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Looks like we have a new Docket #738 out. The ball is still rolling. GLTA Class B LTU Holders.
Per Wikipedia, Mercuria revenue was 121 billion dollars in 2019.. Have to wonder how much Aegean Marine Petroleum made for them, thru tax write offs and revenue. GLTA Class B LTU Holders
Yes Aegean Marine Network was a giant company. That is now well managed by Mercia. Have to wonder how much our shares would be worth if they were never converted to Litigation Trust Units and Mercuria managed it. Seems to me it would have been worth well over $100 per share now, for the 53 million shares. Oil, shipping and the stock markets are booming now, and to think that we're hoping for $3.00 per share. The good news is, this winding down at a steady pace as you say. GLTA LTU Holders
Looks like I misread the Dockets. Docket #737 which came out today and has related Docket #736 which which came out yesterday , which has a related Docket #731. Really enjoy when the Litigation Trust can move the ball down field. Looking for a touchdown for us Class B LTU Holders sooner than later.
Docket #736 was filed twice. Regardless, maybe someone has reason for optimism also, that we are hoping for. GLTA Class B LTU's Holders.
The docket #737 that came out today, seems to be mostly related to the docket #736, that came out yesterday. Yes it sure does look like the Litigation Trust is doing what it can, as fast as possible. GLTA Class B LTU'S HOLDERS.
This appears to be good news to me. ( Equity Interest Claims, Duplicate Noteholder Claims and Insufficient Documentation Claims) [ECF No. 731] (the Omnibus Claims Objection ). It appears these three groups have no valid claims, so the Litigation Trust has brought us closer to resolving where the Class A LTU's and Class B LTU's stand.
..What interest me the most, was the Equity Interest Claims accepted the fact that their Claims are part of the Class B LTU's. My hope is that they see a better payout going this route. Also the Duplicate Note Holder Claims and Insufficient Documentation Claims is another monkey off the Litigation Trust back. So God speed ahead, prayers for a large payout to us Class B LTU's
Yes look forward and will enjoy tracking these Court dates, with a sticky. Thanks for your efforts Beta..
The more and sooner the better.
Yes it would be better to have a more clear picture, where we Class B LTU's are, in the way of distributions. Heck I would even take a blurry picture, if we could get one.. Regardless the Litigation Trust has funds to pursue our CASH for years to come.. GLTA Class B LTU's
Thanks, were all out here waiting and watching, with great interest.
Also I wonder why the Litigation Trust is involved in this, because it really was part of the bankruptcy process. Would there would be any benefit (cash) to the Litigation Trust and if this could lead to distributions, to the Class B Unit Holders? IE, there really is nothing for the Litigation Trust to recover here, for the Class A's and B's ?? GLTA
Yes that is my understanding from what I've read so far.
What I understood the claims, they were already converted to Class B Units. They were previously common shares that are are now Class B Units. Which means that their CASH claims cannot be made, per bankruptcy order.. The new filing just confirms this, so the Shareholders cannot collect from their common share claims and the Class B LTU's distributions. The total Class B Litigation Trust Units should remain at 53.14 million. IMO
Very nice summery of the 4th Quarter litigation Trust Report. I like the part about the slow cash burn rate ($247 K) and cash on hand ($15.5 million). This will not go away soon, so hopefully we get our distributions sooner than later. GLTA Class B LTU's
Thanks for bring the Litigation Trust Quarterly Report to our attention Joe. GLTA Class B LTU's Holders
The Litigation Trust is still active. As long as they are pursuing recoveries , there is still hope, for all of us Class B LTU's Holders. GLTA
$3 to $4 would be fair, for us Class B LTU's Holders. GLTA
..Not only do all the crooks owe us $2.00 or $3.00 per unit or more. Mercuria can square things up ($2.00 or $3.00 per unit) with us Class B LTU's Holders with the change they have in their pockets. Oil has been heading much higher lately. GLTU and all Class B LTU's Holders
Joe, I've been waiting for a docket for awhile, glad you brought it to our attention.. GLTU
The Litigation Trust is still at work. On page 11, of Docket #731, they mentioned that, Class A LTU's have to be fully paid , before Class B LTU's receive any distributions. So for now it's not over tell it's over. We're still in play for distributions.
..What has happened in Docket #731 is the Litigation Trust is trying to get some consolidation on the claims. Which would be Aegean equity interests, disallowed claims, and claims without sufficient documentation. Sooner or later we're going to find out our distribution status. Also in some ways it may be better that the Litigation Trust is taking a long time, because I believe it would increase our Class B LTU's chances for a payout.. GLTA Class B LTU's Holders
We are about two weeks out from the next Litigation Trust Report.. So I thought, I would mention why I believe it may be awhile before we see any distributions, if ever..
...In the Third Quarterly 2020 Litigation Trust Report it states: Page 7, paragraph 9. As previously reported , the Litigation Trust Advisory Board voted to appeal( filed August 5, 2020 ) the decision of the United States District Court for the Southern District of New York (the District Court) dismissing the Litigation Trust's suit against former Aegean directors and officers Nikolas Tavlarios, Peter Georgioplous, John Tavlarious, and George Konomos to the United States Court of Appeals for the Second Circuit, a process that typically takes somewhere between 9 to 12 months from the date the appeal is filed.
...What we know is that, The Litigation Trust lost a key case for us Class B LTU's Holders.. Which could have led to large distributions to us Class B LTU's.. What we don't know is, if an appeal has been accepted by the United States Court of Appeals for the Second Circuit. Also the Litigation Trust Report did not mention the case # in which they lost and case # for the appeal..
..So we are lacking a lot of information which would update us Class B LTU's holders, as mentioned above, also how much is still owed to Class A, LTU's ,so we Class B LTU's can know how far back in line, we are for distributions.
...GLTA Class B LTU's Holders
I believe we are still waiting for the Litigation Trust Report, which should come out in about two weeks.. Hopefully it will give us the status of the Class A LTU's and the CLASS B LTU's, .. otherwise it looks like we
are waiting for a surprise or a miracle of some sort, ... sooner rather than later.. GLTA Class B LTU,s
Hopefully when then Quarterly Litigation Trust Report comes out around February 15, 2021, we will get the status report of, Class A and B LTU's. So far, all that has been said is, we will be updated when appropriate. GLTA Class B LTU's Holders
The link to the dockets is on post #4001. Also a new docket #730 is out today on the Epiq site. GLTA Class B LTU's Holders
Two new Dockets filed on 1/13/2021,shown on Epiq site, Docket #727 and #728. GLTA Class B LTU's..
I'm waiting patiently for good news, like everyone else here.. GLTA Class B LTU's
New Epiq docket #726 out 1/11/21.. GLTA Class B LTU's
I'm waiting on a status update for the Class A LTU's, so we Class B LTU's can find out, where we are standing in the line for distributions.. Hopefully it will be in the Litigation Trust Quarterly Report.. GLTA Class B LTU's
The Litigation Trust has ended its' 4th quarter, at the end of the year, 2020.. The 4th quarter 2020 Litigation Trust Report, should be out around mid February 2021. GLTA Class B LTU's Holders..
Amen to you brother. May we all have a Merry Christmas and a Happy New Year. My prayers go out to St. Jude Thaddeus, patron of desperate and Saint of the Impossible. I turn to you in trusting prayer, that we may receive our $3.00 per share due. Centuries of Christians have found Saint Jude a mighty helper in overcoming seemingly impossible barriers. GLTA Class B LTU's
Yes why would so many attorneys quit working for very wealthy Greek Shysters ? GLTA Class B LTU's
Per Litigation Trust Third Quarterly Report ending 9-30-2020.. Section B 5. ..The Litigation Trust has retained local counsel in certain foreign jurisdictions to assist with the Litigation Trust's asset recovery strategy.. GLTA Class B LTU's
After reviewing the Litigation Trust Class Action civil suit and the main bankruptcy filings, have to wonder why so many attorneys are quitting to represent the Greeks ( Defendants) . Wonder what that is all about? Maybe the Litigation Trust Investigators are coming across some good finds.. GLTA Class B LTU's
Yes the civil suit did not go well and has been appealed. I do plan to mention some of the things the Judge said in her decision, in the future, but for now might as well see how this plays out. So as you say this is not a sure thing for a payout. GLTA Class B LTU's
Some here believe that this will pay between 65 cents to $3.00 per unit. Doesn't sound like you do though..
The Litigation Trust Report has not stated what the large banks have settle for (Class A LTU's) ..Also the dockets do not state what the banks have settled for.. Could be the Creditors 40 million pool, more or less. We all have to wait wait and see. GLTA Class B LTU's.
As far as I know, the Class A LTU's have not been paid anything yet. I believe the last Litigation Trust Report mentioned that NO settlements or recoveries have been made yet.. The fourth quarter ends in a couple of weeks. Hopefully that report will give us better clues, in about middle of February 2021.. May 2021 be golden for us Class B LTU's
The new docket #724 appears to involve Diamond S Management and their legal counsel. . Their three claims totaling slightly over a million dollars, over fuel delivery quality and procedures, from what I've read so far. GLTA Class B LTU's
New docket $724 out on 12-14-2020 at EPIQ. Case # 18-13374, Aegean Marine Petroleum Network, Inc.