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any news from today?
Document #437 - Asking to convert to liquidation
cases.primeclerk.com/duneenergy/DownLoad-DownloadPDF?id1=MTcwMTI4&id2=0&id3=0
While I have not had a chance to read all the details, they are asking to be allowed to liquidate the company, and state there are only minimal assets remaining after the sales.
Page 5 of Document #437:
"Following the above-described sale, cash collateral and wind-down efforts, the Debtors now seek to confirm a chapter 11 plan of liquidation (the “Plan”) to, among other things, wind down the Debtors’ estates, liquidate their remaining assets, and distribute the proceeds from the various asset sales and liquidation of the Debtors’ remaining assets."
Louis J. Desy Jr.
please take your time cause your analysis are v intelligent and precise.... u r right ...after the asset sale a lot of eyes on dunes finances every one wants a piece of the pie....but imo they will have a hard time convincing the bk judge....i think the unsecured creditors committie seems to be v sharp and clever... and so far making the right moves...dunes directors and officers seems to be hooked pretty hard.....imo they will be wanting a quick settlement before this one is blown out of proportions and gets out of control....lot to loose for them...lots of skeletons in the closet wanting to come out and haunt them....i believe commons will leave with some decent change before this one is done with and ofcourse we have the big boys with us to make sure that happens.....i'll like to have your comments.....thanks
I need to look more
I think the problem is the company is suffering all kinds of write downs on the sale of assets, that have not been records yet. I expect this month or next month when the write downs are expensed, it is going to be a large number.
Louis J. Desy Jr.
levron....imo thats what it is....the game is not over yet...lets see what louis has to say....i think we will be coming out of this with little over 10c/share or much more given how this settlement works out between dune and the unsecured creditors.....gl
15 cents per share would be a dream. I wish I could shed more light on this but I'm a fairly new investor.
hello louis.....i was looking at the 8k....the total unsecured debt was 17196000.00 lets assume that they settle for the full amount in next three months...so lets say that the unsecured debt becomes around 18mil...plus the attorney fees of 4mil...total unsecured creditors obligation will be 22 mil....insurance(d&o) commitment of 25mil...plus left overs from 19mil of sales of the assest- minus dip financing of 7.8mil and attorneys fees of approx 3mil....total left over will be ....after paying unsecured creditors,attorneys etc will be approx 8mil plus 3mil left over from d&o insurance payout will be 11 million to the common stock holders....is that why the institutions are still intact...seems like there is some money left for us commons....what do you think?
mms playing.....ping pong with shares.....
lol price went up 45% when someone bought 5 shares.
thanks louis... i also see in the court order regarding docket 260 that the judge have allowed them(in docket 281) to set claims for d&o insurance dated june 6th ....which means that all five of the policies in place upto 25000000 in relief.since all these policies were 5000000 each.....imo a lot more left here before this one is put to bed....what are your thoughts
Lawsuits against directors
The problem is that there is no sense in suing anyone unless they have money to pay if you win. The only entity here that has money is the insurance company on the directors and officers insurance. The problem is that I see is what has gone on here is so bad that it almost looks like a setup by the directors so the company can collect on the insurance!
I looked more at Eos. For some reason, the stock is not allowed to trade electronically. I have seen totally messed up companies (OOAG, BDGR, HDSI), even delisted companies (MAHI, paid a liquidating dividend and filed to delist)that all still trade electronically. For some reason Eos has been put on some kind of list that prevents electronic trading in its shares, plus the price of $4 per share makes no sense for what it has for assets.
I will have to look a lot more to see what that could all mean.
Louis J. Desy Jr.
thanks louis....as always you oponion is v helpful...also the intitutions and or the creditors can go forward with a lawsuit regarding the mishandling of the deal/insurance to get personal benefits and bonuses....and ignoring their fuditury duties in regards to company/share holders best interest....i think after they come out of b.k. the directors/officers will be slaped with suits for their personal assests....whats your opinion???
Dockets 260 and 281, Are they for real?
I did see that in document 281 the court is going to allow a lawsuit to go forward against the officers and directors.
In document 260 the unsecured creditors are asking for the lawsuit plus they want to be allowed to bring claims prior to the directors and officers insurance amount from being lowered on June 15, 2015.
I find it incredible that they agreed to the sale to Eos, even though the company had only as little over a million in assets. I looked up Eos (EOPT) and the idea that they were going to buy Dune Energy is just not believable. EOPT is worse off than Dune Energy. It is as though the directors decided the only way to get money out of this would be to do a merger with EOS, that would fail, and then get a claim for the D&O insurance. I can't see any other logical reason for the refusal of taking other buyout offers but then go with Eos offer. I also find it amazing that Eos closed at $4.00 today, for a market cap of $190 million, even though it only has assets of a little over one million. I wish the stock would get to $5 so I could short some of it, or it traded options or I could buy some long dated put options. Except for $60K in Q1 2015 revenue, the only thing the Eos seems to 'produce' is lots of debt and borrowing. I would love to talk to someone who is buying EOPT and ask them why they are buying and what do they think the value of the company is.
Louis J. Desy Jr.
louis if you can please give us some of your thoughts regarding dockets 260 and 281.... filing suits against the directors and officers.....thanks
louis if you can please give us some of your thoughts regarding dockets 260 and 281.... filing suits against the directors and officers.....thanks
louis...but the senarios have been changed.. they are looking to exit on sept 18th ....latest docket 406....also all the intitutions are still intact(96.6%)...imo the game is still on...lots of info still no released sale proceeds in excess of 19 mil...how much in excess....more liquidation to come means ....more money here....lets see....if nothing for the institution/share holders... then a big fat law suit to follow...judge has already allowed that...even though chevrons arguments were against it....lot more to come here imo.....gl
There will be no 'winnings'
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=114956640
From an earlier posting. IF the company could sells its assets for at least what they are on the book for, then there would be something to distribute to the shareholders.
The problem is that the assets are probably worth much less than what they are being carried for on the books, so the equity will get wiped out. The sales are not going to cover the unsecured liabilities, so the common shares will get zero and delisted at some point.
Louis J. Desy Jr.
so far it seems like going towards the restructuring/closer and the gains/distribution will be credited to the account.it looks v promising...as we are getting more and more info....lots of more to come before the 18th of sept.....also aug 17th is a key date at the court....gl
Thanks for the updates, I really appreciate it. I'll be in NY from the 14th-21st. So operations will cease, and our winnings will automatically be credited to our accounts? Is this how it works? I'm kind of new to trading and never had to deal with a bankrupt company before.
important filing doc 406...asking judge for funds from proceeds of the sale to pay dip financing of approx 7.8 mil...also asking for 1.33mil for continue to keep operations till the closing or final restructuring date of sept 18th....so the final date is not aug 17 .....its sept 18th...proceeds more than 19 mil.....how much more???imo its looking much better lots of hope for us share holders..also more assest sale in process...more money....imo friday july 31st dune will get the approval for this filing 406 ....things are getting interesting here...lets see .....gl.
More manipulation going on, I'm in it for the long haul though.
all the docs have been signed(friday) for all the leases/assests sold...now lets see what dune holds after the dust settles....august 1st is the hand over date...after that dune will go to the next step that is coming up with the restructuring plan before august 17th ....imo we are sitting at 11c/share(worth) as of right now .....lets see....gl
same here...i m heavily invested in it too....lets see...last chance to buy cheapies...this is ready to fly soon.....
Ya it sure does buddy hope we make a run I'm in with 500k at 0.0084 average
looks good....lots of equity...33mil...vow
u r right...and several other senareos when a co. can cancel its stocks....i have been following both bpz and dune ever since these companies filed bk.i was more involved with dune cause i am heavily invested in it.therefore i was writing in dunes board more...i have been reading almost all of your posts and have seen some v intelligent observation from you regarding bpz...i dont mean any i'll fate towards you or bpz...all i am expressing is my opinion and that lately...things are going in the wrong direction for bpz cause the mngmt seems to be greedy and wants the whole pie......i am hoping to be wrong even though i am out of it... i am wishing all of you who are in it good luck....
liquidation of the company = cancellation of stock
imo its the language that these companies are using....dunes seems like a discloser where as bpzs managment are going further and stating the cancellation of the stocks...also in the 8k they are talking about stopping sec filings and and further talking about liquidation into closer.....i think bpz ids definitely upto something no good......lets see
Touché. Every bankrupt company uses this cautionary statement in the unlikely event that shareholders do actually walk away with nothing. That way they are legally covered, both DURNQ and BPZRQ have potential.
$DUNRQ recent 8K (WORTHLESS SHARES)
Item 7.01. Regulation FD Disclosure.
Based on the Company’s debt and other obligations, the Company does not expect to be able to distribute any proceeds as a result of the Chapter 11 Cases to the Company’s stockholders and therefore believes that the shares of its common stock are worthless.
Additional information on the Chapter 11 Cases, including access to documents filed with the Bankruptcy Court and other general information about the Chapter 11 Cases, is available at https://cases.primeclerk.com/duneenergy/.
you may be right...its possible... lets see how they come out of this....interesting choices ahead for dune...hope they make the right one.
Shouldn't it be distributed shortly after Aug 17, September at the latest? We'll see.
eventhough i think the co. will not distribute funds at this time...its valuation will still be anywhere from .11 to .15c/share conservative analysis....not to mention the real estate that its holding and coming out debt free.....
around 11c to 15c/share approx imo...lets see aug 17 is the date to watch...gl
So the PPS would be about $.15 PPS(11,000,000/73,000,000)?
imo dune will survive with a restructuring plan with close to 11 mil in hand and three of the properties....aug 17 will be a critical date...lots of(96.6%) institutions still intact...wonder why???
How much per share?
Thanks for the info. It's been really quiet on this board lately. I still think the shareholders will walk away with a fair amount of value.
dune has filed mor for june 2015 .... in the dune bk docket filing look at the owners equity/networth is at 33158849.00 vow...click on the link below
file:///C:/Users/User/Downloads/180020460231.pdf
file:///C:/Users/User/Downloads/180020460231.pdf
look theCASE NAME: Dune Energy, Inc., Dune Operating Company, Dune Properties, Inc.
CASE NUMBER: 15-10336, 15-10337, 15-10338
COMPARATIVE BALANCE SHEETS
LIABILITIES & OWNER'S FILING DATE* MONTH* MONTH* MONTH* MONTH* MONTH MONTH
EQUITY March 8, 2015 March 2015 April 2015 May 2015 June 2015
LIABILITIES
POST-PETITION LIABILITIES(MOR-4) 3,693,160 4,381,306.40 5,713,119 6,337,655
PRE-PETITION LIABILITIES
Notes Payable - Secured 111,689,964 112,466,917 113,215,215 114,025,145 114,797,406
Priority Debt 0 0 0 0 0
Federal Income Tax 0 0 0 0 0
FICA/Withholding 0 0 0 0 0
Unsecured Debt 16,514,901 16,599,095 16,480,870 16,873,376 17,192,927
Other 22,548,485 22,744,889 22,941,293 23,160,767 23,361,754
TOTAL PRE-PETITION LIABILITIES 150,753,350 151,810,900 152,637,378 154,059,287 155,352,087 0 0
TOTAL LIABILITIES 150,753,350 155,504,061 157,018,684 159,772,406 161,689,741 0 0
OWNER'S EQUITY (DEFICIT)
COMMON STOCK 74,009 74,009 74,009 74,009 74,009
TREASURY STOCK (339,790) (339,790) (339,790) (339,790) (339,790)
ADDITIONAL PAID-IN CAPITAL 180,653,012 180,572,505 180,674,690 180,775,993 180,877,296
RETAINED EARNINGS (133,117,582) (137,123,233) (141,080,223) (144,182,507) (147,452,666)
TOTAL OWNER'S EQUITY (NET WORTH) 47,269,649 43,183,491 39,328,686 36,327,705 33,158,849 0 0
TOTAL
LIABILITIES &
OWNERS EQUITY 198,022,999 $198,687,552 $196,347,370 $196,100,111 194,848,590 0 mor is out today ...the owners equity/net worth is showing at 33000000.
like i said its in the air at this time....imo there will be no ch7 filing following the sale...the co. will come up with the re structuring plan....otherwise it will open itself for a mega lawsuit that the judge has already approved towards the personal assests of the ceo and other co. officers...i m sure dunes directors are v well aware of this and would have a much better/safer plan to exit this bk.....lets see
It is not a 'common practice'
That is not correct. If there was a reasonable expectation there would be money left over, either as equity in the reformed company or a distribution from a liquidation, then they would not have made such a statement. People over at the Radio Shack (RSHCQ) made the same argument when that company put such language in a 8K report, and now they are watching as the company converts the Chapter 11 to 1 Chapter 7 with nothing for the RSHCQ shares.
If you look at the filing schedules for the three entities that compose Dune Energy on PrimeClerk.com, you will see that two of the entities have liabilities that far exceed assets. The third entity, which I believe is the parent company, does have assets that exceed liabilities but most of that consists of receivables from the other two subsidiaries, which have no way to pay it off.
One of the assets (land or oil right) sold off was so bad off that it only got sold for $1 plus the assumption of liabilities.
This stock probably went up today because the sale went through but people are not looking at how much the company got for the sale verses what it was being carried on the book for. Right now there is not enough information to tell exactly how much they loss, until they file a monthly operating report or the 10Q; but I expect it will show the shareholder equity is now negative. That means the common shares will get nothing in the reorg and are wiped out. I also expect that at some point the Chapter 11 filing will be converted to a Chapter 7 liquidation once all of the land is sold off.
Louis J. Desy Jr.
with all due respect 8k for july 8th stating that there will be no proceeds left after the distributions...and the commons will be worthless is a commmon practice in all of the bk companies....things to note that this company stating commons worth less than common being canceled is the key in the wordings...commons are canceled if the co. either files for ch7.or handing the co. over to its lenders verses commons being worth less is when a co. is coming out of bk(restructuring a plan) with its stock....worth much less than expected.imo at this time its in the air...till after the closing and the actual distribution...and following the reorganizing plan we can make a better judgement as to where this is going....gl .
Lights out
There was not enough from the sale to pay off the other liabilities. The common shares will be canceled and are worth zero.
https://cases.primeclerk.com/duneenergy/Home-DownloadPDF?id1=MTU2NzAw&id2=0
If you read document #379m, you will see that one property sold for $1 and the assumption of liabilities; the other sold for $19 million.
It is not clear what the entry was on the balance sheet for the land sold off, but the fact that the company issued the July 8, 8K report stating the common will be wiped out, means that the company is losing money on the sales.
Louis J. Desy Jr.
no shares wouldnt be cancelled....dune will be submitting a re-organization plan after closing of sale on the 24th.imo it will be a debt free company with three of its oil and gas fields remaining in hand...plus left over cash after distribuition....lets see and hope for the best....also it may go after eos for the 5.5 mil recovery for breaking the contract...may be a merger on the works...lots of options for dune....gl
Didn't the filing say the shares would be cancelled
u may be right....lots of unknown....lots of factors to be disclosed after the closing on the 24th....and then august 17th court date to follow...i dont know why folks are panicking at this time...its not over yet....hold on to your shares.....now is not the time to sell....its a waiting game....lets wait for better results....24th is the next key date....good luck
I could see the pps being significantly higher, we'll just have to wait and see. Good luck to everyone, after all we're all here to make $$$.
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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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YEAR | TYPE | |
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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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