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CIEIQ FINRA Deleted Symbol
http://otce.finra.org/DLDeletions
Bankruptcy Shares Cancelled
this is the reason !
.... ???? .... any thoughts?
--------------from Seeking Alpha
Cobalt International Energy
Auction Results
The results of the Cobalt International Energy's auction (docket 542) last week were a disaster. The bids were for a total of only $577.9 million. In addition, they are selling their Angola assets for $500 million.
31.1m: Heidelberg bidder - W&T Offshore, Inc.
1.8m: Shenandoah bidder Navitas Petroleum US, LLC
$339m: North Platte bidder Total E&P USA, Inc. and Statoil Gulf
$181m: Anchor bidder Total E&P USA, Inc.
$25m: Exploration assets bidder Total E&P USA, Inc.
The total bids did not even trigger any management sale incentive payments,which had payments starting at $1.25 billion in asset sales. A major reason for the difference in bids versus investor estimated value is that there are so many additional risks and expenses associated with bidding for assets compared to negotiating to buy them. There is a very real risk that a plan is not confirmed and assets are not sold. The bids could be just a waste of time and money because there is no assurance the deals will actually close, escpecially given a statement a few weeks ago by a lawyer for Cobalt who said no parties agree to accept the current plan.
Amended Plan
Judge Marvin Isgur did approve (docket 563) the adequacy of the amended disclosure statement (docket 562) on March 8. The voting record date was March 5 and solicitation for acceptance deadline is march 12. The new date for the confirmation hearing is currently set for April 3.
Cobalt shareholders, Class 10, are getting nothing:
Existing Interests in Cobalt shall be deemed canceled and extinguished, and shall be of no further force and effect, whether surrendered for cancelation or otherwise, and there shall be no distribution to holders of Interests in Cobalt on account of such Interests.
1liens are getting full recovery including their disputed "make-whole" claim under the third amended plan (use red-lined docket 554 it is easier to see changes). They filed an objection (docket 525), but it seems the newly amended plan satisfies 1lien's objections.
The $1.4 billion in general unsecured claims are getting zero recovery. Even 2lien holders are not getting close to full recovery and are estimated to only get 52% (assumes certain intercompany claims are not allowed, “make-whole” premiums on higher end of potential range, nonpayment of remaining amounts due pursuant to the Sonangol settlement, and certain unencumbered exploration lease) to 87.9% of their claim (assumes certain intercompany claims are allowed, “make-whole” premiums on lower end of potential range, payment of remaining amounts due pursuant to the Sonangol settlement, and no unencumbered exploration leases).
A major issue with 2liens is 1lien's claim for "make-whole". Since the bids for asset sales were so low, 2liens recovery is significantly impacted by the amount of the "make-whole" claim. If they would have received bids high enough to cover 2lien's full claim the "make-whole" issue would not be important to 2liens, but would be important to the unsecured creditors. The general unsecured claim holders are expected to aggressively fight the "make-whole" claim. Even if the unsecureds win, 2liens would have to get full recovery for them to get anything. At this point, that is unclear.
I am not certain that even the Fourth Amended Plan will be confirmed. I would not be surprised if new litigation from some stakeholders could delay the plan's confirmation or even result in amending the current plan.
what is going on here for last 2 days,wow,.06
Might have a bottom here
Yep agree, tomorrow's trading should tell us more
Good question. No idea. Not like the Q wasn't already on their. The deregistration statement was 2 days ago so couldn't be that either.
Looking at the selling dosent look like news leak more like triggered stop losses ill keep an eye tomorrow
What happened here any updates?
Not yet...maybe end-of-day. Lets see where this goes first. Just started falling...so....might be lots more to come.
CIEIQ insiders getting shares still, think they will keep this alive and we will see Q drop and multi-dollars PPS soon
CIEIQ moving back up, wait til Q drops off and $5 PPS
CIEIQ no more stock to be issued, money coming for those that own shares, can be huge pay-out, buy-out, or resume business as usual very soon
CIEIQ looking for dollar land test this week, Q drops make that $7.50-$12.00
CIEIQ $150 mil in bank and $350 mil more coming https://backend.otcmarkets.com/otcapi/company/sec-filings/12569828/content/html MV of $16-17mil, think Q gets dropped, some big money loaded today so feeling like I/we called this one right
CIEIQ going for .60 for close, $150mil in bank, $350 mil more coming and MV of about $15 mil say WTF undervalued
.54s up and big boyz took out the cheappies there easily, follow the $$$ CIEIQ
bam all taken out CIEIQ bring on dollar dollar
Wheeler put some DD up for you in another message to me.
100,000 on the Ask
no, that 211k was a sell.
this is a Chapter 11 BK, SHARE
What is 'Chapter 11'
Chapter 11 is a form of bankruptcy that involves a reorganization of a debtor's business affairs, debts and assets. Named after the U.S. bankruptcy code 11, Chapter 11 is generally filed by corporations that require time to restructure their debts, and it gives the debtor a fresh start, subject to the debtor's fulfillment of his obligations under the plan of reorganization. As the most complex of all bankruptcy cases and generally the most expensive, a company should consider Chapter 11 reorganization only after careful analysis and exploration of all other alternatives.
i just asked a simple question. that kind of reaction tells me that you don't know. you are pumping like a madman all over ihub, but you can't answer a simple question about the debt the company has. gtfoh
Big block just hit Ask
not my job to do ur DD
dam 211K just soaked up .52s CIEIQ this is going to get jiggy into close
how does that leave money for commons? what is their debt?
$500 million dollars, $150mil already recd
what makes you guys think the q is coming off, when they have solicited bids for sale of their assets?
CIEIQ .51s will be hitting $5-10 PPS when Q drops off https://backend.otcmarkets.com/otcapi/company/sec-filings/12569828/content/html
link to watch if u need http://otce.finra.org/DailyList
CIEIQ when the Q comes off, watch the ask pounding these are golden tix here
CIEIQ .50 breaking once stronger hands get wind of the filing, selling here not me
not many understood filing, dumb it down and PR, we see $5.00 PPS quickly CIEIQ
Bought this last summer. Rode it through restructuring. Looking interesting again. Hope they PR the news.
CIEIQ ($150 Million $$$$ NON-Refundable) On February 21, 2018, the Company received the Initial Payment from Sonangol. As required under the Agreement, within 48 hours of receipt of the Initial Payment, the Company will (i) notify the relevant International Chamber of Commerce (“ ICC ”) arbitral tribunal of the agreement between the Company and Sonangol to terminate the proceedings related to the joint interest receivable owed to the Company for operations on Block 21 offshore Angola (ICC Case No. 22782/TO) (the “ JOA Arbitration ”) and (ii) notify the relevant ICC arbitral tribunal of the agreement between the Company and Sonangol to extend the procedural timetable by an additional four months for the proceedings related to the purchase and sale agreement for the sale by the Company to Sonangol of the Angola Assets (ICC Case No. 22781/TO) (the “ PSA Arbitration ”). yes peeps need to understand this is Chapter 11 BK A case filed under chapter 11 of the United States Bankruptcy Code is frequently referred to as a "reorganization" bankruptcy. Them getting the first $150 milly u know they will get the next $350 mil also and back on Nasdaq $5-10 PPS
Item 7.01 Regulation FD Disclosure.
As previously disclosed, Cobalt International Energy Angola Ltd., a wholly-owned subsidiary of Cobalt International Energy, Inc. (the “ Company ”), and certain other subsidiaries of the Company named therein, executed a settlement agreement, dated December 19, 2017 (the “ Agreement ”), with the Angolan National Concessionaire Sociedade Nacional de Combustíveis de Angola — Empresa Pública and Sonangol Pesquisa e Produção, S.A. (collectively, “ Sonangol ”) to resolve all disputes and transition the Company’s interests in Blocks 20 and 21 offshore Angola (the “ Angola Assets ”) to Sonangol for $500 million. Pursuant to the Agreement, Sonangol was required to pay an initial non-refundable payment of $150 million on or before February 23, 2018 (the “ Initial Payment ”) and is required to pay the final payment of $350 million on or before July 1, 2018 (the “ Final Payment ”). https://backend.otcmarkets.com/otcapi/company/sec-filings/12569828/content/html
great day here,next week $1.0++++
.50 breaking coming CIEIQ on huge filing, if they PR this 4.00-5.00 PPS for starters
OK got some lotto tix here, come out of BK we see dollarland in minutes CIEIQ
CIEIQ~~will receive the final payment of $350 million on or before July 1, 2018 (the “ Final Payment ”).
https://backend.otcmarkets.com/otcapi/company/sec-filings/12569828/content/html