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FYI there is no longer any common stock of ANW.
..So how outrageous is this fraud that Dimitris Melissanidis committed and was lead architect against Aegean ANW Shareholders and all ?
..Per Lead plaintiff Utah Retirement Systems for Shareholders who were harmed between February 27, 2014 thru November 5 2018, per Docketbird Docket #293 page 12. Up to 300 million cash and other assets were misappropriated through fraudulent activities.
..Oil Tank was the beneficary of Aegean (ANW) cash and asset misappropiation , owned and controlled by Melissanidas family. Meaning that Dimitris Melissanidas had his family hiding cash and assets of Aegean and sent it to Oil Tank, as follows per Docketbird Docket #293 page 17 and on : 205.3 million dollars of construction cost, 185.3 million dollars of cash and 16.3 million dollars of interests cost. The grand total of the theft of funds per Utah Retirements Systems is 406.9 million dollars.
..Just think about it. Some people steal something from the store worthless than a $100 and get arrested, but this guy Dimitris Melissanidis steals 406.9 million dollars and is walking free man. In this case, by going big, crime has paid. Unless someone can put a stop him. GLTA Class B Holders
..Yes it would be good to hear what the Utah Retirement Systems connections have to say here. The Utah Retirement Systems do appear, to have 4 DEFENDANTS trapped, without an escape route.
..Dimitris Melissanidis
..PwC Greece
..Deloitte
..Gianiotis
..
..Looks like it will be a tag team of the Utah Retirement Systems and then the Litigation Trust to deliver the final blows to the DEFENDANTS
..GLTA Class B Holders
..As we are waiting for more news. I was wondering how long the Litigation Trust will continue to pursue our Class B LTU Holders Claims ?
..Per Docket #303 section L page 36, it mentions.... Dissolution of Litigation Trust....... No later than the effective date ( April 3, 2019 I believe it is) the Litigation Trust will close and stop pursuing Claims after 5 years, unless an extension is granted by the Bankruptcy Court, up to 2 years.
..So I am looking at the Litigation Trust starting at-- April 3 2019 -- ending at April 3, 2026 maximum,-- for the Litigation Trust, to be actively seeking our recoveries.-- From where we are at now,-- the Litigation Trust can now be active--for up to --about 3 to 5 more years. GLTA Class B Holders
..Another interesting fact is, if Tyler Baron gets' paid for his Class B LTU, we get paid the same amount, per Class B LTU, as he does. GLTA Class B Holders
GLTA Class B Holders
..Interesting how Tyler Baron has a great wealth of knowledge, in what he's doing. Sure does appear, like he is on track to get his Class B LTU recoveries. GLTA Class B Holders
..Well lets just say, Mercuria decided to offer us, the Class B LTU Holders 1 share of the new Minerva Bunker per 5 Class B LTU. A 1 for 5 offer. Sell the new shares for $25 each. That would give us net $5.00 for each Class B LTU we now own. ...
Mercuria could easily float 100 million shares at $25 each for the new Minerva Bunker and still retain half the company, which would give them 2.5 billion dollars cash and retain half the company, which would be a freebie for them ,since they would have gotten all their cash back.. Also Mercuria would be cashing out on their 30% stake in the Class B LTU's. NYSE Investors would love the new Minerva Bunker, for being a successful and honest company. , , bid the new shares to $50.00 dollars or more, and Mercury would win weather the market or oil goes up or down. After all that is how Mercuria has made all of its' money. JMHO GLTA Class B LTU Holders.
..Interesting news. Wouldn't mind to see our Class B LTU's converted back into NYSE shares at a reasonable conversion rate. I believe it would be a win, win all the way around, for all of us. GLTA Class B LTU Holders.
..It would be a CLASS ACT for Mercuria pay us Class B LTU Holders $10 per LTU and it would only be a drop in the bucket to them. GLTA Class B Holders
..Sounds about right, even though I thought it was much more. GLTA Class B Holders
..Yes Tyler Baron has a big interest, for these Class B LTU's to succeed . I haven't yet found what his holdings were, lost it in the shuffle, but will find it again, I believe they were in the 20% to 40% range. Tyler Baron does want this to succeed. Will it bear fruit for us Class B LTU Holders ? I certainly hope so. GLTA Class B Holders
..Really not sure where we are at on payouts. I do believe makinezmoney payout estimates of somewhere around 62 cents to $3.00 per LTU as somewhat reasonable, I just believe, if this company was reasonably managed, that the shares could be as high as $100 PER SHARE BY NOW, with the booming stock market and booming oil prices. I also believe Mercury can buy all of us Class B LTU Holders out, on the cheap because they are making HUGE profits. Also they are at a risk, of conflict of interest, due to their 30% ownership of fka Aegean, now known as Minervia Bunker, which they own 100%. To me $10 per Class B LTU is a fair price. JMHO GLTA Class B Holders
..Looks like Dimitris Melissanidis hasn't heard the voice crying out in the desert yet. Repent Dimitris Melissanidis or you maybe known as Part II of the fall of the Roman Empire and Greece. GLTA Class B LTU Holders.
..The Utah Retirement Systems Civil Case had 16 Defendants when it started. Per Docketbird docket #293 it now has 4 Defendants, because the charges against the others were DISMISSED..
..The 4 Defendants now are Dimitris Melissanidis, PwC Greece, Deloitte, and Gianiotis .
..Signed 3/29/21 Judge Naomi Reice Buchwald of the U.S. District Court of Southern District of New York.
.. The 4 remaining Defendants most likely will NOT be able to deny any knowledge of the theft of the 300 plus million dollars of shareholders funds. So will probably looking for other ways to get off the hook.
.. Interesting thing now, that this case is going on. is Aegean now Mercuria is not a Defendant, nor is the Litigation Trust. So Mercuria can now settle with the Class A LTU Holders and us Class B Holders. So it's possible for Mercuria ,working the Litigation Trust to grant distributions and make settlements to us now. So now it is possible for us to win and Mercuria to win with a sale of the old fka Aegean. GLTA Class B LTU Holders
..Docket 752 Certificate of Mailing of Claims Agent I find to be interesting. A lot of Unsecured Creditors on the list, among many others. One would hope that Mercuria clears everyone out of the way, with satisfactory settlements. After all Mercury being a commodity trader, should know about the boom and busts of the stock market. To want to CASH out on their Aegean purchase, before the next market and oil bust, which will most likely happen when the Covid 19 Pandemic ends. No more stimulus . GLTA Class B Holders
..Mcllroy gets' worse than shady. Serving summons to his residence in London was is Hague Convention signatory. There was no record of his residence in Dubai. However by claiming to be a Dubai residence, which was NOT a Hague Convention signatory, he was GRANTED a motion to dismiss, for that and service at the wrong residence. GLTA Class B Holders
..Just looking at Utah Retirement System case against Mcllroy President of Aegean from July 2017 until November 2018. Docketbird docket #293 pages 57 and 58. URS sent summons to his London address, where he no longer lives. This was most likely a tactic by him to escape Utah Retirement System suit. A friend found the package at his former address and forward it to his Dubai address. Thus a motion to dismiss was GRANTED for improper service.. I wrote this, so we all can know of the difficulties, and why it takes time to get our recoveries back. GLTA Class B Holders
.. Thanks for your thoughtful words and many Blessings to all.
..Certainly looks to be a possibility. The way there tax laws are, Mercuria could have written off the acquisition expenses against there earnings. Then with a public sale, reap the capital gains tax benefit, in a booming stock market. Mercuria wins could be in the billions of dollars, much of it tax free. So Mercuria getting us out of the way, would be a good idea for them, as you say. GLTA Class B Holders
..Nothing wrong with $2.85 , but the problem is, if Aegean was managed well, the Shareholders, would have had shares worth $20,$50 or more now. Instead the were robbed of the company, that is making HUGE amounts of $CASH$ that they should now be part owners of. Instead they are waiting for their trinkets, which was part of the planned organized crime against the Class B LTU Holders. GLTA Class B LTU Holders.
Quite interesting that Aegean Marine Petroleum Network Inc. is on the list of: Key Players of Global Bunker Fuel Market. The article is dated May 16, 2021. I believe the name should have been Minerva Bunker. Regardless there are big names on the list, such as Exon and Shell on the list. To me it means Mercuria is making big money and will make huge amounts of $CASH$ in the future. Mercuria may as well pay us Class B LTU Holders now, after all we got robbed of a valuable multi billion dollar company. GLTA
That's quite a bit of money. Is the Mormons Church Fund and the Utah Retirement System one and the same? Regardless I'm sure they have Mercia and former Aegean squirming, causing them cold sweats and looking for a way out. After all Salt Lake City, Utah has nearly an all Mormon population. GLTA Class B Holders
Yes it seems to be quite a possibility. The Utah Retirement Systems is looking after their interests. But we could have a major fraud case all the way around here as we've discussed . Now who's going to collect for us if the Litigation Trust is just working for MERCURIA. Have to agree with you $10 or more per LTU is fair, to keep the peace. GLTA Class B Holders
Good question finding what the Utah Retirement Systems cost basis is. Also wondering how much they are seeking? So I suppose they are the same. I believe they have a good case, which I'm planning to run the details down, if I can. Which I also believe the Litigation Trust is using the Utah Retirement Systems case as a template, so if the Utah Retirement Systems win the Litigation Trust could win also. Not being an insider all I con do is speculate on the outcome or we get our distributions. Just trying to keep it interesting here , so we all can gather our clues and hopefully have a successful ending. GLTA Class B Holders
..It just seems to me that the one that everyone(Mercuria and Aegean) fears is the Utah Retirement Systems, because they are going to fight tooth and nail to get their money back. Where as the Litigation Trust is really pandering to Mercuria whims. Sounds disturbing however if the Utah Retirement Systems finds enough damaging evidence, then Mercuria may want to pay up to keep the peace. GLTA Class B LTU Holders
..Good to hear from you and may all be well. GLTU
.. As much as I like Mercuria , I always suspect as possibility that they could have been involved with Aegean, to throw Aegean under the bus. Something that may have been found by the Utah Retirement System to move Mercuria to find a Cure for this problem. GLTA Class B Holders
This Civil Case in the U.S District Court ,Southern District of New York , by the Utah Retirement Systems seems like it would be combined with the Litigation Trust case ,by Mercuria . Not sure yet how it would be done yet, but it does seem that Mercuria could sweeten the pot after getting the Class A LTU Holders out of the way and getting a settlement from the old Aegean owners.. With the Utah Retirement System I would think that the payouts would need to be quite large to get everyone off the hook. GLTA Class B Holders
There certainly is a lot of happenings behind the scenes here. Looking at post 3804 and clicking the second link, I see that the Utah Retirement Systems is the Lead Plaintiff against Aegean , with Dockets( per Docketbird) are still being filed in the U.S. District Court Southern District of New York. GLTA Class B Holders
Yes I was planning to do some traveling and projects this summer, but a green Christmas would be very nice.
Docket #748-(thanks for bringing this to our attention)- the Reorganized Debtor and the Litigation Trust filed an entry an order to extending deadline to object to claims. This will be extended to November 18, 2021.
... What I find interesting about this, is as we get closer to the finish line , the finish line gets moved further down the road. This is the way lawyers play the game, when then time is running out, the clock is reset. It's not like a basketball or football game where the time runs out, with a final score. So this is something we have to get use to.
... On the bright side per this Docket there were 599 claims to resolve and from what I've seen, is nearly all of them have been resolved. So while we wait for the November 18, 2021 date to end, the rest of the claims can be resolved before then, we hope.
.. So in the mean time, bring out the barbeque, enjoy the summer and all else you like. GLTA Class B LTU Holders
..It sure looks like we are getting closer to the end. Somethings to keep in mind, when the Class A LTU Holders get paid off we're next in line, us Class B LTU Holders. So what makes all of this interesting is how much are the Class A LTU Unsecured 4% Debt Holders are willing to settle for. By law the Unsecured Debt Holders cannot carry bad loans on there books. So did the 94.6 million Unsecured Noted Holder settle there note for let us say 10 million out of Mercuria 40 million cash pool ? Which also would leave 30 million for the 4.25 % 172.5 million Unsecured Noted Holder and other smaller Unsecured Holders. This is the first question and a major hurdle for us Class B LTU Holders. What the Litigation Trust Report has given us is a major 4% 94.6 Unsecured Note Holder is out of the way. Progress is being made , but some can hold out for larger payout, at a risk of being shut-out for not negotiating in good faith or in the case of the Unsecured 4.25% Note Holder having to completely write off its' Note. So the stakes are still high but Mercuria is winning at this point with this CASH cow.
...So our best bet at this point is the Unsecured Note Holders settle out of the 40 million cash pool Mercuria provided per Bankruptcy Agreements and we move on to the Class B LTU's.. This is what I'm hoping for, so then we can move on to us Class B LTU Holders and start to receive our distributions, as each lawsuit is won. Will it happen and how long will it take, I do not know, but progress is being made as you can see in the Litigation Trust Report. This is all just my opinion, so we have to wait for this story to unfold. GLTA Class B Holders
..For those wondering why getting the 4% Unsecured Notes out of the way, they might want to read post post #1517 here . GLTA Class B LTU Holders
The Litigation Trust still has over 15 million dollars to seek recoveries for us Class B LTU Holders. Good luck to us.
..The disputed claims list is getting pretty short and with smaller claims, also claim #11, Unsecured 4% Notes Indenture Trustee consented to the expungement of claim # 11 , on May 6, 2021. This looks to be big news and a signal that we're turning a corner on this mess and heading for the homestretch. GLTA Class B LTU Holders
..Any day now for the Litigation Trust Report. If there is a delay we can hope for pending news. GLTA Class B LTU Holders
..I'm like everyone else here, waiting for our LTU ship to come to harbor, with our due CASH, we're owed, Mercuria wants us off their backs, so they are having the Litigation Trust working for us, to get our due money, from the crooks. Mercuria is making so much money from the old Aegean, they can push this over the top. You know the story, but it needs a final chapter as you say. GLTA Class B LTU Holders
.. Yes 10 per LTU in May and the add 1 per month for penalties if late. No need to yank us around anymore. GLTA LTU Holders.
This month of May, would be a good time, for Aegean to pay up. GLTA Class B LTU Holders