Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
..Yes thank you. Meanwhile the stare down continues between the Defendants and our Litigation Trust and our sibling the Utah Retirement Systems. The Defendants are not off the hook, it's just a matter of reeling them in. Details will be forthcoming. GLTA Class B LTU Holders.
..The Utah Retirement Systems is closely watching the Litigation Trust appeal and the Litigation Trust is closely watching the Utah Retirement Systems case. The pressure is still on the Defendants. They haven't gotten away. The Utah Retirement Systems and the Litigation Trust are still biting them in the A$$, just gotta get some cash out of those tightwads. GLTA Class B Holders.
..Have to agree that we are waiting and waiting. The Kravitz v. Tavarious case appeal pending, by the Litigation Trust, seems to be the hot item now. This seems to be where are prayers should be made ,with charity donations being made, if our wishes are granted. GLTA Class B Holders..
..We should be seeing some more dockets on the epiq site soon. The last docket was August 16, generally speaking we don't run much more than a month without something appearing. The kettle should be getting pretty black by now. GLTA Class B LTU Holders.
..Yes just got back from a nice weekend trip.. As usual things are going on behind the scenes, that we know nothing about. Docketbird has a new docket out August 27,2021 #306 in regards to the Utah Retirements Systems Shareholder Lawsuit.... JOINT LETTER MOTION to Stay Pending Settlement for 60 days, address to Judge Naomi Reice Buchwald from Christopher Davies dated August 27, 2021. Document filed by PricewaterhouseCoopers S.A.
.....While this may or may not lead us Class B LTU Holders to distributions. It certainly is a step in the direction to opening the floodgates for The Litigation Trust, to resolve our payouts. GLTA Class B LTU Holders
..Enjoy hearing from everyone good or bad, it keeps our board alive. Also thanks for your thoughts and thumbs up. GLTA Class B Holders.
Yes the 267 million due the Class A. LTU Notes are ahead of us Class B LTU Holders. So the question I would have to ask is: Would the Class A LTU Holders settle for a lesser amount now, rather than risk getting less or none later ? Then leaving the rest for us Class B LTU Holders to pick over. Also would Mercuria and its' owners surrender its' 54% stake in there Class B LTU's, and turn them over, to the rest of us Class B LTU Holders , in order for smaller settlements to be made, especially in regards to the Utah Retirement Systems case, and yet we Class B Holder would receive larger payouts , due to us holding more Class B LTU's.. I know that this may sound a little far fetch now, but also we have to consider that, everyone wants this over as soon as possible , if there is a way out for everyone.. GLTA Class B Holders.
...I believe it would be best to see how the Utah Retirement Systems case plays out, then go from there. So far, for now just throwing out ideas for possible resolutions to that case. The Utah Retirement Systems case is our best chance of exposing the fraud committed against the Legacy Shareholders. It is still possible that the Class B LTU Holders will receive distributions. However that is fading out as time goes on. We Class B LTU Holders have the best chance of receiving distributions, if we can expose the Defendants fraud ASAP. The Defendants are dragging these cases out as long as possible, so that the Statue of Limitations Expire. If the Utah Retirement Systems should lose there case, the chances for recoveries become dimmer. In the Defendants case they still have a lot at stake because the Utah Retirement Systems case is still strong. So I believe that the Defendants maybe looking for a way out, thus my suggestions for a way out. So the jury is still out on us receiving payouts , but still possible.. GLTA Class B Holders
..To further elaborate on the Utah Retirement System case. Mercuria could and its' owners could surrender its' 54% Class B LTU's and give them to us Class B LTU Holders. This would give us, about another 1 Class B LTU for each one we hold now.. Bringing the total shares for the Defendants to pay up to about 26.5 million shares. At $3.00 per share the Defendants would be paying around $79.5 million to settle their Share Holder suit which they could include us Class B Holders. This would net us Class B LTU Holders around , $4.00 per Class B LTU, after all the exchanges have been made and possible payments due to the Litigation Trust. GLTA Class B Holders
..This Second Quarter Litigation Trust Report is showing progress for us Class B LTU Holders.
..Total income..$4,500,000.00
..Total Legal and Professional Fees $1,448,102.09..Which $1,350,000 is Contingency Fees.. Which I suspected. So now we need at least $5.00 per Class B LTU in order to cover our Legal FEES. Otherwise we will be thrown under the bus.
..The good news is the Litigation Trust has a equity of $32,755.32 . Along with the 15 million dollar loan, the Litigation Trust is well position to pursue our recoveries for years to come..
..At this point I believe the Utah Retirement Systems case has the best chance of exposing the FRAUD committed against us Class B Holders. Forcing the crooks , along with Mercuria , to pay us our fair share. GLTA Class B Holders
Oddly not much has happened docket wise on Epiq or Docketbird site in a while. We should be getting close to more news again. If nothing else, we should be seeing the Litigation Trust Report popping up, around next Monday. GLTA Class B LTU Holders.
..The Litigation Trust Report should be out this month, around Monday August 16..Hope to hear some good news and progress by then. GLTA Class B Holders..
..DocketBird has a new Docket #305, filed by Utah Retirement Systems, on 7/30/2021
..Motion for Kristin S Moody to Appear Pro Hac Vice.
..Court Clerk reply: Notice Regarding Deficient Motion to Appear Pro Hac Vice.
..Filing is Deficient
..:missing Certificate of Good Standing from Supreme Court of Michigan
..Affidavit Not Notarized.
..
..Hard to believe the Utah Retirement Systems was unprepared to file proper papers as Plaintiffs in the case against the former Directors , Accounting Firms, and Dimitris Melissandis. Although mistakes could happen.
..It just seems to me, to be a stalling tactic. I would speculate that Mercuria and Owners, would be willing to give up its share of Class B LTU's (about 26 plus million)for a settlement. This would lower the Defendants cost, to allow for a settlement. Still guessing around $3.00 per Class B LTU. I would guess the Utah Retirement and all other parties would be interested due to the fact, there would only need to be about 27 million Class B LTU's left to be paid.
..This would save everyone time, legal cost, and unknown Court decisions. Most of all it would make it easier for Mercuria to sell all or parts of the FKA Aegean Marine Petroleum Network it no longer needs. It would also allow Mercuria to recapture the investment it made, to protect it against any downside risks it has ..GLTA Class B Holders
..Good to hear something is happening .The fka Aegean Marine Petroleum Network Inc. is withdrawing its objection to the Diamond S Managements Claim , because evidently a settlement was made.
..Hopefully this is a sign that Mercuria wants to speed up this whole process. I still believe that it is in Mercuria best interests, to help resolve this web of problems, including the case of the Utah Retirement Systems. Mercuria would have to help the former Management, Owners, and Accounting Firms to find a way to make a settlement. For the most part I believe all parties involved would settle for $3.00 per share. It would save on Attorney costs , Court cost and save a lot of time. Keep in mind Mercuria and its owners own over half of the 53 million shares. With the former ANW parties helping out the expenses to make a $3.00 distribution would be a small payout to us Class B LTU's that we all should, be able to live with. GLTA Class B Holders
...Just trying to keep up with these dates floating around here.
..The Post-Bankruptcy is anticipated to have a Final Decree 6/30/2022 per Dockett #757
..
..The dissolution of the Litigation Trust per Docket #482 Page 45 (38 L)
..1.Litigation Trustee determines that the pursuit of additional Litigation Claims is not likely to yield sufficient additional proceeds to justify further pursuit of such Claims...
..2.
no event shall the Litigation be dissolved later than five years from the effective date (4/03/2019) with extensions up to two additional years..
..
..So from what I can find .
..
..Target date for Post Bankruptcy Final Decree 06/30/2022.
..Litigation Trust can continue pursuing Claims no later than 4/03/2026.
..
..In the case of the Litigation Trust: The Trustee can close the Litigation Trust down NOW or up to about 5 years from now. If the Litigation Trustee were to close the Litigation Trust down now or soon without distributions to us Class B LTU Holders, I believe they would have acted in bad faith, to us Class B LTU Holders. On the other hand if the Litigation Trustee made us Class B LTU Holders a worthy offer it would be a Blessing to us and Mercuria to move on
..GLTA Class B LTU Holders
.. Yes post bankruptcy has a target date of ending in about 11 months more or less. The Litigation Trust is not a part of the post bankruptcy, but rather a Litigation Trust as the title speaks for itself.. Regardless I believe Mercuria didn't buy Aegean out of bankruptcy, to have a lot of pre and post bankruptcy problems. They have big plans for Aegean as it was 74-75 different companies wrap up in one whooper of a business, which I'm sure they are making a fortune on now ,because Mercuria made it debt free and the strong oil and shipping markets now. So the sooner Mercuria gets us out of the way , the better it will be for them. Just all my opinion, but the pieces are going together at a good pace . GLTA Class B LTU Holders
..Docket #757 Post-confirmation Report Chapter 11
..Quarter ending 6/30/2021
..Plan Confirmed Date 3/29/2019
..Plan Effective Date 4/03/2019
..Post-confirmation Related to Reorganized Debtor
..
..What I find interesting on the above, is that the post bankruptcy has been going on for over 2 years.
..
..Is this a final report--no
..If--no--give date when the application for Final Decree anticipated--06/30/2022
..
..While the Litigation Trust has been spun off of the bankruptcy (I believe) there is a target date to wrap this post-bankruptcy. Which is 06/30/2022. What it means to us Class B LTU Holders, is that Mercuria would most likely want to have the Litigation Trust cleared off its' books in the next 12 months or less if possible. This would give Mercuria free reign to spin-off the parts of the old Aegean it no longer wants or to sell it whole, with clean books, for top dollar. GLTA Class B LTU Holders
..While they say it's always darkest before dawn... This certainly is a good time, for it to come true... May good news, be on the way soon... GLTA Class B LTU Holders.
$3.00 per LTU would be good. There are so few shares 53 plus million, with Mercuria owning 17 million of them. 53-17 = 36 million Class B LTU to pay. It just doesn't seem $10 per Class B LTU would be much for a company like Mercuria to payout.
So the question remains to me ? Is a 65 cent to $3.00 payout to the Class B LTU Holders insider information and still a correct number ? Will the Litigation Trust Report update us, to the possible payouts, for the Class B LTU's ? After all why have the Class B LTU's if there was no potential for payouts. Thus as long as there are, Class B LTU's, there is hope for us... GLTA Class B LTU Holders
Don't see any near term payouts yet due to the Class A LTU Holders have not been paid yet. However I wouldn't complain if we Class B LTU Holders have a pleasant surprise and received distributions. Our payouts do appear to be coming in bits and pieces, if we ever get any, due to so many cases pending for us . GLTA Class B LTU Holders.
Things are heating up again with the Utah Retirement Systems case. New Dockets are out 7/12/2021
... The Dockets # 301, 302 303,and 304 are available for purchase for $3.99 each at DocketBird, but cannot be shared publicly.
... What I thought was interesting was: Docket #301, answer to (81) Complaint Document filed by PricewaterhouseCoopers S.A did NOT have a JURY DEMAND.
...Docket #302 Deloitte CPA S.A. Answer to Compliant (81)is with JURY DEMAND
...Docket #303 Dimitris Melisandidis Answer to Complaint (81)is with JURY DEMAND.
...Docket #304 Spyros Gianniolis , Answer to Complaint (81)is with JURY DEMAND.
...What it looks like to me here is : Spyros Gianniolis, Dimitris Melisandidis, Deloitte CPA S.A. are GUILIYY as can be here, so they wish to get sympathy from a JURY.
..On the other hand it looks like PricewaterhouseCoopers S.A. still have a legal case in their DEFENSE or have adequate insurance and may wish to settle sooner.
...With a successful outcome for the Utah Retirement Systems case, it should give the Litigation Trust a leg to stand on. Which hopefully will speed up our Class B LTU's distributions. GLTA Class B LTU Holders
Per your post, it looks like Dimitris Melissanidis has money to pay damages to us Class B LTU Holders. He might as well pay up now , rather than risk, losing it all in court.
..Yes the process pretty much has left us Class B LTU Holders in the dark, getting only conservative answers. We will have to dig around for someone behind the scenes, with a more optimistic outlook. Of course it would only be hearsay, but it would give us something to chew on, while we wait. GLTA Class B LTU Holders.
An interesting question ? Suppose the Utah Retirement Systems settles their case against the former Aegean . Would their Litigation Trust Units be canceled ? There are about 53 million Litigation Trust Units now. Lets say there would be only 40 million Litigation Trust Class B Units left after they were paid off. Could be more money for the remaining Class B LTU Holders. Just a thought that would be nice to become a reality. GLTA Class B Holders.
Blast from the past. Still would find it interesting if our Class B LTU's were delisted illegally. Then had to be relisted on an exchange or us Class B LTU Holders need to be fairly compensated. Maybe Mercuria should just Pay us Class B LTU Holders now and we all move on. GLTA Class B LTU Holders
While this post #3815 has been a while. I find it interesting that you mentioned Mercuria owned 30% of Aegean Marine Petroleum Network Inc. at that time and was contributing to a plan of buying Aegean for cheap out of Bankruptcy. I still believe that could be true. It seems that Mercuria and the Litigation Trust have done very little so far in gaining recoveries for the Class B LTU Holders.
Yes enjoy digging for news. I'm sure there is plenty of news out there I never find. Would like to call around to different folks, when we appear more imminent to receiving payouts (us Class B LTU's)..
.... Post #3804 has a couple of good links for news if anyone is interested to read while we bide our time here.
.... Going back to Docketbird Docket #299, June 4th 2021.. There was a motion for an extension to file an answer.. The complaint is 220 pages long , with 559 allegations, against several defendants, including Dimitris Melissanidis. The motion for an extension was granted by Judge Naomi Reice Buchwald on June 7th, 2021. The extension runs until July 12, 2021(tomorrow). So hopefully, now this date is about to pass, we start to see some more fireworks, in our favor soon. GLTA Class B LTU Holders
Oil is heading higher. Best for Mercuria to make $CASH$ payouts now, to the old Aegean Class B LTU Holders. Then should cash out, Minerva Bunker, while the getting is good. GLTA Class B LTU Holders.
Interesting. GLTA Class B LTU Holders.
Nine more days till the end of the second quarter and then, the Second Quarter Litigation Trust Report , in the middle of August. Good luck to all Class B Litigation Trust Unit ( LTU) Holders.
Yes your a wise person. GLTU
.Aha well for someone who hasn't posted since 2010, I wish you well , along with the rest of us Class B LTU Holders.
Yep your in an exclusive club. Just wait for the $$$ to roll in.
Goomba is a friend of Mook. GLTA Class B LTU Holders
Mook is waiting for the Aegean Dogs.