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I can't wait for my dividend from DRYS. 8,000%.. LOL GE is like a wild animal backed up against the wall, he's unpredictable so cover your nuts for he needs escape.
What has you thinking r/m possible???? That would be awesome!!!
* * $ORIG Video Chart 07-17-17 * *
Link to Video - click here to watch the technical chart video
Orig has a JV with Saudi Aramco.Posible Merger with Potential Merger Candi dat Diamond Offshore $$$$
Reverse Merger Coming? Possible = Supernova 10$+ Targets possible $$$
Big Eyes Watching
* * $ORIG Video Chart 07-14-17 * *
Link to Video - click here to watch the technical chart video
The only thing I can think of is that ORIG appealed the Nas delisting determination. Wondered the. What on Earth do they have up their sleeves that would leave this trading on the Nasdaq without a 'Q' none-the-less.
That George is full of tricks. RM maybe?
I haven't kept up on ORIG. Is there really any hope for the common shares? My assumption has been the debt holders would own everything coming out of the bankruptcy. Has something changed or is this just another GE destruction of shareholders?
Probable Huge reverse split like I experienced with Dryships. I got the "shaft".
Will I EVER see my money in this turd again? I feel so stupid for buying this stock back in December before earnings, based off of a recommendation of a friend, that was so sure they'd be good and we'd see a nice lil "pop". Oh well, everyone who's been here since then or longer, knows that's exactly the opposite of what happened here. But I'm the only one to blame here. Never will I ever dump that much money into something I did not do any real DD in. Besides I took the advice of someone else and have paid dearly!!! Does anyone think this thing will ever get over $2 ever again? Or am I stuck holding the bag with a massive lost? I feel sick every time I see this thing in my portfolio -_-
Opinions and comments are welcome, I can take the heat, ha ha!
Heading stinky pinkys soon! Imo
Implied Volatility Surging for Ocean Rig UDW LLC (ORIG) Stock Options
Zacks
Zacks Equity Research
ZacksApril 28, 2017
Investors in Ocean Rig UDW LLC ORIG need to pay close attention to the stock based on moves in the options market lately. That is because the Jan 19th 2018 $1.00Callhad some of the highest implied volatility of all equity options today.
What is Implied Volatility?
Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.
What do the Analysts Think?
Clearly, options traders are pricing in a big move for Ocean Rig shares, but what is the fundamental picture for the company? Currently, Ocean Rig is a Zacks Rank #2 (Buy) in the Oil and Gas - Drilling industry that ranks in the Top 28% of our Zacks Industry Rank. Over the last 60 days, one analyst has increased the earnings estimates for the current quarter, while none have dropped their estimates. The net effect has taken our Zacks Consensus Estimate for the current quarter from 49 cents per share to 72 cents in that period.
Given the way analysts feel about Ocean Rig right now, this huge implied volatility could mean there’s a trade developing. Often times, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.
* * $ORIG Video Chart 05-01-17 * *
Link to Video - click here to watch the technical chart video
ORIG is actually mining for OIL and behaving
like some big mining co.'s in deep debt
hence the 4 cents that is bid
took the hit, dumped it all. This guy going to wipe everyone clean again.
Kalani unmasked! Toronto real estate tycoon is behind $450m $DRYS deals, Marc Bistricer and his firm Murchingson
$DRYS, $DSX, $ORIG
http://www.tradewindsnews.com/finance/1237454/toronto-real-estate-tycoon-is-behind-usd-450m-dryships-deals
Nope.
I don't know how more clear he can be...
Looks like a another greek george loser.Looking at this til i saw who the ceo was!!!
Anyone else get the feeling GE is going to run this up like DRYS? How else would he get investors to buy in while taking them through dilution and multiple reverse splits. What's on your mind GE....
Ocean Rig UDW Gets Support for Restructuring Agreement from 75% of Creditors
9:46 AM ET, 04/05/2017 - MT Newswires
09:46 AM EDT, 04/05/2017 (MT Newswires) -- Ocean Rig UDW (ORIG) said Wednesday that it has gained sufficient support from its creditors in order to implement the restructuring of the company.
It said that 75% of its creditors have signed or acceded to the restructuring support agreement dated March 23.
Ha you think the creditors will agree to these four scams?
Not likely! Pay up bitch(GE)!
A trillion common shares authorized!? Seems the current shares are about to become less than worthless.
My ORIG 25's purchased yesterday seem to be getting digested rather well this morning!
Well...we could certainly agree to disagree!! lol
Sorry...meant ORIG's recent filings. That appears to be the game plan here.
Okay...looked again at the 6k from Monday. The 'set-up' is in place. The appeal of the Naz determination is because they plan to remain listed with their current shares.
If you look at what the Chapter 15 is saying, it's a debt for equity swap. They do their DRYS-like RS and have the markets run it up like they did with DRYS. It's all there in George's recent filings.
Filing drop in the AH. Looks like George is setting ORIG up for a DRYS-run-repeat. Shareholder meeting scheduled. Look at the items in the agenda.
Accumulation mode continues.
Here's my run!! Thought it felt it coming on.
$ORIG
Guess one will see. But he has already filed for BK, right?
DRYS never filed for BK - so no comparison.
Why would he need a delay. He could still trade it and generate interest in the OTC. He gets no additional benefits. Not thinking its a delay at all...but if so, there remains a noteworthy amount of interest in ORIG here at current pps. The DRYS effect? Who knows.
Unfortunately George doesn't always have something behind his behavior that is positive. You know that. When he announced he would possibly take ORIG bk - everyone ignored that thinking George was up to renegotiating loans and it was a trick. A last ditch effort. Hell - even I thought that at first. George style, he's done it many times over the years with both companies who wouldn't think the obvious.
But now filing for BK shouldn't be a surprise to anyone - he flat out told us he would do it.
And for once he kept his word.
He did it.
The Nasdaq issue is a delay tactic. No one wants their company stock immediately dropped to the OTC market.
This isn't a LT thought pattern for recovery. Shareholders will be wiped out - but this thing could crazy trade.
Have fun! And bank that right and left!
Good luck, Wolf!!
Well GE certainly knows how to bring attention to a stock. He owns DRYS and they have half a billion in cash.. He didn't necessarily have to re-structure ORIG and if he did he certainly did not have to call for a re-structuring for at least a few more months. Much higher volume and this thread has began to pick up again, eyes are back on ORIG.
There is only one ceo that would never surprise me if you said his stock was going up 5000% or down 5000% ...
You are correct.
Use of the word "Scheme" in reference to the Chapt 15 BK filed....
(Not the kinda 'Scheme' we all think when we hear the word...but one can't help to lean that direction when we think about George ;)
Also there should be no surprises to existing shareholders as it's all right there.
Ocean Rig UDW Inc. Reaches Agreement on Comprehensive Deleveraging and Recapitalization Transaction
http://finance.yahoo.com/news/ocean-rig-udw-inc-reaches-124500703.html
MarketwiredMarch 28, 2017
GRAND CAYMAN, CAYMAN ISLANDS--(Marketwired - Mar 28, 2017) - Ocean Rig UDW Inc. ( NASDAQ : ORIG )
•Implementation commences with the appointment of joint provisional liquidators in the Cayman Islands
•Operations to continue unaffected and trade creditors/vendors will continue to be paid in the ordinary course of business
•Company will emerge with the industry's youngest ultra-deep water fleet and a strong balance sheet, poised to take advantage of ongoing industry opportunities
Ocean Rig UDW Inc. ( NASDAQ : ORIG ) ("Ocean Rig" or the "Company"), an international contractor of offshore deepwater drilling services, today announced that it and its subsidiaries Drill Rigs Holdings Inc. ("DRH"), Drillships Financing Holding Inc. ("DFH") and Drillships Ocean Ventures Inc. ("DOV" and collectively, the "Scheme Companies") have entered into a Restructuring Support Agreement (the "RSA") with creditors representing over 72% of Ocean Rig's outstanding consolidated indebtedness for a financial restructuring (the "Restructuring"). The RSA provides that the Restructuring will be implemented by four separate but interconnected schemes of arrangement under Cayman Islands law (the "Company Scheme," the "DRH Scheme," the "DFH Scheme," the "DOV Scheme" and collectively, the "Schemes").
Pursuant to the terms of the RSA, the Scheme Companies presented winding up petitions to the Grand Court of the Cayman Islands (the "Grand Court") on March 24, 2017 and sought the appointment of joint provisional liquidators (the "JPLs") for the purpose of the Restructuring. On March 27, 2017, the Grand Court appointed Simon Appell and Eleanor Fisher of AlixPartners as the JPLs. By virtue of the appointment of the JPLs, provisional liquidation proceedings were commenced in the Cayman Islands (the "Provisional Liquidation Proceedings") and the Scheme Companies are beneficiaries of a moratorium in the Cayman Islands. The JPLs will work together with the Scheme Companies' directors to implement the Restructuring and are anticipated to promote the Schemes alongside the directors on behalf of the Scheme Companies. The Schemes are required to be approved by the Grand Court. In addition, on March 27, 2017, the JPLs (in their capacity as foreign representatives of the Scheme Companies) commenced cases under Chapter 15 of the U.S. Bankruptcy Code for each of the Scheme Companies seeking, among other things, recognition of the Provisional Liquidation Proceedings as foreign main proceedings.
Restructuring Support Agreement
The RSA became effective on March 23, 2017. It requires the Scheme Companies to apply to the Grand Court before, or as soon as practicable after, May 8, 2017 for permission to convene a meeting of creditors to vote on the Schemes. Pursuant to the RSA, the Company will not make any further payments of any kind on or relating to its existing financial indebtedness.
The Schemes will affect only the financial indebtedness of the Scheme Companies and their guarantor affiliates. Operations of the Scheme Companies will continue to be unaffected and trade creditors/vendors of the Scheme Companies will continue to be paid in the ordinary course of business and will not be affected by the Schemes. If conditions of the Schemes are satisfied, the Scheme Companies will be substantially deleveraged through an exchange of approximately $3.69 billion principal amount of debt for (i) new equity of the Company (the "New Equity"), (ii) approximately $288 million of cash (the "Cash Consideration"), and (iii) $450 million of new secured debt (the "New Secured Loans"). More particularly:
(a) In the Company Scheme, the approximately $131 million of claims outstanding in respect of the Company's senior unsecured notes (the "SUNs") and those in respect of the Company's guarantees of the debt facilities of DRH, DFH and DOV (the "Company Guarantees") will be discharged in exchange for New Equity. The New Equity will have a value equal to the asset value of the Company prior to the restructuring of the debt facilities at DRH, DFH and DOV, and will be allocated among the holders of the Company Guarantees and the SUNs pro rata on the basis of the notional amount of the claims of such holders.
(b) If the DRH Scheme is sanctioned, the approximately $460 million of claims outstanding in respect of DRH's senior secured notes (the "SSNs") will be transferred to the Company in exchange for (i) New Equity and (ii) Cash Consideration. The Cash Consideration will be shared pro rata with the DOV Lenders (defined below) and DFH Lenders (defined below). The value of the New Equity provided to the holders of the SSNs will be equal to the asset value of DRH, less the Cash Consideration received by such holders. Holders of SSNs who agree to be bound to the terms of RSA in the manner specified therein by no later than 5:00 pm (New York time) on April 11, 2017 shall be entitled to a pro rata share (allocated in accordance with the amount of the SSNs held by each consenting holder) of an early consent fee of $2.5 million.
(c) In the DOV Scheme and the DFH Scheme, the lenders under DOV's $1.3 billion credit facility (the "DOV Lenders") and the lenders under DFH's $1.9 billion credit facility (the "DFH Lenders") will transfer their loans to the Company in exchange for (i) New Equity, (ii) the New Secured Loans and (iii) Cash Consideration. The Cash Consideration will be shared pro rata among the DOV Lenders, the DFH Lenders and the holders of the SSNs. However, if the DRH Scheme is not sanctioned, the Cash Consideration will be distributed among the holders of the DFH Loans and the DOV Loans only. The New Secured Loans will be shared pro rata among the DOV Lenders and the DFH Lenders. The value of the New Equity provided to the DFH Lenders and the DOV Lenders will be equal to the asset value of DFH and DOV, respectively, less the Cash Consideration and New Secured Loans received by the DFH Lenders and the DOV Lenders. DOV Lenders and DFH Lenders who agree to be bound to the terms of RSA in the manner specified therein by no later than 5:00 pm (New York time) on April 11, 2017 shall be entitled to a pro rata share (allocated in accordance with the amount of the loans held under the DFH and DOV credit facilities by such each consenting DFH Lender and DOV Lender) of an early consent fee of $30 million.
The Company Scheme, the DOV Scheme and the DFH Scheme are all inter-conditional, meaning that for any one of those Schemes to become effective, all three must be sanctioned by the Grand Court. If all four Schemes are sanctioned and become effective, the holders of the SUNs and the beneficiaries of the Company Guarantees will receive approximately 20.9% of the New Equity under the Company Scheme, the holders of the SSNs will receive approximately 2.9% of the New Equity under the DRH Scheme, the DFH Lenders will receive approximately 40.2% of the New Equity under the DFH Scheme, and the DOV Lenders will receive approximately 36% of the New Equity under the DOV Scheme, in each case subject to dilution in respect of New Equity of 9.5% to be reserved under a new management equity plan. If the Schemes are sanctioned, the existing shareholders of the Company will be diluted to an insignificant amount of the post-restructuring equity of the Company.
George Economou, Ocean Rig's Chairman and Chief Executive Officer, commented:
"Ocean Rig, similar to all rig operators, faces a deep and prolonged industry downturn. Given these conditions, Ocean Rig is taking the appropriate steps to allow us to emerge as a much stronger company that can take advantage of opportunities as they emerge. Our entire team at Ocean Rig is wholly committed to the success of the company and looks forward to our emergence from this financial restructuring that will ultimately enable us to better service our customers in the long term."
Court Protection in the Cayman Islands and the United States
As previously noted, on March 27, 2017, the Grand Court appointed the JPLs for the purpose of the Restructuring. By virtue of the Provisional Liquidation Proceedings, the Scheme Companies are beneficiaries of a moratorium in the Cayman Islands. Pursuant to the Order of the Grand Court appointing the JPLs, any creditor of the Company has liberty to apply to the Grand Court at any time to vary or discharge the appointment order, on not less than 14 clear days' notice to the JPLs.
On March 27, 2017, the JPLs commenced Chapter 15 proceedings for the Scheme Companies under the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. Under these proceedings, the Scheme Companies will seek recognition in the United States of the Provisional Liquidation Proceedings in the Cayman Islands as foreign main proceedings under the U.S. Bankruptcy Code. Recognition of the Provisional Liquidation Proceedings as foreign main proceedings will result, inter alia, in the imposition of a stay of virtually all actions against the Scheme Companies and their property within the territorial jurisdiction of the United States for the duration of the Chapter 15 proceedings. Subsequently, the JPLs will seek an enforcement order recognizing and giving effect to the Schemes in the United States if and when the Schemes are sanctioned by the Grand Court. Recognition of the Schemes and the subsequent enforcement order by the U.S. Bankruptcy Court will result, inter alia, in a permanent injunction on creditors taking any actions in the United States against the Scheme Companies that would be in contravention to the terms of the Schemes.
Simon Appell, a JPL and foreign representative of the Scheme Companies said:
"The appointment of the JPLs will give the Grand Court comfort that the affairs of the Scheme Companies will be subject to the supervision of independent office holders. Our role will be to consider the Restructuring and, if appropriate, to promote the Schemes on behalf of the Scheme Companies and help ensure that all creditors are treated fairly." He added, "The Chapter 15 proceedings are also an important step for implementing a successful restructuring of the Company, as recognition of the Provisional Liquidation Proceedings as foreign main proceedings in the United States will stay creditor actions against the Scheme Companies in the United States. In addition, an order of the U.S. Bankruptcy Court giving effect to the Schemes in the United States, should they be sanctioned by the Grand Court, will ensure that the Restructuring will be enforceable in the United States."
Additional Information
Ocean Rig has retained Prime Clerk LLC as the Information Agent for the purposes of the Restructuring. Copies of the RSA and further information on the Ocean Rig group can be obtained from Prime Clerk LLC:
Email:
oceanrigteam@primeclerk.com
Telephone:
(855) 631-5346 (United States and Canada toll-free)
(917) 460-0913 (international)
Mailing Address:
Ocean Rig Processing
c/o Prime Clerk LLC
830 Third Avenue, 3rd Floor
New York, NY 10022
I didn't use it. That's a direct quote from the filing. It's apparently a real term/process. LOL
I have never heard that term in that reference, before.
Finviz link should anyone need it... for news.
Good luck!
http://finviz.com/quote.ashx?t=orig&ty=c&ta=1&p=d
Think the markets are finally getting what that AH filing implies. Squeeze yes!!
$ORIG
Sorry...meant to also say, I like the term you used...'scheme'. That George!
Thanks for your sage input...always.
ORIG... .33...Squeeze it...
ORIG... .3042...Red to Green...
Nice add...I have a load as well...
1) Did the company actually state BK or did they exclusively use the word 'restructuring'?
They announced restructuring under chapter 15 BK so yes they stated BK.
https://www.sec.gov/Archives/edgar/data/1447382/000091957417003022/d7448127_ex99-1.htm
The Company Scheme, the DOV Scheme and the DFH Scheme are all inter-conditional, meaning that for any one of those Schemes to become effective, all three must be sanctioned by the Grand Court. If all four Schemes are sanctioned and become effective, the holders of the SUNs and the beneficiaries of the Company Guarantees will receive approximately 20.9% of the New Equity under the Company Scheme, the holders of the SSNs will receive approximately 2.9% of the New Equity under the DRH Scheme, the DFH Lenders will receive approximately 40.2% of the New Equity under the DFH Scheme, and the DOV Lenders will receive approximately 36% of the New Equity under the DOV Scheme, in each case subject to dilution in respect of New Equity of 9.5% to be reserved under a new management equity plan. If the Schemes are sanctioned, the existing shareholders of the Company will be diluted to an insignificant amount of the post-restructuring equity of the Company.
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