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I forget what she used to do. Whatever it was, it wasn't the kind of job that would pay for Tara.
And they can scarcely move in with the Millers, who don't seem to like Scotty anymore.
With no reserve, it is unlikely to fetch the amount of it's mortgage. Scotty will get no cash from the sale, so-where are poor Scotty and Julie going to live? He has no job to speak of. Maybe she does?
Sad that Julie will be leaving Tara so soon after she moved in. But wait! Maybe she'd like to stay on and cook the breakfasts? I'm not much of an early riser.
well, maybe we could find some CEO to rent it to
$62,313/mo is the current zestimate on rental.
I still say it would make a great B&B.
There is no accounting for taste. We will just put Julie in the "not too bright" category.
Hey, let's each go in for $10. Don't want to spend too much; I'm sure the taxes are a bear.
The deed was only transferred last December. By that time, it should have been clear to Julie that things were not going well at all for Scotty...
No reserve on Tara! Should we put in a bid?
Can't imagine why she'd marry him. Maybe it's so she doesn't have to testify in any upcoming trials?
Looks as if Tara's going on the auction block in late May. And as a side note, it looks as if Scotty recently married Julie, the girlfriend he used to send the company jet to pick up in New Castle, Delaware:
http://investorshub.advfn.com/uimage/uploads/2016/4/20/wvdsyjanice_2.png
http://investorshub.advfn.com/uimage/uploads/2016/4/20/cuyfjjanice_1.png
http://www.zillow.com/homedetails/5656-Lyons-View-Pike-Knoxville-TN-37919/41678180_zpid/
http://www.zillow.com/homedetails/5628-Lyons-View-Pike-Knoxville-TN-37919/41678181_zpid/
The company will continue but as separate entities represented by its 11 subsidiaries.
11? They couldn't just combine a few?
That sounds like a plan!
Scotty's shenanigans make me angry too, though I never owned the stock. I hope he doesn't succeed in glossing this all over and getting another cushy job, with a shot at wrecking another company.
What a train wreck this became. I hate losing money, but some friends were seriously financially hurt. He lives in Tara, they live in an apt. now. That makes me angry. I know we all have to be responsible for doing DD, but the kind of fraud MILL committed made it difficult to see all of the problems. Think I'll go have a beer and toast to Scotty's future jail time!
Maybe he could show that he's been trying to sell it, and can't. That it'd make more money as a theme park.
But probably the neighbors wouldn't be happy.
He can't. He'd have to sell it to start paying off his fines!
Absolutely! But why not think big? Why not a theme park? He could put an oil derrick somewhere on the grounds.
LOL I'd say so. He could be more creative than that. Tara be hard to sell, but bet it would make a sweet B&B. I'd go stay there, wouldn't you?
Yes, he needs to get Tara off his hands. But probably that won't prove easy. He could always sell used cars.
But first, he'd better update his LinkedIn profile:
https://www.linkedin.com/in/scott-m-boruff-24924916
I'd imagine home to TN. He still got Tara? Maybe he can go back to being a --what was that--- a Real Estate Executive?
Yes. I wouldn't be surprised, either. I wonder where he'll go from here. I mean, I hope eventually that will be prison, but in the meanwhile...
I think you're right. But I'm not sure about the visits. I think prisoners have to give permission. Which really is too bad.
I'm surprised, really, that he didn't resign as a director long before now. Did he think he could talk his way into some kind of golden handshake?
I think you're right. But I'm not sure about the visits. I think prisoners have to give permission. Which really is too bad.
I'm surprised, really, that he didn't resign as a director long before now. Did he think he could talk his way into some kind of golden handshake?
I haven't had a chance to read all of them yet. By chance I was talking with a friend (the one who brought MILL to my attention to begin with) this morning and it's his opinion that Scotty will --sooner or later-- do some time in jail. Would we be allowed to visit and point and laugh at him?
There was a rash of filings yesterday. I'd been checking occasionally, but missed them. Seems Apollo's in charge of what is now a private company.
Based on projections furnished to the Court in December 2015, the Company’s consolidated total assets were projected to be approximately $142.3 million and consolidated total liabilities were projected to be approximately $87.1 million as of the confirmation date.
Pitiful.
http://www.sec.gov/Archives/edgar/data/785968/000078596816000085/a2016-03x248xkforplan.htm
And Scotty is finally gone as a director:
http://www.sec.gov/Archives/edgar/data/785968/000078596816000091/a2016-03x298xkforeffective.htm
Ouch. A bigger bunch of screwups than MILL management would be hard to find.
ok thanks lesson learn, it cost me $165, bought 5000 shares in october.....learning by myself so i know what happens now...thanks a lot...in my brokerage account still appear the ticket and the amount.....
there is some ticket where rookies can earn little money so i can get back some of my losses.....i know that is a stupid question but due that i a rookie who know, perhaps there is some place to do it....
sorry bother you
have a good day
Yes, all common shares and all series of Preferred shares were cancelled, meaning they no longer exist.
hello that means that everyone who owned previous shares they lost everything??? the thing is that i own a few, nothing to worry about but is good to know and i'm pretty new on this..
thanks in advance
MILLQ: bankruptcy PLAN effective. All shares cancelled.
http://otce.finra.org/DLDeletions
Please do a little reading about this sorry company and its many problems.
Please check chart any break of .008 will see .02...
And would there be any particular reason that would happen?
Breakout in AM
How funny! They probably can't afford even that, anymore.
No more MILL website…
http://www.millerenergyresources.com
This site has been suspended.
I guess somebody isn't paying the bills.
Evidently. But that kind would be easier to store when you weren't using it. And it'd be lighter than the old ones.
Apparently hat "boxes" have changed.
http://www.churchderbyhats.com/hat-boxes?product_id=468
A problem. But since the hats exist, there must be means of transporting them.
Well it will be a great excuse to buy the Rosie hat that I've wanted!
http://www.maggiemae.com/RosieSignatureHatCollection-TheJordanHat.htm
Maybe, but you'd need one that is enormous!
Oh dear! I wonder if they even still make hatboxes...
There must be and that's a great thought! No packing!
Uh...maybe not. Unless you want a fedora. A quick search turns up no such thing.
Sigh. So true. Is there a decent milliner in Knoxville? We could have them made on the spot.
Well, not for Tara! You need one like you'd wear to the Kentucky Derby!
I have a couple of sort of straw summer hats you can roll up.
I love them too. I just don't love packing them!
I have lots of hats. Love 'em. We'll have a ball!
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Share Related Items as of July 31, 2011 | |
Market Cap. | $174,930,000 |
Shares Out | 39,000,000 |
Float | 31,200,000 |
Cook Inlet Energy Acquisition
On December 10, 2009, Miller Petroleum, Inc. ("Miller" or the "Company") acquired 100% of the membership interests in Cook Inlet Energy, LLC ("CIE"), an Alaska limited liability company from the owners of this entity. This company was created to acquire the assets of from Pacific Energy Alaska Operating LLC and Pacific Energy Alaska Holdings, LLC ("PER") from the Chapter 11 U.S. bankruptcy filing. T he owners of membership interests in CIE were David M. Hall, Walter J. Wilcox, II and Troy Stafford (collectively the "Sellers"). As consideration for this company Miller issued the Sellers, who were unrelated third parties, stock warrants to purchase three million five hundred thousand (3,500,000) shares of Miller's common stock. The warrants were priced and vested as follows: Tranche 1 - 1,000,000 warrants with an exercise price of one cent ($0.01) immediately vested as of the date of closing; Tranche 2 - 1,500,000 warrants with an exercise price of one dollar ($1.00) vesting one year after closing; Tranche 3 - 1,000,000 warrants with an exercise price of two dollars ($2.00) vesting two years after closing. 350,000 of Tranche 1 warrants shall be delivered to an escrow account in the name of Miller and the sellers and is to be delivered to the sellers upon release of certain potential claims by a former financial advisor of CIE. As additional consideration, Miller agreed to place into escrow, within 90 days of closing $250,000 in cash, which is to be delivered to the sellers upon the release of certain potential claims by a former financial advisor of CIE. Miller shall also deliver to the Seller, reasonable and normal out of pocket expenses that the Sellers have incurred since December of 2008 through December 10, 2009.
As part of the acquisition, Miller agreed that CIE would be represented by a seat on the Board of Directors of Miller for a period of three years from December 11, 2009. The Director(s) representing CIE will be Mr. Hall or his designee(s). Should Mr. Hall become deceased, incapacitated or otherwise unavailable to act as director or appoint a designee, the Director(s) will become Mr. Wilcox or his designee(s). Should both Mr. Hall and Mr. Wilcox become deceased, incapacitated or otherwise unavailable to act as director or appoint a designee, the Director(s) will become Mr. Stafford or his designee(s).
The warrants were issued in a private transaction exempt from registration under the Securities Act of 1933 in reliance on an exemption provided by Section 4(2) of the act. A copy of the form of warrants is filed as Exhibit 4.1 to this report. A copy of the Agreement for Sale of Membership Interest in Cook Inlet Energy, LLC is attached as Exhibit 4.2.
Pacific Energy Alaska Assets Acquisition
On December 10, 2009, Miller's wholly-owned subsidiary, Cook Inlet Energy, LLC acquired certain Alaskan oil and gas assets from Pacific Energy Alaska Operating LLC and Pacific Energy Alaska Holdings, LLC ("Pacific Energy") through a Chapter 11 U.S. Bankruptcy proceeding in Delaware. Miller acquired total reserves of over 13.2 million barrels of oil and 15.5 BCF of natural gas, including total proved reserves of 5.6 million barrels of oil and 3.7 BCF of natural gas as reported by the Pacific Energy in their most recent reserve report of January 1, 2009. The discounted net present value of the Alaska reserves that Miller acquired is over $327 million dollars, including $119 million dollars of proven reserves, $185 million of probable reserves and $23 million of possible reserves, as stated in its most recent reserve report as of January 1, 2009.
In addition, Miller acquired onshore and offshore production and processing facilities, an offshore energy platform, 602,000 net acres of land with thousands of acres of 3-D geologic seismic data, miscellaneous roads, pads and facilities all of which were built and installed over the last 5 years. The purchased assets includes the West McArthur River oil field, the West Foreland natural gas field, and the Redoubt unit with the Osprey offshore platform, all located along the west side of the Cook Inlet.
At closing, Miller paid Pacific Energy a purchase price of $2.25 million and provided $2.22 million for bonds, contract cure payments and other federal and State of Alaska requirements to operate the facilities. Miller will operate the facilities through its recently acquired wholly-owned subsidiary, Cook Inlet Energy, LLC, which has been approved by the State of Alaska as the long-term operator for the Alaskan oil and gas wells. A copy of the
Purchase and Sale Agreement by and between Cook Inlet Energy, LLC and Pacific Energy Alaska Operating LLC and Pacific Energy Alaska Holdings LLC is attached as Exhibit 4.3.
Convertible Secured Promissory Note
Also, in a related transaction, on December 3, 2009, Miller created a $3,000,000 six percent (6%) coupon Convertible Secured Promissory Note program ("Note"). Accredited investors only may contribute to the debenture. Through December 10, 2009, Miller raised $2,885,000 through this program, which was contributed to the Alaskan asset transaction. Interest on the Notes is paid quarterly and the principal is due December 4, 2016. The Note contains a convertible feature which the Note holder has the right, but not the obligation, at the Holder's option, at any time prior to payment in full of the principal balance of this Note, to convert the unpaid principal amount of this Note, in whole or in part, into fully paid and nonassessable shares of Miller's Common Stock at the conversion price of $0.55 per share, a 10% discount to the closing price on December 4, 2009.
Purchasers of the Note shall receive 6% annualized interest which is payable quarterly, or at the pre-payment date, whichever occurs first. The first interest payment date shall be March 31, 2010. In the event that the principal amount of this Note and all accrued and unpaid interest is not paid in full when such amount becomes due and payable, the interest rate shall increase to twelve percent (12%) per annum and shall continue to accrue on the outstanding balance until such outstanding balance is paid.
The Company granted to the Note Holder a lien on, security interest in, and so pledges and assigns to them an interest in property, assets and rights including, but not limited to, all mineral rights and oil and gas assets of the Debtor, and all proceeds thereof in the 35,325 leased acres located in Morgan and Scott Counties on the Chattanooga Shale and the 173 natural gas and oil producing wells. A copy of the 6% Convertible Secured Promissory Note is attached as Exhibit 4.4.
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