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you are a DA
Time to lose the MONOMANIA with respect to lawsuits and act like a real company.
These guys need to put together a business plan to move forward, get relisted and generate income. Stop dicking around with these suits or just throw in the towel.
Sometimes you can just predict the outcomes. Another delay. No trial on the eighth.
03/15/2023 at 08:30 AM in Department 39 at 111 North Hill Street, Los Angeles, CA 90012
Order to Show Cause Re: Why the Court should strike Defendant's jury demand and order this case to proceed as a bench trial
Another hearing to settle issues that were supposed to be settled yesterday.
Currently at 7.41 with 52 week high at 7.69.
"The Chinese manufacturing purchasing managers’ index (PMI) jumped to 52.6 in February from 50.1 in January, data from China’s National Bureau of Statistics showed on Wednesday. The surge in factory activity was the fastest in over a decade—the highest figure since April 2012."
The Put to call ratio for 3/3 thru 3/31 as of 2/28 ranges from .20 to .28.
There are a few issues to be decided on 3/1. So maybe that's when the fireworks start.
"Oil prices could hit the $90-$100 per barrel range in the second half of this year as global demand is set to reach record levels amid constrained supply, Russell Hardy, CEO at the world’s largest independent oil trader, Vitol Group, told Bloomberg Television on Monday."
02/22/2023 Notice of Posting of Jury Fees
Filed by VERTICAL COMPUTER SYSTEMS, a Delaware Corporation (Defendant)
I assume this (along with jury instructions 2/9/2023) means VCSY wants a jury trial.
" The prospect of a reactivation is very topical as all of our drillships that are not warm or cold stacked currently contracted. Active drillship utilization is expected to remain at or above 97% for the next two years, with active utilization of the highest specification assets at or near 100%. We expect that the demand for our rigs and services will remain elevated for the foreseeable future.
In fact, if current tendering and bid opportunities that we're aware of for work starting in 2024 and 2025 develop as expected, demand cannot be met by the current active supply of drillships. Having said that, we would absolutely firm our position that we will not reactivate a rig unless our customers, through a combination of mobilization fees, day rate, and term, pay for the entire reactivation, plus an acceptable return in the initial contract. Rig demand [Inaudible] environment is robust. Indeed, over the next 18 months, an estimated 82 programs are anticipated to be awarded for a total of 74 rig years of work.:
https://www.fool.com/earnings/call-transcripts/2023/02/22/transocean-rig-q4-2022-earnings-call-transcript/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article
"Under an amendment of the Lakeshore Note and the Loan Agreement executed on January 31, 2013, Vertical was obligated to transfer 25% of its ownership interest in NOW Solutions in the event certain principal payments were not timely made to Lakeshore. When the last forbearance agreement with Lakeshore expired, Lakeshore became a 25% minority owner of NOW Solutions on October 1, 2013"
https://www.sec.gov/Archives/edgar/data/1099509/000161577418008428/s112021_10q.htm
If the start date for SOL is 10/1/2013 Lakeshore may be too late (They filed 5/2019)
This apparently is a problem for Lakeshore/Farias or else there would not be a motion to exclude. I wonder what date starts the 4-year clock running.
not to mention the 150-160 million to GSR
I'm not an analyst, but it looks to me like a decrease in revenue due to 5 rigs being taken off-line. Compounded, by an increase in Capital expenditures. It would be nice to know about the fate of the 5 rigs and day rates (if they're working)
"Upon further review" I think (just a guess) it's Lakeshore trying to get something excluded from consideration. However, like you I'm not inclined to put up an extra 20 to find out. Perhaps it deals with Wade's past behavior or any judgements against him, but who knows for sure.
It would really be nice to get some clarification on this. It could be Lakeshore took too long to file their breach of contract suit. Only a guess.
you will have even more time if they rule in favor of Lakeshore. By throwing out NOW and VCSY's suit
To me it looks like they want something excluded (who knows what) because of the SoL. It's only speculation now. We will probably have to wait until 3/1 to find out
Someone will have to explain this one. I have no idea what is going on here.
"02/08/2023 MOTION - STRIKE
PETITIONER'S MOTION
Comment
PETITIONER'S MOTION TO STRIKE POST-HEARING BRIEF AND RESPONSE"
Granted on 2/16/2023 signed Judicial Officer
JONES, DIANNE
https://courtsportal.dallascounty.org/DALLASPROD/DocumentViewer/Embedded/--VNDFEFXKa3_thQ4C-2vUePYcH6hgTrjwcYrteqd08-8xV2AuRLC6imvYEJH-YmRlVlY5SB02BdvwE_LB0JpQ2?p=0
The BTC spot market will be open. It's open now. Currently 24.6
"Transocean Looks Primed for More Upside, but Be Patient
Traders should let the offshore drilling company's stock trade sideways for a bit longer before jumping in."
https://realmoney.thestreet.com/investing/stocks/transocean-looks-primed-for-more-upside-but-be-patient-16116184?puc=yahoo&cm_ven=YAHOO
"Bottom line strategy: Traders should let RIG trade sideways a bit longer before probing the long side. Risk to $6.40. My upside price targets are $9 and then $15."
BTC is currently at 23.9 and change in the spot market. hopefully we can punch through and stay above 24
Looks like BTC hit $25,241 in the spot market around 11:00
"Company agreed to transfer to GSR the stacked, ultra-deepwater drillship Ocean Rig Olympia, along with a nominal cash contribution, in exchange for a noncontrolling ownership interest in GSR. "
Looks like they bought a piece of GSR. (150-160 million). I assume this will be reflected in their 10K on 2/20
"Global Sea Mineral Resources NV (GSR) is a subsidiary of the DEME Group focused on the development of sustainable ocean mineral resources.
The Belgian dredging, environmental and marine engineering group DEME is an international market leader for complex marine engineering works. Building on more than 140 years of experience and know-how,"
https://www.deepsea-mining-alliance.com/en-gb/global-sea-mineral
I agree. However, relisting won't happen (IF at ALL) until after the suits. This seems to be the game plan.
This is fine but most of it is already posted on the FAQ's page. The issues at hand are:
Who is being sanctioned and why.
Who wants a bench trial and why
Who wants jury trial and why
" Why the Court should strike Defendant's jury demand and order this case to proceed as a bench trial"
"OPEC Raises World Oil Demand Forecast For 2023"
"OPEC has raised its world oil demand growth forecast for 2023 by 100,000 bpd, to 2.3 million bpd the organization said on Tuesday in its latest edition of the Monthly Oil Market Report.
The demand growth forecast calls for 400,000 bpd in growth from Organization for Economic Cooperation and Development (OECD) countries and 2 million bpd from non-OECD countries"
https://oilprice.com/Latest-Energy-News/World-News/OPEC-Raises-World-Oil-Demand-Forecast-For-2023.html
The U.S. Will Be Dependent On Oil For Far More Than A Decade
https://oilprice.com/Energy/Energy-General/The-US-Will-Be-Dependent-On-Oil-For-Far-More-Than-A-Decade.html
It's an airborne fudge shop from Mackinac island.
"Big Oil’s Back In Fashion"
"The three biggest European oil and gas companies—BP, Shell, and Total Energies—all announced plans that involve a sort of return to their core business and an easing back on their transition plans. The move is subtle, it is far from a U-turn, but it is a pretty clear one."
https://oilprice.com/Energy/Crude-Oil/Big-Oils-Back-In-Fashion.html
do you have any idea who is making the motion for a bench trial as opposed to a trial by jury?
This is really a mess. There are defendants, codefendant and cross defendants. It's difficult to tell what motions are being made by whom. I don't even want to put in the effort to figure this S__t Storm out. Original filing date was, 5/2019. What a frustrating pile.
Don't ask me. I'm not involved in the suit. I have no idea why or what they are doing. It's all just speculation. I'm taking the tax loss and washing my hands of this thing. This is now my accountant's headache.
It looks like there is a hearing in L.A. today at 9 AM. So maybe we will get some clarification on the Suit/Motions
Fleet status report
This quarter’s report includes the following updates:
• Deepwater Corcovado – Awarded a four-year contract in Brazil at a current rate of $400,000 per
day, as adjusted for foreign currency exchange.
• Deepwater Orion – Awarded a three-year contract in Brazil at current rate of $417,000 per day, as
adjusted for foreign currency exchange.
• Dhirubhai Deepwater KG2 – Awarded a 910-day contract in Brazil at a current rate of $439,000 per
day, as adjusted for foreign currency exchange.
• Deepwater Invictus – Awarded a three-well contract in the U.S. Gulf of Mexico at $425,000 per day.
• Transocean Barents – Awarded a one-well contract in the U.K. North Sea at $310,000 per day.
• Transocean Norge – Certain previously disclosed options in Norway have been added to backlog at
current dayrates between $414,000 and $424,000 per day, as adjusted for foreign currency exchange.
• Development Driller III – Customer exercised a one-well option in Suriname at $360,000 per day.
• Deepwater Asgard – Customer exercised a one-well option in the U.S. Gulf of Mexico at $395,000
per day.
• Paul B. Loyd Jr. – Customer exercised an eight-well option in the U.K. North Sea at $175,000 per day
The aggregate incremental backlog associated with these fixtures is approximately $1.9 billion. As of
February 9, the company’s total backlog is approximately $8.5 billion
that's it, just about Wade and the seizure of the MRC trust.
I'm not sure if the lawyer is not tied up in both cases. It's kind of convoluted after several years, tough to ferret out all the players and issues.
They may be waiting to see the results from that S__T show in Texas against MRC (#CC-22-04770-D) to finish. I see a lot of activity there. Like you said it began with a suit. It may end with one.
Continuance filed by NOW?
Your guess on this is as good as mine as to what the hell is going on here
"Climate Crisis Tide Turns For Big Oil"
"Perhaps the first highly public retaliatory shot came in 2021 when the chief executive of Liberty Energy made a YouTube video attacking North Face for its refusal to sell branded apparel to an oil company because of what it did. In the video, Chris Wright accused North Face of hypocrisy, noting the fact that the synthetic fibers they used in their products were a product of the oil industry.
The video made quite a splash at the time, with North Face’s defense coming down to an admission that associating with an oil company would make it look bad and a promise to make all its products recyclable by 2030."
https://oilprice.com/Energy/Energy-General/Climate-Crisis-Tide-Turns-For-Big-Oil.html