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Yes. My holdings are based on the DD and Im here for the long game. I thought this might move the stock up today, but in the end it doesn't really matter what daily share price is until the bullets start flying. What matters is what POR the judge approves and at the end of the day, I think he will approve one that takes equity into account.
Are you serious??? You can't be trying to imply that this was a private offering. That isn't true and you should be more careful about spreading false info like that. It wasn't, shares were accumulated most likely over a time period and once they crossed the 5% ownership level, they then were required to file a 13G. Because it falls under rule 13d-1, they are given 45 days from the end of the calendar year to file the 13G in the year the transaction took place, not 10 days, so yes the date part is correct in that they crossed over 5% at the end of November but it wasn't a private placement.
What did you just read? Cite your source.
There was some pretty significant news today in after hours. Check the SEC Edgar site for the 13G filing. Someone just bought 5% of the commons. :)
Is that your stock strategy or your strategy for buying Powerball tickets???
This is absolutely true and the guys from Apaloosa bought 17M shares early on in the .20-.30 cent range. This is why the price initially jumped to several dollars.
The problem with LiarmJohn or "John" on the Y board (same guy) is they are here to pump so much that they bleed the line between pumpers and real investors. He yells and screams anytime there is news and he is literally the most clueless person around. John offers nothing of substance and just copies others posts and yells out obscure numbers.
This is not similar to Ultra Petroleum other than they are both energy stocks in bankruptcy that are both going to be great stories. One already is and the other is on its way. Please go away John, find an NFL team and go to cheerleader tryouts.
There really isn't much in the footnotes other than what we already knew from the MOR. The express that they cant guarantee any recovery for Preferreds or Commons like they have said all along. Again if you believe the debtors, then you buy that...if you dont (which is why most are here except for the guys from Shaker Heights) and think they are full of shit, then you dont and see what the EC has to present to the judge about that. It's as simple as that, make your bets accordingly but remember even with this filing, the common stock should be at about .55 cents/share based on this and Preferred at $26.25. And now the debtors will deal with pushback that they haven't had to as we move thru November.
Also, Revenues went from 187M to 320M.
That's every Q or pinksheets stock unfortunately. It's ok though, there is a solid legal team in place about ready to take over once the EC is formed.
Be vigilant on this stock. Some people have started a file with the SEC due to the chop operation that claims its a hedge fund out of Shaker Heights, OH and who are drastically trying to spread false info and manipulate the stock. Help clean up the trash, and don't let them do that here. The message is as follows, and moderator it would be nice to stick this at the top.:
I have been made aware that the SEC has been fully apprised of the coordinated bashing, value manipulation and naked shorting of both BBEPQ and BBPPQ. These activities are illegal. If you have additional, specific and objectively verifiable evidence of illegal activities in these equities, you are encouraged to report them to the SEC. In such correspondence, enter in the subject line: TCR Submitted Successfully Reference Number: TCR1478116439344. Aside from becoming a part of the solution, there is a possibility you can win the SEC Whistle blower award of up to $100,000.00.
The report was prepared in mid April of 2015...Oil was $57 by the end of the year 2014...That will be decided in court. No explanation given whatsoever in the footnotes of the MOR how they justified such a large writedown.
If you walk into a courtroom and say it takes me 60 minutes to get from Point A to Point B, no ifs ands or buts, but then someone stands up and says Not so fast, I can do it in 25 minutes, and here is how.....most likely they are going to give you a chance to show how your 25 minutes beats 60 minutes.
Yes because they are crooks. And if you go back and research what happened with Sand Ridge, they did get away with it, so of course BB thought they could do the same.
This is why getting the approval from the judge for an EC was a MONSTER DEVELOPMENT. I can't stress that enough because if not, then they probably would have gotten away with it too. Also people dismiss the SEC letter but that's a huge deal too. Keep in mind that the secured debt here is Wells Fargo, who are crooks too and are in hot water about what they did not in this stock, but with their own internal bank.
At a time when Wall St is under the microscope, there are a lot of eyes on people here and once the EC is formed and can present things like this, this BS will come to a head. It's why there has been such a push to shake shares free this week, yet people come on here and cry about the price going down and how they have to sell. Those people are just enabling them to get away with it, but their time to do that is soon coming to an end.
There is a lot to like here as a shareholder. To many people come on here and say its like all these other Q oil stocks, and that's what they are basing it on because they have no clue how to read court filings and follow along, but it isn't like those at all. This is a solvent company worth $1-2B after liabilities.
Right, which is ONE YEAR before they filed for bankruptcy. Think about it.....
Breitburn hiding 7.6Billion in assets?
Investor Proposal posted on Y Board first, but this should be stickied.
p.32 Total Assets 7.638 BILLION
Where did they all go less than a year later? Gee I wonder who's telling the truth. Equity Committee with a copy of this as well.
http://files.shareholder.com/downloads/BBEP/2712110666x0x822159/b531af89-9770-486d-8eba-4c5522eec592/Breitburn_Energy_vF.pdf
Honestly, I know it's hard when it drops to not get worried but this stock is going to get manipulated down without news or with news people can spin. They want your shares and will do whatever to get them.
For me, its about the long term goal of getting at least minimum valuation and that's a couple bucks on the low end, so regardless of the day to day moves, Im here until at least then. There hasn't been any bad news since it hit .58 either, even though its went down in half since then. Everything has been positive and the EC shall soon be formed.
So to answer your question, no the daily moves dont worry me because Im confident in the stuff that I invested here in the first place and none of that has changed.
That was pretty loosey goosey with the latest MOR as well impairing and writing down over 300M without explanation. They are completely full of it and I look forward to the EC being formed so they can put an end to that BS.
I don't think timing is coincidental. They get filed after received and opened so if one shows up for example tomorrow, it would most likely be on the docket this week. Anything showing in the docket wouldn't be something sent months ago.
That letter you are referring to that is on there today though was a good one. Not sure if it has any legal effect or not, but if the judge actually reads them, it should at least stick in his brain in the event there are shenanigans going on with them, and of course there are.
The big takeaway from the MOR released today is even with the debtors made up valuations and numbers, and even with them showing a large shareholder equity....it still implies a current BV of full face for Preferred's and .55 cents/share for commons!
The stock is undervalued even at that, and again that is if you look at THEIR point of view. When they no longer can go at it unchecked and have an EC in on any meetings, then those numbers can be much, much more.
The bashers on Yahoo really don't understand what they are talking about, but that's to be expected as they just want to bring it down and work for the hedge funds and dont care about right or wrong. They only intend to scare.
WOW BIG NEWS FOR EQUITY....Straight from the horses mouth in todays filing from docket #703 filed by the debtors:
( https://cases.primeclerk.com/breitburn/Home-DocketInfo )
They just recognized that the EC now has a place at the table. If this isn't proof that we are in a great spot here, then you clearly are only here to try and bash this stock down. Get the red capes out because the BULL RUN is officially on.
I will paste the passage verbatim from the Debtors. From Page 11 section (viii) the Debtors state:
The Debtors need the requested additional time to meaningfully negotiate with stakeholders, including the Equity Committee, and achieve a consensual plan.
BOOM! Hope you didn't get shaken from your shares yesterday.
Frankenstock, I dont think anyone should ever tell you to get in or out of a stock, but what I will say to you is you should go back thru the posts on here the last few weeks and you will see several quality posts on why people who believe in this stock think the way they do. Having an EC doesnt guarantee anything, and is just one component, but that combined with other things makes for a strong case, and it sure looks like the debtors and bond holders tried to pull a fast one, and got caught and are now in a streetfight with shareholders.
As far as the stock going down today, there was no particular reason or any bad news. With idle time and no news flowing, hedge funds are going to shake trees and try to take down the stock, but remember that over 9M shares traded today so someone was buying them, and its most likely the same guys who were shorting them.
Best advice if you stay in is to monitor the filings, which you can do here at, https://cases.primeclerk.com/breitburn/Home-DocketInfo
Read dockets 614 and 650 especially, and monitor the progress of what the EC does once it's formed. There are some great attorneys who have repped us so far and should be formally hired moving forward to help give equity its true value. I am pretty sure we will be moving up and down, sometimes chaotically, until we are either in the money or buried, but most of us wouldn't be here if we thought we would be buried.
It isn't the case here. This isn't a dead stock and it's already in bankruptcy.
Apparently a lot of posters here just assume every stock in the sector is exactly the same and don't read the actual docket and filings. It's almost pointless to even post here anymore. No need for facts or educated speculation when you can just run and see what LINEQ is up for the day or how Ultra Petroleum traded on their 50th day in bankruptcy.
Now we all know how Sgt Hulka felt like when listening to the Army in Stripes.
Nothing is a fact, but the debtors have put forth their position that there is no money for Equity. And Equity has countered with their assertion that there is.
Now the fight is on, and both sides can prove in court what the truth is. But if you line up bidders and buyers for assets or the company in whole, the debtors can only lowball so much before they are outed.
It's like if they came back and said ok, this guy will give us $10,000 for our used car, but then Equity said well obviously you didn't try hard enough because we know 2 people that will give you $20,000. That is often why there are several POR's exchanged and why it's of ultra importance that there is an EC to fight everything and make sure it's a fair distribution. And also it's not just that there is an EC, but that they have proper counsel and again the EC has 2 fantastic attorneys that represented them so far, and most likely will be retained once the EC is formed.
Also keep in mind that if there is forced liquidation or a buyer for the whole company, then that could bypass all of the above and move this down the tracks a lot quicker, and the creditors have already stated in their filing what they believe the Permian assets to be worth and that they should in fact be liquidated. Something tells me Wexford would love to have this company, and if they want it, then they should pay top dollar for it, not what they deem as fair.
It's important for everyone to know because there is so much false info on these boards....Just because BBEPQ may write a plan and say for example, there is no equity recovery, that doesn't mean it's going to be approved. Of course they want that, they have already stated that.
They may have to keep re-writing their plans and the EC will be standing there as a conduit to the judge to agree or not with the plan every step of the way. When EC have has retained better experts and counsel than the debtors, well we will see what plan gets approved or not.
Again, make your bets accordingly. Don't think that the debtors are dictating something just because they submit a plan.
You act as if the Debtors are still in control. They're not, and the JUDGE decides what plan can and can't be approved, they don't get to cram down something because they have more ownership, not how it works.
That is beyond disingenuous and you don't understand and are misrepresenting Cram Down...That is something the Judge can do IF he backs the debtors plan and others won't agree. It is CLEAR from this case that the Judge doesn't believe that they have been honest about anything. nor have they even been willing to submit an actual plan. Again folks, 2 important clues to follow this far:
1) The letter from the SEC
2) The subsequent ruling from the bench immediately approving the formation of an EC after hearing the expert from the EC's valuation.
Those things alone give you a good indicator of what the judge thinks and it's laughable if you think he is going to "cram down" any garbage plan laid forth by the crooks at Brietburn and their creditors.
So people can make their bets accordingly, I know where mine is and taking the stock down by manipulating it or having tons of people from the shops that are in line with the debtors and creditors come on and try to flood message boards and scare people isn't something you should fall for. Again do your own DD. There is a TWO BILLION DOLLAR difference in valuation from what the debtors are trying to hide vs. an independent expert who has over 30 years says. We aren't talking about 200,000. We are talking TWO BILLION.
Agree 100%
Because who said Breitburn was for sale? Just because they filed bankruptcy it doesnt mean they planned on selling their company. They had other motives, they got caught, and now here we are.
Because that is what they issued the Preferred Class A at, $25 per share. You can find that in the prospectus or filings.
All true but remember the role of the judge in this. He is the one who decides what plans are acceptable, and thus far he has come down on the side of shareholders. Again why the SEC letter and Martin Lewis valuation are carrying weight than some are giving credit for because the Judge obviously is paying attention to them.
While being approved, the EC hasn't been formed yet as they have to go thru the people who want to be on it. At that time, the EC would then hire counsel, but obviously Bienenstock and S&G would want to represent EC based on their work thus far, and that tells you what they think as far as the chances being good for a recovery.
My guess is the answer would be B) as the best option, but would add that it could be a complete sale to one or a complete sale via liquidation to several entities.
A) I think is unlikely because a reorg doesnt seem to bring in max value and while the unsecured creditors filed in their brief that they want to see the Permian assets sold, it wouldn't solve the debtors other problems.
C)is opposite of what I think will happen. The unsecured creditors don't want 6 more months granted. They are asking that to be denied, and if there is an extension, for it to be only 45 days. I would think the EC would also be on board with that, rather than give the debtors 6 more months to dick around. They have offered nothing yet so there isn't a lot of faith in giving them more time to do so. We will see what the judge has to say about that though.
All those are just guesses on my end, not gospel.
R-E-L-A-X
Pure stock manipulation going on the last 2 days on Level 2 with commons. There aren't many shares available, a complete joke that the price is being held down. Lots of accumulating going on for someone.
NOPE. This isn't some pump and dump trash penny stock, or some stupid chart play. If you can't read the facts in this case from the court filings, the value of having an EC, and knowing how complex that this is, then you are in the wrong place. If going down a few cents scares you then you aren't going to make it.
This company is worth 5B dollars, it's not some marijuana stock in Las Vegas, good lord man.
Get a life. It's up 600% in less than 2 weeks. This isn't a race between companies to see who wins, and nobody on this board who is serious cares about other stocks. There aren't news events daily, that's not how it works. Take it somewhere else.
Absolutely and great points. That is what I am referring to in the "If you wanna dream big paragraph".
But for perspective, it's also good to look at some floors for valuation because often on here people pull numbers out of their asses, especially day traders and pumpers. So even at a low valuation, this is still highly undervalued at this current share price. I think sometimes if people miss out when it was at .06, or .15 then they feel like they are screwed, however IMO that is far from the case here.
I look at it like yeah Let's get the win tonight,but I don't just want the W, I would like to see a beating and win by 40 points, and the higher oil prices and current climate will help that.
It bears worth repeating that in Docket #650, the office of the SEC says the following:
"With respect to the hopeless insolvency prong, the Debtors’ financials indicate that the Debtors
do not appear to be hopelessly insolvent here. The balance sheet as of the petition date shows more
than $1.3 billion in stockholder equity."
So after you take out $560M from the satisfying of Preferred Stock classes A and B (who would be in front of commons in the waterfall), that leaves $740M left for commons and divided by 213.7M shares outstanding, that comes to a share valuation of $3.46/share.
If you take Martin Lewis's valuation, the one under oath last week that the judge used to approve an EC, that number of shareholder equity could be even greater. His high end valuation is 2B in shareholder equity, which would value commons at $6.73 per share
And if you wanna dream big and see how it could go higher than that, then visualize a bidding war breaking out that goes above and beyond these projections or a creative deal getting struck in the vein of something like an American Airlines or General Growth stock. That's not far fetched because that's what these people who run companies and hedge funds do, where one could see commons additional get shares in a new company as well. So I concur with the notion that this stock is still severely undervalued. Chapter 11's are very complex and most people have no idea how they work, but this is potentially one of the great ones with all the strong things that you look for. As always do your own homework and DD, and hope that people representing the EC think like shareholders. GL to us all.
file:///C:/Users/tw/Downloads/126016844478-rep-0710045317%20(7).pdf
Long term holders...trust in the research and the process. The scum day trade and naked shorters move in and out like the tide, but this isn't a flavor of the week and eventually they will be out and on to something cheaper. Most of us aren't here for ten cent pops or want to hear the usual BS about how its going up in the next 30 minutes, your neighbor in the UK just added 3 Billion Shares, or west coast just woke up (my favorite, as if any serious trader doesn't pay attention to the first 3 hours of the market).
Again, do your own math. Look at other bankruptcies where the assets were in demand and worth more than the debt. Read the court filings. Every $1B after liabilities and preferred's are paid of is worth $5 to commons, and if multiple bids are places and a bidding war breaks out, it's not far fetched to double or triple that. You also have creative minds working on your behalf, so it wouldn't be shocking for the company staying intact under new control, but also being issued shares in a new company. Just sit back and enjoy the show. The top end of Martin Lewis's valuation under oath alone places commons value at $6.76/share. Don't let these bozos take your shares at .50 cents for god sakes!
Yeah but here is the thing. Now the EC can submit a plan to the court so as half baked as the Debtors might be, if the EC or any other group submits one showing much more value than theirs and a better overall plan, the Judge isn't going to take the debtors. Not to keep belaboring the point of why it was so important to have an EC approved here.
Eventually all sides bang it out and morph everything into a realistic plan. EIG wont want to lose their money and you also have a good market right now. I don't think these cats want to get into a long drawn out bankruptcy, which would be great if it moves fast.
Is it going to scare potential buyers? In the past yes. In the future, it should ease their decision to enter.
Is it supposed to be resolved soon? I have no idea but there is no way that the EC will allow CODI to be applied to shareholders now IMO. It's just a formality before that goes away.
How do you see it affecting the SP, before and after the results are known? And/or if it actually comes to be? After it might be too late. Usually the market prices that in to the price in advance, but it can be nothing but great news for the price as it will raise demand, one less worry associated with it.
Owning this stock is like a game of musical chairs and I wouldn't want to be without a chair right now.
For a good read, look into the GENERAL GROWTH bankruptcy. While it was a much larger company back in 2009, it's interesting to note that assets were 2B more than liabilities, the same as here.
With that, it brings in a lot of creativity for someone and that's what happened with them. They couldn't get rearragned debt financing because of the housing market crash, yet investors wanted their company because of all the property they had for retail shopping, malls, etc...In the end, they had 5 bidders and each time the bid increased.
Every class was paid 100% and common also received shares in a new spinoff company. The gains were massive for everyone. There may be people in oil and gas who feel the same way about Breitburn. Regardless, we are in at the low end here.
And I agree that it's not the same as Ultra Petroleum. They had a guy from Apaloosa come in and buy 17M shares early on, but Breitburn is a much stronger financial place than they are. I would be completely shocked if there aren't several big players who already have, and will be dissecting this company and licking their chops at how they can buy it, and it's also going to be interesting to check and see who is buying large blocks of shares here from last week to the next couple.
Sometimes you don't need to know the who's and why's, you just need to follow the crumbs, and it's already started when you look at the people involved that are in support of the EC. There is a reason they wanted that approved. It's nice to be in as probably all of us are, now just sit back and watch the show.
Floating...I don't have any info other than my speculation but I did review several case studies this weekend of companies who went into bankruptcies, had their stock price destroyed, and when they emerged, they were Huge Life Changing Events for the shareholders who bought in low. There aren't many but there are some, and this definitely may be the next one. They all had the commonality of 1) having an EC formed and approved by the court, 2) had assets in a company that were worth more than liabilities and 3) those assets were meaningful to others and BBEPQ CHECKS THE MARK IN ALL 3 OF THOSE BOXES. I REPEAT....BBEPQ CHECKS THE MARK IN ALL 3 OF THOSE BOXES.
I have mentioned the Sand Ridge case often and again I refer to that in terms of potential motive by the debtors. I also again mention the quality and experience of people lining up here to support Equity. So when it comes to valuations, if there is more than $2B of a difference, that should make you suspicious right off the bat of the debtors. I mean Martin Lewis has nothing to gain by making up some crazy valuation.
If anything, 674 appears to be angling for what others have speculated, and that is for a liquidation where parts are auctioned off. I have no idea why a company would buy the whole thing, but I do know that there have been a lot of investors circling oil and gas investments recently. There are lots of big names on the hunt and some have already done so with other companies, so no I wouldn't be shocked to see that happen.
Remember this, there wasn't even an EC until Friday afternoon. We are just at the beginning here. An EC changes the ballgame IMO. The next step is to start following the money that comes in as I think there will be some, especially when the threat of CODI is removed, and it's hard to not think that it will be with an EC now representing equity.
Larry,
I couldnt reply to your PM because I am not a paid member with that access, but I also looked up 667 on Pacer yesterday because I too noticed that it was being sealed, but I think it was in regards to something with the executive bonuses being approved back in August so I didn't take it as anything threatening toward equity recovery or the big picture moving forward. There is a blurb in there on the Pacer site beside the number if you have access to that.