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.
#1223 Certificate of Mailing REQUEST FOR AN OFFICIAL EQUITY COMMITTEE AND MOTION TO SHORTEN NOTICE REQUIRED. Filed by Paragon Offshore plc. (Hammersley, Michael)
https://www.kccllc.net/paragon/document/1610386170309000000000001
http://www.paragonoffshoreshareholders.com/research.html
The Noble Pursuit
Why did Noble spin off assets to Paragon Offshore on August 4, 2014?
Did Noble overvalue the Paragon Offshore assets?
Why did Noble spin off so many Petrobras floaters to Paragon Offshore?
Why did Noble rush the Paragon Offshore spinoff, leaving $285M tax free cash on the table?
Why did PwC do an impairment charge of $922M for Sept 30, 2014 accounting?
Did Noble commit constructive fraudulent transfer?
Is Noble getting off too lightly with the current Noble Settlement?
Shareholder meeting request to replace the BOD.
http://d18rn0p25nwr6d.cloudfront.net/CIK-0001594590/6282284c-9314-48cd-910d-b57c4d4e163a.pdf
01/17/2017 1014 (6 pgs) Certificate of Mailing Letter to Paragon Offshore Board of Directors. Filed by Paragon Offshore plc. (Hammersley, Michael) (Entered: 01/17/2017)
https://www.kccllc.net/paragon/document/1610386170117000000000001
Jdd21 you have been added to Reddit.
A group of PGNPQ shareholders is planning on sending a letter to the BOD and court. If you want to join come over to the reddit board and signup. It is a private board so you will need to be added to the list. Create an ID on reddit and let me know what it is and I will aprrove you.
https://www.reddit.com/r/ParagonOffshore
JML
RJETQ IS NOT AAMRQ!!!
RJETQ has stated in filings common shareholders will be cancelled and receive NOTHING!
AAMRQ stated in filings that common shareholders would be cancelled but they would receive a small percentage of shares and then more after creditors were paid.
NOT THE SAME!!
Check out PGNPQ. Could be the break out stock of 2017!
https://www.reddit.com/r/ParagonOffshore/
Check out PGNPQ. Could be the break out stock of 2017!
https://www.reddit.com/r/ParagonOffshore/
Current shareholders please read this article!!
https://www.insiderfinancial.com/heres-all-you-need-to-know-about-republic-airways-holdings-inc-otcmktsrjetq/118330/
It is the most recent article and explains the situation!!
Shares will be cancelled and removed from your account.
You will not get any shares of the new company.
The company will be private when it comes out of bankruptcy.
The new shares will be given to the creditors not the current shareholders!
The new shares will not be traded.
In a couple years they might decide to IPO the company again.
CURRENT SHAREHOLDERS GET NOTHING!!
This will all happen in the first quarter of 2017.
All of the court filings are here.
https://cases.primeclerk.com/rjet/Home-DocketInfo
Some good analysis of Paragon Offshore on reddit.
https://www.reddit.com/r/ParagonOffshore/
New shares will be issued but it will be a private company.
People don't do enough research.
https://www.insiderfinancial.com/heres-all-you-need-to-know-about-republic-airways-holdings-inc-otcmktsrjetq/118330/
People were buying Enron before it went away.
People read this article.
http://www.ibj.com/articles/61325-republic-airways-plans-to-emerge-from-bankruptcy-next-quarter
They see this:
"Post-reorganization, the company plans to issue new common stock. The plan calls for the creation of 50 million shares, of which about 20 million will be issued. The fair market value of these shares, which will not be listed on any exchange, has not yet been set."
They think they will get the new common stock to replace what they have. That is not what will happen.
They will cancel the current common stock and it will be removed from your account and not replaced.
The new common stock will go to the creditors.
JML
You can look at all the filings here.
https://cases.primeclerk.com/rjet/Home-DocketInfo
Document approving funds to sell shares!
1275
Statement / Debtors' Statement Regarding Notices of Intent to Sell, Trade or Otherwise Dispose of Tax Ownership of Stock or to Claim a Worthlessness Deduction Under Section 382(g)(4)(D) (related document(s)1257, 1256, 1263) filed by Gary D. Ticoll on behalf of Republic Airways Holdings Inc..
Attachments:
Related: 1257, 1256, 1263
Dump your shares before the effective date.
On the Effective Date they will be removed from your account.
Could happen any day after Dec 21st.
Sell RJETQ and buy PGNPQ.
Info on PGNPQ
https://www.reddit.com/r/ParagonOffshore/
JML
Looks like funds got approval to sell from the debtors on Monday.
Next thing that will happen is the stock will be cancelled and removed from your account in the first quarter of next year. 1Q 2017. Probably in January.
12/12/2016 1275
(2 pgs) Statement / Debtors' Statement Regarding Notices of Intent to Sell, Trade or Otherwise Dispose of Tax Ownership of Stock or to Claim a Worthlessness Deduction Under Section 382(g)(4)(D) (related document(s)1257, 1256, 1263) filed by Gary D. Ticoll on behalf of Republic Airways Holdings Inc.. (Ticoll, Gary) (Entered: 12/12/2016)
hedge funds informing the court that they would like to dispose of their RJETQ holdings.
12/06/2016 1256
(2 pgs) Statement Notice of Intent to Sell, Trade or Otherwise Dispose of Tax Ownership of Stock filed by Parker J Milender on behalf of Axar Capital Management LP, et al.. (Milender, Parker) (Entered: 12/06/2016)
12/06/2016 1257
(2 pgs) Statement Notice of Intent to Sell, Trade or Otherwise Dispose of Tax Ownership of Stock filed by Parker J Milender on behalf of GLG LLC, et al.. (Milender, Parker) (Entered: 12/06/2016)
12/07/2016 1263
(2 pgs) Statement Notice of Intent to Sell, Trade or Otherwise Dispose of Tax Ownership of Stock filed by Parker J Milender on behalf of SOLA LTD. (Milender, Parker) (Entered: 12/07/2016)
They have been telling you from the time they filed bankruptcy that the common would be cancelled.
This statement means common cancelled. Equity interests is common shareholders.
"We do not expect any recovery for holders of equity interests."
https://www.sec.gov/Archives/edgar/data/1159154/000115915416000222/ex991monthlyoperatingrepor.htm
The Debtors have not yet filed a plan of reorganization with the Bankruptcy Court; although we have the exclusive right to file a Chapter 11 plan and solicit acceptances of such plan through and including December 31, 2016 and March 1, 2017, respectively. The Company intends to file the plan prior to December 31, 2016. The ultimate plan of reorganization, which must be approved by the Bankruptcy Court, could materially change the amounts and classifications in the historical condensed consolidated financial statements. The Company's preliminary valuation analysis indicates a partial recovery for holders of unsecured claims. We do not expect any recovery for holders of equity interests.
The Judge will be denying the plan.
He said they will run out of cash with the current plan.
JML
olde english
The debt equity swap is only to the Senior note holders which is $984 million owed.
They are getting $285 Million in cash, a $60 million new note, and around 77 million in new shares.
They will have around $1.2 billion in debt when they exit. The company will be valued at around $5 per share after BK.
This page explains the breakdown.
http://s2.q4cdn.com/676528692/files/doc_downloads/Restructuring/august/PGN-Final-Revised-Plan-Press-Release.pdf
JML
It is the normal procedure of either confirming or denying the plan.
Yes anybody can call in and listen.
Sign up here.
https://app.courtcall.com
It costs $30 for the fist 45 min and $10 for every 15 min after. Not sure on the exact amount.
The 53% equity kept by shareholders.
The current outstanding shares is around 87 million.
They will give around 77 million shares to the note holders in exchange for the reduction in debt.
Final outstanding shares will be 165.7 million shares.
So the current shareholders will own 53% of the total shares.
JML
You can get most of your questions answered from the documents on this page.
http://www.paragonoffshore.com/Restructuring/default.aspx
They modifed the plan and it is explained in this document.
http://s2.q4cdn.com/676528692/files/doc_downloads/Restructuring/august/PGN-Final-Revised-Plan-Press-Release.pdf
Common equity to be retained by existing shareholders
Original Plan 65%
Revised Plan 53%
JML
Notice of Telephonic Conference Scheduled for October 28, 2016 at 1:00 p.m. (ET)
PLEASE TAKE NOTICE that, at the direction of the United States Bankruptcy Court for the District of Delaware (the “Court”), a telephonic conference shall be held before the Honorable Christopher S. Sontchi, United States Bankruptcy Judge, on October 28, 2016 at 1:00 p.m. (EDT) (the “Telephonic Conference”) with respect to the Court’s ruling regarding confirmation of the Modified Second Amended Joint Chapter 11 Plan of Paragon Offshore plc and its Affiliated Debtors [Docket No. 644]. PLEASE TAKE FURTHER NOTICE that parties wishing to participate in the Telephonic Conference must contact CourtCall, LLC at 866-582-6878 in accordance with the
Instructions for Telephonic Appearances Effective January 5, 2005, Revised April 27, 2009
JML
Paragon FAQ tells you everything you need to know.
http://www.paragonoffshore.com/Restructuring/default.aspx
Updated FAQs as of July 13, 2016
JML
Court dates for confirmation hearing June 21 - 23, 2016 and June 29 - 30, 2016
Notice of Agenda of Matters Scheduled for Hearing on June 21 - 23, 2016 and June 29 - 30, 2016 at 10:00 a.m. (EDT)
The June 21, 22, 23, 29 and 30, 2016 hearings will be held before The Honorable Christopher S. Sontchi at the United States Bankruptcy Court for the District of Delaware, 824 North Market Street, 5th Floor, Courtroom 6, Wilmington, Delaware 19801. Any person who wishes to appear telephonically at the Hearings must contact COURTCALL, LLC at 866-582-6878 prior to 12:00 p.m. (noon) (ET) on Monday, June 20, 2016 to register his/her telephonic appearance
The votes are in:
Revolving credit lenders
Accept
13 (100%) $795,661,527.81
Reject
0
Senior Note Holders
Accept
171 (98.84%) $922,808,091.81 (99.95%)
Reject
2 (1.16%) $467,472.75 (0.05%)
JML
03/18/2016 12705 Letter to Judge Lane, Dated March 18, 2016 re: Disputed Claims Reserve (related document(s) 12491) Filed by Stephen A. Youngman on behalf of AMR Corporation. (Youngman, Stephen) (Entered: 03/18/2016)
Letter asking Judge to allocate remaining distributions to stakeholders. As in AMR Equity interests.
on or about April 10, 2014
•Pursuant to Section 4.5 of the Company's Fourth Amended Joint Plan of Reorganization (the "Plan"), holders of AMR Common Stock (formerly traded under the symbol: "AAMRQ") will receive, for each share of previously owned AMR Common Stock, a distribution of approximately 0.1864 shares of AAL stock on or about April 10, 2014. AAMRQ holders may in the future receive additional distributions pending the resolution of the Disputed Claims Reserve on or after June 30, 2014.
Distribution note
AAMRQ holders may in the future receive additional distributions pending the resolution of the Disputed Claims Reserve on or after June 30, 2014.
oldnick,
Each distribution is based on 41 million preferred shares. The 30,60,90 and 120 are all based on 41 million preferred shares.
The last distribution will be based on 41 million shares.
What they are showing on the aa website is the remaining shares that have not converted. They will take into account the optional conversions to get a total of 41 million for the last distribution.
1st opt dist 10 million @ $25.05
2nd opt dist 10 million @ 27.44
3rd opt dist 4 million @ 33.80
4th opt dist ?? say 4 million @33.80
10 + 10 + 4 + 4 = 28 million in optionals
41 - 28 = 13
13 million remaining to convert on the last distribution.
Only 13 million will convert but when they calculate AAMRQ distribution they will consider the optional conversions.
JML
oldnick,
No that wont change the last distribution. The last distribution should take into account the optional conversions. It may in fact lower the last distribution. Part of the debt in each distribution is based on 41 million preferred shares. The last distribution will still have 41 million preferred but most of them were the optional conversions. The 1st and 2nd optional were converted at a lower dollar amount therefore that increases to total number of shares that the preferred receive and lowers the shares that AAMRQ receives.
Taking the lower share price in optional into account.
AAL @40 0.1767
JML
David 302 Etrade paid you for your fractional AAL shares. That was not a dividend.
JML
NO that is not what that means. DURING the 120 days.
All 4 distributions are based on the 5 day VWAP prior to the mandatory distribution.
JML
184.2 per 1000 AAMRQ
JML
120 day distribution will be less than the 90 day distribution based on the same VWAP. The reason is the 1st and 2nd optional conversions are considered part of the final or 120 day distribution. The 1st optional 10 million was converted at $25.05 and the 2nd optional 10 million was converted at $27.44. The 3rd was converted at around the cap so it won't lower the final.
My Guess
@45 AAL .182
JML
CRichard The pilots did not take their shares in this distribution. They will get the remaining shares owed the union in the final distribution. The blog I was talking about explained why the pilots union 13.5% share of AAL was ending up only being 4%-5% and the reason for it.
Its on the allied pilots association website "Revisiting the APA Equity Stake"
In it they think the union will only get $1.1 billion in equity.
JML
90 Day distribution guess
Based on D3 VWAP of 37.7483
Cap on preferred only
0.1849
Cap on preferred and union percentage
0.1832
No cap
0.1905
JML
Gdiwicker, That is not your next distribution. That was your last distribution. Same thing happened right before the 60 day distribution. IGNORE IT..
JML
U.S airlines expect highest passenger loads in 6 years
google "U.S airlines expect highest passenger loads in 6 years"
"International loads set to hit record levels"
JML