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I am afraid I do not understand your post to me. First of all, the president, Michael Rohleder, is not
a "buddy" of mine; I called him because his name and phone number were listed on their website. At that time, there was no point in trying to sell our shares to prevent going down with "a sinking ship" as you put it. I did not listen to pawpaw for advice...just wondered if he was a man in our town who encouraged us to invest. It turns out he is not "pawpaw." As to your English major interpreting for you, it plainly says "...As of the effective date, all rights and interests of the Company's common and preferred stock have been terminated." Furthermore, I am not clear to what you are referring when you say my "non tax claim." And to what does your "Congratulations" comment refer?
So you are on sinking ship, even you didn't listen to your buddy
Michael Rohleder as well as your "non tax claim" for your worthless shares. Congratulation! as GMXR closed too fast .... do you see it? at least 3 persons wanted to jump in with lower price, but they can't....
Who did you trust?, I believed that is pawpaw, or yourself.
My English master, would you analyze the portion of the BK process:
"The reorganization of the Debtors' capital structure under the Plan reduces the total amount of outstanding indebtedness by approximately $505,000,000 under four separate indentures. Secured claims under the senior-most indenture, allowed by the Bankruptcy Court in the amount of $338,000,000 have been exchanged for equity interests in Thunderbird Resources Equity Inc. ("Reorganized GMXR") and/or Thunderbird Resources LP ("New GMXR"). All priority non-tax claims have been paid off today or will be paid as soon as reasonably practical. General unsecured creditors received a pro rata share of (1) interests in a creditor trust created as of the Effective Date; and (2) $1.5 million in cash. At the option of the Debtors (with certain required consents), intercompany claims were either reinstated or eliminated, in full or in part. As of the Effective Date, all rights and interests of holders of the Company's common and preferred stock have been terminated. Finally, equity interests in the debtor subsidiaries are now held directly by Reorganized GMXR for the benefit of the holders of Reorganized GMXR common stock."
http://www.nasdaq.com/press-release/gmx-resources-inc-announces-effective-date-of-plan-of-reorganization-20140203-01267
What do you see?
Thanks for the information. No, it is not Kucinich. But you are right in your adjective describing him!
Someone in Ohio....is it Dennis Kucinich?? He makes lots of crazy promises.
Hopefully, you never stop learning lessons. Also, hopefully, you actually remember what you learned.
Here's your best tip of the day....if you're not sure, ask me. I will be brutally honest.
Thank you...so he is not the man who talked us into investing last fall. We should have followed the old adage, "if it sounds too good to be true, it probably is." Lesson learned. Geez, I wonder at what age one quits learning lessons?! This has been a very bitter one because he is still trying to convince us that we are still going to receive stock or cash in this settlement! Stay safe and warm everyone.
Is ohio his state?
That wouldn't be right. Tell me what State you're thinking of and I'll give a yea or nay
Upon reading one of my previous posts, I realized one could misconstrue my "eliminate someone" as a threat!!! I just meant I wanted to know that the person known as PawPaw isn't someone I know and giving us personal advice. So sorry for my phraseology!!
Last week I spoke with Michael Roehleder, President of GMX, who told me they would become a privately held company and our stock would sadly be worthless. A local
man who told us what a great investment this would be last fall STILL keeps insisting that two new companies are being formed and we will all receive either stock or cash! Researching him, we have found out he has a very sketchy past. Of course, I wish he were correct, but am I correct in accepting the fact they are worthless?
Can you just tell me what state he is from? I hope to eliminate someone.
Easy enough to find out who he is. I did in about 10 minutes. What difference does that make though?
So our stock is worth absolutely nothing...not even down the road? I would love to know who PawPawSir is and where he got his information? Any suggestions?
So you've made money elsewhere. Too bad the people you advised may not have had any money left.
Several of us tried to explain this losing cause, but you convinced people to ignore us, and cost them money. Maybe God will repay you for that as well.
which mislead when we were cheated. All the research I did n people I contacted n communicated with, do you think it was a joke. I have learnt my lesson. I lost big money here but God is repaying me back double for all the pain n trouble. I can't wait to make more than my loss this month. My attitude is what is moving me forward.
I'm 25% of the reason the Justice department objected to it in the first place. I fought hard
So, it doesn't bother you at all that you've mislead other people and cost them money? Got it.
Making all my GMX losses in one week. Back on the money
Making all my GMX losses in one week. Back on the money
How dare you speak the truth??!!!
http://newsok.com/gmx-resources-reorganizes-as-2-companies/article/3930554
The company has been reorganized as two privately held companies. I told everyone this was going to happen. There will NOT be a conversion of old shares to new ones and only insiders will be able to purchase shares of the new companies. Anyone who bought on the advice of pawpawsir and his fan club, you wasted your money.
GMXRQ: BK plan effective. All shares cancelled.
http://www.otcbb.com/asp/dailylist_detail.asp?d=02/04/2014&mkt_ctg=NON-OTCBB
Here's the thing about this case. The biggest winners, also turn out to be the biggest losers. Since the senior creditors also own the majority of the equity shares, they will win on the one hand by using the weight of their debt to take over the assets of the company but at the same time the equity they own in the old company will also be wiped out along with everyone else's. That's probably why the judge went ahead and allowed the plan, because the senior creditors own such an overwhelming majority of the old company that nobody could mount a serious challenge to the plan because they don't own enough shares. If one person who was against the plan owned, say, 1/3 of the voting stock then that one person might be able to mount a successful challenge by engaging in a proxy battle against the shareholders who were in favor of the plan to try to win over enough of the remaining shareholders to get the majority over to his side but nobody outside of GSO/Blackstone owns a chunk of the company nearly that large. If GSO/Blackstone owns over 90% of the old company, then there really is nothing else the judge can do because who could put forward a strong enough claim disputing the plan? The 10% minority? That would be like if you had 10 people and 9 of them wanted to go to McDonald's for lunch but the last one wanted to go to Burger King and you forced the 9 to go to Burger King to please the 1. The 9 wouldn't be very happy about that because the vote of 1 overruled them.
Imo, something fishy going on.I wish those withmore shares and deeper pockets can look into this and appeal. It is one thing to lose fairly, quite another to be cheated.at this moment, there is a huge sense of being cheated. Even the US trustee objected due to several inconsistencies. Wonder how the judge could ignore them. It is hard for judges with no industry background or business backgrounds to make proper rulings. I hope they appeal to a higher court.
U.S.Trustee objected to the plan on 1/10/2014 saying that the plan contains releases that are unconfirmable. The trustee says that the plan violates the bankruptcy code by including releases for nondebtor parties. The trustee also stated that the plan doesn't truly reorganize the company because the bulk of the assets go to a group of senior secured creditors. What is wrong with the trustee's statement?
I think we can still appeal the decision.
For the 100th time. NONE
Nat Gas prices are almost Doubling-any chance of a Hail Mary or Miracle ??
LOL! Where's the like button in this place?
Why don't you just shut the hell up already? It's over. The owners of the old stock are not getting any money for their shares or a conversion to shares in the new company.
All owners ARE sharing equally in the loss. GSO/Blackstone are losing their equity interest in the old company, too. All of the old company shares are going to go away regardless of who owns them. The company that GSO/Blackstone will own after this is all over will be a completely different company. They have PAID for their interest in the new company with the credit they extended to the old company. Nobody is stealing anything.
Those 23.5 million unpaid shares (March Average of $3) changes everything. A payout of March number is still on the table..... They might pay or transfer
So you think preferred stock should be outlawed?
As a stockholder, I am an owner of GMXR and I believe that all owners should share equally in the loss.
No skin off my nose. I was merely trying to explain to you why it's the American Way. Don't blame Wall St., blame your politicians and lawmakers for designing the game.
However, it is my finding (and I'm probably the only one to ever figure this out) that something is better than nothing.
FungDerf is right, I'm one that is looking for another fifty to buy the new stock. Double down and play another hand.
It's okay. I lost my every single penny on this stock. I am not gonna sell it and take couple of thousand dollars. Let the hungry bastards take the nickel too!
How is it theft of stock? You are the owner of a company that cannot afford to pay its bills. Under the law, one of your options would be to declare bankruptcy to get yourself upright again and start anew. If this were your own privately owned company, wouldn't you want to be able to do the same?
You can't expect to share in the profits without taking any of the downside risk. This is called investing.
IF this were your own privately held company, you would be thrilled by the possibility.
There are companies long gone that still settle out shares.
For instance, look at HTSF. That company has been gone for close to a decade, but it traded some shares a few weeks ago.
OK, Now we lost everything but still these sob's are playing. 95310 shares are traded today already. Someone please check the Judge's bank account and recent transactions....
They have traded 32438 shares today. Just sayin'...
Good luck with that.Nobody is going to be buying knowing they are about to be declared worthless.
Geez! Enough already! The old stock is dead! There will be a new one along momentarily.
God Send GMX Stock Transfer Now. God Send GMX Stock Transfer Today. Send favor now. Send prosperity now. You did it for David, Joseph, Moses, cancer patients, Blood cloth woman and Captain in the Bible. They had now faith in tough times and expectancy, and the same will happen in our case. The angels are dispatching and the stock transfer will come to past in Jesus name.
Send an email to most of the people on that list. In it contains Government officials, Jefferies, GMX bosses, SEC, Some secured lenders, people and lawyers that are fighting for the same victory. I have today and now faith. Thank you God for Victory
Pawpawsir, who should we contact to make an appeal for stock conversion?
I believe this will be the objective for the company to get big investors or FRIENDS in the money now. This is an example of some other asset bid takeovers.
Part of the plan agreement: I went to Bankruptcy docket 971, there is detailed information for subsidiary investors in Thunderbird for GMXR
General Partner
Thunderbird Resources GP Sub LLC Percentage Interest:0.2%
9400 North Broadway, Suite 600 0.2%
Oklahoma City, OK 73114
United States of America
This Agreement of Limited Partnership (this “Agreement”) of Thunderbird Resources LP, a Delaware limited partnership (the “Partnership”), is entered into by Thunderbird Resources GP Sub LLC, a Delaware limited liability company, as the general partner (the “General Partner”), and GMX Resources Inc., an Oklahoma corporation, as the initial limited partner (the “Initial Limited Partner” and together with the General Partner, the “Partners”), as of December 13, 2013.
After looking up Thunderbird I found this article on Royalty investing. A recent asset purchase similar to GMXR in the same industry and under Thunderbird.
Breitling Royalties transfers retail business to Crude Royalties
December 13, 2013/in Company News /by Crude Royalties
Award-Winning Independent Oil and Natural Gas Company Breitling Energy Plans to Focus on Exploration and Production
Breitling Oil and Gas Corporation and Breitling Royalties Corporation (collectively, “Breitling“) and Crude Energy, LLC and Crude Royalties, LLC (collectively “Crude“) jointly announced today that Breitling has transferred to Crude its business of sourcing and managing oil and gas working interests and royalty interests for clients. Upon completion of its asset purchase agreement with Bering Exploration, Inc. (“Bering” ), Breitling intends to operate as a publicly held exploration and production company, not as an originator of investment opportunities for retail investors.
Most likely we'll soon see some familiar names of subsidiary investors under Thunderbird. players for Jeffries, HALL, Kenworthy, and more i'm sure....
I believe this will be the objective for the company to get big investors or FRIENDS in the money now. This is an example of some other asset bid takeovers.
Part of the plan agreement:
General Partner
Thunderbird Resources GP Sub LLC Percentage Interest:
9400 North Broadway, Suite 600 0.2%
Oklahoma City, OK 73114
United States of America
This Agreement of Limited Partnership (this “Agreement”) of Thunderbird Resources LP, a Delaware limited partnership (the “Partnership”), is entered into by Thunderbird Resources GP Sub LLC, a Delaware limited liability company, as the general partner (the “General Partner”), and GMX Resources Inc., an Oklahoma corporation, as the initial limited partner (the “Initial Limited Partner” and together with the General Partner, the “Partners”), as of December 13, 2013.
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http://www.gmxresources.com/
GMXR is a ‘Pure Play’, E & P company that has significant Haynesville / Bossier Shale acreage in East Texas and North Louisiana.
The Company has 435 BCFE in proved reserves at December 31, 2007 that are 94% natural gas and as of July 31, 2008, an internally estimated 3.2 TCFE in total 3P reserves which includes 480 net undrilled Haynesville /Bossier 80 acre horizontal locations, 163.9 net Cotton Valley ("CV") producers; and 890 net CV un-drilled locations.
Eight drilling rigs are currently developing the Company’s contiguous, multi-layer gas resource play on the Sabine Uplift; Carthage, North Field, in Panola & Harrison County of East Texas, and Caddo Parish of North Louisiana. The Company has invested $70 million in infrastructure which has contributed to very low finding and development costs. The Company’s properties also have 31 net Travis Peak/Hosston Sands & Pettit producers.
These multiple resource layers provide high probability and repeatable, organic growth with 100% drilling success. The Company, headquartered in Oklahoma City, Oklahoma, has interests in 210 net producing wells and operates 77% of its reserves. The Company’s strategy is to grow shareholder value through acceleration of development, acreage additions that achieve operational growth around its core area, and converting its natural gas reserves to proved, while maintaining a balanced and prudent approach to financial management.
CHARTS
Press Releases
http://ir.gmxresources.com/releases.cfm
GMX Resources: Strong Growth Should Continue
http://seekingalpha.com/article/76099-gmx-resources-strong-growth-should-continue
GMX Resources: Buy the Cash Cow, Get the Sweet Milk Free
http://seekingalpha.com/article/90916-gmx-resources-buy-the-cash-cow-get-the-sweet-milk-free
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