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The Litigation Trust sought and obtained the appointment of a receiver over OTE on August 21, 2019 on the High Court of the Republic of the Marshall Islands. Civil Action Number2019-109 . The Marshall High Court appointed Chris Kennedy, of Alvarrez & Marsal, Cayman Island as the receiver over OTE. The receivership order is to remain effective for twelve months, at which time it may be extended for cause.
..While the Peter Kravitz case, against the former Directors of Aegean was dismissed on July 8, 2020.. On July 10, 2020 the Litigation Trust filed for an extension of the RMI action (Civil Action Number 2019-109 ) and was granted the motion for an extension of additional twelve months of receivership. The receivership of OTE remains in place..
While waiting for makinezmoney reply, might as well mention that the Litigation Trust is still very active pursuing recoveries for the Class A and B LTU's ( Litigation Trust Units )..
..The Litigation Trust has retained Kobre & Kim L.L.P. as counsel in development and implementation of strategies, seeking to recover value in connection with removal of, and damages caused to. Aegean by Dimitris Melisanidis
...The Litigation Trust retained Donald Moore to assist the Litigation Trust with its investigation , prosecution and recovery of proceeds from the Litigation Claims.
..The Litigation Trust has also retained local counsel in certain foriegn jurisdictions to assist with the Litigation Trust's assets recovery strategy.
..As of September 30, 2019 the Litigation Trust had $18,452,292.75 cash on hand for LTU recoveries and on June 30. 2020 the Litigation Trust had $16,231,591.28. As can be seen with the slow cash burn rate, this is far from over, in seeking recoveries, for the former Creditors and Shareholders of Aegean
makinezmoney do you have any updates on the progress of our Class B LTU's ?
makiinezmoney any idea on the progress of the Litigation Trust Units Class B.. I see that Docket #711 had U.S. Bank, AMEX, and others listed on the service list. Would there be a Final Decree for Creditors soon or does everything sit pat till, the Litigation Trust gets some wins ? Also we should be getting a report from the Litigation Trust in a week or two.. One would hope for some good news in it, for Class B LTU's .. Good luck and welcome back..
Some events that are taking place.
..On Epiq site under Key Documents, a Master Service list was posted on September 8, 2020..
.. Today a new Docket #714 was posted on the Epiq site..
..While none of these seem to be earth shattering. They do show, we are still in a active process, that will hopefully bear fruit for us Class`B LTU's, sooner rather than later..GLTA
Looking forward to better days here for sure.. GLTU
Docket #713 Final Decree and Order Signed for I.C.S. Petroleum L.T.D... Wonder if any others will climb aboard. Hopefully we will find out sooner than later.. GLTA
Today September 21, 2020, Docket #711 went into play.. A Final Decree and Closing order hopefully took place in court.. On page 16 and 17 of Docket #711 a Final Decree and Closing order had listed US Bank, AMEX, National Bank of Greece, and many others.. We should have many more Dockets coming forward now, telling us if there were objections or if this is the turning point for us Class B LTU's ..Also our Litigation Trust Report should have much more information on the status of Class B LTU's.. The report should be coming out sometime after mid-October.. GLTA Class B LTU's Holders
Last Docket was September 1st, 2020...I would guess the next ones, will come after September 21, 2020..It's only a guess though.. Anything can happen with these Dockets, information wise, since we are not in the know.. I only hope, that we could, have some pleasant surprises someday. For now we can try to glean what information, that we can, from these Dockets ..GLTA
Well hope something comes to fruition sooner than later..GLTA
Anything interesting going on ?
Well it look like I missed message 5324, 5325 and 5326..
Well hopefully it will give him time to do some research, for all of us..GLTA
..makinezmoney just wondering if you think we are getting closer to payouts to us Class B LTU's , due to events in the recent Dockets..Your comments would be appreciated, when appropriate..
While waiting for good news..I've been looking at the Dockets some more..I'm wondering if the Unsecured Debt Holders can accept the Class A LTU's in lieu of there Unsecured Debt Notes..
..I'm assuming that US Bank, Deutshe Bank, and American Express would have to settle for pennies on the dollar to clear there books..If the Unsecured Debt Holders were to wait for the Litigation Trust Recoveries to take place , they most likely would never receive there full payments and there books would be in violation of banking regulations..
..So now I'm looking at Deutshe Bank Unsecured 4% Notes(94.6 million) paid per Docket #707..For US Bank Unsecured 4.25% Notes(172.5 million) and American Express Unsecured (20 million)Notes per Docket #711 (Application for Final Decree Proposed Order September 21,2020) to be finalized after September 21,2020..Hopefully these Banks can settle out of the 40 million Mercuria contributed to the Litigation Trust, along with the invalid claims of 4 million , 44 million total..
...If all of this were to take place, we may see better news for us Class B LTU's going forward..
...The Second Quarter Litigation Trust did mention that updates for payouts to Class A and B LTU's would be announced, when appropriate..So it appears we our getting closer to news and updates on our Class B LTU's..I'm hoping for some news after the 3rd quarter ending in September 2020 ....GLTA
Yes getting the Class A paid off is a priority for us B holders. This is the reason for my recent posts. Trying to show how it could be done. I still believe Mercuria has an interest for the B holders to be paid, since they own most of them along with their CEO Tyler Baron. The Litigation Trust mentioned that they would give an update on the A and B Units as soon an they can. We know it’s still a little early for them to show their hand. They cannot give their opponents there playbook, however we are getting closer to good news . IMO GLTA
Docket #707 also mentions , on Exhibit A ..section C..number 11
...Here it mentions that Mercuria funded the Unsecure Claims Cash Pool in the amount of $40 million, plus a Disputed Claim Reserve of $4.18 million, which totals %44.18 million..Hopefully most of the Class A LTU's will settle into this pool of cash.. Since most or all of the Creditors are not allowed to carry bad loans on their books , due to banking regulations..This would be the best case scenario for us Class B LTU's..If we had the Class A paid off.. we could start hoping for some extra large payouts to us Class B LTU's...IMO
..While waiting for our, Litigation 3rd Quarter Report, which should be out sometime in the middle to late October. I would like to review some of the 2nd Litigation Quarterly Report, which was Docket #707..
..This second quarterly report had a lot of information in it but no mention of when or if we Class B LTU's would receive any payouts ..I previously had sent a email to the Litigation Trust, requesting the status of the payout to us Class B LTU's, so we could make an estimate of, or if we would have any payouts..What I see in the Docket #707 ..Exhibit A section B number 10..To date the Litigation trust has not entered any settlement of the Litigation Claims or recovered any Litigation trust Proceeds..Additional details regarding the status of the Litigation Claims will be provided in subsequent reports, as appropriate..
.....I believe this statement is telling us we are getting close to good news, but may still be a few quarters away or maybe were close to arrival now, to the Promise Land...IMO
Just looking at some of our Dockets this weekend to see if we can find any information about our Litigation Trust Class B Units..
..Claim #10 and #11 was Suppressed..
..Claim #10 was for 96 million dollars. Claim is partly unliquidated.
..Claim #11, per Docket #708 filed July,24 2020..per Exhibit A 3rd paragraph..May 6, 2020 the Litigation Trust explunged from the Claim Register, claim #11 filed by the the Unsecured 4% Notes Indenture Trustee..
...In my opinion this claim was settled for about 10 cents per dollar. Which is common practice, for banks not to carry bad debt..The holders of the 4% notes were U.S Bank 172.5 million and Deutsche Bank 94.6 dollars..see post #3939..
.. What I'm still seeing is that AMEX, is our big obstacle to receiving our Class B LTU's dollars.
..Per my conversation with the Liquidation Trust, is they are confident of recovering over 100 million dollars..
..If U.S. Bank and Deutsche Bank can settle for around 30 million dollars , this leaves us with around 70 million dollars for 54 plus million shares..which will give us over $1.00 per Class B LTU's ..However it does look like there are some more banks that need to settle too..One being AMEX..
..At this point it looks like our Class B LTU's payouts, could go up if the Litigation Trust can make larger than than expected recoveries and reduce the payouts for claims,.. or our recoveries could go down if the Litigation Trust has smaller than expected recoveries and larger than expected claims..All just my opinion, with limited information..GLTA Class B LTU's
Thanks for your help in digesting these Dockets MastaBeta..GLTA Class B LTU's holders..
Docket #709 Filed 07/30/2020.. This Docket was filed by the Litigation Trust and is about disputed claims.. It is 9 pages long and has Exhibit A and Exhibit B.. I cannot see why the Litigation Trust would waste time and money if they did not believe they had valid claims ..So my prayer is that there will be recoveries for Class B LTU's as soon as possible.
Looks like a buy below $36.90 AND A SELL above $36.90
Yes I was wondering the same things as you.. The way I'm reading the Litigation Trust Report. is there is an equity interest of slightly over 4 million dollars.. It did not say if it was for Class A LTU's or Class B LTU's .. GLTA Class B LTU's
A couple of dockets filed 07/24/2020..Docket #707 and #708..Interestingly that Docket #707 has the Litigation Trust Report.. This Litigation Trust Report #707 has came out early after the ending of the Second Quarter ( about 4 weeks ) It is 12 pages long and details the struggles that the Litigation Trust is having.. GLTA Class B LTU's Holders..
Received no reply to my e-mail from Minerva Bunkering..Unless I missed it in my spam e-mail.. Resent another request for updated information on the Class B LTU's this morning..At this time, not really expecting any replies . Just letting Minerva Bunkering know we're out here and are interested in how the progress is going on the Class B LTU's ..
..My thoughts are on asking questions is ..that the Litigation Trust Report will be coming out around August 15..if we can let more people involved know... we are interested..then we may get more answers in the Second Quarter Litigation Trust Report on the Class B LTU's....GLTA
Sent an e-mail to Minerva today.. this Sunday.
..Asking if they knew how the progress of the Class B LTU's , recoveries are going.
..Minerva CEO Tyler Baron and Mercuria are owners of over 50 % of the Class B LTU's ..So I'm hoping they have some news to share..It's a long shot question , but we may get lucky and get some good news sooner rather than later..or no news from Minerva Bunker ..now the owner of the old Aegean Marine petroleum Network, Inc..
..If I receive a reply from Minerva , I will be glad to share.. with all here.. otherwise will keep digging for news.. and keep waiting..GLTA
Docket # 706 Notice of appearance and request for papers..These are the more difficult cases to resolve, but none the less they are moving forward..Minerva Bunkering should be able to resolve these cases handily.and we continue to move forward to day of distributions..Like it when these dockets fly off the shelves..Still guessing we will know much more by the time we reach docket #1000 or sooner..and hoping for distributions for us Class B LTU's before the Christmas Holidays..GLTA
Another docket ..#705 getting us closer to the day of reckoning..Hopefully this will all end before docket #1000..would like to see distributions to start soon..hopefully before the Holidays..GLTA
Thanks for the latest notice from the Litigation Trust. The Litigation Trust continues to do its' work..Hopefully we will have, Class B LTU's distributions, sooner, rather than later..GLTA
makinezmoney some of are wondering if there has been similar bankruptcy plays as ex-ANW-- where Legacy Shareholders received cash distributions, after Creditors were paid in full.- It seems that you you mentioned that it has happened before and that this particular case, has an excellent chance for Class B LTU's to receive cash distributions..TIA
That goes to show there is money to be made in bankruptcy plays, even though they are differences in all of them..GLTA
That's a good question.
.To add more to the question. Has anyone experienced a payout in a Litigation Bankruptcy Case, when.
.Creditors have to be paid first in full, then.
. Shareholders ( Litigation Trust Units..LSU's ) receiving distributions $$CASH$
.This seems to be an unique situation that I hope works out well for us all.
.The only one I know of that may have been in this type situation before, is makinezmoney , so we may as well ask him..
Not quite sure how to break this docket #700 down,or what it all means..
...It has Schedule 1-- equity claims.
...It has Schedule 2-- late filing equity claims.
....It has Schedule 3-- Section 510( b) Claims- objections equity claims.
I can only guess that these claims may have more work that need to be done ..An example would be, if a Creditor or Employee was paid in shares, then a claim maybe classified as a Class A LTU's ..Without being an insider we may not know all or some of the details..Maybe someone has a better understanding of this docket #700 , or has a better explanation, than I do
..For the most part Docket #700, will need more work and cause further delays in our Class B LTU's distributions. IMO
These claims were not challenged because they were equity interest.(some as large as $190,000.00 ) They are part of an exchange of common shares to Litigation Trust Units (Class B LTU's )..This was part of the bankruptcy procedure, so no objections were made..This bring us, another step closer to our distributions..IMO
Thanks for letting us know about the latest Dockets
As previously reported the Litigation Trust sought and obtained the receiver over OTE in Civil Action Number 2019-109 ( the RMI Action) in the Republic of the Marshall Islands ( the RMI Court ). The RMI Court appointed Chris Kennedy of Alvarez & Marsal, Cayman Island, as the receiver over OTE. On March 23 ,2020 denied a Motion to Intervene in the RMI Action by a purported shareholder of OTE, Maria Giogaki..As of this date the receiver over OTE remains in place..
As previously reported by the Litigation Trust, on August 7, 2019 the District Court of Nicosia ( the Cyprus District Court ), Republic of Cyprus in Application 309/2019 granted request filed by the Litigation Trust asking for disclosure of and a freeze over assets of certain defendants in the Luxembourg Action among others..On March 27, 2020 the Cyprus District Court set a hearing on May 5, 2020 to consider the merits of the disclosure orders and freezing injunctions..The Cyprus District Court accepted written submissions from parties on May 5, 2020 , but did not make a determination of the merits. The Cyprus District Court set May 15 ,2020 as the deadline for written submissions by the parties to reply..As of date of this Report the disclosure and freezing injunctions remain in place.
The Litigation Trust has a little over 17 million dollars in checking and savings accounts, to seek recoveries..While most of this cash is a 15 million loan, the balance of the account has not gone below 15 million dollars yet, so the cash management of this fund is strong in seeking recoveries for the Class B LTU'S
....As most know here... Class A LTU's must be paid first
The U.S. Securities & Exchange Commission, the U.S. Department of Justice , and investigation by the Audit Committee of the Board of Directors of Aegean are all involved in investigating crimes caused by Dimitris Melisanidis and others..
....Litigation Trust retained Donald Moore to assist in the investigation , prosecution, recovery of proceeds from the Litigation Claims..
....The Litigation Trust has retained local counsel in certain foreign jurisdictions to assist with the Litigation Trust asset recovery strategy..