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How do you realize the loss for taxes if you do not sell the security?
I'm in same boat, just not sure what happens at the end.
I wonder how I realize my losses after chp 7. If stock quits trading, and you are final bag holder do you get worthless stock notification?
https://www.law360.com/articles/889240/sinking-cal-dive-asks-for-ch-7-liquidation
All of these assets are old as sin, as the article pointed out. New bell and whistles DSV can be long term chartered, pretty easy right now. Quinn was moving in that direction towards the end anyway. Just lease with strategic partners, instead of build.
You have a pro GOM back to work administration about to rip up the road blocks (regulations) to go to work. Financing will find its way back to the sector. The safety management systems, estimating process, diving procedures with caldive are to a grade where they can work for operators with the strictest guidelines.
IMCA approved company for SAT all ready.
New line of credit, the old equipment, key personnel, a few charters, a contract (wind farm), and the lights r on.
Well there you go here is the map.
https://fromthesouthsea.com/2017/01/19/back-to-the-future-its-cal-dive-apparently-putting-the-band-back-together/
The story continues. Nice work Shanon1. You have been a solid contributor to the forum.
Looking at the Nov. operating statement, it looks like that CDI done the diligence to continue carrying over the $167,000,000 NOL. I can see the attorneys closing out shop. The next questions is how will we know the creditors have agreement to be made whole? This leaves the shell squeaky clean, and the only chance common shares see an upside.
It would be a crazy story if it was winner winner chicken dinner. I worked for cdi for a long time, love a comeback story.
A reverse merger is really the only hope we have. You have all the CDI equipment and personnel gathered back together in one piece, everything else was scrapped (minus the Texas, lawsuit still pending with Arenal).
The question is who, besides the last of us holds the majority of shares? 100 million shares, and 5 million cap. I can't see this happening at all, unless the players of naitius/global energy are the majority bag holders. Is been an interesting ride to say the least.
Well that is good news. I can see announcement getting closer as the books get cleaned up and claimants made whole.
Looks like the court acknowledges that the buyer of the Australia division owes Cal Dive over $600K.
Good to hear that they are still collecting on all outstanding debts.
http://bankruptcompanynews.com/cal-dive-bankruptcy-news-11-30-16/
Why so much pumping lately. It's like a drama play. I guess it's working thank for encouraging volume. I have been on here for years. I worked for the company for 8 years. I still work in the industry.
They still own 20% of deep core.
Deep core purchased small core equipment in Broussard LA. It's the same cal dive yard, many same personnel who worked for cdi.
Foundation is set to rebuild the burned down house.
I'll laugh if common stock survives. Feels like a lot of pumping to flip a profit before the bad news, but who knows.
Chapter 11 Reorganization Plans
Ordinarily, the debtor has the exclusive right for four months after it files Chapter 11 to propose a reorganization plan. Upon a showing of good cause, the court can extend the debtor’s “exclusivity period” to file a Chapter 11 plan to up 18 months after the petition date. The court also can shorten the exclusivity period depending on the circumstances.
Once the “exclusivity period” expires, the creditors’ committee or other parties can propose competing reorganization plans. Competing plans are relatively rare in Chapter 11 cases. More often, creditors or other parties dissatisfied with the debtor’s progress will move to dismiss or convert the case to Chapter 7.
Maybe it goes on until either:
A) who ever is keeping/paying the chapter 11 fight to go on. Decides to quit funding the enterprise
B) Unpaid creditors agree to release all liens and holding
I wouldn't release a plan of reorganization if I could not get creditors to drop their filings. Creditors are not going to drop their claims until they have to or not worth it. If I were to inject fresh capital into a shell company to start again in order to catch the next oil boom wave down the road (years). I would not want to start it negative, no matter how easy the shell company is used as a vehicle.
Any latest and greatest. Pretty quiet.
Looks like CDI Perth is being put to use.
https://www.businessnews.com.au/article/Shelf-Subsea-merges-with-Fugro-TSM
In this market $0 or negative. I do appreciate your pessimistic "likely reality" position on here, but I'm sure there is not an argument that you can make that will talk remaining bag holders to "get out" at .002 a share. It is what it is. Like you, I have been in the industry my entire adult life, since 19 years old. I'm a former employee of Caldive.
In this market $700 million rigs are going for $65 million
http://www.businessinsider.com/offshore-drilling-company-got-90-discount-on-rig-2016-4
So this is not a story of today, or of the rabbit.
I will sit on my shares and hope the tortoise pulls through.
What we know:
All vessels are gone. Most scraped, some sold, a small collection to deep core.
Portable sat systems (unknown)
Foreign subsidiaries, unknown but who cares what is the value of a shop located whete Real Estste that is depressed. Valuation is shot, because there is no work.
Go look at office buildings in the energy coridor in Houston now, what is that RE worth right now?
The positives:
$140 million NOL , not that great because after this every offshore service company will have this.
Look at Harkand now, they are in trouble with bonds being due. New build due this month.
$40 million from Pemex
20% stake in Deep Core
VEIL appears to be owner of the shell of Caldive.
What will come of this? Who knows?
Just don't get upset that we are still fighting and hoping with this thing. No one here is dulisional.
I have babies to feed, and I'm not hoping good old Caldive comes through. Like you I have seen the booms and the busts. I'm actually content that an investment firm bought the rights to the entity.
There is proven cash flow from financials. This is enough to hibernate, keep after PemEx and wait for the cycle to turn.
If not we just claim worthless security loss on taxes. No biggie
Have you asked yourself why this process has continued on way past the auctions, and personnel moving on?
Who is left to organize the lawyers? A firm based out of the Caribbean who is traded on the Irish stock market.
Cal dive fits the mold for VEIL investment parameters.
http://www.dragoncapital.com/dragon-capital-funds/vietnam-enterprise-investments-limited
The court doc dialogue goes into refer Caldive/veil in further references
Page 35
Definitely refers to VEIL's purchase agreement. You are right it is an entity
Not sure if this helps, but there is recorded dialogue about Cal Dive and VIEL Spa purchase agreement.
Most of the dialogue starts in page 26/27. Before this was the correspondence about Adrenal.
https://www.kccllc.net/caldive/document/1510458151023000000000004
Yes, it will be interesting to see what the future holds.
I do agree that Cal-Dive only exits on paper. As someone who works in the industry I've heard nothing of ongoing operations. Having said that, I think something positive might come from all of this.
There was mention that lawyers will continue to charge expenses until PemEx finally does pay their invoices. CalDive does own 20% of DeepCore, so theoretically there is a cash flow stream that can keep the lights on.
I can actually see DeepCore buying out CalDive. To me this makes perfect sense.
You had CalDive who was deep in debt, with an aging fleet. You sold off DeepCore which included: assets you wanted to keep, and the key personal who have been Cal-Dive all a long (you have a strong foundation to build off of from the assets and experienced personnel in the Broussard office).
DeepCore or CalDive would be a public traded company with no/little debt, and a few assets to find spot work in a down market. Im sure it will be easy to lease newer vessel if the work scope can be found.
Plus DeepCore will have the $145 million NOL's.
We have seen the strongest El Nino in Decades. Of the last 10 El Nino's there have been 6 which an El Nina has followed. El Nina conditions are much more favorable for Atlantic based tropical weather. The upstream drafts that have pushed 90% of the tropical activity up the eastern seaboard and back towards the UK will be gone.
Those that remember Superior Offshore will remember that they were a little private small ma and pop dive company that was in business for years and years. After Katrina they went public and the stock IPO at $17.00 I think. This valuation was highly inflated, and the company quickly came crashing down to reality and closed doors. My point is that when it becomes Boom time again, the shell or "paper" CalDive has value.
Oil went down to fast too soon, it was not a decline in demand as we move away from fossils fuels. Oil price to me is tied to the strength in the dollar, as it is very strong to other currencies. Capital expenditures have all dried up. To me the pendulum is going to start building for its wild swing in the other direction.
Well it seems that we are overdue for some type of bounce, it's that or just go to zero all ready.
As someone stated 2 pops to the head would of been the decent thing by now.
I wonder why volume has gone away with such good news?
As of yesterday fidelity brokerage is not taking opening orders for the stock.
No volume at all today, seems very odd.
Yes, Chapter 11 sorry.
It seems that they carried the actions of chapter 7 without actually closing doors. It makes me wonder, we can all agree that even if the auction was carried out perfectly that Cal Dive was not going to be able to sell enough assets to cover secured and non-secured debt. Not in this market, and there is not a chance that this was going to happen through bankruptcy when you throw in legal cost (more than the assets, in some cases). So why go throw the whole parade of chapter 11, just to come to the same destination as chapter 7 would of brought you to.
Maybe after the turnip has been bled dry, then all those with a claim settle their holdings. Leaving the issues/assets I mentioned earlier. Not really sure.
Being on the outside, I can agree with you that this whole process has been an absolute cluster f#$k. I am not sure how the MM's can bleed a stock that is/was .0005 a share. I think anyone who is still a bag holder has accepted the fact that its a total loss.
Moving past that emotions. Can you explain why the company is staying in Chapter 7 bankruptcy. I mean if everyone is gone, and everything is gone than why continue the bankruptcy process. Will lawyers continue sending court docs to the Bankruptcy file number forever, just to collect fees that are not there?
What do we know that is left over?
The legal entity (shell itself) of a publicly traded company.
A $145,000,000 NOL that from Quinn's statement is transferable.
A lawsuit for damages received from Macondo oil spill.
PeMex payment?
I do see that Quinn changed his linken profile to show end CalDive employment on Dec. 2015. I guess this means that those who were allowed to remain on and act as consultants to help recover PeMex funds are now officially gone?
The whole experience has been sour grapes for me. I lost well over 6 figures from Employe stock program, lost employment. Industry sucks. 14mth old and another due in 2 weeks. I come on here just out of curiosity and the small hope that something nice happens down the road, wishful thinking. But realistically I have accepted the loss, and on to the next experience.
Not sure about Pemex, have not heard anything. Also I can't see how a share holder who dose not sell will be sorry. Unload your 1,000,000 shares for $900? I mean at this point who cares, would rather ride it down to absolute $0, in case something happens. I agree there is no more caldive as a business. Industry is in the middle of the biggest pressure on prices ever. No one is thinking growth at all in offshore service companies.
SELL?
Can you give reasoning to sell now?
Is the company about to preform badly, and they might go bankrupt and stock could be worthless. The fat lady sang. What benign is there to selling now?
What will happen next? It seems that we are on the avoidable path of this thing not only being dead, but buried. Will Cal-Dive mail out worthless stock letter to shareholders? Is this a letter you have to request, if you do request a letter does that make your stocks officially worthless? I have never been through this, any insight is helpful.
My guess for the reason of higher volume is those who rode this down to $0.00, are offloading for tax loss. I can't see any new news coming out before Dec 31
I may have been mistaken on how the foreign subsidiaries are liquidated and/or held through the bankruptcy process. I was passing on information that was given to me.
As far as on-going CalDive Singapore projects, there are still personnel working on active projects. The project I spoke about in Myanmar/Burma is being carried out on a vessel called the HYSY289 (formally the Skandi Bergen, as a Chinese firm recently purchased it). I do not know what capacity Cal-Dive is involved. Personnel on the project are calling it a "caldive job", and I know office personnel from the Singapore office did mobilize it.
This very well could be the last of the work, I am not sure as I am just passing on info that I receive from a friend of a friend.
Again thanks for the information shared on this forum. I do work in the offshore oil and gas industry, and have done so for many years. I am a former Cal-Dive employee, and unfortunately still hold too many shares from brighter times.
I was emailed from caldive direct about my availability for work, from the Singapore office. Many other personnel have been inquired of availability for other air jobs. I'm currently engaged on another projects with another company and turned down the work. I did pass on the info to a friend, and he is going on the project. He gave me the details of the project. I could could give you the email address of office personnel outside of the public forum if desired. 5mth project, 130M depth installing spools, didn't get the vessel name, but I would assume it's the Tousisa Paldin as it into a 5 year joint charter with Frugo.
Well Caldive Singapore is working pretty busy at the moment. They have a 5mth Sat Job in Myanmar. Installing spools in 130M of water.
I'm wondering that since Bankruptcy courts can't touch any of the subsidiaries outside the US. That caldive can continue in limbo, until all creditors have split the last remaining dollars from CalDive US. Then the company can re-emerge from chapter 11.
Debt free, and having unloaded the oldest fleet in the diving world.
That leaves $145 million in NOL, and BP lawsuit. It would be pretty funny if caldive could raise a small amount of capital and buy Deep Core. You would have a new lean and mean Caldive, which has important personnel back at their positions. The aging fleet is gone, and your free to charter your pick of the litter, on new cold stack dsv's for cents on the dollar right now.
Wishful thinking.
How do you play with the MM's on 100k volume at a stock trading at .002
Play the game for my daily $20 increase in net worth? I think those left monitoring the bones of this corpse are the ones who were the bag holders, including myself. Nothing left but be wishful for a hailmary pass.
I don't understand why this thing just dosent burry itself, and go away? Bond holders and creditors paying a few (including Quinn) salary to stay on top of Pemex to pay up?
I'm still hearing whispers of cdi work in Asia. Cdi to perform diving operations on McDermott projects? McDermott has been winning a few contracts, and rumors are that they are getting out of diving, and choosing to sub this work out.
I don't see how Cape Wind would help Cal Dive. All the barges that would've been perfect for setting Wind Turbines are long gone. How does an Aqueous board member solve the stock price problem for CDVI.
BP settlement and paid Pemex invoice seems the direct path to paying off DIP, settling with unsecured creditors and emerge from Chp. 11
It seems like Caldive Singapore is still working right a long. I have heard they have 5mth job in Asia, and are reaching out to dive personnel that they are still in business and have work. Likely not ground breaking projects; in this current market place as whole industry has a strangle hold on day rates. At least it is a positive that they can carry on. If they can stay on life support for a while, we might see a small pop from where we are now. BP settled $20 B for damages caused from Macando. If Caldive can keep the lights on long enough to continue litigation for their cause should help the issue.
Any word from Pemex invoices being filled?
Does anyone know if Caldive has operations ongoing in the GOM?
I just don't see the reason why they company would want to carry on in any form, private or not. There are no assets remaining, and there is still debt. I mean the only thing that could be thought of that has value is the CalDive brand, but names of dive companies have gone and came many times over the years. It usually the same players who know how to engage the contracts. Superior, Stolt, Torch, Auqaitica, Global, Brown and Root, Taylor, the list goes on and on.
If I wanted to start a company and lease the assets to put them to work, I just don't see why you would even need the caldive brand.
Also even is someone is manipulating the stock, it is not very hard. A million share can be had for very little money. To me the volume seems irrelevant. Again I am not here to bash the possibilities of something happening as I am sure I have lost more money with this stock than anyone else here. It just seems like the end of the rope, as always I hope I am wrong.
Well at the least the lawyers made at well, to hold up the whole masquerade? Sour grapes for sure.
I don't know. I hope so, but if its not a fire sale what do you call it when they sold 100% of their assets for much less than appraised value.
Also if I wanted to start a new dive company in 5 years, why would I want to use the cal-dive logo, as I would be beholden to 100 million shares outstanding. The players who bring the contracts in will just create a new entity. I am seeing this play out with as we speak in Singapore (new dive companies).
The way I see it is, the NOL and BP lawsuit is the only 2 things left of value.
The Singpore and UK offices, from what I understand is nothing really. Likely a rented office space, and maybe an area to store equipment. There are no facilities there. Cal Dive sold the large facility in Loyang (Singapore) a few years back. In the UK they just started getting into this market, and have only received a few small air diving jobs. Plus the North Sea is drying up very quickly. Many major contracts are being cancelled for next year. The cost to recover a barrel of oil in the north sea is much higher than other places, day rates are much more for assets and personnel. With cheap oil, capital expenditures are taking it below the waist. If the sea horizon has sold to Swiber, and the Uncle John is to be sold. I do not see where there is any appraised value left over. Logos and copyright rights, can only be worth so much.
I keep hoping for a positive light on the end of this, but I don't see where we will find it. The only thing I can see that has value, is the rights towards BP lawsuit, and the $145 million NOL.
Did the Port Arthur facility sell?
Well I hope your intuition is right. There will be no motorcycle here, I have babies now. Plus I all ready sold the Porsche to go all in when DVR was at $1.37, because "There is no way the stock is going any lower!!" Lol