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WoW
This keeps getting uglier and uglier.
I cannot even guess what the next step may be.
OMG
ORDER REGARDING
EMERGENCY MOTION TO AMEND DIP FACILITY
1. The Court will not consider the Emergency Motion to Amend DIP Facility (ECF
#1311), in its full breadth, on an emergency basis.
2. On February 11, 2013 at 1:30 p.m., the Court will conduct an emergency hearing
on whether to allow interim relief with respect to the Emergency Motion.
3. A final hearing on the Emergency Motion will be on February 21, 2013 at 1:30
p.m.
FYI
OMG
The judge was real pissy at the DIP #3 numbers, he even did the math for them.
Clipper is hooked up and they expect production by March 3 (yet again).
There may be another court session on the 7th and the 11th.
OMG
OOPS 11:30 my time which is all that matters...LOL.
OMG
Hearing to in Hon Marvin Isgur's court 11:30 Central.
OMG
EI
So do you think that the DIP people have essentially cancelled the sale? They must see value in ATP even though they are putting forth hard terms on the 3rd loan.
Thanks
OMG
Is it me or did the dip lenders just punt and push the scheduled sales off until May.
They also want to see the production from Clipper (as we all do).
OMG
The hearing on Diamond’s Objection is currently scheduled for February 5, 2013
at 1:30 p.m. The undersigned has been engaged in another matter which requires his attendance
at a meeting with high-ranking government officials in Washington, D.C. on that same
afternoon. Therefore, Diamond respectfully requests that the hearings on the Objection and
Motion to Quash be continued to February 14, 2013 at 1:30 p.m..
Something afoot?
OMG
Looks like Deep Blue is underway after being at Clipper.
Could they be done and getting ready to pump........
http://www.marinetraffic.com/ais/default.aspx?mmsi=311105000¢erx=-90.97888¢ery=26.96459&zoom=10&type_color=3
OMG
Lots of retail buys and dealer trading going on again today.
OMG
Lots of retail and dealer buying in the bonds.
OMG
Thanks Chevy,
I cannot respond to PM's.
What do you think the waterfall would look like today where we are at?
TIA
OMG
A lot of bonds being exchanged today.
Hummmmmm
Over 1/2 the lien debt.
I did not see my name anywhere...LOL
OMG
Anyone want to venture a guess as to why they would want to depose the CRO?
Court update:
Lien holders will get a look at nsai and colarini reports if they sign confidentially agreements.
One of their wells hit "B-sand" for 800 barrels per day, eventually up to 2,000 barrels.
Looks like the question of where to put the ORRI's will be decided by a trial in February.
OMG
Meeting at the court has started.
7124323100 phone
815978
OMG
Per Oct 9 audio meeting:
90% of production comes from deep water production.
Shelf sales would reduce bonding requirements.
OMG
ATP Oil & Gas Corp. is seeking bankruptcy-court permission to sell 18 of its 38 offshore exploration and drilling areas at an auction next month.
ATP, which primarily drills in both the shallow and deep waters of the Gulf of Mexico, on Tuesday filed court papers proposing a February auction of its leases and other interests in 18 shallow drilling areas, located on the Outer Continental Shelf in the Gulf.
http://www.rigzone.com/news/oil_gas/a/123337/ATP_Oil_Seeks_Court_Permission_to_Sell_Shelf_Drilling_Areas
All leases are encumbered by the DIP: per Mr. Reese on the audio from Oct. 9 meeting.
OMG
I think that seismic is right that the dip lenders are trying to frighten us and that the real assets are in the deep water and in the infrastructure. I would imagine that the octabouy will be sold to cover costs.
I am optimistic that the judge will open up the BK to other plans and hope that the 2nd lien bond committee have a plan.
What will happen to the insiders 6+ million shares?
OMG
I would also doubt that the judge will try to differentiate between the bond holders purchase date. Wouldn't that open up a huge can of worms of appeals variety.
Clipper is still in play though way late.
I like the 50% on the bonds.
OMG
Great post.
Cosco is building the Octobouy in China with part of the production facility being built in Louisiana.
I am not a accountant but the debt for the Octobouy is part of ATP UK?
TIA
OMG
Oh yea the links are posted on the kccllc atp main page below the first day motions ect.
Below please find links to an audio recording of the Meeting of Creditors from October 9 2012, packed with information about operation and debts.
http://www.kccllc.net/html/1236187/part_1_of_2.mp3
http://www.kccllc.net/html/1236187/part_2_of_2.mp3
Any update?
What can you share with us?
TIA
OMG
What was the judge going on about lease expiration for. He was digging for something from the CRO, I did not follow the whole proceedings.
TIA
OMG
What would be left if they sell the shelf assets?
OOPs I will post the links tomorrow as they are on my home computer.
OMG
Thanks Chevy and seismic,
Interesting Chevy's posting says 1,500,000 shares preferred and Seismic looks like over 3 million. I am sure one of you is correct...LOL
I sent e-mails to the EC members and they mostly confidentiality agreemented up. There were two members that suggested that the Clipper well could be a game changer.
I also found a couple of message boards that I will list below. On one board there was talk of a Blue or Blue water pipeline that the work is continueing on as we speak.
On the fence but looking to buy some preferred soon.
OMG
How many preferred shares are there? Any down side to investing in preferred.
TIA
OMG
Mr. James R. (Jim) Latimer, III has been the Chief Executive Officer of Cano Petroleum, Inc. since February 2011. Mr. Latimer serves as the Managing Director at Blackhill Partners LLC. Over the past eight years, Mr. Latimer has been the Chairman and Chief Executive Officer of Explorer Horizons, Incorporated. He serves as head of The Latimer Companies. He is founder and Partner of Blackhill Partners/Blackhill Advisors. For the past eleven years, he has headed Explore ... Horizons, Incorporated since 1983. In addition, Mr. Latimer's prior experience includes senior executive positions with several private energy companies, consulting with McKinsey & Co. and service as an officer in the United States Army Signal Corps. Mr. Latimer has active management experience in a number of complex and difficult situations, including serving as acting-Chief Executive Officer of Rand Energy during its 1999 reorganization. Mr. Latimer's prior business experience includes work as a management consultant with McKinsey & Company and as the head of the Dallas Office of Prudential Capital. He served as President of Raptor Exploration Company Inc of R&B Falcon Holdings, Inc. he has been Director of Cinco Resources, Inc since July 2011. Mr. Latimer serves as a Director of Enron Corp. He has been Director of Cano Petroleum, Inc since February 2011. He served as Director for NGP Capital Resources Company from 2004 to September 2012. He served as Director of Falcon Drilling, Inc. He served as Director of Magnum Hunter Resources, Inc. from March 15, 2002 to October 2004. He served as Director of Prize Energy Corp from October 10, 2000 to March 2002. He served as Director of Enron Creditors Recovery Corp. He served as Director of EPL Oil & Gas, Inc. (formerly Energy Partners, Ltd.) from May 2008 to September 2009. He served as Director of R&B Falcon Holdings, Inc since 1993. Mr. Latimer's educational background includes degrees from Yale University (BA) and Harvard University (MBA). Mr. Latimer also holds the distinctions of both a CFA and CPA.
Perhaps they are seeking a likely candidate as we speak.
Chevy,
How do you read this? A vote of no confidence? Illness?
They tried to hire a replacement earlier but it fell apart.
Who is now in charge of the company in these dire times?
TIA
OMG
Do you think this would force a liquidation, or at least start one?
OMG
Thanks Chevy....
It is 3p Ca time and I am in the conference call for the court.
If it works I will update the board.
OMG