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"Tracinda Corp is suing a businessman who advised Kerkorian to invest in Delta Petroleum.
The suit was filed earlier this month in a Nevada court against businessman Edward Mike Davis, alleging that he misrepresented "the quality and character of Delta's oil reserves and its financial condition."
Looked him up and found this:
http://www.lettersofnote.com/2010/08/tiger-oil-memos.html
Enjoy!!!
I like to see how they're going to pull a rabbit out of the hat.
They got an analyst credit rating D and yet received an increase on loan $15 mill to $22 mill watch this one looks like they're making moves could be something
I hope not but from the look of it yes. Lol but what do I know.
are you saying that all the share holders are going to lose everything??
A very good chance equity will get cancel.
I read about this but i am not quite sure if the company is worthy even 1/10th of what is mentioned in the article. Remember, KK has invested close to a billion dollars and if the company is worth that much, he would have TAKEN IT PRIVATE AT $5/SHARE. But the very fact that he isn't investing anymore in this company, suggests that many corporates are waiting for them to file BK and then buy the company in the BK courts.
HOpe that helps!
Cheers!
Dec 16 (Reuters) - Delta Petroleum Corp filed for Chapter 11 bankruptcy protection early on Friday, a month after the U.S. oil and gas producer warned about its liquidity issues.
The Denver, Colorado-based company listed estimated assets and liabilities in the range of $100-$500 million, according to a court filing.
Delta, which is struggling to find financing to repay debt that matures next year, has seen its stock lose most of its value this year.
In November, Delta said following its review of strategic alternatives, it had not received any concrete offers regarding an acquisition or additional financing.
The company had earlier warned that if a transaction to address its liquidity issues does not take place, it would be required to seek protection under Chapter 11 of the U.S. Bankruptcy Code.
The case is Delta Petroleum Corp, Case No. 11-14006, U.S. Bankruptcy Court, District of Delaware.
http://www.reuters.com/article/2011/12/16/deltapetroleum-idUSL3E7NG0T120111216
cosmicschool why you did not share this artical ?
http://www.cbsnews.com/8301-505123_162-43240221/kerkorian-rebuffs-delta-petroleum/
10-15 cents should be a GOOD ENTRY POINT as their tangible book value is around $2. Should hit 30 cents before the end of December 2012 - Hopefully!
http://www.cnbc.com/id/45239720
Will be filing Bankruptcy soon!
anyone here holding long? why is this stock so low?
Kerkorian Sitting On $700 Million Loss In Delta Petroleum
By Mara LemosStein Of DOW JONES DAILY BANKRUPTCY REVIEW Billionaire investor Kirk Kerkorian is feeling the sting from the failed strategic deal between Delta Petroleum Corp. (DPTR) and Opon International LLC. As a holder of 34% of Delta's outstanding shares, Kerkorian's Tracinda Corp. investment vehicle is carrying a paper-loss of approximately $700 million. Denver-based Delta saw its stock and bond prices fall last week after it announced that discussions with Opon had broken down. Opon and Delta had signed a non-binding agreement in March under which Opon would invest $400 million for a 37.5% stake in some of Delta's assets in the Vega area of the Piceance Basin in Colorado. Delta was going to use around $225 million of the proceeds to develop natural gas assets and the remainder to address balance sheet needs, including debt repayment. Tracinda held approximately 93.8 million shares in Delta as of late May, most of which it acquired in two large tranches over the past two years, according to Securities and Exchange Commission filings. In February 2008, it paid $684 million, or $19 per share, for 36 million shares of the oil and gas exploration and production company. In another equity transaction in May 2009, Tracinda purchased 53.3 million shares for approximately $80 million, or $1.50 per share. The remaining 4.5 million shares were purchased in the open market in the last two months of 2008, when Delta's shares traded around $5 each, meaning another investment of $22 million by Tracinda. At a current Delta share price of 78 cents per share, Tracinda's position in Delta Petroleum is worth approximately $73.2 million, compared with an investment of approximately $786 million since February 2008. Through a spokeswoman, Tracinda declined to comment. In late May, Delta registered Tracinda's stake with the SEC, which enables the investment firm to sell part or all of its position. Based on the latest regulatory filings, Tracinda hasn't completed any sales of Delta's shares, which would require disclosure. Delta's motivation for seeking a strategic partner was the need to boost its liquidity to fund growth. It reported a loss of $328.8 million in 2009, compared with a loss of $468.3 million in 2008. As of March 31, it had $10 million in cash. With the deal with Opon off the table, Delta now needs to seek a new strategic partner or raise new capital in the markets. "In our mind, they do have a very good asset, I'm sure they'll be successful in finding another strategic [partner]," Douglas Childs, president of Opon International, said in an interview. Childs said that Delta didn't accept its final offer for the Vega area assets, which was revised from the original non-binding terms. "Delta has a good asset there and we all worked very hard to get this thing to a point that would be acceptable to all parties, but the final offer that we made was not acceptable to Delta," said Childs. He declined to disclose the value of the offer that was rejected by Delta. Opon is an investor and developer of oil and gas assets. Its financial partners are Deutsche Bank, Wells Fargo Bank, BBVA Compass, N.M. Rothschild & Sons, an unnamed private equity firm and other industry and institutional partners, according to its website. (Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection.) -Mara Lemos Stein, Dow Jones Daily Bankruptcy Review; mara.lemos-stein@dowjones.com; 212-416-2017
Murren resigned
22-Nov-2011
Change in Directors or Principal Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On November 21, 2011, James J. Murren submitted a letter to the Company resigning as a director of the Company, effective immediately. Mr. Murren did not indicate any disagreement with the Company or the Board of Directors in connection with his resignation.
Cool Penny Stock has DPTR for the Wed. stock pick. Volume ALERT!
DPTR is still a sell:
http://buyandsellalerts.blogspot.com/2011/11/buy-and-sell-alerts-for-tuesday_14.html
Charges and loses in quarterly report wiped out a large chunk of equity value. Good luck Longs!
Ah, that explains it...
Obviously see it now...
I guess now just isn't really a good time to be long on leverage and grossly underwater on asset values. Wonder if what we're seeing is the market voting on hedgies sustaining their financing with the debt markets and Europe imploding... ?
Yes it will,seems to be holding mid .60's, insiders hold about 40% of the o/s,hopefully the can pull a rabbitt out of their azzes,lol
I bought too.... as well lots of others when looking at volume. It ought to be interesting!
Bounce players like me,lol,its a crap shoot,company could pull out a financing deal or the could file BK in early 2012,treat it as a lotto,small position.
whos buying the dip?
a/h closed .78, was as low as .72
Not sure what you're lookin at...
Looks to me like its down only around 10% since I posted... maybe 20 if you take it from the daily highs...
well there u go, -65% today on exactly what u posted, now lets see if it can bounce in the morning.
That "worst case" of $6 a share in assets, when they have over $12 a share in debt, is worst enough for me.
That the debt is coming due in 2012 doesn't help.
That the "upside" in asset values are speculative doesn't help.
If they can make a deal to sell off some assets at a somewhat higher price than the "worst case" ? Maybe they can dig out this massive hole they're in.
But, then you also have to worry about the vultures they'll be selling those assets to... who may not find it overly useful to cooperate in providing timely solutions at a fair price.
Should be interesting, still, watching this one creep toward... what ever it is that is going to be done to it in 2012.
Drinking elk milk through straws ?
"with strategic soul searching after "
Again:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=44823884&txt2find=
Positive outlook is good news.
More data supporting DPTR's future:
I was reading through the latest earnings call transcript (http://seekingalpha.com/article/285671-d...
Here are a few quotes:
Daniel Taylor stated, "The per Mcfe multiple for these transactions have ranged between $0.30 and $0.90 based on total resource. We fully believe that our total resource recently evaluated by Netherland Sewell, coupled with current market conditions, will be driving the valuations in the strategic alternatives process...Our current distressed market valuation levels should not be considered as constraints during the process....Delta is currently trading at an amazing 50% discount to the lowest of these transactions at only $0.16 per Mcfe of our 2P reserves from the Williams Fork alone. The additional resource of the deeper shale only make our current valuation even more attractive...As we head into the latter half of the year, I am very enthusiastic about our prospects and the strategic alternatives process. I do hope that you share the same enthusiasm."
O.K., if Dan's comments are accurate he is saying that as of 8/4/2011 (the stock price was approximately $3.15) DPTR was trading at a 50% discount to the lowest per Mcfe multiple of $0.30 for 2P reserves from the Williams Fork alone. So, if the stock was actually trading at 100% the value of the lowest multiple, the price would be approximately $6.30. The range of actual transactions have been between $0.30 and $0.90. So, based on that data, the actual value assuming 100% of the 2P reserves is between $6.15 and $18.45 per share. This is just for the Williams Fork 2P reserves. Everything else that is in the queue is gravy.
So, for sake of argument, if the future multiples are all at the bottom of the range and all other opportunities from deeper shale extraction attempts fail, the value of the reserves are still $6.15 per share in the worst case based on Dan's comments.
Even nicer pop today.
I hope to be able to repeat this message for a while.
Hang in their longs...the ship is trying to turn up.
This PR makes me excited for the future.
Delta Petroleum Corporation Reports Strong Initial Results From the 2C Well and Also Invites Stakeholders to Second Quarter Earnings Call
6 hours 50 minutes ago - PR Newswire via Comtex
PR Newswire
Delta Petroleum Corporation (Delta or the Company) (NASDAQ Capital Market: DPTR), an independent oil and gas exploration and development company, announced today that the 2C-433D well began producing hydrocarbons on Wednesday, July 20, at a choke-restricted rate of 5.4 million cubic feet of gas per day (MMcf/d) with 8360 psi of flowing tubing pressure. Gas sales from the well began on Thursday, July 21. The well continues to produce at a choke restricted rate of between 3.5 and 5 MMcf/d with a stable flowing tubing pressure of 8160 psi. The well has also just started to produce some condensate with 20 bpd measured.
Carl Lakey, Delta's President and CEO stated, "We are pleased to announce the initial results of the 2C well. We believe that this well's result combined with other Delta operated shale wells and similar wells from other operators in the Piceance Basin, validate the resource potential of the Niobrara and Mancos shales in the basin. It is important to note that the 2C well is producing from the only 1300' of pay in the Niobrara and Frontier. Roughly 2700' of gross potential hydrocarbon bearing pay remain uncompleted in the Mancos Shale and Corcoran formations. The Williams Fork also remains uncompleted here. It is still too early to provide an estimate of total EUR of the well. However, we are very encouraged by the measured rates to date, and remain optimistic that the Niobrara and Mancos shales will be highly economic. Delta holds approximately 22,400 net acres of leasehold in the Vega area, including deep rights to substantially all of that acreage. Early indications are that the entire position is prospective for shale development in the Mancos, Niobrara and Frontier. We invite our stakeholders to listen to our upcoming Second Quarter earnings call where we expect to provide an additional update to the 2C well and other operational developments. We will update sooner if it is appropriate. We are excited by the results obtained to date, and more importantly by the potential size and scope of the resource that we are now testing."
Delta will be holding the second quarter earnings conference call on Thursday, August 4 at 10:00 AM Mountain Time. The conference call specifics will be released in a separate press release.
New symbol DPTRD since 1:10 reverse split Dont know if they even warrent a new board. Looks to me they are still clutching at straws to milk the elk as long as they can. All need to go to jail!!! Watch it dwindle to zero!!
Kirk Kerkorian Taylor Lakey Nanke Freedman you have NO REASONABLE NOR LOGICAL EXPLANATION only STUPIDITY THAT DELTA FALL TO $ 0.38
3 year low
YOU ALL MUST GO TO JAIL FOR FRAUD
Reverse split 10 for one!
Delta Petroleum Corporation Announces Ten-for-One Reverse Common Stock Split
Delta Petroleum (NASDAQ:DPTR)
Intraday Stock Chart
Today : Tuesday 12 July 2011
Click Here for more Delta Petroleum Charts.
Delta Petroleum Corporation (Delta or the Company) (NASDAQ Capital Market: DPTR), an independent oil and gas exploration and development company, announced today that its shareholders have approved an amendment of the Company's certificate of incorporation to effect a reverse stock split at an exchange ratio of 1-for-10, and to reduce the number of authorized shares of common stock from 600 million to 200 million. The reverse stock split will be effective at the opening of trading on July 13, 2011. Upon effect of the reverse stock split, the stock will trade with a "D" next to the symbol "DPTR" for 30 calendar days to signify the reverse stock split has occurred. With the effect of the reverse stock split, the Company expects to satisfy NASDAQ's continued listing requirements.
When the reverse stock split becomes effective, every ten shares of issued and outstanding common stock will automatically be combined into one share of issued and outstanding common stock without any change in the par value per share. Stockholders will not receive fractional post-reverse stock split shares in connection with the reverse stock split. The Company's Transfer Agent is instructed to aggregate all fractional shares and arrange for them to be sold in sales conducted in an orderly fashion at a reasonable pace as soon as practicable after the effective time of the reverse stock split at the then prevailing prices on the open market on behalf of those stockholders who would otherwise be entitled to receive a fractional share. After completing the sales, the Transfer Agent is instructed to send payment to each of the affected stockholders in an amount equal to the stockholder's pro rata share of the total net proceeds of these sales.
Where is shareholders value? You not working for yourself CROOKS?
Kirk Kerkorian Taylor Lakey Nanke Freedman LOOKS LIKE CROOKS ACTING LIKE CROOKS ARE CROOKS 3 minutes ago
Kirk Kerkorian Taylor Lakey Nanke Freedman you have NO REASONABLE NOR LOGICAL EXPLANATION only STUPIDITY THAT DELTA FALL TO $ 0.44
3 year low
Kirk Kerkorian Taylor Lakey Nanke Freedman YOU ALL MUST GO TO JAIL FOR FRAUD
Where is shareholders value? You not working for yourself CROOKS?
Kirk Kerkorian Taylor Lakey Nanke Freedman LOOKS LIKE CROOKS ACTING LIKE CROOKS ARE CROOKS
Kirk Kerkorian Taylor Lakey Nanke Freedman you have NO REASONABLE NOR LOGICAL EXPLANATION only STUPIDITY THAT DELTA FALL TO $ 0.44 3 year low
YOU ALL MUST GO TO JAIL FOR FRAUD
SELL ALERT NO NEWS 2C-2B WELL BEFORE SHAREHOLDERS MEETING IS BAD NEWS
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