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except for one small but pertinent detail, this is Liquidation there fore even common share holders have to be dealt with.
nice post though, shows some constructive thought.
regardless of share price $79M in assets makes VTGDF worth something, especially since $17M is in cash.
To be perfectly honest, I am 100% sure but they are still in litigation with Petrobras and usually a company will not get out of Liquidation until they are finished with Litigation.
In the passed 6 months the MM has been trying to lower the price and lower the price, so that is not good but the value doesn't change. Even when the volume surges someone is selling off the same amount or more that was bought. There has been some price manipulation and new investors are not willing to stick around to see the end.
Another year in Liquidation unfortunately according to the KPMG site:
https://home.kpmg.com/ky/en/home/services/advisory/deal-advisory/vantage-drilling-company.html
Interesting buying pattern starting 3 weeks ago, if this keeps up we will be somewhere in penny land in the next couple of months!
Looking forward, bet it is going to be a good after life LOL
I like facts too and also rethought my position and will hold until penny land and sell a portion of my position and then wait for the 30 days they want to be in a .01 bid range and then just sell all of it off before it is done.
It was on the Investor Hub site, I did not see it stated in the press release either, but thinking about it if they can buy back 3B shares then it would appear to be enough to do the trick of .01 and probably a little more, which right now roughly equals $3M.
yeah that is what I thought, a cop-out, exact science whatever!
good luck with timing on that one, if I can see .005 to .006 and sell half and wait it out I will be happy...., ==
hopefully!
that will put a smile on face at .01!
and no predictions?!
sounds good, half way through it I will probably sell off and then keep a substantial amount of shares to see how far it will go...
and when the variables are always varying there is nothing exact about it! And if you think it is exact, then what is your prediction of a high/low after the buyback?
And that is why it isn't an exact science, people will keep selling off as it goes up!
Thanks Evangelico, I am new to this company, thanks for explaining, do you have an estimated time they will post that information?
Because the company stated they would do a $3M buyback up to .01, but theoretically if the price would go up the amount of $3M would not be needed to reach .01.
sure shotsky, whatever you say.
It is simple take the market cap and divide by the outstanding shares. Depending on the price the market cap will vary but at this point, if the price does not go up before the buy back, $3M should put up to $6.3M divided by $6.6B it would be around .009something.
Not an exact science, but at the current price there is going to be a killing when the buy back occurs!
I am new to this company but if they need to keep it up to .01 for 30 days they will need at least a $6.6M in market capital, that means they would have to keep investing to drowned out the short sells. Buy in any case at this price right now there is a lot of money to be made!
Looks good a $3M buyback of common shares should raise the price up to .009ish, only negative is the short selling and if they do not make the $3M dollar buyback. Any thoughts?
VDI adding more sales in a new contract in Thailand/Malaysia!
http://globenewswire.com/news-release/2018/01/17/1295934/0/en/Vantage-Drilling-International-Announces-Letter-of-Award-for-the-Aquamarine-Driller.html
Thanks LJ!
Hi I winthrorpe, saw that PM cannot reply to it, but good to see they are filing SEC filings, just didn't see that $25M invested, any idea were to find that?
Over that period there was wrong doing by Petrobras and had to settle. Blood in the water, literally means someone or something has taken damage and neither investors or Vantage were the parties that just settled a law suit for over $2B dollars.
Even if Petrobras would disagree, as long as Vantage can show damages or loss, all they have to do is subpoena Petrobras to show up in court and that court could be in Brazil as well. In retrospect if they would just have asked for cost and were looking to do more business with them in the future that would have been more sensible.
Anyways all they were looking to get was compensation, that does not necessarily mean the amount of the contract.
As I stated nothing about VDI or VDC but this suit was based on the same time frame VDC/VDIs original suit was, there fore "Blood in the water".
[PDF]
Vantage Drilling Company - Vantage Drilling International
vantagedrilling.com/.../VTG-DB_LevFin_Conference_092915.pdf
????????
2015/09/29 - Petrobras Contract Arbitration. • Vantage has commenced arbitration proceedings in Texas for recovery of damages. • Petrobras wrongfully terminated the contract for the Titanium Explorer on August 31, 2015. Backlog of about $1.1 ... Strengthening Balance Sheet. • Vantage and Financial Advisors (Lazard/Weil) are discussing possible restructuring scenarios with large debt holders in order to strengthen the company's balance sheet and reduce interest burden.
Blood in the water: https://www.wsj.com/articles/petrobras-to-pay-2-95-billion-to-settle-u-s-suit-over-corruption-1514983108
Petrobras paying out $2.95B no mention of VDI or VDC, but it looks promising, considering this entanglement of corruption is in the same time frame as the contract dispute.
Number one, that "SEC Bull", is the federal regulatory agency over the whole system!
Number 2, as the judge stated in the Strike Off in the Cayman Islands courts the value of the common shares would be set at a later date.
Number three, Wells Fargo was a part of the restructuring process and are creditors and will be paid by VDI or otherwise known formerly as OGIL.
I would like to thank you for showing the Texas Court filing, but federal trumps state.
Although I have stated before, the value of VTGDF common shares should be based on the current assets which are $79M, but $62.5 of that was paid out to creditors that held notes in VDC and transferred to shares in VDI, so the cash total is $17M, therefore the value of VTGDF is $.05 a share. And before you even think about saying, well KPMG would tell you that, remember KPMG does not recognize SEC filings or so that is what they told me.
Wells Fargo is listed under the parties that is part of the restructuring agreement: https://www.sec.gov/Archives/edgar/data/1419428/000119312515393377/d55619dex101.htm
Like I said you never tell the whole story and never list references.
What is that phrase again, wrong, wrong, wrong and just more wrong!
More institutional investors from a fund:
BGF Fixed Income Global Opps D4 EUR H
Source:
http://beta.morningstar.com/stocks/pinx/vtgdf/quote.html
Sounds good to me! $1.6B in the balance, 2018 could be phenomenal!
Which brings up another interesting point, VDC is in Liquidation which means the only official owners of VDC are common share holders.
There are no bonds, convertible bonds, CDs or any other ownership in equity assets in VDC other than common shares until liquidation is finished.
So, by proxy of VDC the common share holders value is in the remaining assets of VDC.
This is were it gets a little more tricky. In the current VDI SEC filing https://www.sec.gov/Archives/edgar/data/1380565/000119312517361026/d494794d424b3.htm ,
You will see two things the, $62.6 million in equity assets in VDI, and also stated in that filing:
"
The following table summarizes the balances payable to VDC included in the Company's Consolidated Balance Sheet as of the periods indicated:
June 30, 2017 December 31, 2016
(unaudited, in thousands)
Accounts payable to related parties, net $17,278 $17,278"
So, basically if it were not for SEC filings, there would be no proof that, I can honestly say the shares in VDC/VTGDF are legitimately worth around 5 cents a share and that is a modest assessment. But if they think they are going to get away without taking care of the common share holders, I for see problems for them, because as stated by the judge who granted a strike off to VTGDF/VDC, deduced the common shares value would be determined at the end of the liquidation.
Now the next thing you will probably say is what about the creditors. The restructuring agreement signed all equity assets and liabilities from the old parent company to the new parent company. There fore the only foreseeable creditors would be the common share holders. The entities that had convertible bonds in VDC now are in the trust, which were listed in the S-1 filing in the previous post.
This all started because OGIL, saw it fit to go through a restructuring BK and replace the VDC as the parent company! It will promote the longevity of the company but will also has started a lot of in fighting. Especially considering investors like Anchorage Capital received shares in VDC for their investments that they had in VDC, also Nobu Su's company is a part of that and one other.
The fundamental argument here is what does ownership mean? Many say it means owning a part of the company, in that company like VDI you would have drill ships, buildings and YES people!
As per the https://www.sec.gov/Archives/edgar/data/1380565/000119312517159171/d350440ds1.htm filing VDC/VTGDF has 13.1% ownership of VDC.
That is as simple as it gets.
Also stated in this filing it shows that VDC/VTGDF is in Liquidation and KPMG is the overseer of the Liquidation, does that mean KPMG owns VDC/VTGDF, I do not think so.
So, what are the words I am looking for now, BS with a dash of conspiracy.
As far as KPMG is concerned, they are not considering or recognize anything that has happened after the restructuring, that means all the SEC filings stating that VTGDF has $62.5M in equity assets in VDC and VDC has receivables of roughly $17M coming to them are not recognized by KPMG, if you don't believe me just call them and ask them, there fore KPMGs comments on VDC are totally invalid, what's that word I'm looking for, hmm... GEEZ!
VTGDF/VDC, not VDI was the company at that time that placed the lawsuit on Petrobras, even if KPMG is the overseer of the Liquidation that does not mean litigation is being controlled by VDI.
Bargain! Buy $VTGDF for around a penny they are in arbitration with Petrobas for $1.6B:
https://www.oilandgaspeople.com/news/4670/petrobras-terminates-vantage-drillship-contract/ … and $VTGDF has $79M in assets and $17M of that is in cash for details: https://www.sec.gov/Archives/edgar/data/1380565/000119312517361026/d494794d424b3.htm … … … … … … . #pennystock #Deal_of_a_lifetime #stockstowatch
Bargain! Buy $VTGDF for around a penny they are in arbitration with Petrobas for $1.6B:
https://www.oilandgaspeople.com/news/4670/petrobras-terminates-vantage-drillship-contract/ … and $VTGDF has $79M in assets and $17M of that is in cash for details: https://www.sec.gov/Archives/edgar/data/1380565/000119312517361026/d494794d424b3.htm … … … … … … . #pennystock #Deal_of_a_lifetime #stockstowatch