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Dude, its easy...
Commons cancelled. Wilks gets equal value in newly issued shares in the restructured Approach Resources, and doesnt lose a dime.
Everyone happy...except IHUB board...but thanks for your "discussions"
LMAOOOOO
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Lol. You don’t even understand the discussion so I don’t have time to argue. We are trying to figure out if they have more senior notes. They can get paid that way and commons could still not get anything. Some didn’t understand why or how they had commons. Since you already know the message wasn’t for you.
Thanks for posting 4 year old news. You're really on top of things!!!
Oh, and your board discussions include you saying, "duh, volume light....duh, no one here today...duh, some buys some sells today.."
Awful to have to listen to it....
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I believe this should show the Wilks Brothers have not sold any of their shares. Last of their transactions was a buy back in Jan of 2018.
https://www.secform4.com/insider-trading/1405073.htm
I don’t think you’ve been keeping up with the discussion on the board. I never said it was news. They traded their senior notes for common shares and that’s when the first transaction happened. We were discussing if they still had any senior notes and if they could be compensated that way without us common holders getting anything.
Did you check the date of that article? LMAO
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I see. Maybe good news on the way
Huge bid showing up someone loading
B/A Size
694,000
I was wondering if they had any left over senior notes after the few transactions they had converting them to shares
I know they own commons. Was wondering if they owned anything else as well
They own commons I don’t know personally but some one did some good DD and and said they have commons
I agree with you on that. I wonder how involved they’ve been in the process. Do you know if the Wilks brothers own any preferred shares or loans? Just trying to think of ways they can get paid out without commons getting anything
Its hard to believe Wilks Bros went through 12 months of Voluntary Chapter 11 Bankruptcy for them to walk away with nothing while management gets some KEIP bonuses.
It’s definitely thin. All buyers are basically already in so it will take a catalyst to bring new buyers. The only possible one is shares being bought out. So we’ll see
Well I tried to press this higher today. I bought 64k today. This can fly with some buyers!!!
We might be but it’s the waiting and lack of clear information that makes it a little frustrating. Who knows maybe we’ll be rewarded for that
Makes sense. That would be really long game though. Especially for those that may have been waiting over a year already
We will find out eventually the fate of the commons but wonder if this becomes a custodian play down the road.
I’m worried we’re screwed
What’s your opinion here?
Seems like it would be an amazing deal for Zaranova to get billions in assets for 115 million.
You could be right. There’s a lot of confusion in the statements. I also am trying to understand the 47 million post petition liabilities.
My understanding is the money goes in the following order:
1) DIP
2) Secured Creditors
3) Unsecured creditors/Senior or Class A notes
5) Preferred Shares
6) Common Shares
The largest secured creditor is JP Morgan at $332,168,432.90.
The largest unsecured w/7% senior notes is WILMINGTON TRUST at $87,823,175.36
The $100 million in Docket#581 to JP Morgan I thought was related to the DIP but perhaps it satisfies the $332 million.
No preferred shares.
The Zarvona sale documents say "Free and clear of any liens, etc,etc" Zarvona didn't take any debts as far as i can see.
I am guessing that no one is negotiating on behalf of us commons. Maybe the Wilks Bros have someone trying to get something for their common shares that were traded from senior notes. Imagine trading senior notes worth $130 million for commons and then the company goes BK. They gotta be pissed at whoever sold them on that deal. I was really thinking there would be something left for us but at this point its a total toss up....
Docket #635 has the following listed as a pay item which to me means its complete.
"Plan and Disclosure Statement (Including Business Plan). This category includes the negotiation and drafting of a plan and disclosure statement. Time was spent negotiating with Agent for the Debtors’ prepetition secured creditors, including the negotiation of the extension of exclusivity and plan milestones. Approximately 175.60 hours were spent in this category for a fee of $115,650.50."
I think this "Plan and Disclosure" will tell us what happens to our common shares.
171M includes their oil and gas properties pre zarvona transaction to my knowledge.
If they sold those to Zarvona for 115M we cant count the cash and the property / asset value.
Wasn’t there 171 million from the financial statement in the court document?
Cash:
$34,694,000 + $115,000,000 = $149,694,000
Less Payments:
JP Morgan: - $100,000,000.00
A&M: - $377,952.44
Th&Kn: - $1,592,440.00
TH&KN. - $808,536.50
Est Balance: $46,915,071.06
I don't see how KEIP bonuses would be issued if there wasn't meat on this bone as the dust settles. There is 2/3 other liabilities that are unclear. As is the 100M were currently assuming JP will receive.
2 dockets posted today. Getting closer to knowing our fate. So far fee payments haven’t been too high. Still a chance for us
Fee payment granted docket uploaded. Maybe more dockets get posted today
Yea. You just never really know in these situations.
I’m curious how that works? Company stops operations and remaining money goes to shareholders etc...idk just talking out loud
Also last financial report seemed liked they had 171 million in cash. They’ve spent about another 1 million based on the last 2 dockets including fees. So even after a payment of 100 million there would be a potential 70 million left over. This seems like it is definitely worth the lotto but seems like even after reading court documents that there are missing clues. So that’s where we hope that patience pays off. I would be surprised if we don’t know more about our fate this week. I expected it last week so hopefully a few days away.
There really hasn’t been much volume and I don’t even think the market could soak up the Wilks shares even if they wanted out. They are stuck being all in but that also gives us hope. I wanted to see if they also had shares in or other types of debt to the company. Maybe they would be paid back that way.
I’ve been following awhile and throughout all the filings they don’t mention the shares at all. I’m in agreement Wilkes has 45 mill so maybe we see something at the end
I was hopeful that with the Wilks Brothers and other institutional groups with commons there might be some meat left on the bone. Since the are ceasing operations and closing up shop I feel like the only way we see anything is if there is some of the settlement and sale proceeds remaining ($115mil sale + $28 mil current cash or cash equivalents per doc#626 which i assume includes the alpine settlement). No preferred shares or class A notes that I can find.
My confusion would be on the following items:
1)$100 million in docket #581 and the $35 million in DIP facility. I cant seem to find any other secured creditors but this is definitely not my expertise. Are these one and the same?
2)Docket#626 states that there is $395 mil in liabilities "subject to compromise".
3)Docket #626 page 7 states that post petition liabilities is $47.9 mil. Wouldn't the $100 mil to JP Morgan be listed there as a liability as well?
4) I don't see where Zarvona took any liabilities as part of the sale.Ive read a few places where it says they get the asset free and clear of any liens, taxes, etc.
5) If commons are just going to get wiped out then why wouldnt the wilks sell when the price was $0.03/share and get something instead of nothing for their 45 mil shares?
My two cents on this. I sold a bunch of other stocks to play this lottery with AREXQ
Interesting. I'll take a look. If that's the case the value is in the shell / future business in terms of shares. Perhaps we are the last to know and understand
After years of reading posts I finally bit the bullet and created an account.
I hope that I am missing something here but according to Docket #581 JP Morgan's motion was granted and they are to receive $100 million on the closing of Zarvona sale. Page 17 of 18.
No deadline. Just that they are usually very timely when it comes to what they say/email. Last week they mentioned a liquidation plan within a week. So we shouldn’t be too far from knowing our fate
I can’t remember was there a deadline to file those docs?
Might be after hours like yesterday. But I’m surprised as weall when it comes to that
Lack of liquidation plan dockets being filled this week. Maybe today AH
Still waiting 4 NEWS. I'm surprised that the Co. has not given some sort of an update to shareholders even if it is on this board or Twitter.
What are you surprised by?
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