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after reading more into this, it looks like part of their restructuring plan was to cancel all commons and preferred shares so maybe not, the next few days should be quite interesting with all this recent buying volume.
wow that's big news! looks like the shares will be worth something after all
Looks like I'll be holding on to this one a bit longer.
http://m.marketwired.com/press-release/magnum-hunter-resources-corporation-receives-approval-for-restructuring-plan-otc-pink-mhrc-2116815.htm
Sure looks like it, just not sure if this is just a dead cat bounce or actually something substantial in the works
Penny land soon. Need some help slapping the ask
Judge Gross basically told shareholders F U I are siding with the crooked peeps trying to steal the assets.
The system and crap judges like Kevin Gross are why shareholders will always lose. Judge - Lawyers and insiders all make bank while stiffing the investors whom they lied to just a few short months ago.
Why is there no SEC charges against management for FRAUD and MISREPRESENTATION????
Because like Trump says - the system is rigged
file:///C:/Documents%20and%20Settings/Owner/My%20Documents/Downloads/042015990017-rep-1904031300.pdf
I have no idea, I just bought this stock based on the chart, just looking for my penny exit
So is it official if they are dissolving the shares? If so, why the stock has bid support?
wow .0075s hitting, I see that penny coming anytime now
glad I got in, my avg is .0031, this should close green today no problem, huge bid support at .0035
I can't get any shares down here, keeps jumping up, this should hit a penny shortly.
We all got played like a funky piano.
Anyone attending the hearings today and tomorrow? Please provide updates with details of what's going on. TIA
I think the judge is aware of Managements ineptitude
The judge will say... you, Magnum Hunter, are looking for an EASY OUT.
You MisCommunicated.
You Misapprorpriated.
You Misrepresented.
You are pointing the finger at everyone including Oil Prices, without
pointing it back at yourself for your incompetencies. You want
me to believe that you had no hand in this demise or BK.
This isn't my first rodeo and I know you are trying to wipe the
slate clean such that there is no accountability.
Well it won't work.... I'm not gonna make it that easy for you.
Because, if I let you get away with it, you'll do it again, and again,
and again.
Why even go public and have shareholders at all if you are looking to
just abuse the public markets like this ?
I think MHRCQ's management thinks that the SEC, the justice system,
their pipeline partners, and shareholders are all retarded and that
they can get their way.
This time though, I think they are gonna have a rude awakening as the
motion to hear the shareholders case is being granted and judge appears
to have a good head on his shoulders. Interesting week ahead.
Happy Weekend.
I'm willing to accept the lose if management is fired and their golden parachutes are burned to the ground like my investment.
Amazing that mis-management and taking on too much debt can do to companies.........and after they destroy the company insiders and note holders steal the company with low ball valuations.
Let hope this judge see thru the ruse and sends them back to the drawing table to present a plan that includes equity.
MHRCQ Management trying hard to Justify shutting-out Shareholders
Court hearing happening on Monday... Magnum Hunter sweating under the collar now. They might not get what they want.
*************************************************
Magnum Hunter Defends Restructuring Plan -- Market Talk
4:53 PM ET 4/15/16 | Dow Jones
16:53 ET - Oil and gas explorer Magnum Hunter Resources (MHRCQ) is defending its chapter 11 restructuring plan from an attack by out-of-the-money shareholders, saying the "stark reality" is that there's no value for equity amid the oil glut. After facing dozens of letters from angry shareholders questioning the company's plan, as well as its motives for the restructuring and its past business projections, the company files papers in bankruptcy court saying there were "conspicuous" signs of its troubles before the bankruptcy and that shareholders had "sufficient opportunity" to exit their investments. Magnum Hunter adds: "Companies are not required to be prophetic---just honest about the possibilities and clear about the risks. The debtors were both." A Delaware bankruptcy judge will review the restructuring plan, and shareholders' complaints, at a hearing Monday. (jacqueline.palank@wsj.com)
> Dow Jones Newswires
April 15, 2016 16:53 ET (20:53 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Magnum Hunter Resour (MHRCQ)
0.0062 ? -0.0012 (-16.22%)
Volume: 1,145,546 @ 4:17:44 PM ET
Bid Ask Day's Range
0.0062 0.0069 0.0062 - 0.0075
MHRCQ Detailed Quote Wiki
Locked and loaded. Fingers are crossed.
That's exactly what I'm thinking too.
I've made some very good gains over the years investing in companies that filed BQ and moved out of it successfully.
I'm thinking that as oil is surely to go up that MHRC will be one of those winners....
MHRC !!! $$$$
Likely to exit Q Status and move on (and up in PPS)
i do agree/ 'Magnum Hunter Resources Corporation (MHRCQ)'
Oil price rising quickly - gotta be good for MHRCQ, MHRPQ, MHRLQ
Who needs this info????
MHRCQ Detailed Quote Wiki
MHR News: Quarterly Report (10-q) 11/09/2015 04:58:28 PM
MHR News: Current Report Filing (8-k) 11/05/2015 05:07:34 PM
MHR News: Troubling Charts, Overvalued Energy, A Weather Trade - Bezek's Daily Briefing 10/26/2015 05:51:52 AM
MHR News: Magnum Hunter: The Asset Coverage Of Its Debt In A Liquidation Scenario 10/17/2015 08:12:00 AM
Magnum Hunter Resour (MHRCQ)
0.0075 ? 0.0 (0.00%)
Volume: 510,816 @ 1:30:34 PM ET
Bid Ask Day's Range
0.0075 0.0077 0.007 - 0.0077
Link didn't work - sorry
go here and go to Important information & Dates
https://cases.primeclerk.com/magnumhunter/Home-Index
Seen On another board , can't remember which one, if i walk across will send, might have been yahoo,,, $$mhrcq $$$
Where did you get the source from? Could you please share it.
Right on, will be Hitting more soon $$MHRCQ $$
Whelp, looks like we'll have more time to load the boat at cheaper prices thanks to shorties...
Looks like the hearing setback to April 18, $$MHRCQ $$$
If so, it will be a damn fun ride.
Saratoga is Scrapping its BK
Looks like Bankruptcy isn't working out for these guys.
MHRCQ about to experience the same.
****************************************************************
Saratoga Resources Drops Restructuring Bid in Favor of SaleFont size: A | A | A
11:25 AM ET 4/6/16 | Dow Jones
By Jacqueline Palank
After failing to come up with a restructuring plan, Saratoga Resources Inc. is seeking to sell itself to a creditor that has recently pushed for the oil and gas explorer's liquidation.
The U.S. Bankruptcy Court in Lafayette, La., on Thursday will take up Saratoga's proposal to sell most of its oil, gas and mineral assets to Energy Reserves Group II LLC, subject to higher bids at auction.
In connection with its bid, court papers show ERG II has offered to forgive or pay off $10 million of the $54.6 million in first-lien bond debt it holds plus provide another $3.3 million in professional fees, taxes and other liabilities.
Saratoga says it will consider rival bids, but in light of the fact that it has been "vigorously" shopping the assets for more than a year, drawing out the sale process "would be a complete waste of time and a vain and useless action."
Spurring the sale was a recent play by ERG II, just days after it bought out the debt of Saratoga's existing creditors, to push the company into liquidation. According to Saratoga, a sale of its assets in chapter 11 is a better way to get the assets to ERG than converting its bankruptcy to a chapter 7 liquidation, in which a trustee would be appointed to oversee the sale.
"ERG II can obtain title to the assets quicker in a [chapter 11] sale and as cheaply as it possibly could in a chapter 7, but without the unknowable risks and delay accompanying the conversion of the cases, and the certain damage to the estates as a result of the conversion, including the likely diminishment or elimination of any recoveries by the debtors' other creditors," Saratoga said in court papers.
Saratoga, which has oil wells along Louisiana's coastline and in the shallow waters of the Gulf of Mexico, sought chapter 11 protection on June 18.
The company spent several months of its bankruptcy fighting with creditors over access to cash and company leadership. In February, it warned the climbing costs of its bankruptcy and lack of a restructuring deal were jeopardizing its ability to exit chapter 11 protection.
"Even considering cuts in operating expenses by management, because of depressed commodity prices, it does not appear that Saratoga can continue indefinitely to pay its operating expenses...and also pay the ongoing bankruptcy-related administrative expenses of the estates from funds generated by the debtors," the company said in court papers at the time.
Among the complications Saratoga said it and its creditors have confronted during the chapter 11 case is trying to build a restructuring plan on "the slippery slope of plunging and uncertain oil prices that impact all aspects of the company." The continued downturn in the oil and gas industry has sent dozens of exploration companies into bankruptcy in the past year
Last month, ERG II bought out the first- and second-lien bond debt held by funds managed by Blackstone Group LP's GSO Capital Partners and Stonehill Capital Management. Saratoga said this left ERG II its sole first-lien bondholder, owed $54.6 million in principal, and the holder of about 75% of its second-lien bonds, which amounts to $97.6 million in principal.
Two days after acquiring the bond debt, ERG II sought to take advantage of its position at the top of Saratoga's capital structure by asking the court to convert the company's chapter 11 restructuring to a chapter 7 liquidation.
Saratoga opposes the request, which is on the agenda for Thursday's hearing, but the proposed case conversion carries the support of first-lien indenture trustee Bank of New York Mellon Trust Co.
(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection. Go to http://dbr.dowjones.com)
Write to Jacqueline Palank at jacqueline.palank@wsj.com.
> Dow Jones Newswires
April 06, 2016 11:25 ET (15:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Wasn't Evans on Mad Money with Jim Cramer saying how he had 5-6 offers on the pipeline and how this "wasn't his first rodeo" saying he was going to raise capital for the company just before they announced BK? I'm hoping the judge goes back and reviews those tapes before making a ruling on this one...
I hope good things are coming here.
This Bankruptcy case is gonna get SCRAPPED
MHR Management looking for a quick exit for the doors.
Pipeline Operators lawyers are gonna hold their feet to the
fire and not make it easy.
If anything, this can only help build on Shareholders case.
Should be fun to hear what the BK Judge says about all this.
Get yer POPCORN ready :)
News today.. Pipeline Operators balking at MHR
12:57 PM ET 4/1/16 | Dow Jones
By Patrick Fitzgerald
Bankrupt oil-and-gas company Magnum Hunter Resources Corp. is facing a chorus of opposition from pipeline operators to its plan to exit chapter 11 protection.
Eureka Hunter Pipeline LLC, which operates a pipeline system in Ohio and West Virginia for multiple customers including Magnum, said in a court filing Thursday that Magnum is "unfairly" looking to exit chapter 11 by rejecting a deal obligating it to use Eureka's pipeline.
The pipeline operator, in which Magnum owns a minority stake, argues that the bankruptcy judge doesn't have the power to rule on the dispute and that it should instead be put to a district-court judge. It also asked the bankruptcy judge to hit the pause button on the dispute so a district judge can get up to speed.
Eureka's majority owner, an infrastructure-investment fund managed by Morgan Stanley (MS), is also balking at Magnum Hunter's plan, calling it "fundamentally unfair" to the fund, North Haven Infrastructure Partners II. Continuum Energy Services, which also has a pipeline deal with Magnum, is objecting to the company's plan on similar grounds.
U.S. Bankruptcy Court Judge Kevin Gross is set to consider Magnum Hunter's chapter 11 plan at an April 8 hearing in Wilmington, Del.
The objections to Magnum's plan reflect the uncertainty over whether oil-and-gas companies such as Magnum are allowed to tear up pipelined deals in bankruptcy.
Oil and natural gas drillers say they should be able to use their time in bankruptcy to exit no longer favorable deals that were negotiated before oil and gas prices plummeted. Pipeline and other so-called midstream companies dispute explorers' right to break off deals into which they invested billions of dollars to build and maintain the infrastructure needed to process and transport oil and natural gas.
A New York bankruptcy judge recently issued a preliminarily ruling that oil-and-gas companies may exit these agreements. However, her ruling isn't binding in Delaware, where Magnum Hunter's case is pending. It also didn't make a final determination on a crucial dispute: whether pipeline agreements are inextricably tied to the land on which exploration companies operate.
After the New York ruling came down, Magnum Hunter struck a last-minute settlement to resolve a dispute over its bid to exit a different pipeline agreement with Texas Gas Transmission LLC, which committed to expanding a pipeline system that stretches from Louisiana to Ohio. In exchange for allowing Magnum Hunter to reject the pipeline agreement, Texas Gas is expected to get a $15 million unsecured claim against Magnum Hunter in its bankruptcy case. The deal remains subject to bankruptcy-court approval.
In a request for a federal district judge to decide its dispute with Magnum, Eureka pointed to a 2011 Supreme Court ruling that arose over a legal battle involving deceased model Anna Nicole Smith. The high court found that bankruptcy judges don't have the same authority as district judges so therefore can't make final rulings on certain issues.
Magnum Hunter, of Irving, Texas, sought chapter 11 protection in December after reaching a restructuring deal with key creditors. That plan, which the bankruptcy court will review next week, would see lenders and bondholders swap some $1 billion in debt for equity in the reorganized company. Current shares would be canceled, leaving shareholders empty-handed.
-Jacqueline Palank contributed to this article
Write to Patrick Fitzgerald at patrick.fitzgerald@wsj.com
> Dow Jones Newswires
April 01, 2016 12:57 ET (16:57 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
MHR Management Credibility is Under Intense Security
1. They got investigated by the SEC and lost that case, penalized.
2. They tried to expedite this BK with lawyers so that other info doesn't get exposed.
3. They initially valued assets more than $200-400Million more than
what they put in their BK case, way in advance.... and now suddenly
trying to back-peddle on that valuation ? (it was documented in
Investor Presentations and filings alreadys)
Shareholders are not stupid, and given the facts of the past, MHR
management will be grilled by the BK judge for the misleading and inaccuracies they've laid out. I think the BK-judge will be able
to see thru all the bullcrap they push thru as this isn't his first rodeo.
As a result of that, i agree... they have no choice but to settle because
as it stands right now... They have some Serious Egg on their face if
not some other stinky brown byproducts
Did anyone read the UST objection to the POR yet? it's a pretty interesting read. My take is that the company might want to settle with shareholders in exchange for any releases against officers and directors. This is not looking like it's over yet. I must say I was pretty impressed that the UST would stand up for shareholders, that's a very rare occurrence.
She's in effect saying regarding the POR: it contains releases by equity holders and these releases are being forced on shareholders since they are not receiving anything in exchange, so it's not fair. if the company wants to remediate the issue, they have to send equity holders documents and specifically request them to sign some sort of a waiver agreeing to the release, otherwise the POR is DOA (dead on arrival). Your guess is as good as mine as to what the outcome of this would be. The UST is also arguing that the releases be obtained from both current and former shareholders. Grab your popcorn fellas, this is about to get interesting very quickly.
News: Shareholders valuing MHR assests between $200-400Million more
Sports Authority Seeks Final Loan Approval--Week AheadFont size: A | A | A
11:21 AM ET 4/1/16 | Dow Jones
Next week, Sports Authority Inc. will ask a bankruptcy judge for final approval of $595 million in bankruptcy financing.
On Tuesday, the big-box athletic retailer will request permission on the loan, which has raised "numerous red flags" with unsecured creditors. The creditors requested more information about the loan last week and formally objected Thursday. Judge Mary Walrath of the U.S. Bankruptcy Court in Wilmington, Del., delayed the hearing to Tuesday to give unsecured creditors more time to sort through the documents.
Creditors have raised concerns about the speedy sale timeline and various other chapter 11 deadlines that are baked into the loan documents. Those deadlines ultimately call for Sports Authority to be sold by the end of April or the company could face liquidation.
Earlier in the case, Sports Authority won approval to use up to $275 million of the bankruptcy loan and to begin liquidating some of its stores.
Sports Authority is backed by private-equity firm Leonard Green & Partners LP, which acquired Sports Authority in a $1.3 billion leveraged buyout in 2006. By the time it filed for bankruptcy, it had more than $1 billion in debt on its books.
On Friday, oil and gas producer Magnum Hunter Resources Corp. will ask a bankruptcy judge to approve its plan to exit bankruptcy.
Magnum Hunter delayed the hearing until Friday after shareholders raised arguments that they shouldn't be left empty handed in the restructuring. The company said it would be "prudent" to push off its confirmation hearing "to finalize various items that remain open."
At the heart of that plan, which Magnum Hunter negotiated with certain creditors before seeking chapter 11 protection last December, is a pledge by top creditors to trade some $1 billion in debt for nearly all of the new equity in the restructured company.
Unsecured creditors are slated to recover between 17% and 50% of their claims, court papers show, while current shareholders--which bankruptcy law puts at the end of the line to be repaid--would be out of the money.
But a group of individual shareholders are saying not so fast. In court papers, they say Magnum Hunter is worth $200 million to $400 million more than it says it is, citing such assets as undeveloped land and the company's equity in a pipeline company.
Shareholders are vying for an official committee to represent their interests.
On Monday, SFX Entertainment Inc. is scheduled to auction its digital marketing agency business after delaying it.
It didn't explain its reason for delaying the auction in court documents but said it reserves the right to further delay. A sale hearing to approve the results of the auction is slated for Tuesday.
Fame House LLC, which SFX acquired for $2.1 million in 2013, has worked with music acts like Eminem and Pearl Jam. SFX explained that Fame House has been "successful on many levels" but will no longer be an essential part of SFX's business after it restructures.
The business is the first of several acquired by SFX during the last few years that are slated to be sold at auction in the coming months. SFX is looking to restructure around its core electronic concert business.
The company's proposed reorganization plan would wipe out $300 million in debt and take the company private. As part of the deal, SFX will also hire a new chief executive to succeed current CEO and Chairman Robert F.X. Sillerman.
--Lillian Rizzo and Jacqueline Palank contributed to this article.
Write to Stephanie Gleason at stephanie.gleason@wsj.com
> Dow Jones Newswires
April 01, 2016 11:21 ET (15:21 GMT)
Agreed, buying more this morning $$MHRCQ $$
short volume today was only 3%...interesting...
If Evans gets away with wiping out shareholders, this is going to make the SEC and judicial system look like an absolute joke IMO...
Correction* Not necessarily "cover", but it looked like he was getting nervous to short anymore, IMO. This looks like it's gonna squeeze by tomorrow IMO
NITE keeps showing up on the ask then disappearing. Think he's trying to cover? Might be a squeeze comin very soon IMO
Thinking the same thing, we'll know more later $$MHRCQ $$
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NEW COMPANY
Magnum Hunter Resources Corporation has changed its name.
Blue Ridge Mountain Resources, Inc.
http://www.magnumhunterresources.com/
www.magnumhunterresources.com/
Corporate Headquarters
909 Lake Carolyn Pkwy, Suite 600
Irving, TX 75039
Telephone: 469-444-1647
Fax: 469-444-1649
Magnum Hunter Production, Inc.
120 Prosperous Place, Suite 201
Lexington, KY 40509
Telephone: (859) 263-3948
Triad Hunter, LLC
125 Putnam Street
Marietta, OH 45750
Telephone: (740) 374-2940
Blue Ridge Mountain Resources, Inc. and subsidiaries are an Irving, Texas based independent exploration and production company engaged in
the acquisition, development and production of natural gas, natural gas liquids and crude oil, primarily in the states of West Virginia and Ohio.
The Company is presently active in two of the most prolific unconventional shale resource plays IN THE NORTH
America, the Marcellus Shale and Utica Shale located in Northwest West Virginia and Southeast Ohio.
Royalty Interest Owner Relations
New Read Above.
{T]BRMR[/T]
============================================================================================================================
MAGH
Magnum Hunter Resources Corporation and subsidiaries (NYSE Amex: MHR, the “Company”) are a Houston,
Texas based independent exploration and production company engaged in the acquisition of producing properties and exploratory leases,
secondary enhanced oil recovery projects, exploratory drilling, and production of crude oil, natural gas liquids and natural gas in the onshore United States.
The Company changed its name to Magnum Hunter Resources Corporation and its common share ticker symbol to ‘MHR’ from Petro Resources Corporation
(NYSE Amex: PRC) on July 14, 2009. The corporate name changed followed the appointment of Gary C. Evans as Magnum Hunter’s Chairman on May 23, 2009.
For additional information on Magnum Hunter’s history and strategy for creating shareholder value, please view our most recent Investor Presentation by clicking
on the portal below, as well as other Company specific information such as SEC filings and Press Releases found on this website.
finance.yahoo.com/news/Petro-Resources-Announces-iw-1455569025.html
Petro Resources Announces name change to Magnum Resources Corporation
In June 2007, Petro Resources increased its authorized common stock (.01 par value) from 50 million to 100 million shares.
Series A Convertible Preferred stock, $3 stated value, issued 0 shares as of September 30, 2008 and 2,410,776 shares as of December 31, 2007; cummulative, dividend rate 15% per annum (2007 - 10%) with liquidation preferences -
Shareholders' equity
Preferred stock, $0.01 par value; 10,000,000 shares authorized, 0 and 2,410,776 shares of Series A Preferred Stock (reported above) issued and outstanding as of September 30, 2008 and December 31, 2007
Presentations
audability.com/AudabilityAdmin/Clients/BMO/10756_112201080000AM/primary_rm2_10-magnum.aspx
www.petroresourcescorp.com/media/PRC_SWIA_04-09.pdf
finance.yahoo.com/news/Magnum-Hunter-Resources-iw-709495171.html
www.integratir.com/cfiling.asp
finance.yahoo.com/news/Petro-Resources-Announces-iw-14510522.html
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