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***WOW***THE WORLD JUST CHANGED.
obviously the statement "fun congo facts" is sarcasm.
I think a few people who invest here don't have a clue. That's why I put it out there. There is a lot of impatience.
The history of the area is complicated but I think the station will continue to improve very slowly.
Is that a new rig? How many are operating at Namoya currently?
What are the facebook users you follow?
Long 420,000 shares.
FUN CONGO FACTS!!! DAY 2... Second Congo War
Named the deadliest war in modern African history, the Second Congo War has directly involved nine African countries, as well as approximately 20 separate armed groups. By 2008, the war and its aftermath had caused 5.4 million deaths, principally through disease and starvation,[8] making the Second Congo War the deadliest conflict worldwide since World War II.[9] Another 2 million are displaced from their homes or sought asylum in neighbouring countries.
1MM+ face on the 2022's transacted @ 20.25/100
Donald trump said he made a fortune on debt.
now I know why.
FUN CONGO FACTS!!! DAY 1
In 2003, Sinafasi Makelo, a representative of Mbuti pygmies, told the UN's Indigenous People's Forum that during the Congo Civil War, his people were hunted down and eaten as though they were game animals. In neighbouring North Kivu province there has been cannibalism by a group known as Les Effaceurs ("the erasers") who wanted to clear the land of people to open it up for mineral exploitation.[23] Both sides of the war regarded them as "subhuman" and some say their flesh can confer magical powers.[24] Makelo asked the UN Security Council to recognise cannibalism as a crime against humanity and an act of genocide.
WE (BANRO) OPERATE THE TWANGIZA MINE IN SOUTH KIVU.
IT'S GOOD TO KNOW WHAT YOUR NORTHERN NEIGHBOURS ARE UP TOO.
https://en.wikipedia.org/wiki/Pygmy_peoples#/media/File:African_Pigmies_CNE-v1-p58-B.jpg
while I don't think your efforts will be successful... I'd like to help.
Because management really walked the tight rope as to what is legal.
& I saw your letters
I'll look over the conference call asap and clip out spots where they sent the wrong signal to investors.
good luck.
Thank you for your service. I hope that something can be done to salvage the common equity.
Unfortunately management has made itself the enemy.
as you know no plan makes it past first contact.
stay flexible & attack.
You're in the wrong level of the capital structure.
Might want to take the elevator up.
You're might be on the right track!!!
Unfortunately, It likely can't be proven but there was obviously an understanding and coordination between BBEP management and EIG director as to the series of events that would occur leading to BBEP bankruptcy.
While they were coordinating their activities, IR at the company was telling me on the phone that
1) the interest coverage ratio of 2.5x would not be a problem until mid 2017.
2) They were not interested in selling properties to raise funds because they did not have to and they were in a good position.
3) They were in communications with their banking group and the banking group was supportive.
4) They were reducing costs of operations substantially.
Additionally, the year end conference painted a picture that they could make it to the next re-determination...which they said explicitly and the call was quite positive on the amount that could be paid down.
You should review the call and the transcript.
If what they did is not illegal...it should be.
I hope they are held to account.
Docket # 123 ...check it out. Looks like the representatives of the Official Committee of Unsecured Creditors are playing hard ball. They are even going after Lazards compensation.
Apparently they are looking to drag this out and get the best deal. Most companies that had filed already had a prepack.
The bonds (debt) will be the new equity & in my opinion there is still value there.
Sounds good.
Namoya Q2 exit monthly production should be around 9k oz per month according to Q1 CC
So in about a month we'll get a production update.
1MM+ of face traded at 18 today on the 2022 bonds
The value of the bonds has doubled. they now trade at around 0.50/1.00.
I don't.
The valuations will be assessed within the next few months @ $50 - $55 per barrel.
New equity will be issued.
I'm guessing 60% to 2L and 40% to unsecured.
that new equity will at some point trade on the public market.
at some point over the next 3 years oil will reach $75.
The equity that is the resultant from the conversion of debt will eventually reach the corresponding value of $1.50/1.00 relative to what was previously the unsecured notes.
gust a guess.
But you almost do the math in your head, if you look at where the assets were valued relative to oil prices.
Bonds traded as high as 170/1000
Frankly I think the value of the stake that bondholders will get in the new equity may be worth 150% of par at $75 oil.
Official Equity committee
"Letter Re: to consider the appointment of an Official Equity committee to ensure the Preferred and Common Equity security holders interest are protected Filed by Ganesan Jayaraman."
I still think this equity is suicide...but at least you have representation in court.
Docket #s
114, 115 & 116
https://cases.primeclerk.com/breitburn/Home-DocketInfo
Kibila is from South Kivu...and is aware of the work of Banro Foundation's work.
The flip side is that the leading contender if he were to be replaced...that guy is a former mining executive.
So either way, as long as there is stability locally operations should continue uninterrupted.
They are well aware of the importance of mining to the future of DRC.
yeah I bought at one and sold at 3 with that one too. Thought I did good.
Thought additional upside was limited.
But it is a good example of how gold stocks can move once they get their act in order.
RIC had about three private placements at $1 too.
My gut feeling is no.
I think the UN presence is enough to stop things from getting out of control.
Also I think that most are tribal and simply want to protect their tribal area.
The civil wars that occurred were originally disputes that occurred in Rwanda that spread throughout the great lakes region.
I think there is something like 300 armed groups in the area of south kivu.
But again it is so primitive that it is tribal and they are simply protecting their own interests and their territory...like street gangs protect their block.
1. The election is not going to happen.
2. The leading challenger is a former mining executive.
https://en.wikipedia.org/wiki/Mo%C3%AFse_Katumbi
http://www.voanews.com/content/democratic-republic-of-congo-katumbi-arrest-warrant/3337318.html
Long 25,000 face value on the bonds.
so if they are good to go it's good for me too.
take note.
https://biz.yahoo.com/e/160607/arp8-k.html
Quarter one and two
The conference calls eluded to BK
Bonds are up to 152.5/1000
Docket item #104
https://cases.primeclerk.com/breitburn/Home-DocketInfo
"VERIFIED STATEMENT OF OFFICIAL COMMITTEE OF UNSECURED CREDITORS"
Take note that 180 Million face value is held of the 2022 bonds. only 20 million of the 2020 by those represented.
Well my conscience is clear.
it is true that CODI will not be allocated until BK approved and the debt washed.
BK can be various lengths of time. It can be expedited. So long as you know the risks, it seems like you are well aware now.
I don't think they are scare tactics. A cousin of mine was in a partnership and it caused him some serious problems.
This is a Partnership not a Stock.
Units are a bag of Excrement with C4 in them
http://ir.breitburn.com/releasedetail.cfm?ReleaseID=972910
Do you want to be a holder when it stops trading?
Trying to do you a favour. I do not gain if people sell.
"Despite the transition of Breitburn's common units and Series A units to the OTC Pink Sheets, there is no assurance that either security will continue to trade on the OTC Pink Sheets, that any public market for Breitburn's common units or Series A units will exist in the future or that Breitburn will be able to relist its common units or Series A units on any national securities exchange. In addition, there is no assurance that any broker-dealer will continue to agree to provide public quotes of Breitburn's common units or Series A preferred units or whether the trading volume of either security will be sufficient to provide for an efficient trading market."
Long the bonds and proffered
Long the bonds
75k
at cost of aprox 270/1000
Long VNR Bonds
currently own 72k of face value.
cost avg about 220/1000
CEO HAL WASHBURN SELLS 839,106 UNITS on May 31
He now owns zero units.
These guys are true scum. He waited to the last minute. So that some would hold out hope that since CEO did not sell there was still value. I think he maliciously could care less about those who are not knowledgeable enough to adjust quickly to changing circumstances.
Even the executives of LINE (who are also scum) had enough of a conscience to repetitively and in bold print instruct their holders to convert to LNCO or sell their units, and thoroughly detailed the risks involved.
If I remember correctly the bonds doubled since you were buying. Continued good luck with your investment.
It's unfortunate. This was a good board for about a year. It's really gone down hill in 2016 even though BAA is doing acceptably well...not good enough in my opinion but still the value it always has been.
I think you are in the clear. Read Carefully. My guess is that If it is reverted back to unsecured there is no CODI.
"Creditors under Linn Energy's credit facility will have a proportional interest in a $2.2 billion term loan, and the balance of the claim will be paid in cash or an alternative consideration. The company's outstanding 12% senior secured second lien noteholders will have a $2 billion unsecured claim against the debtor, which is in line with an earlier agreement between Linn Energy and these noteholders. Last November, Linn exchanged $2 billion in principal of senior notes for $1 billion par value of these 12% senior secured second lien notes. On April 4th, Linn Energy and these noteholders entered into an agreement where, in the case of a bankruptcy petition, a $2 billion unsecured claim would be permitted instead of simply the new $1 billion in par value. Unsecured claims against Linn Energy, including the aforementioned $2 billion unsecured claim from the senior secured second lien notes, would be converted into the new equity class of Linn Energy."
http://seekingalpha.com/article/3974358-linn-energys-bankruptcy
$$$ John Clarke bought again!~!
added 40k shares
https://www.canadianinsider.com/company?menu_tickersearch=baa