end
working capital balance. The potential for future oil prices to remain at their
current price levels for an extended period of time raises substantial doubt
regarding the Company's ability to continue as a going concern. For purposes of
this discussion, the term "substantial doubt" refers to concerns that a company
may not be able to meet its obligations when they come due.
...While operating as a debtor-in-possession under Chapter 11 of the Bankruptcy
Code, the Company may sell or otherwise dispose of or liquidate assets or
settle liabilities, subject to the approval of the Bankruptcy Court, or
otherwise as permitted in the ordinary course of business.
Notice of Suspended Trading and Delisting from Stock Exchange
On May 11, 2015, the Company received notice from the NYSE MKT LLC (the "NYSE
MKT") that the NYSE MKT had suspended the Company's common stock from trading
immediately and determined to commence proceedings to delist the Company's
common stock. Prior to being delisted, the Company's common stock traded on the
NYSE MKT under the trading symbol "AMZG."
On May 12, 2015, the Company's common stock commenced trading over-the-counter
on the OTC Markets Group Inc.'s OTC Pink(R) marketplace, under the trading
symbol "AMZGQ".
Section 363 Asset Sale
On July 23, 2015, the Bankruptcy Court approved the order authorizing the entry
into the Stalking Horse Purchase Agreement, approved the bidding and auction
procedures in connection with the sale of the assets, and established the sale
hearing date, which is currently scheduled for September 10, 2015. Upon the
entry by the Bankruptcy Court of such order, the parties contemporaneously
entered into the Stalking Horse Purchase Agreement. With the assistance of our
financial advisors, we will solicit additional qualified bids for these assets,
consistent with the bidding and auction procedures approved by the Bankruptcy
Court. A qualified bid is one that is not less than $250,000 in excess of the
$70 million stalking horse bid. The deadline for submitting qualifying bids is
September 2, 2015.
http://www.americaneagleenergy.com/
American Eagle Energy Begins Voluntary Chapter 11 Proceeding
DENVER, CO -- (Marketwired) -- 05/11/15 -- American Eagle Energy Corporation (NYSE MKT: AMZG)announced today that, on Friday, May 8, 2015, it and its wholly-owned subsidiary, AMZG, Inc. (together, "American Eagle"), filed voluntary petitions in the United States Bankruptcy Court for the District of Colorado (the "Bankruptcy Court") seeking relief under the provisions of Chapter 11 of Title 11 of the Unites States Code (the "Bankruptcy Code").
American Eagle will continue to operate the business as debtors-in-possession under the jurisdiction of the Bankruptcy Court. American Eagle has filed a series of motions with the Bankruptcy Court requesting authority to continue normal operations, including requesting Bankruptcy Court authority to continue paying employee wages and salaries and providing employee benefits without interruption.
American Eagle's Chief Executive Officer and President, Brad Colby, stated: "We believe the Chapter 11 process will provide flexibility for American Eagle to pursue viable options for asset sales or other alternatives with the goal of maximizing the value of the enterprise for our stakeholders."
For access to Bankruptcy Court documents and other general information about the Chapter 11 cases, please visit http://www.cob.uscourts.gov.
American Eagle has also established a telephone hotline and email address to respond to inquiries from interested parties regarding the Chapter 11 cases. The telephone hotline is (212)-389-8910. The email address is AMZG@canaccordgenuity.com.
American Eagle's legal advisors are Baker & Hostetler LLP. Canaccord Genuity Inc. is serving as financial advisor.
About American Eagle
American Eagle Energy Corporation is an independent exploration and production operator that is focused on acquiring acreage and developing wells in the Williston Basin of North Dakota, targeting the Bakken and Three Forks shale oil formations. The Company is based in Denver, CO. Company filings with the Securities and Exchange Commission can be obtained free of charge at the SEC's website at www.sec.gov.
http://www.americaneagleenergy.com/media/press-releases/detail/386/american-eagle-energy-begins-voluntary-chapter-11-proceeding
.0051 appears to be bottom ..lower highs forming on this Bottom Feeder..
beach they just had a nice pop
if you wish to contact me
post on my board
http://investorshub.advfn.com/3rd-Leg-Trading-16533/
cc
May 2015 operating report, document 149
They filed document 149 on 06/22/2015. It is the May 2015 operating report. That report shows negative stockholders equity of about $13 million; meaning the shares are wiped out. Revenue for the month was $2.1 million and they paid out $1 million, so at least that is not declining, but that may only be because they do not pay interest on the bonds while in Chap 11.
Unfortunately, even from the information on the 05-31-2015 balance sheet, the common shares are wiped out.
Louis J. Desy Jr.
Well said... a Chevron take-over would be perfect...
Values of assets
I think the reason why the assets are now much lower is that with the decline in the price of oil, that is all they can expect to get for them in any sale. Part of the problem is that all of the land will not make the same profit with oil at $60, than when it was at $90. It is also possible that with oil at $60 some of the land is not profitable to drill.
I think most of the bond holder hope that if they hold on for a year or two that oil prices will go back to $90 to $100, and then the might recover most of their money.
One of the problems is that the longer oil prices stay low and the longer the bankruptcy goes on, the more that will have to be sold off for cash to keep operating; and the less the bonds will end up with.
Louis J. Desy Jr.
Thanks. I thought that you had also listed $181 million as total liabilities. That is an unusually high fraction of liabilities to be secured.
Bond investors are typically more sophisticated than to buy or hold ostensibly worthless paper. I can only surmise that the assets might have been lowballed by the company relative to speculative auction value. Perhaps bondholders/traders are expecting oil to rise before the auction. Can you think of some explanation for the bonds trading as high as they are?
Here is the summary page from the schedules.
In summary:
Assets - $21 million
Secured liabilities - $181 million
Unsecured liabilities - $12 million.
Total liabilities - $193 million
The way I did the calculation is as follows:
1: There is not enough to pay off the secured liabilities, so the unsecured (and common stock) end up with zero. If the secured can't be paid in full, unsecured and common get zero.
2: At best, there are $21 million in assets to pay off the $181 million in secured liabilities (mostly the $175 million bond offering); so the expected payout on the secured is 21/181 or 11% at best. While some of the secured liabilities may get a better payout because they are specifically secured by some asset that does cover their amount, the bonds can't do any better than 21/181, and that is providing what little there is left in assets does not get eaten up by legal fees or they are left with less because some of the other secured takes more than 'its share' of the assets.
3: The last trade on the bonds was in the 30s, but with a best scenario payout of 11%, anyone buying would lose at last 2/3rds of their investment. If anyone owns the bonds and can still sell for 30, they should take it.
Louis J. Desy Jr.
Louis, I haven't looked up the breakdown of the liabilities, but I doubt that 100% is secured. Therefore, the denominator in your 21/181 calculation is erroneous.
R I P. to what address shall i forward the flowers.. LOL omg
Unsecured creditors will recover zero/secured 11% or less
I just had a chance to get a copy of the statement of financial affairs (document #65) and summary of schedules (document #66).
Interesting points from these documents:
1: Lawyer fees for the filing totaled $564K, and started as early as 03/18/2015.
2: Revenue for 2105, up to the filing date, was 9.4 million, annualized that would be $28 million. 2014 revenue was $60 million and 2013 revenue was $42 million. Even with more wells, revenue is way down (but we knew that anyways.)
3: Total assets are $21 million, total liabilities are $181 million.
4: There is not enough to pay off the secured creditors so the unsecured creditors are all going to get zero. The secured can only expect at best 11% (21/181) and will probably end up with less as the oil production declines and the lawyer fees continue to run.
5: The last trade I see for the bond was from 02/05/2015 at 39, which is way too high. I wouldn't even consider buying the bond unless they were selling at 6 or less. (cost $60 per $1,000 bond)
Louis J. Desy Jr.
Why would anyone buy this POS. There is nothing good here, I feel bad for those that keep buying. You have better chances of making money playing in Las Vegas.
NOTIFICATION OF THE REMOVAL FROM LISTING AND REGISTRATION OF THE STATED SECURITIES
NYSE MKT LLC (the 'Exchange' or 'NYSE MKT') hereby notifies the Securities and Exchange Commission ('SEC') of its intention to remove the entire class of common stock ('Common Stock') of American Eagle Energy Corporation (the 'Company') from listing and registration on the Exchange at the opening of business on June 12, 2015, pursuant to the provisions of Rule 12d2-2(b) because, in the opinion of the Exchange, the Common Stock is no longer suitable for continued listing and trading on the Exchange.
NYSE Regulation, Inc. ('NYSE Regulation') reached its decision to initiate delisting proceedings pursuant to Section 1003(c)(iii) of the NYSE MKT Company Guide (the 'Guide') based on the disclosure in the Companys May 11, 2015 press release, that it and its first tier subsidiary AMZG, Inc. filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Colorado.
1. Based on the Companys announcement mentioned above, on May 11, 2015, NYSE Regulation determined that the Common Stock of the Company should be suspended immediately from trading, and directed the preparation and filing with the SEC of this application for the removal of the Common Stock from listing and registration on the Exchange. The Company was notified by phone and by letter on May 11, 2015.
2. Pursuant to the above authorization, a press release was immediately issued and notice was made on the 'ticker' of the Exchange immediately announcing the suspension of trading in the Common Stock. Similar information was included on the Exchange's website.
3. The Company had a right to appeal to the Committee for Review of the Board of Directors of NYSE Regulation the determination to delist its Common Stock, provided that it filed a written request for such a review with the Secretary of the Exchange within seven business days of receiving notice of delisting determination. The Company did not file such request within the specified time period. Consequently, all conditions precedent under SEC Rule 12d2-2(b) to the filing of this application have been satisfied.
added @ the .03's today...Bam!
Nobodys talking but this is a great buy price and hold. Whether the stock will be worth anything ever is irrelevant. It will do a run, they always do. The shares are bought up tight.Good luck peeps.
The bonds are higher in priority that the common shares, so the common shares are going to get wiped out, along with all of the unsecured creditors.
this is the case in most bk proceedings
Stalking horse bid of $70 million
It looks like it is all over for the common shares. I estimate that even if there was no debt interest or any other payments except the cost to get the oil out of the ground, that the oil revenue would only support a price of $120 million for all of the assets, minus $20 million that liabilities exceed assets by. I expect that the bidding will go to no more than $100 million, leaving the bond holders with a loss of at least $75 million on the bonds.
The bonds are higher in priority that the common shares, so the common shares are going to get wiped out, along with all of the unsecured creditors.
Louis J. Desy Jr.
14:20 EDT - Colorado oil company American Eagle Energy, which filed for bankruptcy earlier this month, has put its assets on the auction block. A group of bondholders intend to serve as a stalking horse, or lead bidder, at the auction with a $70M offer. The bondholders, owed some $175M, are credit bidding, or offering to forgive some of the debt, for American Eagle's US and Canada holdings. Bids are due July 24 with an auction, if necessary, slated for July 29. (patrick.fitzgerald@wsj.com; @patfitzgerald23) (END) Dow Jones Newswires May 19, 2015 14:20 ET (18:20 GMT) Copyright (c) 2015 Dow Jones & Company, Inc. 051915 18:20 -- GMT
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