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levron...i have also read some of louis posts and have seen some v strong and intelligent analysis and arguments....eventhough we both are predicting totally different outcome....i believe that in bk companies it always comes down to the wire before we realize our mistake or fortune....thats why the risk reward factor is so high.....lets us keep our course and hope for the best outcome for dunes commons.....glta
louis u r right but what i see is that...1st tear bond holders are taken care of..... all the existing bonds have been replaced by placing new bonds at closing by white marlin and trimont.....2nd tear secured creditors have been paid through by the new companies by assuming debt as part of the liability exchange during the auction sale process.....third tear taxes were also partially part of the exchange to bring the cure amounts upto date and the remainder to be paid from(19 mil) the bk exit plan...which may not exceed over 2 mil max imo.....4th tear unsecured creditors(total 17 mil) which are being negotiated partly to be paid from the left over from the 19 mil....bk exit plan and the remainder from 50 mil lawsuite that the judge has allowed....happening after dune exits bk.....5th tear preferred share holders which i dont see any in dune....and lastly 6th tear common share holders ....waiting till after the bk exit to be paid from the 50 mil lawsuite that the judge has allowed 25 mil from d&o insurance bought by dune by 5 different companies of 5 mil each....and the remainder 25 mil....to be paid back by the dune directors and officers taken as bonuses.....louis i need your opinion as to what am i missing here....it seems v clear that commons in dune seems to be in pretty good shape and thats the reason why we see all of the institutions intact throughout......imo the commons here will not only survive... but may walk with some positive value after all is said and done.....gl
levron i think you are right ....i dont see any reason for them to cancel the existing shares...
louis what about the lawsuit that the judge have allowed for 50 million...when will that come into play.....are the unsecured creditors going to settle without the insurance claims or will that happen after they come out of bk...what about the equity holders(the institutions) will they claim any settlement regarding the way they handled the deal with eos or will they let go of the millions of dollars worth of investments without doing anything and why?....
good morning....louis what are your thought about order doc 453...will the equity holders have a vote in the process....please if you can glance at it and give us your opinoin/thoughts regarding doc 453....thanks
quite at dune.....few filings on the 17th order regarding selling remainder of the assets.....seems like hard negotiations going on behind closed dooors regarding unsecured creditors....lets wait and see...gl
please take your time cause your analysis are v intelligent and precise.... u r right ...after the asset sale a lot of eyes on dunes finances every one wants a piece of the pie....but imo they will have a hard time convincing the bk judge....i think the unsecured creditors committie seems to be v sharp and clever... and so far making the right moves...dunes directors and officers seems to be hooked pretty hard.....imo they will be wanting a quick settlement before this one is blown out of proportions and gets out of control....lot to loose for them...lots of skeletons in the closet wanting to come out and haunt them....i believe commons will leave with some decent change before this one is done with and ofcourse we have the big boys with us to make sure that happens.....i'll like to have your comments.....thanks
levron....imo thats what it is....the game is not over yet...lets see what louis has to say....i think we will be coming out of this with little over 10c/share or much more given how this settlement works out between dune and the unsecured creditors.....gl
hello louis.....i was looking at the 8k....the total unsecured debt was 17196000.00 lets assume that they settle for the full amount in next three months...so lets say that the unsecured debt becomes around 18mil...plus the attorney fees of 4mil...total unsecured creditors obligation will be 22 mil....insurance(d&o) commitment of 25mil...plus left overs from 19mil of sales of the assest- minus dip financing of 7.8mil and attorneys fees of approx 3mil....total left over will be ....after paying unsecured creditors,attorneys etc will be approx 8mil plus 3mil left over from d&o insurance payout will be 11 million to the common stock holders....is that why the institutions are still intact...seems like there is some money left for us commons....what do you think?
mms playing.....ping pong with shares.....
thanks louis... i also see in the court order regarding docket 260 that the judge have allowed them(in docket 281) to set claims for d&o insurance dated june 6th ....which means that all five of the policies in place upto 25000000 in relief.since all these policies were 5000000 each.....imo a lot more left here before this one is put to bed....what are your thoughts
thanks louis....as always you oponion is v helpful...also the intitutions and or the creditors can go forward with a lawsuit regarding the mishandling of the deal/insurance to get personal benefits and bonuses....and ignoring their fuditury duties in regards to company/share holders best interest....i think after they come out of b.k. the directors/officers will be slaped with suits for their personal assests....whats your opinion???
louis if you can please give us some of your thoughts regarding dockets 260 and 281.... filing suits against the directors and officers.....thanks
louis if you can please give us some of your thoughts regarding dockets 260 and 281.... filing suits against the directors and officers.....thanks
louis...but the senarios have been changed.. they are looking to exit on sept 18th ....latest docket 406....also all the intitutions are still intact(96.6%)...imo the game is still on...lots of info still no released sale proceeds in excess of 19 mil...how much in excess....more liquidation to come means ....more money here....lets see....if nothing for the institution/share holders... then a big fat law suit to follow...judge has already allowed that...even though chevrons arguments were against it....lot more to come here imo.....gl
so far it seems like going towards the restructuring/closer and the gains/distribution will be credited to the account.it looks v promising...as we are getting more and more info....lots of more to come before the 18th of sept.....also aug 17th is a key date at the court....gl
important filing doc 406...asking judge for funds from proceeds of the sale to pay dip financing of approx 7.8 mil...also asking for 1.33mil for continue to keep operations till the closing or final restructuring date of sept 18th....so the final date is not aug 17 .....its sept 18th...proceeds more than 19 mil.....how much more???imo its looking much better lots of hope for us share holders..also more assest sale in process...more money....imo friday july 31st dune will get the approval for this filing 406 ....things are getting interesting here...lets see .....gl.
all the docs have been signed(friday) for all the leases/assests sold...now lets see what dune holds after the dust settles....august 1st is the hand over date...after that dune will go to the next step that is coming up with the restructuring plan before august 17th ....imo we are sitting at 11c/share(worth) as of right now .....lets see....gl
same here...i m heavily invested in it too....lets see...last chance to buy cheapies...this is ready to fly soon.....
looks good....lots of equity...33mil...vow
u r right...and several other senareos when a co. can cancel its stocks....i have been following both bpz and dune ever since these companies filed bk.i was more involved with dune cause i am heavily invested in it.therefore i was writing in dunes board more...i have been reading almost all of your posts and have seen some v intelligent observation from you regarding bpz...i dont mean any i'll fate towards you or bpz...all i am expressing is my opinion and that lately...things are going in the wrong direction for bpz cause the mngmt seems to be greedy and wants the whole pie......i am hoping to be wrong even though i am out of it... i am wishing all of you who are in it good luck....
imo its the language that these companies are using....dunes seems like a discloser where as bpzs managment are going further and stating the cancellation of the stocks...also in the 8k they are talking about stopping sec filings and and further talking about liquidation into closer.....i think bpz ids definitely upto something no good......lets see
u r right cancellation of stocks means the common share holders will get nothing....unlike dune this company is stressing again and again about commons shares getting nothing and the common shares will be cancelled...imo there is nothing left here...i was holding a few shares of bpzrq along with dunrq...but today's 8k says it all and i have sold all my remaining shares of bpzrq....also i caution to all of u that are staying to make sure to read and intrepret this 8k....gl
u r right... i sold all my shares today....nothing for the common share holders...they are talkig about cancellation of shares..which is not good...oh well in bk companies u take the risk ....this one seems to be dead.....gl to all that stays
you may be right...its possible... lets see how they come out of this....interesting choices ahead for dune...hope they make the right one.
eventhough i think the co. will not distribute funds at this time...its valuation will still be anywhere from .11 to .15c/share conservative analysis....not to mention the real estate that its holding and coming out debt free.....
around 11c to 15c/share approx imo...lets see aug 17 is the date to watch...gl
imo dune will survive with a restructuring plan with close to 11 mil in hand and three of the properties....aug 17 will be a critical date...lots of(96.6%) institutions still intact...wonder why???
dune has filed mor for june 2015 .... in the dune bk docket filing look at the owners equity/networth is at 33158849.00 vow...click on the link below
file:///C:/Users/User/Downloads/180020460231.pdf
file:///C:/Users/User/Downloads/180020460231.pdf
look theCASE NAME: Dune Energy, Inc., Dune Operating Company, Dune Properties, Inc.
CASE NUMBER: 15-10336, 15-10337, 15-10338
COMPARATIVE BALANCE SHEETS
LIABILITIES & OWNER'S FILING DATE* MONTH* MONTH* MONTH* MONTH* MONTH MONTH
EQUITY March 8, 2015 March 2015 April 2015 May 2015 June 2015
LIABILITIES
POST-PETITION LIABILITIES(MOR-4) 3,693,160 4,381,306.40 5,713,119 6,337,655
PRE-PETITION LIABILITIES
Notes Payable - Secured 111,689,964 112,466,917 113,215,215 114,025,145 114,797,406
Priority Debt 0 0 0 0 0
Federal Income Tax 0 0 0 0 0
FICA/Withholding 0 0 0 0 0
Unsecured Debt 16,514,901 16,599,095 16,480,870 16,873,376 17,192,927
Other 22,548,485 22,744,889 22,941,293 23,160,767 23,361,754
TOTAL PRE-PETITION LIABILITIES 150,753,350 151,810,900 152,637,378 154,059,287 155,352,087 0 0
TOTAL LIABILITIES 150,753,350 155,504,061 157,018,684 159,772,406 161,689,741 0 0
OWNER'S EQUITY (DEFICIT)
COMMON STOCK 74,009 74,009 74,009 74,009 74,009
TREASURY STOCK (339,790) (339,790) (339,790) (339,790) (339,790)
ADDITIONAL PAID-IN CAPITAL 180,653,012 180,572,505 180,674,690 180,775,993 180,877,296
RETAINED EARNINGS (133,117,582) (137,123,233) (141,080,223) (144,182,507) (147,452,666)
TOTAL OWNER'S EQUITY (NET WORTH) 47,269,649 43,183,491 39,328,686 36,327,705 33,158,849 0 0
TOTAL
LIABILITIES &
OWNERS EQUITY 198,022,999 $198,687,552 $196,347,370 $196,100,111 194,848,590 0 mor is out today ...the owners equity/net worth is showing at 33000000.
like i said its in the air at this time....imo there will be no ch7 filing following the sale...the co. will come up with the re structuring plan....otherwise it will open itself for a mega lawsuit that the judge has already approved towards the personal assests of the ceo and other co. officers...i m sure dunes directors are v well aware of this and would have a much better/safer plan to exit this bk.....lets see
with all due respect 8k for july 8th stating that there will be no proceeds left after the distributions...and the commons will be worthless is a commmon practice in all of the bk companies....things to note that this company stating commons worth less than common being canceled is the key in the wordings...commons are canceled if the co. either files for ch7.or handing the co. over to its lenders verses commons being worth less is when a co. is coming out of bk(restructuring a plan) with its stock....worth much less than expected.imo at this time its in the air...till after the closing and the actual distribution...and following the reorganizing plan we can make a better judgement as to where this is going....gl .
no shares wouldnt be cancelled....dune will be submitting a re-organization plan after closing of sale on the 24th.imo it will be a debt free company with three of its oil and gas fields remaining in hand...plus left over cash after distribuition....lets see and hope for the best....also it may go after eos for the 5.5 mil recovery for breaking the contract...may be a merger on the works...lots of options for dune....gl
u may be right....lots of unknown....lots of factors to be disclosed after the closing on the 24th....and then august 17th court date to follow...i dont know why folks are panicking at this time...its not over yet....hold on to your shares.....now is not the time to sell....its a waiting game....lets wait for better results....24th is the next key date....good luck
the assest sale has been approved by the bk judge....after a series of objection from the unsecured creditors....its good in my oponion because....now dune is not bleeding any more.closing is on the 24th of this month....one thing to note is that now that dune is debt free its still holding three of its oil and gas fields....and after closing imo about 4 to 7 million cash left after distribution.....with its stock around 9 to 12c/share....lets see and hope for the best.....good luck
lets see what happens in the court today....may be delays in the sales...this company is in ch 11....yesterdays 8k is v common for them to inform their share holders of the survival of the commons...... imo long road ahead before this thing is over. i m holding on to my shares and expecting a much better outcome....bk companies are tricky...u need strong holding power to come out ahead....good luck
TS u r right....its getting v interesting....my understanding of the bonds is that both buyer have to replace the existing bonds and bear the cost as agreed in the bidding contract. all thats happening is they will in the next few meetings iron out all the kinks and minor objections.....which is part of the ch 11 process.
imo dune does not have to bear the burden to replace the bonds.....but may have to pay attorneys fees(as you noticed in the dockets) which comes out to be around 3 mil...and also another 2 mil by the time its over with....i believe we are looking around approx 15 mil to be divided to the share holders....lets see
TS u r right....its getting v interesting....my understanding of the bonds is that both buyer have to replace the existing bonds and bear the cost as agreed in the bidding contract. all thats happening is they will in the next few meetings iron out all the kinks and minor objections.....which is part of the ch 11 process.
imo dune does not have to bear the burden to replace the bonds.....but may have to pay attorneys fees(as you noticed in the dockets) which comes out to be around 3 mil...and also another 2 mil by the time its over with....i believe we are looking around approx 15 mil to be divided to the share holders....lets see
in the sales contract sec 6.04 and 6.05 ....it talks about bonds and liabilities.....dune wants the buyer to replace all the existing bonds with new bonds of similer values...also all these new bonds will be backed up by the buyers own guarantee ....therefore imo....no liability on dune for bond default...also all the existing liabilities will be transferred to the buyer in as is condition....lets see what happens on the 9th....
therefore imo.... at closing the seller i.e. dune energy will recieve 19 million dollars net. that will come to be .26/share net approx