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Disclosure filed 12/10/2008. Many hundreds of pages of reading are in the amneded plan, disclosure statement and exhibits. I like what I see initially, we'll see what our lawyers Jerry Markowitz and Jim Feltman have to say in the coming days. Good reading and I am looking forward to some thoughtful exchange in the coming days and weeks as we close the deal.
Best to all ... MU_Redskin1
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: 12/10/2008
History
Doc.
No. Dates Description
5448 Filed & Entered: 12/10/2008
Amended Chapter 11 Plan
5449 Filed & Entered: 12/10/2008
Disclosure Statement
5450 Filed & Entered: 12/10/2008
Miscellaneous Motion
5451 Filed & Entered: 12/10/2008
Miscellaneous Motion
5452 Filed & Entered: 12/10/2008
Miscellaneous Motion
5453 Filed & Entered: 12/10/2008
Application to Employ
5454 Filed & Entered: 12/10/2008
Miscellaneous Motion
5446 Filed & Entered: 12/02/2008
Supplemental Document
5447 Filed & Entered: 12/02/2008
Notice of Filing
5445 Filed & Entered: 12/01/2008
Certificate of Service
5444 Filed: 11/28/2008
Entered: 11/29/2008
BNC Certificate of Mailing - Hearing
5443 Filed & Entered: 11/26/2008
Notice of Hearing
5435 Filed & Entered: 11/24/2008
Application for Compensation
5436 Filed & Entered: 11/24/2008
Application for Compensation
5437 Filed & Entered: 11/24/2008
Application for Compensation
5438 Filed & Entered: 11/24/2008
Application for Compensation
5439 Filed & Entered: 11/24/2008
Application for Compensation
5440 Filed & Entered: 11/24/2008
Application for Compensation
5441 Filed & Entered: 11/24/2008
Application for Compensation
5442 Filed & Entered: 11/24/2008
Notice of Filing
5432 Filed & Entered: 11/21/2008
Notice of Filing
5433 Filed & Entered: 11/21/2008
Trustee's Monthly Financial Report
5434 Filed & Entered: 11/21/2008
Notice of Filing
5430 Filed & Entered: 11/20/2008
Application for Compensation
5431 Filed & Entered: 11/20/2008
Chapter 11 Plan
5429 Filed & Entered: 11/12/2008
Notice of Filing
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: 12/02/2008
History
Doc.
No. Dates Description
5446 Filed & Entered: 12/02/2008
Supplemental Document
5447 Filed & Entered: 12/02/2008
Notice of Filing
5445 Filed & Entered: 12/01/2008
Certificate of Service
5444 Filed: 11/28/2008
Entered: 11/29/2008
BNC Certificate of Mailing - Hearing
5443 Filed & Entered: 11/26/2008
Notice of Hearing
5435 Filed & Entered: 11/24/2008
Application for Compensation
5436 Filed & Entered: 11/24/2008
Application for Compensation
5437 Filed & Entered: 11/24/2008
Application for Compensation
5438 Filed & Entered: 11/24/2008
Application for Compensation
5439 Filed & Entered: 11/24/2008
Application for Compensation
5440 Filed & Entered: 11/24/2008
Application for Compensation
5441 Filed & Entered: 11/24/2008
Application for Compensation
5442 Filed & Entered: 11/24/2008
Notice of Filing
5432 Filed & Entered: 11/21/2008
Notice of Filing
5433 Filed & Entered: 11/21/2008
Trustee's Monthly Financial Report
5434 Filed & Entered: 11/21/2008
Notice of Filing
5430 Filed & Entered: 11/20/2008
Application for Compensation
5431 Filed & Entered: 11/20/2008
Chapter 11 Plan
5429 Filed & Entered: 11/12/2008
Notice of Filing
5428 Filed: 11/01/2008
Entered: 11/02/2008
BNC Certificate of Mailing - PDF Document
5426 Filed & Entered: 10/30/2008
Order on Miscellaneous Motion
5427 Filed & Entered: 10/30/2008
Certificate of Service
5425 Filed & Entered: 10/29/2008
Terminated: 10/30/2008
Miscellaneous Motion
5423 Filed & Entered: 10/21/2008
Trustee's Monthly Financial Report
5424 Filed & Entered: 10/21/2008
Notice of Filing
They better hurry up and get that disclosure filed !!!
Judge Paul Hyman's court calendar hearing dates stop at December 17, 2008. That's the date when they have the hearing regarding the applications for compensation.
http://www.flsb.uscourts.gov/
LIST OF JUDGE CALENDARS
Note: for Ch 13 Self Calendaring, you may ONLY select dates listed in the
Ch 13 Self Calendaring section of our site.
DO NOT automatically select Ch 13 Motion blocks on listed calendars below.
The following is a list of available Calendars for Chief Judge Paul G. Hyman
12/05/2008
12/08/2008
12/09/2008
12/10/2008
12/12/2008
12/12/2008 Chapter 13 Confirmation Hearings
12/12/2008 Chapter 13 Motion Hearings
12/17/2008
12/17/2008 Chapter 13 Motion Hearings
IMO once the disclosure statement filing hits the court and is made public we will see how good the deal is because the traders who are lurking and sitting on the sidelines may be able to place a value on the shares and bid up the stock price. We'll see ...
I'm fully loaded at this point ...
Best to all ... MU_Redskin1
Maxx,
... from what I've been told Jerry and Jim have been informed of the progress and brought up to speed along the way but have not been actively participated in the negotiations.
The negotiations are primarily between the Trustee, SCS, the credtors and the Investor.
There will be no rubber stamp unless we get fair terms in the disclosure statement. Jerry and Jim will review and react after all the filings are submitted.
All the other "details" you asked about are confidential at this point until released by the Trustee in the disclosure statement court filing.
Per the "Plan" one person can operate as both the managing partner of Real Estate LLC and General Partner of SEBC Holdings LLC. So a modest $150,000.00 salary and an assistant fit in the $600,000.00 "operating loan" budget. imo.
negotiations and voting ...
When I spoke with Markowitz he said there are "ways" to negotiate with the investor and Trustee. The "plan" and the "disclosure statement" are negotiable until they are signed, sealed and delivered. Jerry said they really can't act on the proposal until all the cards are on the table.
I read in the "plan" where third party interests may invest another $500,000,000.00+ in the venture too. This may end up being much bigger than most of us think. SPE's are generally formed with a pupose in mind. So we'll just have to see what the "Investor's intentions are ... maybe acquisitions ... but that is speculation at this point.
Regarding the "vote" on the plan. The creditors are "assumed to have approved the plan" and will not be solicited for a vote. The SEBC common shareholders are "assumed to have rejected" the plan and will not be solicited for a vote. The SEBC Preferred shareholders, the only two parties are the FDIC and Norfolk Southern Corp., will be solicited for their vote. So this is very nice and neat.
RE:
DD from the public judicial record ..... here is the accounting of the Preferred and Common stock of STBP/SEBC ....
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
Common stock - Unknown**
holder:
The Depository Trust Company
C/O Southern Business Center
18301Bermuda Green Drive
Tampa, FL 33647
.... the DTC is the record holder of SEBC common stock for the benefit of more than 50 financial institutions, brokerage firms and other participants, many of which, in turn, may hold their participation interests for the benefit of clients, customers and other clients.
** According to SEBC’s 10Q filing for the fiscal year ended December 31, 1990, there were 34,329,064 million shares of common stock outstanding as of that date. SEBC website ... http://www.sebcglobalsettlement.com/faq.htm
Best to all ... good luck and good investing
MU_Redskin1
Allowable SEBC NOL $578,700,000.00 .... sweet
Here is the NOL schedule from the MSA .... what is the $578,700,000.00 tax credit worth to the Investor? Hopefully the INVESTOR and Merrill Lynch recognize this in a fair deal. If not, our boyz will certainly bring this fact to Judge Hyman and the Investor's attention.
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
iaintone2gossip
Thank you. If I do not see a filing this week then I will call Jerry and see if he can provide any guidance for our shareholders.
He did say that he and Jim Feltman would "vigorously pursue value" for the common shareholder once the disclosure statement is filed.
Markowitz said that he hopes that the Trustee can get the disclosure statement filed this week. This is a dynamic and fluid document at this point.
The only thing that was filed on the 28th was the following ...
United States Bankruptcy Court
Southern District of Florida
The Honorable Paul G Hyman Jr Presiding
--------------------------------------------------------------------------------
12/17/2008 Wednesday
--------------------------------------------------------------------------------
Room 801 Courtroom A WPB
--------------------------------------------------------------------------------
09:30 AM
----------------------------------------------------------------------------------------------------------------------------------------------
91-14561 11 bk Southeast Banking Corporation
First Application for Interim Compensation of Markowitz, Davis, Ringel & Trusty, P.A., Counsel for Jerry M. Markowitz, the Legal Representative for Holders of SEBC Common Stock, Special Counsel, Period: 11/21/2007 to 10/31/2008,
Fee: $7,283.50, Expenses: $799.59. Filed by Other Professional Jerry M. Markowitz, the Legal Representative for Holders of SEBC Common Stock. (^Markowitz1, Jerry) (5430);
Southeast Banking Corporation - db
Sara Golinveaux - r
Jeffrey H Beck - tr Luis Salazar aty
Arley D Finley III aty
Application for Compensation for Jeffrey H Beck, Trustee Chapter 9/11, Period: 3/1/2008 to 10/31/2008, Fee: $426335.90, Expenses: $5957.49. Filed by Trustee Jeffrey H Beck. (Bloom, Mark) (5435);
Jerry M Markowitz aty
Southeast Banking Corporation - db
Sara Golinveaux - r
Jeffrey H Beck - tr Luis Salazar aty
Arley D Finley III aty
Mark D Bloom aty
First Interim Application for Compensation for Jerry M. Markowitz, the Legal Representative for Holders of SEBC Common Stock, Other Professional, Period: 11/8/2007 to 10/31/2008, Fee: $37,065.00, Expenses: $0.0. Filed by
Other Professional Jerry M. Markowitz, the Legal Representative for Holders of SEBC Common Stock. (^Markowitz1, Jerry) (5436);
Southeast Banking Corporation - db
Sara Golinveaux - r
Jeffrey H Beck - tr Luis Salazar aty
Arley D Finley III aty
First Interim Application for Compensation of Mesirow Financial Consulting, LLC As ifs Financial Advisor for Jerry M. Markowitz, the Legal Representative for Holders of SEBC Common Stock, Other Professional, Period: 7/9/2008
to 10/31/2008, Fee: $7,384.00, Expenses: $0.0. Filed by Other Professional Jerry M. Markowitz, the Legal Representative for Holders of SEBC Common Stock. (^Markowitz1, Jerry) (5437);
Southeast Banking Corporation - db
Sara Golinveaux - r
Jeffrey H Beck - tr Luis Salazar aty
Arley D Finley III aty
Second Interim Chapter 11 Application for Compensation and Reimbursement of Expenses of McDermott, Will & Emery LLP for David Rogers, Special Counsel, Period: 3/1/2008 to 10/31/2008, Fee: $5204.00, Expenses: $0. Filed by
Special Counsel David Rogers. (Bloom, Mark) (5438);
Southeast Banking Corporation - db
Sara Golinveaux - r
Jeffrey H Beck - tr Luis Salazar aty
Arley D Finley III aty
Second Interim Application for Compensation and Reimbursement of Expenses [Smith Hulsey and Busey] for Cynthia C Jackson, Special Counsel, Period: 3/1/2008 to 10/31/2008, Fee: $27500.50, Expenses: $330.50. Filed by Special
Counsel Cynthia C Jackson. (Bloom, Mark) (5439);
Southeast Banking Corporation - db
Sara Golinveaux - r
Jeffrey H Beck - tr Luis Salazar aty
Arley D Finley III aty
Third Interim Application for Compensation and Reimbursement of Expenses [GREENBERG TRAURIG, P.A.] for Mark D Bloom Esq, Trustee's Attorney, Period: 3/1/2008 to 10/31/2008, Fee: $1114294.00, Expenses: $30850.11. Filed by
Attorney Mark D Bloom Esq. (Bloom, Mark) (5440);
Southeast Banking Corporation - db
Sara Golinveaux - r
Jeffrey H Beck - tr Luis Salazar aty
Arley D Finley III aty
Third Interim Application for Compensation and Reimbursement of Expenses [KAPILA AND COMPANY, CPAs] for Soneet R. Kapila, Accountant, Period: 3/1/2008 to 10/31/2008, Fee: $180361.80, Expenses: $453.29. Filed by Accountant
Soneet R. Kapila. (Bloom, Mark)(5441);
Southeast Banking Corporation - db
Sara Golinveaux - r
Jeffrey H Beck - tr Luis Salazar aty
Arley D Finley III aty
According to Jerry Markowitz the disclosure statement needs to be filed with the court for review and approval before anything else. As soon as the disclosure statement is filed he and Jim Feltman will analyze the terms of deal from the common shareholders perspective and relate the terms to us.
Then the negotiations begin !
Best to all ... MU_Redskin1
SEBC Financial to create 'special purpose entity'
http://www.sebcglobalsettlement.com/pleadings/SEBC029.pdf
Section 5.4 Formation of Investment Vehicle
page 30/320
*****************************
It makes sense now that the the "Investor" is a bulge bracket investment bank. It looks like the Bank is going to finance the SPE by swapping $1.639 billion for an equity stake in SEBC Financial Corporation who will use the money to form a special purpose entity as the investment vehicle.
Our company, SEBC Holdings LLC will own a 60% equity stake in SEBC Financial Corporation in the form of SEBC Financial Class 'A' common stock.
Articles on SPE's
http://books.google.com/books?id=06fYTLIUbckC&pg=PA3&lpg=PA5&ots=K9u_HQwgXG&dq=special+entity+senior+securities&ie=ISO-8859-1&output=html
http://www.firstam.com/content.cfm?id=3220
http://www.pwc.com/Extweb/service.nsf/docid/98E6A0BFBD0ED77780257133003531AD
http://www.ruf.rice.edu/~bala/files/dharan-financial_engineering_and_SPEs-0602.pdf
http://www.ubs.com/1/e/investors/accounting_standardsandpolicies/criticalaccountingpolicies/part4.html
http://www.bankruptcylawfirms.com/Bankruptcy-Entity.cfm
http://www.mayerbrown.com/cdo/transactions/clo.asp
http://www.securitization.net/knowledge/transactions/introduction.asp
Investor = Merrill Lynch, Pierce, Fenner & Smith ???
This public information is evident in the "Plan" and supplemental documents ....
Modena 2004-1 LLC a Delaware Corporation .... a wholly owned indirect subsidiary of Merrill Lynch, Pierce, Fenner & Smith Incorporated.
This is in "the Plan" document in the Definitions Section, 1.65
Merrill Lynch, Pierce, Fenner & Smith Incorporated.
Attn: Kevin Adler, 18th Floor
4 World Financial Center,
New York, NY 10080
kevin_adler@ml.com
Fax: (212) 738-1306
Oh, by the way Merrill Lynch, Pierce, Fenner & Smith Incorporated are now owned by Bank of America .......
Best to all .... MU_Redskin1
NOL Schedule MSA Exhibit "L"
We are going to have to make alot of money or appreciate tremendously to use up $431,000,000. in the first two years of operation .... booooooooo yaaaaaaaaah !
Here is the NOL schedule from Exhibit "L" of the Master Service Agreement.
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
This is how I interpret "the Plan" re new SEBC common stock ....
We will own 100% of the Class "A" common stock that will comprise 60% of the outstanding common stock. We will get a one-for-one stock swap so there will be 34,722,000 of class A common.
The investor will own 5,000,000 shares of Reorganized SEBC Class B Common Stock,
representing 20% of the outstanding Reorganized SEBC Common Stock on a
fully diluted basis
The investor will own 5,000,000 shares of Reorganized SEBC Class C Common Stock,
representing 20% of the outstanding Reorganized SEBC Common Stock on a
fully diluted basis.
Total common shares OS will be approximately 44,722,000.
Comments?
Looks like we will be a Financial services company.
We are Class 6 common stockholders and we do NOT have the option of voting on the plan. I have an e-mail in to Jerry Markowitz about this.
OT me100 on WallSt.net at 3:30 PM today ...
Just spoke to Harvey
He will be doing a live GYSN interview today at 3:30et with wallst.net
http://www.wallst.net/
Best to all ... MU_Redskin1
WE are SOOOOOOOOOOO Lucky that this deal didn't close in the first quarter. Look at the investment opportunity that our new company will have !!! They are investing $1.63 billion dollars at or near the all time bottom of the stock market.
Markowitz and Feltman will be reviewing the plan and providing guidance by early next week.
Join PACER and read all about it. "the PLAN" is too complicated to try and summarize for a slow typer like me ...
NO mention of the "Investor" yet.
Looky here ... I'm still digging ....
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: 11/20/2008
History
Doc.
No. Dates Description
5430 Filed & Entered: 11/20/2008
Application for Compensation
5431 Filed & Entered: 11/20/2008
Chapter 11 Plan
5429 Filed & Entered: 11/12/2008
Notice of Filing
Multiple Documents
Select the document you wish to view.
Part Description
1 Main Document 56 pages
2 Exhibit A through J 31 pages
3 Exhibit K 49 pages
4 Exhibit L - PART 1 42 pages
5 Exhibit L - PART 2 70 pages
6 Exhibit L - PART 3 63 pages
7 Exhibit L - PART 4 2 pages
8 Exhibit M 7 pages
THE PLAN WAS FILED YESTERDAY !!!
per Jerry Markowitz. The disclosure statement is pending.
Here we go folks !
Court calendar date
United States Bankruptcy Court
Southern District of Florida
The Honorable Paul G Hyman Jr Presiding
--------------------------------------------------------------------------------
12/17/2008 Wednesday
--------------------------------------------------------------------------------
Room 801 Courtroom A WPB
--------------------------------------------------------------------------------
09:30 AM
----------------------------------------------------------------------------------------------------------------------------------------------
91-14561 11 bk Southeast Banking Corporation
FEE APPLICATIONS
Southeast Banking Corporation - db
Sara Golinveaux - r
Jeffrey H Beck - tr Luis Salazar aty
Arley D Finley III aty
Remember there are two investment vehicles $46,129,497.92
1.) SEBC Estate Assets
Fair Market Value Land
$31,400,000.00
SEBC Estate Money Market Checking Account Balances (JPMorgan Chase)
$3,314,484.92
2.) SEBNA receivership
$11,415,013.00
Cash & Asset Value as of 08/31/2008 = $46,129,497.92
Best to all ....
MU_Redskin1
BOOOOOOOOOOOOOOOOO yaaaaaaaaaaaaaaaaaah !!!
Filing made 11/12/2008
Southeast Bank N. A. , Receivership
Financial Statements
August 31, 2008
Case 91-14561-PGH
Document 5429
11/12/2008
Assets $11,415,013.00
Best to all ... MU_Redskin1
Personally, I think that the Trustee, lawyers and consultants working on this deal want the deal to be completed this year.
There are many reputations on the line and more business down the road if the Trustee and bankruptcy team 'git 'er done'.
I'm counting on the fact that these boyz said that this deal would close in the first quarter. If they don't 'git 'er done' by the end of the year what does that say about their ability to pull off deals that they said should or will be done?
I guess we'll see soooooooooooooooon. If things are cooking we should see more volume and an increasing stock price as a prospective deal looms. imho.
My opinion ...
I think this deal will be completed before the end of the year. The web site mentioned that the deal would be completed in the first quarter but as I have come to expect all deals take longer than they are communicated.
Everything that needed to be done to clean up the Estate is completed. Additionally, the Trustee has filed a motion to have all lawyers and consultant's fees and charges submitted to the court for review by November 24 for a hearing on December 17, 2008.
I expect that the Trustee needs to announce the deal sometime in the near future to allow for all interested parties to read the plan and disclosure statements then vote. I also think the Trustee needs to leave time to schedule a hearing too if open debate is necessary. My thinking is that all the parties, except the common shareholders, will have agreed to the terms behind closed doors when the disclosure is made.
I am looking forward to a fair deal and happy holidays. Fingers crossed ....
Best to all .... MU_Redskin1
The Investor and Trustee only have to file a Chapter 11 reorganization plan if they reorganize STBP as a separate independent stand alone business. That was the contemplated original plan.
The new bail out rulings indicate that solvent Banking companies can buy bankrupt assets and intergrate the assets or use the NOL's immediately and in a compressed time frame.
So theoretically the Investor can now perform a stock swap or buy STBP out of bankruptcy without filing the bankruptcy plan, imo.
Therefore I think we have more options and this could happen quickly based on how the Investor and Trustee agree to proceed.
This could be as simple as the Investor paying off the creditors and buying the company outright. The Investor could then make a cash for stock investment to resurrect the brand and expand the business.
Whatever form this takes I think we have a chance to be a part of something unique and special. imho.
Best to all ... MU_Redskin1
Immediate tax benefits !?... they should git 'er done immediately !!!
PNC to save billions from tax ruling- WSJ
Thursday 10/30/2008
PNC Financial Services Group Inc. could save billions of dollars in federal taxes from its purchase last week of National City Corp., the Wall Street Journal reported Wednesday, citing tax experts.
The tax benefit would stem from a ruling in September by the Internal Revenue Service, which lifted the limit on the amount of a purchasing bank's taxable income that a target bank's losses can offset. That allows the buyer of a bank to get immediate tax benefits instead of having to do so over several years.
Robert Willens, an independent corporate tax analyst based in New York, estimated the tax savings to PNC could reach as high as $5.1 billion, according to the Journal.
The paper quoted PNC's Chief Financial Officer Richard Johnson as saying that $5.1 billion figure was too high.
On Friday, PNC agreed to acquire Ohio-based National City in a government-supported $5.6 billion and created the No.5 U.S. bank by deposits.
Beck the Trustee filed a motion yesterday, October 30, to direct all retained professionals to submit their billing from Sept. 17, 2007 through October 31, 2008 to the court by November 24, 2008 for consideration of payment at a hearing December 17, 2008.
I hope they are cleaning things up to complete the deal ....
best to all ...
MU_Redskin1
>>> document 5426:
Order Granting Third Motion for Entry of An Order Establishing Deadlines and Scheduling Hearing on Interim Chapter 11 Fee Applications of Trustee and Retained Professionals Re: # [5425] <<<
Price EWAG
We currently have $46,067,949.02. in cash and land and the NOL is worth about $245 million in tax relief (based on other cases) for a total of $291,067,949. in asset value.
Divide $291,067,949. by 34,329,064 shares outstanding to get a net asset value of $8.48 per share.
If the whole $801 million is good plus the $46,067,949.02 is $847,067,949.02 divided by 34,329,064 shares is $24.68 per share.
So the range is $8.48 - $24.68 imo.
I'm looking for $6-18 per share and new stock. I think we'll trade about 2 old shares for 1 new to increase the float to about 69 million shares and we'll own 52.5% of the new company . ... that's my EWAG and theory
Answer from IV board member Top_Professor
>>> A few months ago, I mention this stock to my colleagues at work, one of them use to do the Audit for Sunbeam. He thinks it will be between $7-$9 which is exactly in the same ball park with your figure.
Let's see what happens, October is my favorite month of the year unless my Cubs don't come through. <<<
OT JPMorgan Chase & Co. Announces $8 Billion Capital Raise
New York, September 25, 2008 - JPMorgan Chase & Co. (NYSE: JPM) today announced that it intends to offer $8 billion of its common stock for sale to the public. J.P. Morgan Securities Inc. will serve as sole bookrunning manager and underwriter for the transaction. The underwriter will have a 30-day option to purchase up to an additional 15% of the offered amount of common stock from the company to cover over-allotments, if any.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.0 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. Information about the firm is available at www.jpmorganchase.com.
Nice to see that our banker is doing well ....
Based on the Fremont General case probably around $245 million.
So an offer of $8-10 bucks per share would be a reasonable offer plus the stock swap.
Everything is now accounted for in the bankruptcy case.
The only thing that is not monetized is the 'brand' and trademarks.
The federal lawsuit was settled years ago.
Here is where we stand:
The SEBC Estate owes creditors and bondholders about $70 million in unpaid interest.
The SEBC estate is worth $31,400,000.00 in land assets and $14,667,949.92 in cash for a net asset value of $46,067,949.02.
The net operating loss carryover of SEBC as of December 31, 2005, was $801,586,099.
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
Common stock - Unknown**
holder:
The Depository Trust Company
C/O Southern Business Center
18301Bermuda Green Drive
Tampa, FL 33647
.... the DTC is the record holder of SEBC common stock for the benefit of more than 50 financial institutions, brokerage firms and other participants, many of which, in turn, may hold their participation interests for the benefit of clients, customers and other clients.
** According to SEBC’s 10Q filing for the fiscal year ended December 31, 1990, there were 34,329,064 million shares of common stock outstanding as of that date. SEBC website ... http://www.sebcglobalsettlement.com/faq.htm
Best to all ... good luck and good investing
MU_Redskin1
SEBC Assets - Trustee's Financial filing today ...
Case 91-14561-PGH DOCUMENT 5420 FILED 09/22/2008
Fair Market Value Land
$31,400,000.00
SEBC Estate Money Market Checking Account Balances (JPMorgan Chase)
$3,314,484.92
SEBNA receivership
$11,353,465.00
Cash & Asset Value as of 08/31/2008 = $46,067,949.02
Best to all ....
MU_Redskin1
About Dr. Tai-Lin Hong from 2004 article ... FYI
HyperDynamics' SCS Continues to Build Its Exploration Team
Dr. Tai-Lin Hong Named as Chief Geophysicist
HOUSTON--(BUSINESS WIRE)--Feb. 25, 2004--HyperDynamics Corporation (OTCBB:HYPD - News) announced today that Dr. Tai-Lin Hong has recently been hired by SCS Corporation to perform the function of Chief Geophysicist for the Company's oil and gas exploration activities. He has extensive experience on exploration teams of Exxon Production Research Company, British Petroleum Company, and Unocal. One interesting fact regarding the employment is that Dr. Hong requested that his total compensation package be paid solely with the issuance of the Company's restricted common stock.When asked to comment, Dr. Hong stated, "I requested stock for my compensation because I view this as a once in a lifetime opportunity. In this last year of consulting with SCS, I have seen and been able to help substantiate phenomenal evidence for the existence of hydrocarbons offshore Guinea. Exciting is an understatement when you realize that our seismic analyses are showing direct hydrocarbon indicators all over the place. Numerous potential drilling targets are emerging and we are just getting started." Hong further stated, "My vision is to help build SCS into a large oil company. With the team we have, and the evidence we are gathering, I truly believe that a major success story is on the horizon."
Kent Watts, Chairman and CEO said, "We are truly fortunate to have Dr. Hong's experience and pure enthusiasm added to our team. He already has us constantly seeing new opportunities and is giving us a broadened perspective towards our exploration efforts. It is very nice to be working with such talented professionals that believe whole heartedly in what they are working on."
About Dr. Tai-Lin Hong
Chief Geophysicist hired by SCS in February 2004. From 1978 until 1980, Hong worked at the California Institute of Technology and Developed 3D seismic modeling and ray tracing methods regarding elastic wave interference in complicated structures. Since 1980 Dr. Hong has worked as a geophysicist for companies including Exxon Production Research Company, British Petroleum Company and Unocal. Beginning in 2000, Dr. Hong began consulting work including Regional assessment using the Integrated Knowledge Base; Prospect evaluation using the Seismic Lithology Workstation; and has personally developed a Shear-Wave Interpretation System, a Linux-based Integrated Knowledge Base; and a Seismic Lithology Workstation which together form his own Geophysical Appraisal System. In 1970 and 1972, Dr. Hong earned a Bachelor of Nuclear Engineering and a Masters of Nuclear Engineering from Tsing-Hua University, Hsing-Chu; and he obtained a PhD of Geophysics, in 1978 from the California Institute of Technology, Pasadena.
Dr. Hong's publications include:
Generalized Ray Theory for Dipping Structure
By Tai-Lin Hong and Donald Helmberger
Bulletin of the Seismological Society of America. Vol. 67, No. 4,
pp 995-1008. August 1977.
Elastic Wave Propagation In Irregular Structures
By Tai-Lin Hong
PhD Thesis, California Institute of Technology. May 1978
Glorified Optics and Wave Propagation in Non-planar Structure
By Tai-Lin Hong and Donald Helmberger
Bulletin of Siesmological Society of America. Vol. 68, No. 5,
pp 1313-1330. October 1978
Our 3-D vessel. November, 2008 start date ...
http://www.bergenofs.no/sitefiles/13/Our_Vessels/T18932Arctic220808.pdf
HYPERDYNAMICS DD RESOURCES & INFORMATION CQ3 >SEPTEMBER 2008<
Hyperdynamics is a Houston based oil exploration and production company that owns the exclusive rights to explore and produce oil within a 31,000 sq. mile concession in the waters off the west coast of the Republic of Guinea, Africa. A wholly owned subsidiary, Trendsetter Production, owns and operates domestic oil and gas properties in Louisiana, USA. (HDY: AMEX)
Welcome and good investing.
Latest News Releases :
Aug 25, 2008
Hyperdynamics Releases Initial Video From July 2008 Trip as Unified Guinea Government Encourages and Urges Aggressive Exploration
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=329969
Aug 15, 2008
Hyperdynamics Adds Dr. Tai-Lin Hong to Geoscience Team
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=328335
Aug 12, 2008
The President of Guinea Expresses Gratitude and Encouragement for Hyperdynamics' Offshore Exploration Work
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=327724
Aug 8, 2008
Hyperdynamics' Louisiana Production Remains Steady
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=327187
Jul 29, 2008
Hyperdynamics Receives Full Support From Guinea Government's New Administration
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=324903
Jul 21, 2008
Patton Boggs Joins Hyperdynamics to Support JV Partner Program
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=323357
Jul 11, 2008
Hyperdynamics Sees New Quarterly High for Production and Revenue
http://investors.hyperdynamics.com/releasedetail.cfm?releaseid=321041
Jul 8, 2008
BOS to Provide Extensive 3-D Seismic Surveys Offshore Guinea as Hyperdynamics Moves Toward Drilling for a World Class Discovery
http://investors.hyperdynamics.com/releasedetail.cfm?releaseid=320172
Jul 7, 2008
Hyperdynamics to Visit Guinea Regarding Offshore Exploration
http://investors.hyperdynamics.com/releasedetail.cfm?releaseid=319812
Jun 27, 2008
The Republic of Guinea's New Prime Minister Makes Hyperdynamics' Offshore Oil and Gas Exploration Top Priority
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=318788
Jun 24, 2008
Hyperdynamics Strengthens Financial Management and Governance
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=318222
Jun 20, 2008
Hyperdynamics' Trendsetter Acquires WI in New 318 Acre Lease
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=317627
Jun 17, 2008
Hyperdynamics Engages Dr. Olufemi Babalola as Petroleum Development Manager and Chief Geophysicist
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=317070
Jun 10, 2008
Hyperdynamics' 2008 2-D Seismic Interpretation to Commence
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=315579
May 2, 2008
Hyperdynamics New Seismic Supports Structural, Stratigraphic, and Combined Plays; Potential Oil Columns Estimated in Excess of 1,000 Feet
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=308021
SEC Filing Information
http://www.integratir.com/cfiling.asp?ticker=hdy&theurl=files.php?source=1042&title=SEC+Filings
Website
www.hyperdynamics.com
HDY Fact Sheet
http://files.shareholder.com/downloads/HDY/113039665x0x82896/5C2720C2-86AC-4613-B510-1E87DBF3C4F0/HDY%20Factsheet%20vfinal.pdf
HDY Headquarters
http://www.pky.com/property/default.aspx?id=tx015
HDY/SCS Guinea SARL Headquarters
http://pictures.aol.com/galleries/killerbee2/
Public Outreach - American Friends of Guinea
http://www.integratir.com/newsrelease.asp?news=2130980361&ticker=HDY&lang=EN&title=News+Releases
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
********* 2006 PSC Document & Legal Opinion *********
This is the copy of the 2006 PSC:
http://investors.hyperdynamics.com/secfiling.cfm?filingID=1140361-06-13727
This is the March, 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 representation of the HDY/SCS concession off the west coast of the Republic of Guinea.
http://www.rigzone.com/news/image_detail.asp?img_id=1819
http://html.producerhosting.com/hypdhtmlview/scs_files/Web%20P_files/Web%20PP_files/Slide0011.htm
http://html.producerhosting.com/hypdhtmlview/scs_files/Web%20P_files/Web%20PP_files/Slide0014.htm
http://www.multiclient.westerngeco.com/Default.cfm?id=3608
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.africa-energy.com/
Industry News
http://www.westafricaoffshore.com
http://www.rigzone.com
Guinea News Sources
http://www.telefonica.net/web2/inforworld/guinee/guinee.htm
********* Quick access articles, commentary & DD ***********
May 29, 2008
Hyperdynamics' Trendsetter Acquires Critical Acreage in Big Island Field
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=312876
May 22, 2008
Hyperdyanmics' Executive Presents Offshore Guinea to Canadian Companies
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=311864
May 9, 2008
Hyperdynamics Presents Exploration Opportunities to Canadian Geoscientists
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=309330
May 7, 2008
Hyperdynamics Reports Oil Sales Record in April
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=308768
Apr 25, 2008
Hyperdynamics' New Seismic Confirms Giant Structures in West African Oil and Gas Concession
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=306738
Apr 22, 2008
Hyperdynamics Retains SMH Capital as Exclusive Advisor
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=305916
Apr 18, 2008
Hyperdynamics' 2-D Seismic Acquisition Program in Full Swing as West African Transform Margin Exploration Heats Up
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=305448
Apr 3, 2008
Hyperdynamics' Executives to Attend 5th African Petroleum Forum in London; Most Active Exploration Companies to Attend
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=303099
Mar 25, 2008
Hyperdynamics' Drills and Is Now Completing Deville #1 in Big Island Field; Company to Next Drill on Existing Black Hawk Field
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=301369
Mar 12, 2008
Hyperdynamics Accepts Offer to Acquire 85% WI in 264-Acre Lease in the Big Island Field
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=298726
Mar 11, 2008
Hyperdynamics Appoints VP of Exploration and Production as an Executive Officer
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=298504
Mar 10, 2008
Hyperdynamics' Rising Oil Sales Trend Continues
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=298321
Mar 3, 2008
Hyperdynamics' Geoscientists Initiate Mission Critical Work in Africa
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=297019
Feb 26, 2008
Hyperdynamics Corporation Contracts Geophysical Service Incorporated for Exploration Program
http://investors.hyperdynamics.com/releases.cfm
Feb 19, 2008
Hyperdynamics' Oil Sales Top 4,500 Barrels in January
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=294891
Feb 14, 2008
Hyperdynamics Secures Seismic Acquisition Partner
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=294313
Feb 8, 2008
Hyperdynamics Bolsters Exploration Team, Ready to Deliver 2008 Offshore Exploration Program
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=292781
Jan 22, 2008
Hyperdynamics' Q2 Revenues Increase 70% over Q1
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=288854
Jan 15, 2008
Hyperdynamics' CEO Reports Valuable Progress and Superb Positioning for 2008
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=287233
http://petroleumafrica.com/read_article.php?NID=5140
Dec 20, 2007
Hyperdynamics Clarifies Geoexperts' Release and Wishes All Shareholders Happy Holidays
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=282983
Dec 18, 2007
Hyperdynamics Works Directly With Guinea's Chief of State
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=282263
Dec 13, 2007
Hyperdynamics Discloses Correspondence in Response to Shareholder Requests
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=281670
Dec 7, 2007
Mr. Charles H. Andrews Joins Hyperdynamics Board of Directors
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=280298
Dec 3, 2007
Hyperdynamics Launches ''ASK THE COMPANY'' and Plans Electronic Forums
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=279446
Nov 26, 2007
Hyperdynamics Documents Evidence of Oil Prone Hydrocarbon Systems Offshore Guineahttp://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=276728
Nov 15, 2007
Hyperdynamics Shows Steady Increase in Domestic Oil Production
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=275955
Nov 7, 2007
Hyperdynamics' Exploration Program Focusing on Transform Margin Play; Numerous Targets Newly Identified
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=273791
Nov 5, 2007
Hyperdynamics' Selects James R. Spear as SCS's VP and Chief Geophysicist
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=273079
****** HISTORICAL GUINEA OIL CONCESSION PRESS RELEASES ******
We have compiled these historical Guinea oil concession press releases in chronological order for DD convenience. Prospect evidence and estimates are noted in some releases as is the seismic work performed to date.
Hyperdynamics' Executives Meet With U.S. Ambassador Phillip Carter III and Overseas Private Investment Corporation (OPIC) in Washington DC
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=271012
Hyperdynamics to Add World Renowned Exploration and Production Experience
Wednesday October 17, 7:00 am ET
Company expects to retain top talent to accelerate exploration efforts
http://biz.yahoo.com/bw/071017/20071017005239.html?.v=1
Oct 02, 2007
The Republic of Guinea Completes Working Visit with Hyperdynamics
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=266811
Hyperdynamics Answers Investors' Frequently Asked Questions
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=228710
Hyperdynamics Commences Offshore Guinea Farm-Out Opportunity, Outlines Ongoing Exploration Plan
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=226917
Former U.S. Assistant Secretary of State for African Affairs, Herman Cohen, Accompanies Hyperdynamics' Executives to Guinea
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=224698
Hyperdynamics' SCS Voted Into African Oil Industry Forum Company Prepares for Partners to Farm-in to Its Concession
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=224699
Hyperdynamics and GlobalSantaFe International Drilling Initiate Comprehensive Reconnaissance
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=224700
Hyperdynamics Takes Major Step Toward Drilling Offshore Guinea
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=224703
Hyperdynamics Files 8-K Detailing its Oil and Gas 2006 PSC with Guinea
http://www.integratir.com/newsrelease.asp?news=2130980457&ticker=HDY&lang=EN&title=News+Releases
Presidential Delegation From the Republic of Guinea to Arrive in Houston; Delegation Led by the Secretary General for President Lansana Conte
HOUSTON, Sep 27, 2007 (BUSINESS WIRE) -- http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=266328
Hyperdynamics Moves Forward with its 2007 Exploration Program Continuing to Develop Numerous Hydrocarbon Plays
HOUSTON, Aug 22, 2007 (BUSINESS WIRE)http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=261268
Hyperdynamics Makes Big Bet on African Oil
TheStreet.com Staff Reporter
5/30/2007 12:25 PM EDT
http://www.thestreet.com/_yahoo/newsanalysis/businessnews/10358901.html?cm_ven=YAHOO&cm_cat=FREE&cm_ite=NA
Sompare Interview Regarding the 2006 PSC
http://translate.google.com/translate?sourceid=navclient&hl=en&u=http%3a%2f%2fwww%2enlsguinee%2ecom%2farticles%2farticle2546%2ehtml
October 5, 2006
Hyperdynamics Takes Major Step Toward Drilling Offshore Guinea
http://www.integratir.com/newsrelease.asp?news=2130980514&ticker=HDY&lang=EN&title=News+Releases
September 28, 2006
Hyperdynamics Files 8-K Detailing its Oil and Gas Production Sharing Contract with Guinea
http://www.integratir.com/newsrelease.asp?news=2130980457&ticker=HDY&lang=EN&title=News+Releases
September 22, 2006
Hyperdynamics in Guinea Agreement
http://www.integratir.com/newsrelease.asp?news=2130980408&ticker=HDY&lang=EN&title=News+Releases
September 19, 2006
Hyperdynamics Reports Negotiations Completed for New Contract with Guinea; Major Progress Realized Working Through Guinea's Democratic Process
http://www.integratir.com/newsrelease.asp?news=2130980362&ticker=HDY&lang=EN&title=News+Releases
8/2/2005
Hyperdynamics' SCS Corp. Takes Action to Achieve Guinea Resolution
Direct, Diplomatic and Legal Channels Simultaneously Pursued
http://www.integratir.com/newsrelease.asp?news=2130834853&ticker=HDY&lang=EN&title=News+Releases
7/12/2005
Hyperdynamics' SCS Corp. Requests Drilling Permit(s) for as Many as 4 Exploration Wells from the Republic of Guinea
http://www.integratir.com/newsrelease.asp?news=2130834859&ticker=HDY&lang=EN&tit
4/7/2005
Hyperdynamics' SCS Corporation Chooses Its First Two Targets to Drill in its West African Concession
http://www.integratir.com/newsrelease.asp?news=2130951104&ticker=HDY&lang=EN&title=News+Releases
2/14/2005
Hyperdynamics' SCS Corp. Identifies Shallow Drilling Targets Offshore West Africa
http://www.integratir.com/newsrelease.asp?news=2130921007&ticker=HDY&lang=EN&title=News+Releases
1/14/2005
Petroleum Geo-Services -PGS- Reports Its Results to Hyperdynamics Corp.
Five Sizeable Leads Covering More Than 700 Square Kilometers Were Identified
http://www.integratir.com/newsrelease.asp?news=2130920447&ticker=HDY&lang=EN&title=News+Releases
12/9/2004
Hyperdynamics' SCS Satellite Study Reports 108 Oil Slicks
http://www.integratir.com/newsrelease.asp?news=2130920208&ticker=HDY&lang=EN&title=News+Releases
10/14/2004
Hyperdynamics' Subsidiary SCS Provides Scientific Evidence for Oil and Gas in Its Concession Offshore West Africa
http://www.integratir.com/newsrelease.asp?news=2130831953&ticker=HDY&lang=EN&title=News+Releases
8/24/2004
PGS Completes Phase I of Seismic Interpretation
http://www.integratir.com/newsrelease.asp?news=2130831281&ticker=HDY&lang=EN&title=News+Releases
3/22/2004
Highly Prospective Trends Reported by HyperDynamics' SCS Subsidiary as Spectrum Concludes Processing
http://www.integratir.com/newsrelease.asp?news=2130827444&ticker=HDY&lang=EN&title=News+Releases
11/20/2003
HyperDynamics' SCS Announces Completion of 2003 2D Seismic Progam Offshore the Republic of Guinea, West Africa
http://www.integratir.com/newsrelease.asp?news=2295333&ticker=HDY&lang=EN&title=News+Releases
9/30/2003
Enormous New Structures Revealed in Preliminary Interpretation of HyperDynamics'SCS Corp. 2002 Seismic Data
http://www.integratir.com/newsrelease.asp?news=2292655&ticker=HDY&lang=EN&title=News+Releases
http://www.rigzone.com/news/article.asp?a_id=30692
********* PARTNER/CONTRACTOR AFFILIATE LINKS ******
Bergen Oilfield Services AS (BOS) is a Norwegian offshore seismic survey company with a focus on subsea technology commercialisation. We manage the whole value chain from vessel ownership, data acquisition through to processing; ensuring a high quality, on time response. The organisation is driven by the quality of its services, the continuous pursuit for innovative solutions and the expertise of its employees. At all stages of our operations safety, quality and environmental preservation are paramount. http://www.bergenofs.no/about-bos/
Geophysical Service Incorporated is a provider of seismic services worldwide. They currrntly operate two modernized seismic vessels capable of 2-D & 3-D seimic and onboard seismic processing with staff who have a combined 200 years experience.
http://geophysicalservice.com/default.asp?webpage=308
GlobalSantaFe Corporation (ADTI) is a leading provider of offshore oil and gas drilling and drilling management services. The company owns or operates a mobile fleet of marine drilling rigs that operates in major drilling regions around the world, including premium and heavy-duty, harsh-environment jackups, semisubmersibles, and dynamically positioned ultra-deepwater drillships. http://www.globalsantafe.com/index_fl.html
Petroleum Geophysical Services (“PGS”) provides us with seismic acquisition and independent data interpretation services. PGS provides a broad range of seismic and reservoir services, including data acquisition, processing, interpretation, and field evaluation. PGS also owns and operates four floating production, storage and offloading units (FPSOs). PGS operates on a worldwide basis with headquarters in Oslo, Norway. http://www.pgs.com/
TDI-Brooks International (“TDI”) provides us with geochemical core analysis of our concession. TDI is the recognized leader in offshore surface geochemical exploration and heat flow measurement. http://www.tdi-bi.com/
Spectrum Geophysical Processing Company (“Spectrum”) provides us with professional data processing services. Spectrum is a member of a UK registered group of companies providing seismic data processing, nonexclusive surveys and electronic data management services to a wide range of international clients. Spectrum has its headquarters in Woking, England, with operational centers in Houston and Cairo. http://www.spectrum-eit.co.uk/
Infoterra is a subsidiary of EADS Atrium, Europe's leading space company. Infoterra, based in the UK, is also one of Europe's largest suppliers of geo-information products and services, derived from both satellite and airborne Earth observation sensors. A team of approximately 15 geoscientists form the Oil, Gas & Minerals (OGM) Group, dedicated to servicing oil, gas and mineral exploration clients worldwide. Together the team has more than 137 years experience in the application of remote sensing data to geological and associated applications. http://www.infoterra.de/home_f.htm
Prime Geoscience Corporation offers cutting-edge software products and consulting services to oil and gas companies to detect and characterize hydrocarbon reservoirs. It specializes in multi-attribute analysis and classification of seismic data, calibration with well-log data, reservoir characterization and volume visualization. Prime Geoscience flagship software, PrimeViewTM has wider application in the analysis and 3D visualization of remotely sensed data such as Ground Penetrating Radar or Resistivity measurements. Prime Geoscience, founded in 1995, is a privately held company. It licenses software and provides consulting service for the exploration and development of oil and gas. http://www.primegeo.com
********** INTRODUCTION TO OIL & GAS ************
http://www.spe.org
We hope this helps jump-start your due diligence process...best to all...good luck and good investing!
http://investorvillage.com/groups.asp?mb=10989&mn=25997&pt=msg&mid=5516149
lifegear would you be so kind as to share the link to that document, I would like to review it and cross reference with my other data ...
Thanks,
MU_Redskin1
$11,353,465.00 cash is transfered from the SEBNA receivership to the SEBC Estate.
ALL of the assets are now consolidated under the SEBC estate umbrella ... $14,740,228.38 CA$H and the $801+ million NOL.
The package is now being valued by Paul S. Edwards of Structured Capital Solutions LLC representing the Trustee and the Investor.
Obviously the shareholder's Rep Jerry Markowitz and James Feltman will look out for our interests and the bondholder's counsel will do the same.
We get to vote on this ... the more shares you own the more clout we have.
Like I said earlier the STBP IV board owns about 6 million shares.
Best to all ... MU_Redskin1
More DD from the public judicial record ..... here is the accounting of the Preferred and Common stock of STBP/SEBC ....
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
Common stock - Unknown**
holder:
The Depository Trust Company
C/O Southern Business Center
18301Bermuda Green Drive
Tampa, FL 33647
.... the DTC is the record holder of SEBC common stock for the benefit of more than 50 financial institutions, brokerage firms and other participants, many of which, in turn, may hold their participation interests for the benefit of clients, customers and other clients.
** According to SEBC’s 10Q filing for the fiscal year ended December 31, 1990, there were 34,329,064 million shares of common stock outstanding as of that date. SEBC website ... http://www.sebcglobalsettlement.com/faq.htm
Best to all ... good luck and good investing
MU_Redskin1
Possible deal and valuation ... EWAG
Does it make sense that if the current shareholders will own 52.5% of the company that owns a $801 NOL that our share is $420,525,000. ?
Based on the existing 34 million shares that is about a $12.37 value per share to existing shareholders?
Once the new company is formed it will have approximately 67 million shares ... and $1.5 billion invested. The company would have a value of $22.39 applying no PE.
If the company earns 8% on the investment of $1.5 billion or $120 million dollars, apply the NOL and we are looking good!
We could conceivably make between $1-2 dollars a share in the first year of operations.
I think we will do well if this DEAL is done fairly and the partners are forward thinking.
They will need our support and votes to make the deal work.
Let's git 'er done !
Anybody else want to present an EWAG ???
What's the $801 million NOL is worth ? ......
.... $5, 10, $20 ?
Therein lay the initial value ....
After spending many hours checking the public judicial record of the final Accounting for the SEBNA receivership and reviewing the 7/31/2008 Financial report for the SEBC Estate we currently have $14,740,228.38 CA$H on hand.
The SEBNA final accounting concluded 04/30/08 shows $11,353,465.00 cash for operations as audited by Kapila & Co. accountants.
The SEBC Estate 7/31/2008 shows $ 3,387,763.38 cash for operations. This is the investment vehicle.
According to the other filings the SEBNA receivership is now closed and the assets will be transferred to the SEBC Estate as part of Beck's efforts to "wind up the business of the SEBC case".
The funds are held in JP Morgan Chase money market accounts.
All of the assets are accounted for and are now under control of the SEBC Estate.
Let's git 'er done !!!