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Well, with all these amendments and supplements to the plan, I still don't see anything of value for commons. But it's all up to the Judge. So I agree with level42 it's 50/50.
Interestingly enough, just watch, if the plan is Approved the stock will climb somewhat after the ruling... Probably because of shareholders hearing a positive word "Approved" and not knowing what that means for them.
I've seen stock climb 100s% after approval. Just remember your shares could wipe out as soon as the next day. It's usually a week or 2, but I wouldn't risk that. The stock just stops trading at some random time during some random day.
If the plan is NOT approved, then the bankruptcy process starts all over again. That's why I think it's more likely the Judge will approve the plan.
Yes. Go be our ears :o)
Oh, I thought POS meant Price On Sale ;)~
Hi Superones. It has nothing to do with being right, I just read the dockets which states what the company plans to do with shareholders.
I don't know about BLPH, I only play with Q stocks, lol.
Good luck, though!
What happened to KingDMC? I've noticed he hasn't posted in a while.
Hope AAL is well Happy Holidays!
We don't know yet. The company has not written a plan.
I read through the very bottom of the docket and still on page 183 of 189 reads:
"15 EXXI Interests Extinguished in accordance with the Description of the Transaction Steps"
only thing about ATTORNEYS FOR THE DEBTORS is that it was signed by them.
At this point, all I can go by are the dockets. Hopefully plan gets rejected. I'll keep watch for any changes.
JPappas, I can't find the .pdf. It's at the bottom of what page? Could you provide link? Thanks!
IF the plan is approved Energy XXI stock will return to trading on NASDAQ or NYSE with ticker symbol changing from EXXIQ to EXXI (or whatever the company chooses).
BUT according to the current plan EXXIQ shareholders will not get any of the new stock. So if you have $1,000 invested in EXXIQ and the plan is approved Dec 13. your investment will be extinguished. It's almost worse than going to $0 because the stock just won't show up on your brokerage account. It's gone. It disappears.
Basically, the stock will uplist without us.
Welcome to trading Qs. It's very very rare that shareholders survive or get distribution, like SARAQ. That's why we have to read the company's plan and their treatment of shareholders. But even then, the plan can change...
so the most shareholders can hope for now is for the plan to NOT be approved on Dec 13.
Here is the difference between Saratoga (SARAQ) plan and EXXI plan (EXXIQ):
Saratoga:
“Provided that Classes 1, 3 and 4 vote to accept the Plan, Allowed Existing Equity Interests shall be retained by the holders thereof and shall automatically constitute Equity Interests in Reorganized Saratoga. In the event that Classes 1, 3 and/or 4 do not vote to accept the Plan, then Existing Equity Interests will be cancelled and extinguished as of the Effective Date and New Equity Interests in Reorganized Saratoga will be issued to the Litigation Trust LLC"
vs
EXXI:
Treatment: On the Effective Date, or as soon thereafter as reasonably practicable, all EXXI Interests will be extinguished in accordance with the Description of the Transaction Steps and the holders of EXXI Interests shall not receive or retain any distribution, property, or other value on account of their EXXI Interests.5
Voting: Class 15 is Impaired under the Plan. Each holder of an EXXI Interest will be conclusively deemed to have rejected the Plan pursuant to section 1126(g) of the Bankruptcy Code. Therefore, each holder of an EXXI Interest will not be entitled to vote to accept or reject the Plan.
That is from Bankruptcy Docket. EXXI = the company, and not the ticker symbol in this case. Read the dockets:
Also, the Confirmation Hearing for this plan to be approved or reject is Dec 13, 2016. So if this plan is approved, your shares go to $0 (literally just disappear from your brokerage account).
http://document.epiq11.com/document/getdocumentbycode/?docId=2848196&projectCode=EXL
Page 92
Class 15 – EXXI Interests
a. Classification: Class 15 consists of all EXXI Interests.
b. Treatment: On the Effective Date, or as soon thereafter as reasonably practicable, all EXXI Interests will be extinguished in accordance with the Description of the Transaction Steps and the holders of EXXI Interests shall not receive or retain any distribution, property, or other value on account of their EXXI Interests.
c. Voting: Class 15 is Impaired under the Plan. Each holder of an EXXI Interest will be conclusively deemed to have rejected the Plan pursuant to section 1126(g) of the Bankruptcy Code. Therefore, each holder of an EXXI Interest will not be entitled to vote to accept or reject the Plan.
Shoots, I don't think I will invest here, unless the plan changes:
Docket 1642:
15. Class 15 – EXXI Interests
a. Classification: Class 15 consists of all EXXI Interests.
b. Treatment: On the Effective Date, or as soon thereafter as reasonably practicable, all EXXI Interests will be extinguished in accordance with the Description of the Transaction Steps and the holders of EXXI Interests shall not receive or retain any distribution, property, or other value on account of their EXXI Interests.5
c. Voting: Class 15 is Impaired under the Plan. Each holder of an EXXI Interest will be conclusively deemed to have rejected the Plan pursuant to section 1126(g) of the Bankruptcy Code. Therefore, each holder of an EXXI Interest will not be entitled to vote to accept or reject the Plan.
To sum it up, the plan is to give shareholders Warrants or Cash-Out Amount:
Classification: Class 8 consists of all Existing Key Common Stock.
(b) Treatment: On the Effective Date, all Existing Key Common Stock shall be discharged, cancelled, released and extinguished and shall be of no further force or effect, whether surrendered for cancellation or otherwise. On or as soon as practicable after the Effective Date, each Holder of Allowed Existing Key gtCommon Stock shall receive, in exchange for the surrender or cancellation of such Holder’s Allowed Existing Key Common Stock
and for (1) the releases given by such Holder to the Released Parties pursuant to Section VIII.F and (2)such Holder refraining from the actions listed below in sub-clauses (A) through (E), and subject to the rounding conventions set forth in Section VI.E.2 below,
either:
(i) such Holder’s Equity Holder Plan Securities (roundedup or down to the nearest whole share and whole New Warrant),
or (ii) in such Holder’s sole and absolute discretion, pursuant to an election made on the Equity Holder Election Form, the Equity Holder Cash-Out Amount;
provided, however, that
any Holder of Allowed Existing Key Common Stock that opts not to grant the voluntary releases contained in Section VIII.F of the Plan, pursuant to an election made on the Equity Holder Election Form, shall not be entitled to the Equity Holder Plan Securities or the Equity Holder Cash-Out Amount in connection with the Plan;
provided, further, that any Holder of Allowed Existing
Key Common Stock that does not return a completed Equity Holder Election Form shall be deemed to grant the releases contained in Section VIII.F of the Plan and shall receive the Equity Holder Plan Securities;
provided, further, that any Holder of Allowed Existing Key Common Stock that (A) opposes the Plan, including any portion of the Plan pertaining to the treatment of the Term Loan Claims, the treatment of the Senior Notes Claims or the treatment of Existing Key Common Stock; (B) seeks, solicits, supports, encourages or consents to, any restructuring or reorganization for any Debtor that is inconsistent with the Definitive Restructuring Documents and the Fundamental Implementation Agreements (including the Plan Support Agreement) in any respect; (C) commences or supports any action filed by any party in interest to appoint a trustee, conservator, receiver, or examiner for the Debtors, or to dismiss the Chapter 11 Cases, or to convert the Chapter 11 Cases to cases under chapter 7 of the Bankruptcy Code; (D) commences or supports any action or proceeding to shorten or terminate the period during which only the Debtors may propose and/or seek confirmation of any plan of reorganization including the Plan; or (E) otherwise supports any plan, sale process or other transaction that is inconsistent with the Fundamental Implementation Agreements (including the Plan Support Agreement) or the Definitive Restructuring Documents, shall not be entitled to receive any Equity Holder Plan Securities or the Equity Holder Cash-Out Amount in connection with the Plan.
Anyone know where KEGXQ dockets are posted?
True, true!
Happy Halloween,
PinkBoo
I must be a glutton for punishment, I walked away from my computer for a few minutes came back and saw the stock was down %65. I got so excited, hurried to my brokerage accont and purchased all I had in cash.
I agree, something was odd about the hearing. It was held way too soon after the plan and such a short hearing with no details? It seems like the Judge is wanting something specific, why doesn't he just come out and say... I want you guys to do this and that and then I'll approve, instead of the debtors having to guess with modification after modification of the plan. This is what, the 3rd time they re-write it? Give me a break!!
LOL, maybe! I guess we just wait and see once again.
The original plan stated 65%, then the modified plan stated 53%, who knows what next one will state?
Watch and learn from PGNPQ, stock fell -70% today because Judge denied the plan. Shareholders will have to see what next plan brings/or not... :{~
Judge denied the plan... back to the drawing board with a new plan.
Lucky for us most investors don't like playing OTC stocks, much less the bankrupt ones.
Hi Kcricket! I almost didn't recognize you without your profile pic, ha ha.
Yes, I will get in once it's trading on the OTC.
It's good that you are familiar with the company! I hope shareholders are given a nice distribution l;}~
Too early to tell with BBEPQ, they haven't written their Plan. It will state if shareholders recover or not.
Read PGNPQ plan for shareholders to receive 53% of re-org company. But even that needs to be approved, which happens at the very last bankruptcy hearing, the Confirmation Hearing.
PGNPQ Docket #647:
Class 8: Parent Interests.
(a) Treatment: On the Effective Date, the holders of Parent Interests shall retain their Parent Interests, subject to dilution on account of the Parent Ordinary Shares to be issued in accordance with this Plan. After the issuance of the Parent Ordinary Shares, the Parent Interests shall comprise in the aggregate fifty-three percent (53%) of the total outstanding ordinary shares of Reorganized Paragon without regard to the Management Incentive Plan Securities...
Keep an eye on this... will be a good one to get into come Dec.:
http://www.wsj.com/articles/key-energy-files-for-chapter-11-after-striking-restructuring-deal-1477317707
“The agreement with our note holders will provide value to all of our stockholders, improves our liquidity and better positions us to be profitable during a historically difficult time in our industry.
“Importantly, this agreement will allow all stakeholders to share in potential valuation growth if commodity prices improve.”
Here's a great read! It's a docket from another BK oil company, but the section on Market Recovery applies here as well.
http://www.kccllc.net/paragon/document/1610386161018000000000012
And something's up with BTUUQ, gosh need to catch up on my dockets, lol ;)
Don't Forget PGNPQ... Shareholders to get 53% of restructured company if Judge approves the plan.
Keep posting, keep posting! ;)
This is my favorite article of all the BK stories:
http://blogs.star-telegram.com/sky_talk/2013/11/if-you-had-invested-1000-in-americans-stock-the-day-it-filed-for-bankruptcy-youd-have-3784615.html
Shareholders recovered, receiving 70% of new company... Although it did take 2 years in bankruptcy to get from $.25 to $11.00.
Why not spend a little of that BINGO money on BBEPQ ;)
Phew... good thing I cancelled my sell last Friday. I would have had to buy back in at much higher price!
Sounds like Hero has filed request to extend exclusive periods to file the Chapter 11 Plan... Wow, this could extend until 03/06/17. I guess the good thing about that is it gives oil plenty of time to recover.
--------------------------------------------------------
Docket #17: https://cases.primeclerk.com/herculesinfo/Home-DocketInfo
Hearing Date: November 22, 2016 at 1:00 p.m. (ET)
DEBTORS’ MOTION PURSUANT TO BANKRUPTCY CODE SECTION 1121(d)(1) TO EXTEND THE EXCLUSIVE PERIODS TO (I) FILE A CHAPTER 11 PLAN AND(II) SOLICIT ACCEPTANCES THEREOF
Hercules Offshore, Inc. (“HERO”) and its debtor affiliates, as debtors and debtors in possession in the above-captioned chapter 11 cases (collectively, the “Debtors”) file this motion (the “Motion”) for entry of an order (i) extending the period during which the Debtors have the exclusive right to file a plan or plans of reorganization (the “Exclusive Filing Period”) through and including January 3, 2017 and (ii) extending the period during which the Debtors have the exclusive right to solicit acceptances thereof (the “Exclusive Solicitation Period” and, together with the Exclusive Filing Period, the “Exclusive Periods”) through and including March 6, 2017...
Don't be too sure...
http://www.wsj.com/articles/hercules-offshore-overhauls-plan-to-improve-shareholder-recovery-1474054217
By Jacqueline Palank
Sept. 16, 2016 3:30 p.m. ET
Hercules Offshore Inc. sweetened shareholders’ payout in its bankruptcy after a battle led by distressed investor Centerbridge Partners.
Thursday, the offshore oil-and-gas driller submitted an amended debt-payment plan that offers a cash payout of $15 million to shareholders who rejected a previous plan.
Depending on the success of the sales of Hercules’ rigs and other assets, however, shareholder recoveries could rise as high as $138 million, according to an analysis by Hercules investment bankers at PJT Partners.
A prior analysis of potential asset sale outcomes by PJT had forecast a shareholder recovery of $0 to $27 million, court papers show.
Led by Centerbridge, shareholders teamed up to oppose a plan they said would give Hercules senior lenders a “massive windfall” in the company’s second chapter 11 filing in as many years.
Bankruptcy law puts shareholders at the back of the repayment line, making it rare for them to recover anything. Hercules had said it expected to give shareholders something, but the Centerbridge-led group thought it was entitled to more than what the company was offering.
Court papers show mediation led by U.S. Bankruptcy Court Judge Christopher Sontchi produced a settlement in which lenders agreed to reduce about $546 million in claims by $32.5 million. The deal also includes a pledge from the lenders to allow the shareholders to receive the $15 million in cash before the lenders are paid.
General unsecured creditors are expected to be paid in full.
The Hercules debt-payment plan is subject to the approval of the U.S. Bankruptcy Court in Wilmington, Del, at a hearing Thursday. A status hearing in the case is set for Monday.
Hercules exited a prior chapter 11 proceeding in August 2015 and returned to bankruptcy this June, citing factors that include the continued decline in oil prices. The quick return to bankruptcy raised questions with shareholders such as Centerbridge, who wanted the company to use its ample cash supply to ride out the commodities rout for a hopeful return to profitability next year.
True, before walking into a casino I ask myself, "How much money do I want to lose?" But I'm always cheering to double it...
I recently discovered why so many people like to play BINGO. It's a lot like playing Qs. It doesn't cost a whole lot of $, and you might just win the blackout card!
The first time I played BINGO I paid $25 for my cards and walked out with $333 (had to share with 2 other winners). It was lots of fun, and the times I didn't win 25$ was worth the entertainment.
...man I wish I was playing right now, haha
I think I'm good with my decision. Just need not freak during the process... as bankruptcy takes a while... a long long while.
Good Luck to all!!
I just couldn't do it! I could not bring myself to sell.
I bought at $.074 back in March and hit the sell button earlier today, then cancelled. I may regret this in near future watching the price fall (and it will during period of no news, as all stocks fluctuate), but the "What if"... What if shareholders emerge with distribution?
Sure, I could sell today for a little profit and buy back when it drops, but at what price?
I finally rationalized my decision not to sell... I have no intention of getting out of the game until the Confirmation Hearing... SO WHY in the world would I do it haphazardly?
I'm all in until the end or beginning if we survive ;}~
Just waiting for our $$$!