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Today’s range .0700 to .0919.
Might buy back in at discount prices
Was hesitant to hold today sold at .0888 glad I took profits.
6th April 2021
This announcement contains inside information
88 Energy Limited
Operations Update
88 Energy Limited ("88 Energy" or the “Company", ASX:88E, AIM:88E, OTC:EEENF) is pleased to provide the following update related to its operations in the NPR-A region of the North Slope of Alaska.
Highlights
• Initial petrophysical interpretation indicates several potential pay zones in Merlin-1 • New prospective horizon identified at Project Peregrine
• Operational issues prevent hydrocarbon samples from two most prospective zones
Details
The first run of the wireline program included a standard triple combination log with nuclear magnetic resonance (“NMR”). These tools are designed to identify potential reservoir and resistivity (elevated resistivity is an indication of hydrocarbon saturation) as well as provide an estimate of the mobility of the fluid present. Multiple prospective zones were identified, consistent with the shows and logs obtained whilst drilling, and the NMR tool indicated good mobility across most of these zones.
The second run of the program was designed to take samples across these zones. Initial observations indicated the presence of an oil signature in the fluid using an optical fingerprint sensor in the downhole sampling tool, after communication was established with the reservoir in the deepest zone of interest. Slugging of hydrocarbon and water then occurred, which is often a precursor to hydrocarbon flow from the reservoir, however; a power outage due to equipment failure necessitated pulling out of the hole for repairs prior to any sample being obtained. After repairs were completed, the run back in hole encountered several sticky sections, indicating poor hole condition so a clean out run was undertaken. Re-entry with the sampling tool was then executed to move to the lowest zone for testing but good communication was not able to be re-established with the reservoir despite observation of a similar hydrocarbon signature on the optical fingerprint sensor. The time the hole had been open and consequent potential formation damage may have contributed to this issue.
A decision was made to move to the next shallowest prospective zone, which had exhibited good oil shows and petrophysical characteristics, but wellbore condition issues prevented a test as the tool became stuck. The tool was freed but the risk of returning to that zone was deemed too high.
Not being able to sample these two most prospective zones does not preclude a discovery; however, analysis of sidewall cores and potentially further drilling may be required for confirmation.
Significantly, one of these zones is considered to be a new prospective horizon within the Nanushuk Formation that may be wholly within the Project Peregrine acreage and was not one of the pre-drill targets. The other zone is interpreted to be shared with one of the zones in the Harrier prospect, to the north of Merlin. Further work, integrating the results from logging with the seismic, is required to map / re-map the volumetric potential of these zones.
Several samples were taken in zones interpreted to be less prospective on the way out of the hole, all of which contained low saturations of hydrocarbons, which will now be sent to a laboratory for testing. The presence of hydrocarbons in these zones is considered encouraging for regional prospectivity but does not constitute a discovery due to the low saturation levels.
www. 88energy.com
ABN 80 072 964 179
Ground Floor, 516 Hay Street Subiaco WA 6008 PO Box 352, Subiaco WA 6904 Australia Phone +61 8 9485 0990
It is now too late in the season to initiate flow testing operations and the forward program will consist of plugging the well. The well may be re-entered in the future, if warranted, in order to drill a side track and conduct a flow test.
Additional information related to Merlin-1:
Merlin-1 is located in the NPR-A region of the North Slope
88 ENERGY LIMITED
88E
LAST PRICE
0.073
TODAY'S CHANGE
+0.003 (5.79%)
VOLUME
941,896,450
BID/OFFER RANGE
$0.073 - $0.074
MARKET CAP
863.98M
Listed
ASX: CLOSEDASX 24: OPEN
MON 05 APR 9:25 AM AEST
Most brokerage firms will have a "short list," which details all securities the firm allows investors to short sell without any extra requirements.3? If you are looking to short sell a security that isn't on this list, your broker will have to check with the securities lending department to see if the brokerage has enough of the particular security for you to short sell. This list and the securities available for short selling will vary across different brokerages, and it is completely up to your brokerage to decide whether it will assist you in short selling a security.
Legally, you can short OTC stocks. Practically, 'borrowing' the shares to short is pretty close to impossible.
Most Brokerages Do Not Allow Shorting of Penny Stocks
The most popular online brokerages, such as Etrade or TD Ameritrade, don't allow shorting of penny stocks or OTC stocks in general; nor do full-service brokerages like Fidelity.
ASX
88 ENERGY LIMITED
88E
LAST PRICE
0.069
TODAY'S CHANGE
+0.026 (60.46%)
VOLUME
861,385,334
BID/OFFER RANGE
$0.068 - $0.069
MARKET CAP
538.42M
Energy
Listed on 20 January 2000
Prices delayed by at least 20 minutes | Currently trading
ASX
88 ENERGY LIMITED
88E
LAST PRICE
0.062
TODAY'S CHANGE
+0.018 (44.18%)
VOLUME
593,451,315
BID/OFFER RANGE
$0.061 - $0.062
MARKET CAP
538.42M
Energy
Listed on 20 January 2000
Prices delayed by at least 20 minutes | Currently trading
ASX sorry about that
Ask today
88 ENERGY LIMITED
88E
LAST PRICE
0.061
TODAY'S CHANGE
+0.018 (43.02%)
VOLUME
590,130,583
BID/OFFER RANGE
$0.061 - $0.062
MARKET CAP
538.42M
Energy
Listed on 20 January 2000
Prices
Short sale restrictions
Never mind
What’s up with L2
Been seeing a lot of jcp ads on tv in the last week.
This is about to get stupid!
As companies such as J.C. Penney prepared to file for bankruptcy during the coronavirus pandemic, their executives scored millions in bonuses sometimes weeks or even days before filing their cases. That's according to a Reuters analysis of securities filings and court records. J.C. Penney, which furloughed about 78,000 of its 85,000 employees amid mass store closures to stop the spread of the coronavirus, approved nearly $10 million in payouts for top executives, including CEO Jill Soltau, just days before it filed for bankruptcy in May. The company declined to comment but said in an earlier statement that the bonuses were to retain a “talented management team” that had made progress on a turnaround at J.C. Penney before the pandemic. At Hertz, a similar story. The car rental company, which recently terminated more than 14,000 workers, paid senior executives bonuses of $1.5 million days before its May bankruptcy. While companies are banned, with few exceptions, from paying executives retention bonuses while in bankruptcy due to a 2005 law...the firms seized on a loophole by granting payouts before filing for bankruptcy. The lavish payouts come as a record number of Americans are jobless. Just this week, J.C. Penney said it would lay off 1,000 workers as it permanently closes 152 stores.
This from yahoo Finance
Sounds like a buyout
As companies such as J.C. Penney prepared to file for bankruptcy during the coronavirus pandemic, their executives scored millions in bonuses sometimes weeks or even days before filing their cases. That's according to a Reuters analysis of securities filings and court records. J.C. Penney, which furloughed about 78,000 of its 85,000 employees amid mass store closures to stop the spread of the coronavirus, approved nearly $10 million in payouts for top executives, including CEO Jill Soltau, just days before it filed for bankruptcy in May. The company declined to comment but said in an earlier statement that the bonuses were to retain a “talented management team” that had made progress on a turnaround at J.C. Penney before the pandemic. At Hertz, a similar story. The car rental company, which recently terminated more than 14,000 workers, paid senior executives bonuses of $1.5 million days before its May bankruptcy. While companies are banned, with few exceptions, from paying executives retention bonuses while in bankruptcy due to a 2005 law...the firms seized on a loophole by granting payouts before filing for bankruptcy. The lavish payouts come as a record number of Americans are jobless. Just
July 4th 2020
This memorandum addresses the formation of the Ad Hoc Committee of Equity Interest Holders (the “Committee”) in the bankruptcy cases (the “Bankruptcy Cases”) of J.C. Penney Company, Inc. and certain affiliate subsidiaries (the “Debtors”) and provides an overview of the Committee’s actions in the Bankruptcy Cases. The Bankruptcy Cases are pending in the United States Bankruptcy Court for the Southern District of Texas – Corpus Christi Division (the “Bankruptcy Court”).
Important Information Regarding the Committee’s Professionals
As set forth herein, the Committee has retained Professionals to provide legal counsel and financial advisory services to the Committee in these Bankruptcy Cases. The Professionals do not represent any Committee member or shareholder in their individual capacity.
The information provided in this and future updates does not, and is not intended to, constitute legal advice; instead, all information, content, and materials discussed herein are for informational purposes only. Information herein may not constitute the most up-to-date legal or other information.
Readers should contact their attorney to obtain advice with respect to any particular legal matter. Only your individual attorney can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Receipt of this update or any of the resources contained within does not create an attorney-client relationship between the reader and the Professionals.
General Committee Update
The Debtors commenced the Bankruptcy Cases on May 15, 20202 (the “Petition Date”), filing voluntary petitions (the “Petitions”) for relief pursuant to chapter 11 of title of the United States Code (the “Bankruptcy Code”). The Debtors alleged, among other factors, that stark reductions in revenue resulting from store closures amid the global COVID-19 pandemic left the Debtors with insufficient cash to support operations while servicing existing debt and necessitated the Bankruptcy Cases.
Several shareholders organized to expressed concerns regarding the Debtors’ decision to commence these Bankruptcy Cases and regarding the projections and valuations being touted by the Debtors in their court filings. One such group, led by Niko Celentano, filed a pleading with the Bankruptcy Court seeking either the dismissal of the Bankruptcy Cases or the appointment of an official committee of equity interest holders (ECF # 319).[1] The motion was opposed by both the Debtors and the Official Committee of Unsecured Creditors (the “UCC”).
On June 9, 2020, a hearing was held to consider the shareholders’ motion. During that hearing the Bankruptcy Court suggested a compromise that ultimately led to the Bankruptcy Court entering an order (ECF # 680) authorizing the formation of the Committee and providing up to $250,000 from the Debtors’ bankruptcy estate toward payment of professional fees for the Committee in these Bankruptcy Cases. In doing so, the Bankruptcy Court has stated that the Committee budget has been provided so that the Committee “can become educated, learn exactly what's going on in the case, distribute that information to all shareholders so that people can make better educated, informed decisions, whatever those decisions might be.”
Immediately upon entry of the Bankruptcy Court’s order regarding formation of the Committee, the Committee was organized and hired Okin Adams LLP (“Okin Adams”) as counsel to the Committee. Following a thorough interview process, the Committee also has engaged the financial advisory firm CR3 Partners, LLC (“CR3,” and, with Okin Adams, the “Professionals”) to review and provide advice and analysis regarding the Debtors’ financial plans and data.
Update from Okin Adams
Upon being selected as counsel to the Committee, Okin Adams immediately began discussions with the Debtors’ attorneys in order to facilitate the Committee’s access to information. Further, Okin Adams began an intensive review of relevant pleadings and orders already entered in the Bankruptcy Cases in order to advise the Committee regarding key procedural points and identify key deadlines/dates. Okin Adams has advised and assisted the Committee in formally organizing, adopting internal bylaws, and establishing protocols for the distribution of information regarding the Debtors’ Bankruptcy Cases. Additionally, Okin Adams continues to monitor pleadings and attend hearings on behalf of the Committee.
Access to Information
As Debtors’ counsel has stated on the record, immediately upon being retained Okin Adams began negotiations with the Debtors regarding access to information regarding the Debtors’ bankruptcy case and the reasons for filing. Specifically, the parties engaged in discussions regarding the protection of any sensitive or confidential data that could be shared with the Professionals and the Committee.
Review of Significant Pleadings and Orders
Additionally, Okin Adams began an intensive review of an extensive number of previously filed pleadings in these Bankruptcy Cases. Of key importance, Okin Adams has reviewed pleadings related to the Debtors’ request to obtain post-petition financing (“DIP Loan”) and the Restructuring Support Agreement (“RSA”) by and between the Debtors and certain pre-petition secured lenders (the “Lenders”). The RSA sets forth the Debtors agreement to support certain relief and take certain actions in these Bankruptcy Cases. Amongst other agreements, pursuant to the RSA the Debtors have agreed to negotiate a plan of reorganization acceptable to the Lenders.
Under the DIP Loan, the Lenders have agreed to provide up to $450 million in new money financing during the Bankruptcy Cases. Further, the order approving the DIP Loan (“DIP Loan Order”) requires the Debtors to complete certain Bankruptcy Case milestones (“Milestone(s)”) by deadlines established by the DIP Loan lenders (the “DIP Lenders”) and agreed to by the Debtors pursuant to the RSA. The most significant Milestone is the July 15, 2020 deadline for the Debtors and the Lenders to agree to restructuring terms supported by a business plan acceptable to the Lenders. If the Debtors are unable to reach agreement with the Lenders, the RSA requires the Debtors to pursue a sale of substantially all of the Debtors assets and severely limits the Debtors ability to use available cash after July 15, 2020.
In addition to the DIP Loan pleadings and the RSA, Okin Adams has evaluated the Debtors’ applications to employ various professionals, including Kirkland & Ellis, LLP (bankruptcy counsel, “K&E”), AlixPartners LLP (financial advisor, “Alix”), and Lazard (investment banker). Okin Adams evaluated the substance of the applications and disclosures made by these professionals as required under the Bankruptcy Code. Okin Adams further reviewed and advised the Committee regarding objections filed by the United States Trustee’s Office.
Organization of the Committee
Finally, Okin Adams has analyzed the Bankruptcy Court’s order authorizing the formation of the Committee and the proceedings leading up to entry of that order. Okin Adams has advised the Committee regarding the adoption of internal Bylaws and the establishment of protocols for the dissemination of information to shareholders in these Bankruptcy Cases.
Update from CR3
Upon being retained by the Committee, CR3 worked with the Committee and Okin Adams to develop a strategy for gathering and analyzing data from the Debtors and their advisors. At this time, the Debtors and their advisors are reasonably cooperating with the Committee and have provided CR3 access to a substantial volume of information, including:
· access to two data rooms set up by the Debtors – one for plan participants and one for marketing parties; and
· access to a company maintained real estate data room; which appears to be a contracts database only; of limited value for our purposes at this time;
· Lazard has also provided a “tracker” related to the marketing/sale process and parties contacted, which includes a broad swath of potential parties, both strategic and financial.
CR3 has identified and reviewed certain salient data files, and participated in multiple conference calls with Lazard and Alix to discuss the data and additional information requests. Amongst the data already received and reviewed, CR3 has obtained a copy of the “desktop appraisal” of the real estate assets performed by Cushman in Sept 2019. This report, which includes information previously made public in the Debtors’ SEC filings, includes good detail for our purposes, however, we are advised that the Debtors’ real estate advisor is reviewing and revising to account for current market conditions. That review process is expected to take a month or more.
Regarding the Bankruptcy Cases, we are advised that discussions between the Debtors and the Lenders regarding the business plan parameters are ongoing. CR3 and Okin Adams have requested a copy of the “business plan parameters” provided to the Lenders as stipulated under the RSA.
CR3 has reviewed, and continue daily sourcing and review of, public documents including those filed on the Bankruptcy Court docket and financial valuation information including related to peer companies. CR3 is working through analysis of all data to develop an understanding of the business plan, restructuring alternatives, and equity valuation. Where additional information is necessary, the Professionals will continue to follow up with Lazard, Alix or other case parties.
Sincerly,
Niko Celentano
Chairman
JCP ad hoc committee
[1] References to ECF numbered documents refers to pleadings or other notices filed in the Debtors’ Bankruptcy Cases and available through the Bankruptcy Court’s Electronic Case Filing or PACER system. Unless otherwise noted, the documents are available under the Debtors’ main case number, Case No. 20-202182. Pleadings are also available to the public free of charge through the Debtors’ claims and noticing agent, Prime Clerk, at https://cases.primeclerk.com/JCPenney/Home-DocketInfo.
Over the past week, we have reviewed the Debtors’ applications to employ Kirkland, AlixPartners, and Lazard (the “Debtor Professionals”) and the objections filed by the United States Trustee’s office. The UST has not taken the position that the Debtor Professionals’ connections to the Confidential Parties are sufficient to disqualify any of the Debtor Professionals from employment in these cases. The UST does not object to employment of any of the Debtor Professionals and the sole disputed issue is whether the Debtor Professionals will be required to publicly disclose the Confidential Parties and the Debtors Professionals’ relationships thereto.
The disclosure issue represents a continued disagreement between the UST’s office and the Bankruptcy Courts for the Southern District of Texas. The UST has taken the position that proposed estate professionals must publicly disclose all connections to a debtor or potential parties-in-interest in order to comply with the Bankruptcy Code.
The committee and it's professionals will be monitoring today's hearing. At this time we will not be taking a position on this matter. We might however bring these matters up at a later time if or when they become relevant.
Sincerely,
Niko Celentano
Chairman
JCP ad hoc committee
nikocelentano
JCP Ad Hoc Committee Update June 29th 2020
In the past week the attorneys and financial advisors of the ad hoc committee have been granted access to the debtors' data room. They have started going through thousands of files of data to put together an analysis for the committee. The committee and our professionals have made requests for additional information from the debtors' and some of their professionals. We have received some of the information requested and are awaiting the rest. The company, it's advisors and their attorney's have been co-operative, up until this point, with all our requests and questions. The committee will continue working with our professionals to analyze this data.
KEY DATES
The company has sent over a proposed business plan to the DIP lenders. This business plan will have to be approved by the lenders by July 15th (if there are no extensions). This is an important date in the case to keep an eye on.
US TRUSTEE
As many of you have seen, the US Trustee has filed limited objections with the courts regarding the retention and employment of certain professionals by the debtor. Professionals need to file disclosure statements of individuals or companies that they've worked with in the past that may pose a conflict of interest with this case. Some interested parties names have been left as anonymous by these professionals and the US Trustee is objecting to them not being named. The committee and our attorneys will be watching this closely. The hearing for these matters will be July 1st at 1pm.
Look out for the next committee update to stay informed on new developments and important dates in the case.
Sincerely,
Niko Celentano
Chairman
JCP ad hoc committee
nikocelentano@gmail.com unsubscribe
nikocelentano@gmail.com
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On May 15th JC Penney filed for bankruptcy protection in Corpus Christi Texas. Myself, like many others believed this bankruptcy never should have been filed. I organized a group of shareholders through the website jcpshareholders.com. With over 200 shareholders at the time, representing over 15M shares of the company, we filed a petition with the court (Docket# 319). We asked to have the case thrown out on bad faith, or in lieu of that, to appoint an official equity committee. We outlined our case to the court that this bankruptcy could have been avoided as there were out of court options available. We also showed why we believe the assets of the company were being undervalued in the filing.
On Tuesday June 9th we had our chance to present our case to the court. The debtor (JCP) and the committee representing the unsecured creditors both objected to our petition. Arguing we were not represented by other stakeholders at the table, Judge Jones ruled we’d be able to form an ad hoc committee. With this we’d be able to retain professionals to look out for the interests of all shareholders. We immediately formed the committee which consists of 4 long time JC Penney shareholders. On June 10th after an interview process the committee chose the firm of Okin/Adams as counsel to the ad hoc committee. This firm has many years of bankruptcy litigation experience and is familiar with Judge Jones from years of work in his court. Okin/Adams immediately got to work getting up to date on what’s already transpired in the case.
Our next course of business was to hire a financial advisor. On June 15th with the help of Okin/Adams we set up interviews with 3 candidates. After hours of interviews the committee voted unanimously on a choice. We are pleased to announce the ad hoc committee has retained CR3 Partners as our financial advisors. Renowned industry expert William Snyder and Dawn Ragan both have been working with the committee along with Okin/Adams. William Snyder was the CRO in the often talked about Pilgrim’s Pride bankruptcy case in which shareholders were told they were not going to see a recovery. Mr. Snyder was able to find value and include shareholders in the restructuring. The committee is excited to be working with William and Dawn.
Understand we are working hard every day on behalf of all shareholders in JC Penney. This has been a 7 day a week job for all of us involved. We all spend hours communicating through email, on the phone, or on conference calls every day. We now have over 400 shareholders signed up for email updates. Look out for these committee emails to stay up to date on information from the committee and the case.
Sincerely,
Sorry for the bad link. I opened up link and cut and paste this
J.C. Penney in Talks to Be Bought by Simon Property, Brookfield
Simon Property and Brookfield are negotiating to buy retailer J.C. Penney, a media report says.
DAN WEIL1 HOUR AGO
Mall owners Simon Property Group (SPG) - Get Report and Brookfield Property Partners (BPY) - Get Report are reportedly negotiating to purchase bankrupt department-store chain J.C. Penney (JCP) - Get Report.
Authentic Brands, which owns more than 50 consumer brands, might join the two real estate companies in their bid, knowledgeable sources told Bloomberg.
Simon is the biggest mall owner in the country, and Brookfield, a unit of Brookfield Asset Management (BAM) - Get Report, is No. 2. J.C. Penney is an important occupant in numerous malls they own. So they want to make sure they don’t get stiffed on rent.
J.C. Penney last month filed for protection from creditors under Chapter 11 of federal bankruptcy and is hurriedly working to finalize a business plan by the July 14 deadline, Bloomberg reports. After that, it could run out of cash to finance its reorganization.
Authentic joined with Simon and Brookfield earlier this year to purchase teen clothing chain Forever 21 out of bankruptcy. It too had a presence at some Simon and Brookfield malls.
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In addition, Authentic and Simon also are talking to apparel retailer Brooks Brothers about a buyout as part of a potential bankruptcy filing by that company, Bloomberg reports.
Authentic owns Aeropostale after combining with Simon and Brookfield to purchase it out of bankruptcy in 2016.
Shares of Simon Property, Indianapolis, at last check traded at $75.50, down 0.63%. The stock has slid 16% over the past three months.
Brookfield Property Partners shares at last check traded little changed at $11.14. The stock of the Hamilton, Bermuda, company has dropped 18% over the past three months.
TAGSBANKRUPTCYRETAILMERGERS
Hang on boyzzzz!
LIST THE ASSETS THAT ARE CAPTURED AS CO-LATERAL AGAINST THE FIRST AND SECOND LIEN NOTES
• The First and second Lien loan is secured against the following asset: o Equipment
o Real estate
o Intellectual property
o Intercompany – Ineptness.
• Original loan = $0.5B (1st Lien) + $0.4 (2nd Lien) (Docket 25, page 39)
• Loan to value (Assuming 70% LTV as this information was not readily available).
o Thus, the underlying secured assets = $0.9 B / 0.7 = $1.29 B *
• Current outstanding loan amount = $ 0.9 B (Docket 25, page 36)
• Net value of the secured assets after the loan = $0.390 B which needs to be accounted
against shareholder equity. Request to the judge and the equity committee to validate these assets and account for it against the shareholders equity.
ITEMIZED LIST OF UNENCUMBERED REAL ESTATE AND ITS VALUATION
• Value of the unencumbered real estate and other assets, per independent analyst (Barrons.com this week) is valued roughly at $1.40B.
• This asset is owned solely by the current equity owners and is free of lien.
• Debtor acknowledges the importance of this asset Docket 25, page 10 and is part of the
central strategy to transfer assets from the current equity holders from the current JC
Penney entity into the newly formed Retail entity and REIT.
• Request to the judge and the equity committee to validate these assets and account for it
against the shareholders equity.
Total Net Residual shareholders assets (After netting out the loan amount) against these assets are as follows:
• ABL Credit facility = $1.761B
• 2016 Term loan secured assets = $0.909 B *
• First and second Lien loan secured assets = $0.390 B *
• unencumbered real-estate assets = $1.40B *
Total residual shareholders assets = $4.46B
Total unsecured obligation = $1.318B (Docket 25, page 38)
Value of NOLs @ 30% tax rate on $2.2B = $0.66B
Thus net residual shareholder equity in the current JC Penney holding = $3.802B
i.e. $11.85 / share. *
* Note that the asset valuations are from 2016 and should have at-least 10 ~ 15% additional valuations than what’s on the books (if not more
Look how desperate the shorts are getting
Only to get worse tomorrow As the hammer is about to drop! Imo of course
Sign up I hate spell check
Follow that link sing up and you will get updates
https://jcpshareholders.com/
Link to share holders
Thanks daddy needs to retire
Sorry 8: 39 pm 6/12/2020
I posted that link yesterday at 8:29pm just doing my part for the share holders