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Yes, it does. And that could be a minimum. The UCC thinks mgmt overstated impairments by about $1B. Also, the MOR still values the land at what it was worth at $30 oil. Can't wait to see the UCC'S in-depth parcel-by-parcel evaluation at current oil prices.
Where does one find that information?
I bet we get 30% of the Breitburn Newco.
What do you expect the NEWCO PPS to be and at what conversion ratio from UPLMQ?
Perhaps, just as good is a better description.
The new Value of old UPLMQ is between $13 and $16. What the PPS will be depends on how many NEWCO shares they issue. Can't find the conversion ratio. Given that they are selling via the RO NEWCO shares at about $14 and the POR says the RO must be at least a 20% discount, I'm thinking the new PPS will be about $16 and probably a 1:1 conversion ratio but that is guess work.
I think I'm figuring this out.
For those of you who received "Offers" that is for the Rights Offering (RO) not for the conversion of your current shares. That Offering email tells you that you can buy 0.068xx additional new shares at whatever price they said. I don't know why some of you received different prices or even different offering ratios.
So, if you take advantage of this RO, you will receive 7 NEWCO common shares for every 100 UPLMQ common shares you currently hold. You will pay whatever your offer letter said, roughly $100 for every 100 UPMLQ current shares.
You will receive RO NEWCO shares bought + converted NEWCO from UPLMQ (UPLMQ*conversion ratio) on or about Mar 31 when Ultra Petroleum exits BK.
Hope this helps.
Yes, but not sure what difference it makes in regards to my post. Yes, secured debt has to be paid or risk forfeiting the collateral. I've watched many secured debt BK this last two years, they still look a lot like what UPLMQ produced.
I know some are following UPLMQ as a possible example of how BBEP may turn out. Sorry for the cross-post, here is some analysis I did on UPLMQ's plan that was just approved by the judge.
Again, I know the rules of staying on topic but I think this is on topic because it is an example of what may happen with BBEPQ.
Please note a couple things:
UPLMQ will exit with about $2.5B in reissued debt.
The Judge set the value of UPLMQ to be $6billion.
Re:UPLMQ Something doesn't seem right.
Is the $13.85/14.65 the "rights offering" price or the initial listing price of the newco?
I don't have time to read the WHOLE plan but did so some digging. Here's what I know for sure.
Value of new Holdco is $6.0B per the judge's order (Docket #1328).
Quoting the plan here.
93. "HoldCo EquityHolder" means any holder of Exiting HoldCo Common Stock.
94. "HoldCo Equityholder New Common Stock Distribution" means: (1) 41.0% of the New Common Stock, subject ot dilution on account of the Management Incentive Plan, in the even that the Settlement Plan Value Equals $6 billion;"
95. "Holdco Equityholder Subscription Rights" Means: (i) in the even that the Settlement Plan Value equals $6billion, the Subscription Rights offered to Existing HoldCo Common Stock to participate in the Rights Offering for 5.7% of the New Common Stock, inclusive of New Common Stock issued on account of the Commitment Premium and subject to dilution on account of the MIP.
96. "HoldCo Equity Rights Offering Shares" means 25% of the Rights Offering Shares.
4.17 Management Incentive Plan
The Plan provides for the establishment of the MIP under which 7.5% of the fully-diluted, fully-distributed shares of HoldCo will be reserved for issuance to management.
So ...
Either (if MIP dilution is after share price is calculated)
$6B*41% = $2.46B to the existing equity holders.
$2.4B/153.42M existing shares = $16.034 per share.
or,
(MIP dilution is deducted from item 94 above)
$6B*(41%-7.5%)/153.24M existing shares = $13.10 per share.
Please note that this assume all dilution is immediate and at the entire expense of the existing equity, neither of which may be true as the MIP vests 1/3 of the grants at different intervals.
So, the value per share of the existing common is somewhere between $13.10 and $16.60. This assumes that all of the Rights Offering are sold to raise the needed capital to pay certain debts. I suspect that if there is not enough capital raised by the sale of the RO then the issue price will reflect that.
But wait! There's more if you buy NOW, we'll through in an extra set of ginsu knives er, common shares.
The $13.85 is the price of new shares if you want to buy more shares before they hit the market. They haven't exactly said what the new issue price will be but I'm guessing it's got to be very close to that $16.
Fro whom did you receive warning letters?
Where did you get the figures?
If I read that right, that's 1 newco share for every 16 existing UPLMQ. If my calcs are correct that mean todays 1 UPLMQ stocks is worth a little less than $1.
Did I miss something?
Commons are NOT creditors. Junior creditors would be the last non-secured BONDS issued.
Where did you see the notice of delisting?
Abated or Bated? Did you intend the double entendre?
Ok, everyone, take a Xanax. Preferreds are valued on page F-4 and I took the common valuation from page F-32. In the pdf I downloaded,, the page numbering was continuous.
10K news - keep reading to page 110. There they say that the Preferreds are worth par ($25 per share) and commons have a book value of $2.10
Can someone translate that? I'm afraid my Spanish isn't any where near that level to truly comprehend.
Re:Gravity Play. How do those work?
What does everyone think of HTGM? Bought at 2.72 thinking it was a essentially an intraday bounce but seems to have loss momentum this morning?
Sorry folks, I bought in at 2.72. Of course, it does a pump fake to 2.95 to get me all excited before settling at 2.73. I might get my money back; minus commissions, of course.
Did you fill?
Anyone know what the court dates are?
Gamblers. A SP of a nickle is a gamblers bid. There is technicality with your post. It's not "according ... to the courts". The court hasn't ruled yet. The judge rejected the plan last time even though EVERYONE ELSE liked it. (And, on did that HURT.) He may do so again. The gamblers are betting he will.
Why is BBEPQ falling? Given the news, I would have thought it would have gapped up. Guess that's why I've always claimed my crystal ball was broken.
GLTA
Thank you. Where did you see max r/s?
What do you expect the R/S ratio to be?
I'm guessing $0.50 based on other BK-ish stocks.
305 shares * $0.21 dividend/share = $64.05 to be a bit more detailed in how we got the answer.
I read/scan the Yahoo board. Mostly ignore it because of the tremendous name calling extremely poor behavior by both sides. (I started to say childish but don't want to insult children that way.) Sadly, there is/was a lot of really good information and I firmly believe that we wouldn't have an EC without the coordination that that forum gave. However, the childish commenters (both ways Harry, et al, and J, et al) really drive me away. Really wish there was a way to ignore them like we can here.
So, which forum do I spend time on given that they all have people I wished weren't there? I read/scan all of them and try to ignore as best I can because while the Noise-to-signal ratio is very high, the signal that gets through is very high quality. All three have provided me with very useful information.
Respectfully and GLTA.
Because it's ridiculously easy to search for "BBEPQ" in FB search. There are not many results to choose from.
Larry, like all "public" forums there is a mixture of both. What I like about the FB page is there are some that are physically in the courtroom reporting out. There are also a couple of highly trained people who are given their specific analysis.
The SunEdison (SUNEQ) BK case.
I'm just reporting what others have said so I can't confirm the specifics. I'm told it was the UCC talking about the Debtors and Secureds (maybe, Lienholders).
I don't want to get anyone in trouble but if we know the exact day of a filing from a company officer, doesn't that constitute inside information.
GLTA
"Fraud" applied to a different case. That word was applied to the SunEdison case. The person reporting this was listening in on a phone call and didn't notice the change of cases.
Thank you for your kind consideration. However, in the last year, I've quadrupled my trading account and that's after a bad 30% loss on one of those pennies. Yes, their are dangerous but, like all things in the market, it's about managing risk.
Again, thank you, but I think I'll keep doing what I have been doing.
Are their preferreds paying distributions again. Their share price has bounced up but I can't find any information about them actually paying out cash for the distribution.
TIA and GLTA