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Well I guess he's in a wait and see mode, like the rest of us..
Could be a Cabal pumping and dumping, who knows , do you ?
The more we communicate, the better and some good luck, will go along ways here..
.Looks like are home page is missing. Maybe a one day, Ihub event, or who knows?
Yes we missed your updates. So I do not know what happened either. Maybe Epiq (503-350-5800 PST) could give you a better idea or they eliminated that feature and no longer provide it. GLTU and GLTA Class B LTU's Holders
Some new dockets out,#721 yesterday and #722 and #723 today. The Litigation Trust continues to move forward, but at a snails pace. Hopefully patience pays off here. GLTA Class B LTU's
The CUSIP Y0017S102 has been changed to YOOESCO15 .. So how does that get the shorts off the hook, when all that has happened, is the CUSIP # has been changed..
They were of no use , because they were only unrelated to what is happening here.. Better to wait tell this is over , then we will know what the facts are ..See you later..
..So what are your facts since this is still being played out??
Not sure what your trying to tell us ..The show is not over and the fat Lady has not sang yet..
Going thru some older posts here, to see our progress is going, and I do not believed everything from the past has been answered yet, as well as our present status with the Class B LTU's.. What I found as interesting questions so far..
..I believe that the ones who had shares short, when we converted to Litigation Trust Units are still on the hook until the Litigation Trust is closed out. They would not wanted to cover, because they would have to pay taxes.. I believe shorts still are praying, for a closure on this without a payout to Class B LTU's.
..As far as our payouts go.. without having access to what the settlements have been so far.. Just for a guess by what the are seeing in the dockets.. The Secured Creditors have been paid so far, the ones who hold title to property , ships , equipment and so on.. The Unsecured Creditors are now in the process of being paid thru settlements, a prorated payout from Mercuria $40 million (minus reserves)..Which is where I believe is where we are at now.. Meanwhile the Litigation Trust is pursuing invalid Claims and seeking recoveries from the former.. Aegean Fraud Cases.. Which will go to the Unsecured Creditors until they are satisfied.. . Then onto paying us Ligation Trust Unit Holders.(former Equity Shareholders)... GLTA Class B LTU's Holders
..Litigation Trust Report Doc. 716 11/13/2020
..The Litigation Trust Report has well over $10 million in cash in the bank and is burning less than $2 million per year. The Litigation Trust has enough cash to pursue Claims for years to come..
..Remember Aegean is now Minerva Bunkering, which was bought by Mercuria, which has billions of dollars at its' disposal and Mercuria owns well over 50% of the Class B LTU's, and when the CEO of Minerva Bunkering Class B LTU's are included the percentage, is a screaming huge amount.
..GLTA Class B LTU's Holders
..Litigation Trust Report Doc. 716 11/13/2020
..Page 7 paragraph ..On July 9 , 2020, the Cyprus District Court issued a final freezing order against Melisanidis and OTE affecting any Cypriot assets up to a value of approximately $103 million and against Georgios Melisanidis and Grady affecting their Cypriot assets up to a value of approximately $6.4 million.. GLTA Class B LTU's Holders
..Litigation Trust Report Doc 716 11/13/2020
..Page 6 The Litigation Trust has also retained local counsel in certain foreign jurisdictions to assist with the Litigation Trust's asset recovery strategy.. GLTA Class B LTU's
Dockett #716 The Litigation Trust Report 11/13/2020
B. Material Actions of the Litigation Trust and Progress of Liquidating the Litigation Trust Assets
..5.As previously reported , following the Effective Date, and in consultation with the Litigation Trust Advisory Board, the Litigation Trust commenced a global asset strategy to pursue the Litigation Claims, including retaining professional advisors in connection therewith. Specifically, (i) pursuant to an engagement letter dated as of April 3, 2019 , the Litigation Trust retained Reid Collins & Tsai L.L.P. to serve as special litigation counsel in investigating and pursuing causes of action against the Debtors' former officers and directors, (ii) pursuant to an engagement letter dated as of May 29, 2019, the Litigation Trust retained Kobre & Kim L.L.P. as counsel in the development and implementation of strategies seeking to recover value in connection with the removal of assets of, and damages caused to Aegean by Dimitris Melisanidis ("Melisanidis") and others, the facts and circumstances surrounding the report by Aegean to the U.S. Securities & Exchange and U.S. Department of Justice, and the investigation by the Audit Committee of the Board of Directors of Aegean..(iii) pursuant to a consulting agreement dated as of June 21.2019, the Litigation Trust retained Donald Moore to assist the Litigation Trust with its investigation ,prosecution, and recovery of proceeds with respect to Litigation Claims.
I can't seem to get any kind of timeline also.. One of the clues' I'm looking at now, is the distribution of 40 million dollars (Mercuria supplied per bankruptcy terms minus 4.18 Litigation Trust disputed Claims Reserve).From the sound of the last Litigation Trust Report this distribution should be in play now. Then maybe in the next Litigation Trust Report they will give us an update where that money went to, as far as Class A and Class B Litigation Trust Units go.. With that information we may better understand where we ( Class B LTU's ) are at in this Litigation process...
..What the last Litigation Trust Report did mentioned, was that they would update us when appropriate. So I believe, they are just as interested as we are in receiving distributions, because they own the majority of the Class B LTU's.. But Mercuria needs to settle with the Class A LTU's first.. before we can move onto Class B LTU's payouts and timelines.. GLTA Class B LTU's
Yes I also look forward to our first distribution, because after that, all the wins go to us, for years to come. GLTA Class B LTU's
Docket #716 Page 8 Section C paragraph 11..Mercuria funded the Aegean Unsecured Claims Cash Pool in the amount 40 million dollars.. A Disputed Claims Reserve in amount of 4.18 million dollars The Holders of Allowed Aegean Unsecured Claims(35.82 million dollars) as of the Effective Date received their pro rata portion of the Aegean Unsecured Claims Cash Pool.
..This section does not tell us when the Effective Date is and if the funds will be paid to the Class A or the Class B.. All it says is Holders of Allowed Aegean Unsecured Unsecured Claims.. I'm assuming that the Class A are still owed more money, but who knows for sure, this maybe the FINAL settlement for the Cass A LTU's.. So if anyone gets any money in there accounts, let us know, I rarely check my account.. Otherwise we are still in need of more details. GLTA Class B LTU's
Docket #716 The Litigation Trust Quarterly Report ,page 8 paragraph 10. To date the Litigation Trust has not entered into any settlements of the LITIGATION CLAIMS(Would that mean additional dollars for the Litigation Trust, sounds like a yes.) OR RECOVERED ANY LITIGATION TRUST PROCEEDS. Additional details regarding the status of the Litigation Claims will be provided in subsequent reports as appropriate.(Which I'm waiting for. How much is due to to the Class A now ? When the Class A's are paid off, we will start to get paid, when the money starts rolling in)..GLTA Class B LTU's
Back to the Litigation Trust Report,
..On page 6 paragraph 5 at the last part, it mentioned that the Litigation Trust has retained local counsel in certain foreign jurisdictions, to assist with the Litigation Trust's asset recovery strategy. While this has been mentioned in previous Litigation Reports. I believe this will bear the most fruit for us Class B LTU's holders. As employees and customers gain in trust in Mercuria --Minerva Bunkering.. they will provide the Litigation Trust, the ammunition needed for our Class B LTU's recoveries. GLTA
Good morning all,
.some new Dockets have came out since the Litigation Trust Report. Docket 717,718,719, and 720. While they may or may not effect our payouts, I find it interesting that we are still in a very active Litigation Trust.
..Docket 719 is 244 pages long. One of the claims exceeded the liability cap by 118,726.24 dollars for Delivered Products. Page 15 paragraph 41 42. The Claim seemed so exaggerated that the whole Claim maybe thrown out of Court.
..Docket 720 is 180 pages ..On Page 15 paragraph 39 Claim exceeding invoice by 560,953 dollars and page 15 paragraph 40 a Claim exceeding invoice by 859,521 dollars. All the while these Claims failed to follow bunker delivering procedures as explained in Docket 720 Page 10,11 paragraph 25..
..All of this makes interesting reading, but will this turn into dollars into our Class B LTU's ? So for now I'll go back to the Litigation Trust Report, to see what can be dug up there. Good luck to all of us Class B LTU's, may the wind be on our backs.
Happy Thanksgiving to you and all here. May our Holidays be joyous, safe and blessed.
Also I was hoping the Litigation Trust Report would clarify how much is due to the Class- A- LTU's . They mentioned in the last Litigation Report that the 40 million Aegean Unsecured Claim Cash Pool would be distributed to the Unsecured Claims on a pro rated portion ( minus the 4.18 million disputed claims reserve)..So I would assume this is for the Class- A- LTU's.. However this still doesn't clarify how much is owed to the Class- A- LTU's.. Hopefully this can be cleared up in the next Litigation Trust Report.. Progress is being made, but at a slow rate.. Look forward and hope to see the day, when everything starts moving at a faster pace and we can start seeing distributions into our accounts.. GLTA Class B LTU's Holders
Have to agree with you.. however where the Class A LTU's are standing now is a puzzle. I also was looking at them to have settled, but it has not been verified. So to be safe, we have to assume they are owed money (Class A LTU's).. The question is how much ?? As soon as we can get past the Class A's , I'll be feeling a lot better about our chances for a large payout.. GLTA Class B LTU's
Not sure how we can find out, other than asking around. Such as the Litigation Trust or Mercuria.. Also makinezmoney mentioned some contacts in prior posts. Not sure why this information is not readily available. The Litigation Trust Report has in its financials (To Be Determined TBD ) and states more updates will be given when appropriate. So it looks like were in the dark, not insiders, but it never hurts to ask, maybe someone will get lucky. I do not mind doing some digging, when time is available, but for the most part it's a lot of waiting here. Also I believe it's a good idea to ask questions, so that they know were out here waiting and watching. It helps to keep the process more honest and alive.. GLTA Class B LTU's Holders
No, the Class A LTU's have to be paid first. However what is not clear, is.. what is owed, to the Class A LTU's .. Something that needs to be put in the Litigation Trust Report.. My question is. .have any Class A LTU's payouts been made, thru settlements or any other ways?? Once the Class A LTU's have been paid, we, can look forward to the money raining on us Class B LTU's .. GLTA Class B LTU's Holders
. Something that I noticed about the Litigation Trust Report. The Litigation Trust brought claims against Grady Properties and Grady only. The Litigation Trust has notified the Court that Grady is discontinuing his Claims
.So it seems to me that Grady maybe the first to reach a settlement with the Litigation Trust, if the Court approves.
.Just a guess on my part from memory and the information in the Litigation Trust Report. Will be looking forward to future Litigation Trust Reports..
.Hopefully the Litigation Trust can break the dam, so the money can start to flow into the Litigation coffers and into our pockets.
.GLTA Class B LTU's Holders
..Yes while this was similar to previous Litigation Trust Reports.. I thought it was interesting, how the dollar amounts are being worked into the language..
..The freezing of the Cypriot Assets total around 109 million dollars..
..Mercuria funded the Unsecured Claims Cash Pool 40 million dollars..
..The Litigation Trust is working on Proof of Claims that do not have proper documentation or are duplicates. To have those Claims disallowed or be reclassified, which then may provide more funds for the Litigation Trust and a possible payout to us Class B LTU's..
.. The Litigation Trust has an appeal at U.S. Court of Appeals for the Second Circuit. Which could be fruitful to the Litigation Trust.
..While all the dollar amounts are NOT being put into the Litigation Trust Report. Apparently they feel there still, are many ways, to seek recoveries for the Litigation Trust..
..The Litigation Trust has nearly 16 million dollars to seek recoveries, not subtracting the required reserves.. The cash burn now is running at about 1.6 million per year, so plenty of cash to seek recoveries , for years to come..
..All of the above is just my opinion.. Something for us to do, while were waiting.
..I would like to look at this Report more in the future. The Litigation Trust Report has came out about 6 weeks after the 3rd quarter ended . Now we will also be waiting, for the 4th quarter to end, in 6 weeks and then that Report also.
..GLTA Class B LTU's Holders
New Docket #716 out today. Litigation Trust Quarterly Report for third quarter 2020. GLTA Class B LTU.s
Nothing like a little extra cash. Looking forward to our day, when it rains cash here.
MastaBeta I hope your right about the statue of limitation laws. The other thing that I remember was, Mercuria funded the Litigation Trust for 15 million dollars, plus 3 million dollar lending fee, for a total 18 million dollar loan. The term of the loan was 5 to 7 years ( I believe) ?? However Creditors and Shareholders (Class B LTU's) can contribute to the loan which could extend the litigation process to our favor. So for now, it looks like a good time to review the terms of the loan and the statue of limitation laws,( which your probably right about)..
..Before digging into all of the going happenings here. We may want to wait for the Litigation Trust Quarterly Report ending September 30.2020, which should be out soon. Hopefully this Report will give us a clearer picture of our progress. Also I do not mind waiting, as long as we get our reward in the end. GLTA Class B LTU's Holders..
Interesting thought about comparing this to the lottery. Lottery tickets expire pretty fast, usually in a week or less. These Class B LTU's are good for a few more years ( maybe 4 to 6 years ) , then the statue of limitations laws will start to kick in. So we need wins soon to keep our tickets alive.. The lottery tickets and Class B LTU's do have one thing in common..NO REFUNDS
The Litigation Trust Report is coming out from now thru the next few weeks.. The Litigation Trust Report is starting to give us better clues each quarter. However with Covid 19, everything is taking longer than expected. What we really need is the Litigation Trust to find a way to crack this case of fraud wide open, with their Investigators.. With Mercuria running a clean ship, we should see more Courts leaning to are side , to protect their Countries interests. The Litigation Trust has top of the line Lawyers, so we should see results , with the existing evidence that they have, when they can properly present it in Court of Law, to our favor. The icing on the cake, will be when the Litigation Trust Investigators, can find additional evidence GLTA
Those that shorted Aegean (ANW) are they still on the hook when the shares converted to Litigation Trust Units (LTU's) ?? Seems they would still be liable. The more our distributions, the more the shorts would owe, with no way to bailout (SELL) there LTU's...
Also would like to add, that I hope we get $3.00 or more in distributions, for our Class B LTU's. However 65 cents or more I can live with.. GLTA
Yes glad to find updates that I can. Also as long as we have YOOESCO15 units in our accounts, we are still in play for distributions, as makinezmoney has pointed out.. GLTA Class B LTU's (Litigation Trust Unit) Holders
I haven't heard of anything about Bloomberg Law before. Are they involved in the Litigation Trust recoveries ? TIA
Glad to hear your out and about.. I'm waiting for the Third Quarterly Litigation Report, which should be out soon. I would imagine Kravitz would have lots to say about our Class B LTU's . So thanks for the tip. However I'm waiting on the sidelines watching this till were closer to getting our payouts. Don't have to win many of these kind of plays, to come out ahead big.. GLTU
Per second Quarter Litigation Trust Report, the Trust will give the status and additional details of Litigation Claims, in future Litigation Reports, when appropriate.
.. The third quarter ended September 30, 2020, for the Litigation Trust. The quarterly report normally comes out about 3 to 6 weeks after the quarter. So we should get updates on the Litigation Trust progress any day now..
While the Kravitz v Tavlarios case was dismissed on July 8, 2020.. The Litigation Trust Advisory Board voted on July 13, 2020, to appeal the district court's decision, to the United States Court of Appeals for the Second Circuit, a process that takes about 9 to 12 months..