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Economy - Oil: Guinea gives final third of its offshore Hyperdynamics.
An addendum to the contract issue of sharing oil production linked to the Guinean state oil company Hyperdynamics Texas was signed last Thursday, March 25, 2010, learned Guineenews ©. The addendum was signed by the Minister of Mines Mahmoud Thiam and CEO of Hyperdynamics Ray Leonard (pictured).
Mr. Leonard, visibly delighted, announced during a press dinner last night that the amendment states that "30 percent of offshore Guinea returns to Hyperdynamics'.
In addition, the Texas company has waived its right of preemption said right of first refusal on the rest of the offshore Guinea. This waiver allows the state of Guinea have the rest of its offshore freely.
Already in 2007, this text had been removed from the national assembly, at the request of the Minister of Mines Ahmed Kante, because we believed, "granting the third, or 26 600 km2, 36 percent of the offshore Guinea did not conform to international practice. "
The addendum provides 25 300 sq km, an increase of 6 percent for the Guinean government over the contract in 2007 with a clause to surrender 25 per cent by 2013.
However, the provisions relating to tax on business profits have not been fundamentally revised. The oil costs were not included in the royalty, and, Hyperdynamics will pay no income taxes.
Sign of the times, the Minister Thiam agrees, more or less what the minister had refused Kante. "The state wanted to solve this problem to raise the mortgage on the rest of the offshore Guinea, according to a mining consultant. The company promises Texan drilling 1 oil well in late 2011.
Amadou Tham Camara Amadou Tham Camara
Conakry, Guinée Conakry, Guinea
224.60.55.01.23 224.60.55.01.23
Exclusive: General Sékouba Konate returned to Guinea on Sunday
The President of the Transitional General Sékouba Konate in Conakry will return this Sunday, March 21, 2010 at 16h local time and GMT, according to a statement from the press office of the Presidency of the Republic broadcast on national television.
The new leader of the military junta was on a state visit to Senegal and Gambia.
The statement said that the Prime Minister, the President and two Vice-Chairmen of the NLC, members of the CNDD (military junta) and government chiefs of General Staff, the diplomatic corps, the Governor of the city Conakry ... are invited to attend the welcoming ceremony.
We will return ... A dispatch from Abdourahamane Bakayoko
From Conakry to Africaguinee.com
DD - PSC/MOU, HDY web site, Guinea & concession maps, industry publications
Here are some additional sources and links just in case we get some new investors seeking DD .... long term investors and board members please pardon the redundancy.
HDY web site: http://www.hypd.com/
This is some additional accumulated information to supplement the Hyperdynamics web site.
New seimic map with Target areas
http://files.shareholder.com/downloads/HDY/798411522x0x351870/e1fecf23-d5cc-4dce-ad99-5329610c1664/2010.02.18 SHM.pdf
Guinea Map
http://investorvillage.com/groups.asp?mb=10989&mn=15533&pt=msg&mid=3514927
Guinea Time & Weather
http://www.timeanddate.com/worldclock/city.html?n=67
******** 2009 MOU & 2006 PSC Document & Legal Opinion ********
2009 Memorandum of Understanding:
http://investors.hyperdynamics.com/secfiling.cfm?filingID=1144204-09-48461
2006 PSC:
http://investors.hyperdynamics.com/secfiling.cfm?filingID=1140361-06-13727
2007 PSC legal opinion:
http://investors.hyperdynamics.com/secfiling.cfm?filingID=1140361-07-7772
Presidential confirmation Letter:
http://investors.hyperdynamics.com/secfiling.cfm?filingID=1140361-07-24179
********* HDY CONCESSION ********
Concession Location - These links provide a graphic historic chronological representation of the HDY/SCS concession off the west coast of the Republic of Guinea.
http://files.shareholder.com/downloads/HDY/798411522x0x351870/e1fecf23-d5cc-4dce-ad99-5329610c1664/2010.02.18 SHM.pdf
http://www.multiclient.westerngeco.com/Default.cfm?id=3608
http://downloads.pennnet.com/os/posters/2008_os_owa.pdf
http://www.rigzone.com/news/image_detail.asp?img_id=1819
http://www.investorvillage.com/smbd.asp?mb=67&mn=38013&pt=msg&mid=1802631
http://investorvillage.com/groups.asp?mb=10989&mn=17205&pt=msg&mid=3732688
http://www.investorvillage.com/groups.asp?mb=10989&mn=31842&pt=msg&mid=6872110
******* Petroleum Industry News Outlets *******
http://www.westafricaoffshore.com
http://www.rigzone.com
http://www.offshore-mag.com/index.html
Africa Oil Resources Map - USGS
http://pubs.usgs.gov/of/1997/ofr-97-470/OF97-470A/
http://certmapper.cr.usgs.gov/data/envision/index.html?widgets=geologymaps&mapservice=geology_africa&xmin=-22.14&xmax=58.2&ymin=-36.89&ymax=40.81
Africa Pipelines map
http://www.theodora.com/pipelines/africa_oil_gas_and_products_pipelines_map.html
Good luck and good investing .... MU_Redskin1
OK Ray .. It may be time to go ... imho
I appreciate the fact that the HDY staff have been in Houston awaiting the announcement thereby giving the Guinea Ministers time and space to make this historic decision.
But isn't it time to hop on the plane* and return to Guinea to " answer any questions" that the Ministers may have and show that we genuinely care about the MOU deadline?
They must have questions or concerns right? They missed the original deadline and have asked for another extension, maybe it would be prudent as a concerned and transparent partner to answer questions face-to-face instead of on a conference call?
I realize that Famourou handled the last signing but this is the whole enchilada and just maybe you, as the top dog, should be there. Maybe they want you there by sending this message?
Just a thought ...
Respectfully,
MU_Redskin1
* obviously if you have good information that this extension is the result of a minor delay for reasons that the President wants to sign later today or tomorrow before the deal is announced, or the deal is done and they are delaying the announcement to plan a major media event then travel would not be warranted; unless they have requested your presence.
Otherwise they may need you, as the expert, to answer questions and reassure them by reading your facial expressions and body language in person that this is a win-win-win for all parties involved.
I can hear it now ...
I'm hoping President General Konate comes back from Dakar Senegal today and sticks his big boot up somebody's rump! :~o
I can hear him now ...
" Where da hell is my agreement!!???? I leave for a few days and this country goes to hell in a handbasket. Get da Ministers to approve this oil MOU for my signature immediately so we can drill for da oil !!! What do you mean we missed da deadline?
You have until Saturday at 3:59 PM Guinea time to have this accomplished and I will sign it at 4 PM. We need to be known as those who made the hard decisions to make Guinea great."
I'm ticked off but we have to be patient ... I've been here 6-7 years now mostly as a long. It's been mostly painful; many things both good and bad have happened in our lives in the interim. I've made and lost money, lost and regained faith and run a broad range of emotions.
There is one thing that I'm not ... and that is a quitter... so I'm getting back in the trenches and let's git 'er done. Next time we look up many will be smiling and this monkey will be off our backs.
Best to all ... MU_Redskin1
It all depends on the investors where the stock will be ... many talking heads are predicting oil pricing at $90+ per barrel by the end of the year.
If 3-D P50 estimates are in the bilions of barrels and drilling is to begin Q4 of 2011 then I can certainly see $10 -20 before the first gusher ... imho
Msg 39533 of 39569 at 3/17/2010 2:04:28 PM by
e_2motion
Valuation comparables?
Getting back to Hyper valuation for a second,
I have a couple of thoughts of future valuation drivers:
HDY is currently sitting close to $100 Million total valuation. We all expect that once the contract and relationship with Guinea is formalized to a stable basis the value of the company will increase. Once we have fully vested Joint Venture partners on board, we assume the value of the company will increase as well. The $50 million cash will not hurt valuation either. Jason Davis is on record saying that they want to attract institutional investors to rotate into the stock. This should provide both some stability to the share price, and also perhaps a bit of upward momentum.
Beyond that we have the 2D analysis, 3D, and then the drilling to look forward to in the next 18 months. Does that mean we will float around for a year or so as the funds rotate in to replace us retail folks? Perhaps, but lets look at this from another perspective. As mentioned yesterday, a South Korean company, inexperienced in the oil markets is interested in getting a couple of offshore blocks. With the much publicized shift in policy within the majors about going after previously unacceptable oil targets (due to size, or perhaps political instability), I think we should expect to see additional interest in Guinea after they prove to the world that they are open for business in the offshore oil area (i.e. after they sign with HDY). Having free and open elections this summer should only help this situation further, even understanding that democracy is by nature a messy form of government.
Thinking rationally, Guinea will plan to lease the rights for these blocks. My guess is that they will intend to do this sooner than later. The country is coming off a bad political time, during which time their revenues from bauxite decreased as the global recession reduced the demand for aluminum. In short I think they need the cash now. While they might wait, as Ray has suggested, until after HDY has made a discovery which should increase the block prices by 10X, they will most likely not wait to lease all the blocks in the 64%.
What this could mean to HDY is to give the market the closest thing to a "comparable" for the stock as is possible. Here's what I mean. If the average leasing price for the blocks is $10M each, that means that our 8 blocks are worth more than $80M (knowing we made an informed choice and we choose wisely) and the company is likely to be valued at more than $.80/share. If the selling price is $100M per block, the "comparable" values HDY at more than $8.00/share, with, perhaps, a linear relationship in between. It's a total guess what price the blocks will go for. My guess is they might start off on the low side and raise from there, but who knows? I guess my point is to get us all to think, when was the last time we have read of a block being sold off for $10M.
With the oil find next door, rumored to contain 250M barrels, and our blocks on trend with that and similar finds, I suspect we will see north of $10M price per block lease. Especially considering that we have found 2 source rock activate systems, and are in the flow pattern of many Cretaceous, and prior Jurassic river deltas.
As Mike has pointed out, there are a lot of companies who have seen some of the offshore data, and as Dennis mentioned, it might well be worth it for HDY to assist Guinea in getting the most for these blocks possible. Being a helpful resource by providing 2D on blocks HDY has no interest in, might be looked at very favorable by the Guinea Government, and it might be one of the drivers which could propel the HDY share price to levels much higher than many of us thought possible prior to drilling. It seems clear that there is a very good chance that there is significant oil and gas in many of these blocks within the 64%. Maybe it's time to help Guinea get the job done. Their success is our success, and vice versa.
Jim
I expect to see news between ...
Here's my EWAG
Based on my observations of Guinea news outlets we should see something between 2-5 PM EST today. That would be 6 - 9 PM Guinea time.
Caveat: That is if the Prime Minister doesn't put a gag order on the news pending the signature of the MOU amendment by interim President General Konate; who is in Dakar, Senegal visiting President Abdoulaye Wade until Friday.
The MOU can be signed by Mr. Thiam to become a legal amendment to the 2006 PSC contract document and signature by Konate makes it a LAW, as noted in the MOU documents.
These are the types of articles which indirectly support approval of the MOU. Mr. Thiam would not even ask foreign companies to come to Guinea to discuss the offshore if Guinea doesn't sign off on the MOU and thereby accept the 64% back from HDY.
17/03/2010 AFRICA ENERGY INTELLIGENCE n°624
OIL
Koreans Knock on Door
According to our sources, Guinea’s mines minister, Mahmoud Thiam, invited the chief executive of South Korea’s Koahosei Global company, Cheungho Cho, to travel to Conakry this month to begin talks on prospecting for oil.
If anyone doesn't know what the MOU says here it is as filed with the SEC.
2009 Memorandum of Understanding:
http://investors.hyperdynamics.com/secfiling.cfm?filingID=1144204-09-48461
DD - PSC/MOU, HDY web site, Guinea & concession maps, industry publications
Here are some additional sources and links just in case we get some new investors seeking DD .... long term investors and board members please pardon the redundancy.
HDY web site: http://www.hypd.com/
This is some additional accumulated information to supplement the Hyperdynamics web site.
New seimic map with Target areas
http://files.shareholder.com/downloads/HDY/798411522x0x351870/e1fecf23-d5cc-4dce-ad99-5329610c1664/2010.02.18 SHM.pdf
Guinea Map
http://investorvillage.com/groups.asp?mb=10989&mn=15533&pt=msg&mid=3514927
Guinea Time & Weather
http://www.timeanddate.com/worldclock/city.html?n=67
******** 2009 MOU & 2006 PSC Document & Legal Opinion ********
2009 Memorandum of Understanding:
http://investors.hyperdynamics.com/secfiling.cfm?filingID=1144204-09-48461
2006 PSC:
http://investors.hyperdynamics.com/secfiling.cfm?filingID=1140361-06-13727
2007 PSC legal opinion:
http://investors.hyperdynamics.com/secfiling.cfm?filingID=1140361-07-7772
Presidential confirmation Letter:
http://investors.hyperdynamics.com/secfiling.cfm?filingID=1140361-07-24179
********* HDY CONCESSION ********
Concession Location - These links provide a graphic historic chronological representation of the HDY/SCS concession off the west coast of the Republic of Guinea.
http://files.shareholder.com/downloads/HDY/798411522x0x351870/e1fecf23-d5cc-4dce-ad99-5329610c1664/2010.02.18 SHM.pdf
http://www.multiclient.westerngeco.com/Default.cfm?id=3608
http://downloads.pennnet.com/os/posters/2008_os_owa.pdf
http://www.rigzone.com/news/image_detail.asp?img_id=1819
http://www.investorvillage.com/smbd.asp?mb=67&mn=38013&pt=msg&mid=1802631
http://investorvillage.com/groups.asp?mb=10989&mn=17205&pt=msg&mid=3732688
http://www.investorvillage.com/groups.asp?mb=10989&mn=31842&pt=msg&mid=6872110
******* Petroleum Industry News Outlets *******
http://www.westafricaoffshore.com
http://www.rigzone.com
http://www.offshore-mag.com/index.html
Africa Oil Resources Map - USGS
http://pubs.usgs.gov/of/1997/ofr-97-470/OF97-470A/
http://certmapper.cr.usgs.gov/data/envision/index.html?widgets=geologymaps&mapservice=geology_africa&xmin=-22.14&xmax=58.2&ymin=-36.89&ymax=40.81
Africa Pipelines map
http://www.theodora.com/pipelines/africa_oil_gas_and_products_pipelines_map.html
Good luck and good investing .... MU_Redskin1
Guinean government is about to consider a memorandum of understanding
credit: Leparello http://www.investorvillage.com/groups.asp?mb=10989&pt=m&category=A
Tuesday, March 16, 2010 21:42
The Guinean government is about to consider a memorandum of understanding relating to the amendment of the contract sharing of oil which it signed in 2006 with Hyperdynamics, reports a note of the Texan company.
According to Ray Leonard, CEO of Hyperdynamics cited by our source, "the Guinean government through the Ministry of Mines and Geology wrote a letter requesting an extension of the date of examination of the record to enable it to complete the analysis the proposed amendment.
The study of this amendment will be made shortly by the Council of Ministers.
For its part, the CEO of the American oil company appreciates the approval process of mining contracts in transparency in Guinea.
"We look forward to continue working with the Guinean government in search of oil and gas," said Leonard.
Link: http://www.minesdeguinee.com/actualite/200-petrole-la-guinee-examine-un-memorandum-dentente-signe-avec-hyperdynamics
Well if that IS the case then these meetings may indicate a final push by all parties to finalize the deal imo. Traveling to and staying in Guinea is no walk in the park and picnic.
We may see some SERIOUS volume once the deal is close and rumors begin to leak out about a pending close.
I still think we momo right up to or past the old high in the next two weeks ... what's your prediction using those bones?
Randy did you get word from HQ that Ray and friends are either in or on their way to Guinea? That is important in the timing of things.
IV is down again and this looks like the logical place to have a back-up board to discuss the stock plus it seems this iHUB group is another group of saavy investors who can take advantage of a once in a lifetime opportunity. Ironically we have followed HDY for 5-6 years now. What a time to get in ... at the new beginning and at this price.
Anyway the REPSOL closers finished their Operatorship contracts in Houston the week of 2/1-2/8 so those negotiations are in the bag.
The Dana/HDY Guinea papaerwork is completed.
Dore and friends have had a third party law firm review the 2006 PSC, Petroleum Code compliance and Guinea/HDY/Dana deal and they have reviewed all international standards for Petroleum contracts.
So this could be the final act in the partnership agreements of it could be the final drafts before signature and acceptance.
I would definitely want this speculative pahse to be behind us and put $51 million in the bank. That would definitely move the needle back to the area of the all time high ....
Red
I don't think there is a change of control in our case as the current shareholders will still control 60% of the new entity. So the company will still be able to use the full $61 million, this is how I understand it ...
I'm not that liberal with my money nor that lucky. My best purchases were at .025 just as recent as a couple weeks ago.
I have a healthy chunk of cash in this stock but quite honestly after I got in and spoke with Bloom then Markowitz, after he was hired, I was hooked on the story.
The characters involved with this story are interesting to me. Judge Hyman, Jeff Beck, Mark Bloom, Jerry Markowitz and a cast of consultants, bondholders, preferred stockholders, committees etc. All the BS, posturing and sparring that has gone on in the last 19 years is really interesting.
In the end if ALL these players let this bankrupcy resurrection and hard work go to waste because of their egoes or self interest that would be a real shame. Criminal.
So I am looking forward to the announcement of which international investor, "the household name", is going to be the suitor. On that day we will reap the benefit of an EWAG and nerves of steel.
The banking crisis, which held up the deal, may be a blessing in the end.
Have a great weekend,
MU_Redskin1
http://www.miami.muohio.edu/
1979 MAC Baseball Champions, thus the handle ...
Thanks. I had my doubts about this opportunity but I now feel very strongly that this deal will be consummated.
Too many powerful people have spent enormous time, effort and money to see this deal through. There are some GIANT EGOES involved in this deal as well. Egoes and reputations are sometimes more powerful, valuable and precious than money.
I just hope this works out so we all can profit, benefit and then have the opportunity to participate as shareholders in a very special company.
If the deal comes to fruitition we will exchange our STBP common shares for SEBC Holdings, LP units valued at $1.00. IMHO that is a 9-10 bagger from $0.10 - 0.11 purchases.
Here is a post I made earlier this year ... I still think it holds true, IMHO ...
EWAG on the deal ....
This is what I hypothecate ... the new SEBC Holdings, LP; the company we will swap our STBP stock for the "units" could evolve into a lucrative publicly traded limited partnership.
To investigate the subject of LP's start here ... http://www.naptp.org/ , then google 'publicly traded limited partnerships' and get educated.
SEBC Holdings, LP, will own the real estate valued at $34 million (through SEBC Real Estate, LLC) ... and 60% of SEBC Financial Corporation "A" common stock, the company that the investor (MODENA 2004-1 LLC aka Merrill Lynch) has invested $1.639 billion dollars. This money will be invested by SEBC Financial Corporation in a defined ASSET BACKED TRUST which will yield income to be distributed to all.
$500 million is sitting on the sidelines waiting to buy in through the investor too. The Investor will sell preferred stock and common stock to third party investors.
The new SEBC Organizational Corporate structure is clearly defined in the pro forma. That diagram should be easily discerned by an MBA or lawyer who specializes in LP's. I may just spend the cash to get a consultation. I suggest if y'all are serious about this investment to do the same.
Anyway here are some publicly traded LP's within the same corporate mission as the proposed SEBC Holdings, LP.
Real Estate - Properties
New England Realty Associates, L.P. AMEX
NEN
NTS Realty Holdings, L.P. AMEX
NLP
W.P. Carey & Co. LLC NYSE
WPC
Real Estate - Mortgage Securities
American First Tax Exempt Investors,
NASDAQ
ATAX
Centerline Holding Company (formerly CharterMac)
OTC
CLNH.OB
Investment / Financial
Alliance Bernstein Holding L.P.
NYSE
AB
The Blackstone Group L.P.
NYSE
BX
Brookfield Infrastructure Partners
NYSE
BIP
Fortress Investment Group LLC
NYSE
FIG
Icahn Enterprises, L.P.
(formerly American Real Estate Partners)
NYSE
IEP
KKR Financial Holdings LLC
NYSE
KFN
Lazard, Ltd.
NYSE
LAZ
Och-Ziff Capital Management Group LLC
NYSE
OZM
.... I may be off base but this is my hunch and opinion ...
Best to all . good luck and good investing ...
MU_Redskin1
Current value? NOL Premium?
The Trustee's accountant valued the shares at $ 0.24 per share and "the deal" values the new LP units at $1.00.
So I can feel comfortable this is the current market value range for the shares/units. At $0.11 the shares are undervalued, IMHO.
http://www.sebcglobalsettlement.com/pleadings/SEBC051.pdf
The question is .... what is the premium that will be allotted to the tax benefits of the NOL's if any? That is the wildcard ... the attraction of this speculative stock ...
http://www.sebcglobalsettlement.com/pleadings/SEBC031.pdf
I have read these three documents thoroughly and the information is in the MSA document page 42 I believe.
Enjoy ...
Allowable SEBC NOL $578,700,000.00 .... that is marketable ...
Here is the NOL schedule from the MSA .... what is the $578,700,000.00 tax credit worth?
Expiration DATE NOL Carryover
December 31, 2009 $ 61,000,000
December 31, 2010 $ 370,000,000
December 31, 2011 $ 27,700,000
December 31, 2012 0
December 31, 2013 0
December 31, 2014 0
December 31, 2015 0
After December 31, 2018 $ 120,000,000
Best to all ... MU_Redskin1
Date of last filing: 07/04/2009 - fyi Order Rescheduling Post-Confirmation Status Conference
91-14561-PGH Southeast Banking Corporation
Case type: bk Chapter: 11 Asset: Yes Vol: v Judge: Paul G Hyman Jr
Date filed: 09/20/1991 Date of last filing: 07/04/2009 Plan confirmed: 03/13/2009
History
Doc.
No. Dates Description
5793 Filed: 07/04/2009
Entered: 07/05/2009
BNC Certificate of Mailing - PDF Document
5794 Filed: 07/04/2009
Entered: 07/05/2009
BNC Certificate of Mailing - PDF Document
5789 Filed & Entered: 07/02/2009
Order Setting Status Hearing/Conference
5790 Filed & Entered: 07/02/2009
Order on Objection to Claims
5791 Filed & Entered: 07/02/2009
Certificate of Service
5792 Filed & Entered: 07/02/2009
Certificate of Service
5787 Filed & Entered: 07/01/2009
Certificate of Service
5788 Filed & Entered: 07/01/2009
Notice of Filing
5786 Filed & Entered: 06/30/2009
Motion to Extend Time
Full docket text for document 5789:
Order Rescheduling Post-Confirmation Status Conference . Status hearing to be held on 08/05/2009 at 11:00:00 AM at 1515 N Flagler Dr Room 801 Courtroom A, West Palm Beach. (Adam, Lorraine)
Latest filings - Plan Confirmation Order 3/13/09
91-14561-PGH Southeast Banking Corporation
Case type: bk Chapter: 11 Asset: Yes Judge: Paul G Hyman Jr
Date filed: 09/20/1991 Date of last filing: 03/13/2009 Plan confirmed: 03/13/2009
http://investorvillage.com/smbd.asp?mb=13876&mn=2789&pt=msg&mid=6872624
Have a great weekend everyone,
MU_Redskin1
New Filings & Creditors object to hugh fees !
http://investorvillage.com/smbd.asp?mb=13876&mn=2778&pt=msg&mid=6865063
I was told the Investor had to give all unowned common shares to charity as part of "tax considerations" negotiated as part of the deal. The Investor was not at liberty to distribute the shares to existing shareholders. FWIW
Per Markowitz "The Plan" was confirmed today.
No details were forthcoming but the order will be filed this week.
I think the Trustee uses his powers to consult with the Investor to wrap this up by the end of March, 2009.
Good luck all ... MU_Redskin1
A new example of a structured mutual fund product ...
Structured Investment Management's S&P 500 Capital Appreciation Fund Now Offered By Charles Schwab & Co. and Fidelity Investments
PR Newswire
Posted: 2009-03-03 08:17:00
NEW YORK, March 3 /PRNewswire/ -- Investment management company Structured Investment Management Inc. (SIM) announced today that its new mutual fund, S&P 500 Capital Appreciation Fund (Nasdaq: SSPAX) is now available for purchase on the mutual fund platforms of Charles Schwab & Co. Inc. and Fidelity Investments.
The fund, which began operating in December 2008, is a principal-protected index mutual fund with a 10-year horizon. It is 100 percent invested in the stock market at all times, and, on the downside, offers shareholders a minimum return of at least 150 percent of initial NAV less certain fees and expenses if they stay invested for the full length of the fund's term. The fund's objective is to provide long-term growth while protecting investors' capital. Upside growth is achieved through S&P 500 indexing. Downside protection is achieved through the use of contractual agreements that will enable the fund manager to protect investors' principal and deliver a minimum return at the end of the 10-year period. Derivatives are used as a hedging mechanism, and are fully secured by cash to eliminate credit risk. For Class A shares, the Fund is expected to provide a minimum redemption value of $11,870 on a $10,000 initial investment, or just under 119 percent of the initial NAV. On the upside, the Fund is expected to trail the S&P 500 index by just under 2 percent per annum.
"We are very pleased to offer a unique investment that provides principal protection and the upside potential of the S&P 500 index through Charles Schwab & Co. and Fidelity Investments. Attractive in any market environment, the S&P 500 Capital Appreciation Fund is well-suited to current market conditions," said Ramesh Menon, SIM's president and founder. "Using a patent-pending approach, the fund is designed to overcome the poor performance of dynamic asset allocation strategies used by target date funds, many variable annuities, and certain principal-protected notes." He added that because it is a mutual fund, the product also offers tax and liquidity advantages not available with other principal-protected investments.
The company has filed for patent protection on the financial engineering used to provide the fund's protection mechanism.
About Structured Investment Management
Structured Investment Management (SIM), a boutique investment management firm headquartered in New York City, was founded in 2006 by Ramesh Menon, an expert in structured financial products and equity derivatives with almost 20 years of experience.
SIM operates at the nexus of several complex areas: derivatives structuring and risk management, securities and investment regulation, structured credit and taxation. It currently offers the following products and services:
Structured mutual fundsSub-advisory services to asset managersStructured product design and execution services
For more information about SIM, please visit its Web site, www.sim.us.com
Plan supplements available at the SEBC web site !
http://www.sebcglobalsettlement.com/pleadings/SEBC049.pdf
Plan Supplements were filed 2/27 ... DETAILS !
Watch the STBP website they should be posted by Monday !
Getting close ... the fence sitters better BUY,BUY,BUY !
BINGO ! Re: General Partner of OUR company ... was announced
I have searched the internet over and could not find any information on Structured Capital Solutions ... but I will give y'all a freebie ... here is where I have found Mr. Edwards ....
National Australia Bank
... and he is a partner in this company, Global Film Finance ... seems he may be wealthy and connected and he will be the Managing General Partner of our new company SEBC Holdings, LP. Makes me alot more optimistic becasue he will have some skin in the game plus he is internationally connected in banking and finance circles.
http://www.globalfilmfinance.co.uk/
More tidbits later ...
Best to all ... MU_Redskin1
Everything is evident ... it is in the Plan ...
For the last two weeks it is there.
More ... when Einsteins?
FDIC - Series E Preferred Shareholder ACCEPTS the Plan
Full docket text for document 5588:
Chapter 11 Ballot ACCEPTING Plan. (Class in Plan: 5; Amount: 240,000) Filed by Creditor FDIC (Grossman, Scott)
--------------------------------------------------------------------------------
The Series E Preferred stock was voted to accept the plan.
Series A Preferred stock = 600,000 shares ...
registered to:
Atlantic Investment Company
c/o David Shelton, Esq.
Norfolk Southern Corporation
Three Commerce Place
Norfolk, VA 23510
Series E Preferred stock = 240,000 shares ...
registered to:
FDIC
Division of Resolutions and Receiverships
Manager, Capital Markets and Resolutions
1776 F Street NW
Washington, D.C. 20006
Outrageous Trustee and legal fees!!! Where's congress ?!
United States Bankruptcy Court
Southern District of Florida
The Honorable Paul G Hyman Jr Presiding
3/16/2009 Monday
Room 801 Courtroom A WPB
09:30 AM
91-14561 11 bk Southeast Banking Corporation
Joint Application for Fee Enhancement by Chapter 7 Special Litigation Counsel Josephs Jack and the Coffey Firms and Memorandum in Support Thereof Filed by Special Counsel Michael R. Josephs. (5506)
Southeast Banking Corporation - db
Sara Golinveaux - r
Michael R. Josephs - sp Michael R Josephs aty
Jeffrey H Beck - tr Scott M. Grossman aty
Luis Salazar aty
Arley D Finley III aty
Application for Administrative Expenses Filed by Creditor Bank of New York. (Aaronson, Geoffrey) (5518)
Geoffrey S. Aaronson aty
Jerry M Markowitz aty
Southeast Banking Corporation - db
Bank of New York - cr Geoffrey S. Aaronson aty
Sara Golinveaux - r
Jeffrey H Beck - tr Scott M. Grossman aty
Luis Salazar aty
Arley D Finley III aty
Mark D Bloom aty
Third Interim and Final Application for Compensation for Cynthia Jackson, Special Counsel, Period: 11/1/2008 to 1/16/2009, Fee: $58420.50, Expenses: $364.02. Filed by Special Counsel Cynthia Jackson. (Bloom, Mark) Modifiedon
1/27/2009 to select nameof certifying professional. (5507)
Southeast Banking Corporation - db
Sara Golinveaux - r
Cynthia C Jackson - sp Mark D Bloom aty
Jeffrey H Beck - tr Scott M. Grossman aty
Luis Salazar aty
Arley D Finley III aty
Mark D Bloom aty
Final Application for Compensation and Reimbursement of Expenses [McDermott, Will and Emery] for David Rogers, Special Counsel, Period: 11/1/2008 to 1/26/2009, Fee: $10829.90, Expenses: $26.76. Filed by Special Counsel
David Rogers. (5508)
Southeast Banking Corporation - db
Sara Golinveaux - r
David Rogers - sp Mark D Bloom aty
Jeffrey H Beck - tr Scott M. Grossman aty
Luis Salazar aty
Arley D Finley III aty
Mark D Bloom aty
Motion for Payment and Allowance of Administrative Expense Claim, in the Amount of $776,366.04. Filed by Creditor US Bank National Association. (5509)
Southeast Banking Corporation - db
US Bank National Association - cr Craig V Rasile aty
Sara Golinveaux - r
Jeffrey H Beck - tr Scott M. Grossman aty
Luis Salazar aty
Arley D Finley III aty
Application for Final Compensation for Jerry M. Markowitz, the Legal Representative for Holders of SEBC Common Stock, Other Professional, Period: 11/1/2008 to 1/26/2009, Fee: $72,450.00, Expenses: $. Filed by Other Professional
Jerry M. Markowitz, theLegal Representative for Holders of SEBC Common Stock. (5511)
Southeast Banking Corporation - db
Jerry M. Markowitz, the Legal Representative for - op Jerry M Markowitz aty
Sara Golinveaux - r
Jeffrey H Beck - tr Scott M. Grossman aty
Luis Salazar aty
Arley D Finley III aty
Application for Final Compensation of Markowitz, Davis, Ringel & Trusty, P.A. as counsel for Jerry M. Markowitz, the Legal Representative for Holders of SEBC Common Stock, Attorney, Period: 11/1/2008 to 1/25/2009, Fee:
$49,255.50, Expenses: $39.90.(5512)
Southeast Banking Corporation - db
Jerry M. Markowitz, the Legal Representative for - op Jerry M Markowitz aty
Sara Golinveaux - r
Jeffrey H Beck - tr Scott M. Grossman aty
Luis Salazar aty
Arley D Finley III aty
Final Application for Compensation for Services Rendered and Reimbursement of Expenses to Accountants and Financial Consultants for the Chapter 11 Trustee [Kapila and Company] for Soneet R. Kapila, Accountant, Period:
9/17/2007 to 1/21/2009, Fee: $268536.72, Expenses: $47.53. Filed by Accountant Soneet R. Kapila. (5514)
Southeast Banking Corporation - db
Soneet R. Kapila - acc Mark D Bloom aty
Sara Golinveaux - r
Jeffrey H Beck - tr Scott M. Grossman aty
Luis Salazar aty
Arley D Finley III aty
Mark D Bloom aty
Application for Administrative Expenses Filed by Creditor Ad Hoc Committee. (5515)
Southeast Banking Corporation - db
Ad Hoc Committee - cr James C. Moon aty
Jeffrey I Snyder aty
Stephen D Busey aty
Scott L Baena aty
Sara Golinveaux - r
Jeffrey H Beck - tr Scott M. Grossman aty
Luis Salazar aty
Arley D Finley III aty
Final Chapter 11 Application for Compensation Including Interim Period of 11/1/08 to 1/20/09 and Projected Fees Through Effective Date of Chapter 11 Plan for Jeffrey H Beck, Trustee Chapter 9/11, Period: 11/1/2008 to
1/20/2009, Fee: $635474.50, Expenses: $1213.69. Filed by Trustee Jeffrey H Beck. (5516)
Southeast Banking Corporation - db
Sara Golinveaux - r
Jeffrey H Beck - tr Scott M. Grossman aty
Luis Salazar aty
Arley D Finley III aty
Mark D Bloom aty
Fourth Interim and Final Chapter 11 Application for Compensation and Reimbursement of Expenses [Greenberg Traurig, P.A.] for Mark D. Bloom, Trustee s Attorney, Period: 11/1/2008 to 1/20/2009, Fee: $3042359.00, Expenses:
$121289.03. Filed by AttorneyMark D. Bloom. (5519)
Southeast Banking Corporation - db
Mark D. Bloom - aty Mark D Bloom aty
Sara Golinveaux - r
Jeffrey H Beck - tr Scott M. Grossman aty
Luis Salazar aty
Arley D Finley III aty
Mark D Bloom aty
Application for Compensation - Trustee s Application for Allowance and Payment of Maximum Statutory Compensation for Jeffrey H Beck, Trustee Chapter 9/11, Period: to, Fee: $3,474,845.00, Expenses: $0. Filed by Trustee Jeffrey
H Beck. (5534)
Jerry M Markowitz aty
Southeast Banking Corporation - db
Sara Golinveaux - r
Jeffrey H Beck - tr Scott M. Grossman aty
Luis Salazar aty
Arley D Finley III aty
Mark D Bloom aty
Application for Compensation - Application for Allowance and Payment of Fee Enhancement to Greenberg Traurig, P.A. for Mark D. Bloom, Trustee s Attorney, Period: to, Fee: $4,000,000.00, Expenses: $0. Filed by Attorney Mark
D. Bloom. (5520)
Jerry M Markowitz aty
Southeast Banking Corporation - db
Mark D. Bloom - aty Mark D Bloom aty
Sara Golinveaux - r
Jeffrey H Beck - tr Scott M. Grossman aty
Luis Salazar aty
Arley D Finley III aty
Mark D Bloom aty
Application for Final Compensation for Mesirow Financial Consulting, LLC, Financial Advisor, Period: 11/1/2008 to 1/22/2009, Fee: $7,101.00, Expenses: $. Filed by Financial Advisor Mesirow Financial Consulting, LLC. (5522)
Jerry M Markowitz aty
Southeast Banking Corporation - db
Mesirow Financial Consulting, LLC - fa
Sara Golinveaux - r
Jeffrey H Beck - tr Scott M. Grossman aty
Luis Salazar aty
Arley D Finley III aty
Mark D Bloom aty
Git 'er done boyz ....
91-14561-PGH Southeast Banking Corporation
Case type: bk Chapter: 11 Asset: Yes Vol: v Judge: Paul G Hyman Jr
Date filed: 09/20/1991 Date of last filing: 02/25/2009
History
Doc.
No. Dates Description
5585 Filed & Entered: 02/25/2009
Chapter 11 Ballot
They HAVE to file it on 2/28 or 3/02 ...
this is very exciting ....
There is lots of new information in the ...
Third Amended Plan of Reorganization ... the Confirmation date is March 9, 2009 but there is a more important filing date in there ....
Trustee's counsel - Structured Finance & Derivatives
http://www.gtlaw.com/Experience/Practices/StructuredFinanceDerivatives
The structured finance markets have experienced tremendous growth in issuance volumes over the past several years, thanks to continual innovation, product diversification and globalization. Asset-backed securities are one of the most rapidly expanding segments of the market today. More complex structured finance techniques – such as the use of senior and mezzanine structures with elements of high yield debt and bond programs – are also becoming more commonplace. Changes are cropping up on the regulatory side, as well.
Greenberg Traurig’s structured finance and derivatives attorneys participate in securitized and structured products encompassing almost every asset class in the mortgage, asset-backed, municipal and structured products markets. Through our representation of virtually every type of market participant – from major financial institutions and Fortune 500 companies to specialty finance companies – we have a breadth of experience to offer our clients.
Our structured finance and derivatives attorneys utilize GT’s far-reaching U.S. and international locations to provide clients with global services. We have experience in a wide array of U.S. and international transactions and represent clients in U.S.-based transactions, offshore offerings, and cross-border securitizations. While we have developed complex securitization techniques and structured derivatives products for new asset classes, we also regularly handle routine transactions where efficiency, accessibility and cost minimization are essential.
Legal Services
Represent investors, issuers, underwriters, placement agents, lenders, servicers, trustees, custodians and providers of derivative products
Structure and negotiate a wide range of mortgage-backed, asset-backed, tax-exempt, bond-backed securities, as well as derivatives, structured products and structured investment vehicles
Advise on securities, commodities, banking, tax, ERISA and bankruptcy laws and regulations affecting capital markets transactions
Assist with governmental and regulatory authority filings, compliance and audits
Represent financial institutions and investors in structured derivatives, swaps and related derivative products
Advise on regulatory issues affecting structured finance market participants
Represent both institutional lenders and borrowers in facilities secured by a variety of collateral
44 days .... until March 30, 2009
The pro forma is based on this date. I think all involved will bust their tails to make sure this gets done on time. Otherwise they will have to re-calculate alot of numbers ....
Re-grip and restated ... LOL
Yes we are Class 6 interests.
Here is why I think the "remainder units" will be distributed to charity.
The Trustee has Identified 12.4 - 13 million old SEBC stock interests which will be converted to SEBC Holdings LP units.
The recent pro forma lists 13,760,000 SEBC Holdings LP common units as of the Effective date, March 31, 2009.
http://www.sebcglobalsettlement.com/pleadings/SEBC043.pdf
So, hopefully there should be very few remainder shares to give to charity once we convert our old SEBC common interests to SEBC Holdings LP common units. [From 12. (c.) ...... "any shares left-over or too expensive to be redistributed will be donated to charity. "]
Thanks, MU_Redskin1
Maxx ... this is what I think ... SEBC Holdings, LP the company we will swap our STBP stock for the "units" could evolve into a lucrative publicly traded limited partnership.
To investigate LP's start here ... http://www.naptp.org/
SEBC Holdings, LP will own the real estate valued at $34 (through SEBC Real Estate, LLC) ... and 60% of SEBC Financial Corporation "A" common stock, the company that the investor (MODENA 2004-1 LLC aka Merrill Lynch) has invested $1.639 billion dollars. This money will be invested by SEBC Financial Corporation in a defined ASSET BACKED TRUST which will yield income to be distributed to all.
$500 million is sitting on the sidelines waiting to buy in throught the investor too.
Your post is intriguing ...
The SEBC Organizational Corporate structure is clearly defined in the pro forma. That diagram should be easily discerned by a lawyer who specializes in LP's. I may just spend the cash to get a consultation.
Anyway here are some companies trading units as LP's.
Real Estate - Properties
New England Realty Associates, L.P.
AMEX
NEN
NTS Realty Holdings, L.P.
AMEX
NLP
W.P. Carey & Co. LLC
NYSE
WPC
Real Estate - Mortgage Securities
American First Tax Exempt Investors
NASDAQ
ATAX
Centerline Holding Company (formerly CharterMac)
OTC
CLNH.OB
Investment / Financial
Alliance Bernstein Holding L.P.
NYSE
AB
The Blackstone Group L.P.
NYSE
BX
Brookfield Infrastructure Partners
NYSE
BIP
Fortress Investment Group LLC
NYSE
FIG
Icahn Enterprises, L.P.
(formerly American Real Estate Partners)
NYSE
IEP
KKR Financial Holdings LLC
NYSE
KFN
Lazard, Ltd.
NYSE
LAZ
Och-Ziff Capital Management Group LLC
NYSE
OZM
I may be totally wrong on this but this is my hunch.
Best to all . good luck and good investing ...
MU_Redskin1
Yes, the court information is now available ...
http://investorvillage.com/smbd.asp?mb=13876&mn=2631&pt=msg&mid=6644605
http://investorvillage.com/smbd.asp?mb=13876&mn=2634&pt=msg&mid=6653696
Ms. Dominguez and Mr. Bloom delivered on providing the information to the SEBC web site so all interested investors can review the terms of the amended plan.
http://www.sebcglobalsettlement.com/pleadings.htm
Trustee's Second Amended Chapter 11 Plan of Reorganization
Order Granting Trustee's Motion for Entry of an Order Governing Solicitation of Ballots for Trustee's Chapter 11 Plan
Order Approving Break-Up Fee For, and Repayment of Reimbursement Fee, to Chapter 11 Plan Investor
Trustee's Third Amended Chapter 11 Plan of Reorganization Dated February 9, 2009
Amended Disclosure Statement With Respect to Trustee's Third Amended Chapter 11 Plan of Reorganization Dated February 9, 2009
Order (I) Approving Amended Disclosure Statement; (II) Setting Hearing on Confirmation of Third Amended Plan; (III) Setting Hearing on Final Fee Applications; (IV) Setting Various Deadlines; and (V) Describing Plan Proponent's Obligations
Notice of Hearing to Consider Confirmation of Trustee's Amended Chapter 11 Plan of Reorganization
Creditor Questionnaire in connection with Trustee's Third Amended Chapter 11 Plan of Reorganization
Best to all ... good luck and good investing,
MU_Redskin1
Today is the last day to contact Mark Bloom, the Trustee's counsel, with your objections before the 2/2/09 deadline to file 'Objections to the Disclosure Statement'.
Mark D. Bloom, Esquire
Greenberg Traurig, P.A.
1221 Brickell Avenue
Miami, Florida 33131
Telephone: (305) 579-0500
Facsimile: (305) 579-0717
E-mail: bloomm@gtlaw.com
Read the last several sentences on page 2 of 2 ....
http://www.sebcglobalsettlement.com/pleadings/SEBC038.pdf
Best to all ... MU_Redskin1