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Me too.next month is important for us
It doesn't look good, but I'll hold nonetheless.
What do you think we are the odds? Or do you think we could get the money?
Maybe hold it .right now I'm not sure . If they win next mouths.we'll lost money .
Are you still going to hold your 2.4 million or are you going to sell?
??
If they win, next month, because they won the disqualified from ordinary shares, we won't get any compensation. Even lose the case. Borrowing too much. Not enough to pay us
The borrowing is too high
They borrowed a lot from the banks. When they first borrowed, they bought land/rights with the money. The problem is that all got sold at a large loss. That is why there is nothing left for the common shares.
Louis J. Desy Jr.
??
But they borrow from the bank is 110 m above. They need to pay this money. 50 m plus 56 m is equal to 106 m, not enough to compensate for common stock? Borrowing is greater than the compensation. Isn't it? Louis .we will get nothing.0000000000000
$50 million lawsuit
In order for the common shares to have any value, the company would need to win the $50 million insurance lawsuit AND they would need to get another $56 million from somewhere else.
Louis J. Desy Jr.
I hold too many shares,
If the next month's lawsuit win or lose, for all of us are not likely to get the money, isn't it? Louise
If you hold common shares, you do not have to submit a claim.
Louis J. Desy Jr.
Liabilities than assets, that we can't get anything.000000?
What do you make of docket 471, liabilities are much greater than assets. Does the balance sheet tell the entire story, or am I missing something? Your input is much appreciated.
Thank you, I hold a common stock, you mean I don't have to submit a claim now. Right? I now have a headache, and watch a lot of things, I'm all mixed up
July 2015 operating report Doc #471
From looking at it, the most important part is the balance sheet on page 3.
1: Stockholder equity is negative $116 million. Even if the $50 million lawsuit against the directors wins, and the insurance pays off, the stockholders equity would still be negative $56 million. The common shares are wiped out.
2: The unsecured are on track to recover zero because there is not enough to pay off the secured creditors.
3: The secured creditors are on track to recover only around 11% percent. There are $15 million in assets to pay off $114 million in secured debt. Even if the $50 million in in insurance pays off, the unsecured is still left with zero, and the secured only a little over 50% recovery.
I expect these recovery percentages will go down as the expenses from the bankruptcy continue to pile up, but this is the best they they are going to do.
If the lawsuit can go on to the end, then the secured will end up with the amount, but still be out a large amount, considering that what they loaned to the company was suppose to be safe.
Louis J. Desy Jr.
Submitting a claim
You only need to do that if you are not showing on the lists as a credit or equity shareholder.
Owning shares means that your 'claim' has already been recognized as part of the common shares class, and you do NOT need to submit a claim.
Typically, the only people that would need to submit a claim would be where a bill was in dispute as to the amount for the bill.
Louis J. Desy Jr.
Another new low .0011. Mm's want some cheap ones.
Hi .Does anybody submit a claim for case (15-10336)???? May I ask what is that mean ? Or Does anyone know about that? I have 2.4M shares . What should I do? Submit a claim ?it means I agree they pay for me?????
Someone try to get More lower than 0.0015.
I will crying about $3840. Thank you !
Do you think they will be closed temporarily reserved shares now and then to new price listed again in a few months
Waw!!!!!!!$3840 I bought them over $7000!omg!!!!!!
??
What do you think of the situation of the company now, should keep how many shares will be better? I don't want to lose too much money. If the company does not have enough money to pay for our common stock.and how many shares you guys hold?
Well right now the bid seems to be .0016, so it's worth about $3840. If we do walk away with something, I guess your shares could be worth anywhere from $240,000 to $600,000. For me, $25,000 to $62,500.
I means .worth.
How much was what?
Thank you so much,i have 2.4M shares .how much was it?
Well last I heard, they're going through liquidation.
Liquidation is When a business or firm is terminated or bankrupt, its assets are sold and the proceeds pay creditors. Any leftovers are distributed to shareholders. If we to do walk away with something the bottom is probably $.1 pps, top maybe $.25 pps. Good luck to us.
Excuse me, what do you think the company will cancel the existing common stock? Or temporary delisting? And then on again?what do you think? Thank you!
Lol, and I thought I had a lot (250k), however my average is like a penny. Didn't put all my eggs in one basket though, have some shares over at bpzrq.
Wow adtf moved to 0.15 with those 500k shares for sale
There your chance not sure how many shares your looking for but there is a seller of 500k at 0.003. That's 1500$ damn I wish I had some dry powder to nail that and average down
it's me . Today I want to buy more shares.but no one to sell it.
Assuming you're not a troll, you must be rich, or the better term is "must've been". At this point I would probably average down, you're down over a million, buy as many shares as you can to mitigate your loses as much as possible. Even if it doesn't work out, what's another few 5-10k? Don't expect the pps to be over 20 cents, and even that would be great. A more conservative estimate is 10-15 cents.
I have 2M shares.i bought it about 3 months.it was 58 per share.what I do now ? Please give me some advice.hold it or sell
If we actually do walk away with money, we will get a lot more than what we have now. Let's put it this way, the market cap is 190k. If there's going to be anything left, it'll be more.
levron...i have also read some of louis posts and have seen some v strong and intelligent analysis and arguments....eventhough we both are predicting totally different outcome....i believe that in bk companies it always comes down to the wire before we realize our mistake or fortune....thats why the risk reward factor is so high.....lets us keep our course and hope for the best outcome for dunes commons.....glta
louis u r right but what i see is that...1st tear bond holders are taken care of..... all the existing bonds have been replaced by placing new bonds at closing by white marlin and trimont.....2nd tear secured creditors have been paid through by the new companies by assuming debt as part of the liability exchange during the auction sale process.....third tear taxes were also partially part of the exchange to bring the cure amounts upto date and the remainder to be paid from(19 mil) the bk exit plan...which may not exceed over 2 mil max imo.....4th tear unsecured creditors(total 17 mil) which are being negotiated partly to be paid from the left over from the 19 mil....bk exit plan and the remainder from 50 mil lawsuite that the judge has allowed....happening after dune exits bk.....5th tear preferred share holders which i dont see any in dune....and lastly 6th tear common share holders ....waiting till after the bk exit to be paid from the 50 mil lawsuite that the judge has allowed 25 mil from d&o insurance bought by dune by 5 different companies of 5 mil each....and the remainder 25 mil....to be paid back by the dune directors and officers taken as bonuses.....louis i need your opinion as to what am i missing here....it seems v clear that commons in dune seems to be in pretty good shape and thats the reason why we see all of the institutions intact throughout......imo the commons here will not only survive... but may walk with some positive value after all is said and done.....gl
He definitely knows about law, a lot more than me but critical thinking tells me this is someone whose advice should be taken with a grain of salt to say the least. We'll see what happens, even if common shares are found to be worth zero, you would still have time to get out (look at Radioshack), so I'm not selling for now.
Looked through all of Desy's posts, he spends all his days spreading doom and gloom, and he is quite believable at times. He claims he wants to help people save their money, but it seems everywhere he goes he is getting hated on and people disagree with his point of view. Also I have a hard time believing someone whose moral character was brought into question by the state of Massachusetts. (http://caselaw.findlaw.com/ma-supreme-judicial-court/1270190.html). Does this look like the type of guy who's acting in your best interests? Too bad there's no more posters on DURNQ, I would've loved to hear others' opinions on this matter.
There is nothing left for the common shares
A POR can't give the existing common shares, shares in Newco unless all the other classes get paid off first. There is just not enough money to do that.
Louis J. Desy Jr.
50 million lawsuit may not help common shares
The problem is that the common shares are class 6 in the POR. There is a class 5, which is ahead of the common shares, that is also getting zero in the plan. I am not sure exactly how much the claims are in class 5, but I think the class five claims, and higher in priority, are greater than 50 million, so those classes will benefit; leaving nothing for the common shares.
The whole EOS situation is strange. I have no idea what they thought was going to happen. The only thing I can think of is that DUNR waited so long to 'get the price they wanted' from a buyer and then oil prices fell, making it impossible to get anyone except EOS to bid.
Louis J. Desy Jr.
levron i think you are right ....i dont see any reason for them to cancel the existing shares...
Don't think they're going to cancel the existing shares, it would open up a serious lawsuit. Don't think they want to open up that can of worms. IMO MM's at work.
louis what about the lawsuit that the judge have allowed for 50 million...when will that come into play.....are the unsecured creditors going to settle without the insurance claims or will that happen after they come out of bk...what about the equity holders(the institutions) will they claim any settlement regarding the way they handled the deal with eos or will they let go of the millions of dollars worth of investments without doing anything and why?....
It looks bad - Document #462
cases.primeclerk.com/duneenergy/DownLoad-DownloadPDF?id1=MTc2Nzk5&id2=0&id3=0
"4.9 Treatment of Allowed Equity Interests (Class - 6).
On the Effective Date, the Equity Interests in the Debtors shall be canceled and extinguished, and the holders thereof shall not be entitled to receive any Distributions on account of such Equity Interests."
They are proposing to wipe out the existing common shares and give them nothing in the plan.
A few other classes higher than them are taking large losses also.
If this goes through, the situation for the common shares looks bad. Based upon this POR, I expect the stock will be canceled and stop trading within a matter of several months once the plan is put into effect.
Louis J. Desy Jr.
good morning....louis what are your thought about order doc 453...will the equity holders have a vote in the process....please if you can glance at it and give us your opinoin/thoughts regarding doc 453....thanks
quite at dune.....few filings on the 17th order regarding selling remainder of the assets.....seems like hard negotiations going on behind closed dooors regarding unsecured creditors....lets wait and see...gl
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http://www.duneenergy.com/index.html
Dune Energy, Inc. is an independent exploration and development company, with operations focused along the Louisiana/Texas Gulf Coast. Dune operates over 90% of its production and typically maintains a 100% WI. Proved reserves as of January 1, 2010 totaled 105.5 Bcfe. Dune will continue to exploit its existing asset base, seek accretive acquisitions, and enter into additional joint venture drilling programs.
http://www.duneenergy.com/PDFs/DNE_Investor_Presentation.pdf
Dune actively manages its drilling program to increase oil and gas reserves and production while keeping its finding and development costs and operating costs competitive. For the next several years, Dune intends to focus on exploitation of its underdeveloped properties through extensional drilling and low-risk step outs. Dune has a 2+ year current drilling inventory on Gulf Coast properties. In 2010 and beyond the company will continue exploiting low-risk opportunities on its existing acreage positions, and gradually increasing its focus on exploratory opportunities, by applying technology and capital to untested zones with significant upside in deeper pool and subsalt potential. In conjunction with this focus on exploration, Dune will pursue opportunistic, accretive acquisitions. Dune also intends, whenever possible, to maintain operatorship to control the timing of operations and its cost structure. Investment opportunities will focus on high IRR projects.
Dune has a results oriented management team, with an average Gulf Coast experience of more than 25 years.
Alan Gaines – Founder and Chairman, has 25+ years of investment banking and M&A experience in the energy industry.
James A. Watt - President and CEO, has 35+ years of oil and gas experience with a proven record in operating Gulf Coast assets and building E&P companies
_______________________________________________________________________________________________________________
Aug 04, 2010 Dune Energy Reports Second Quarter 2010 Financial Results | |
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Jul 16, 2010 Dune Energy Announces Stock To Be Quoted Under Symbol DUNR | |
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Jun 30, 2010 Dune Energy Closes Sale of South Florence Field and Amends Revolving Credit Agreement | |
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Jun 25, 2010 Dune Energy Announces Voluntary Withdrawal of Its Common Stock From the NYSE AMEX; Stock Intended to be Quoted on the OTC Bulletin Board | |
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Jun 21, 2010 Dune Energy Concludes Annual Meeting | |
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Jun 04, 2010 Dune Energy Announces Adjournment of 2010 Annual Meeting of Stockholders | |
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May 06, 2010 Dune Energy Reports First Quarter 2010 Financial Results | |
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Apr 29, 2010 Dune Energy, Inc. Announces Property Sale and 2010 Drilling Plans | |
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Mar 29, 2010 Dune Energy, Inc. Receives Notice From NYSE Amex Accepting the Company's Plan for Compliance With Continued Listing Criteria | |
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Mar 26, 2010 Dune Energy Reports Fourth Quarter and Full Year 2009 Results |
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2008 - | Dune Energy Annual Report | |
2007 - | Dune Energy Annual Report |
Joint Ventures from latest press (10-18-10)
Garden Island Bay, Plaquemines Parish, Louisiana
Dune Energy Inc., through its subsidiary Dune Properties Inc., together with two industry partners, intends to drill a 19,500 feet exploratory subsalt well within the Garden Island Bay Field to test potential Miocene pay sand. The prospect has been mapped with state-of-the-art depth-migrated 3-D seismic data. Potential unrisked reserves are estimated to be in excess of 100 MMBOe. This prospect targets sands of similar age and structural settings to the Pompano Subsalt Field in Viosca Knoll 989/990 and the Mahogany Field located in Ship Shoal 349. The Pompano and Mahogany Fields, located in the Gulf waters of the Federal Offshore are approximately 50 and 125 miles respectively from Garden Island Bay Field which is located in the onshore state waters of Louisiana.
The well is anticipated to spud in January of 2011. Dune will initially have a 15% working interest in the prospect, escalating to an approximate 26% working interest after the first 3 MMBOe of gross production. Dune will fund its proportionate share of drilling costs through cost recovery. Dune maintains its 100% working interest in all existing production from the field and in all lease acreage, with the exception of 9,000 acres associated with this prospect that is beneath the salt dome and at depths greater than 12,000 feet.
Leeville Field, Lafourche Parish, Louisiana
Dune has signed a LOI to sell 60% of its non-productive, leasehold interest within the Leeville Field to a private exploration and production company for $5 million. The company intends to form a joint venture to further exploit undeveloped opportunities within the field. Dune will have a 40% working interest in this venture.
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