Good evening ……… some folks were hell bent on getting ATP dissolved and the SEC registration pulled. They just couldn’t wait until the BP claim was resolved, before taking this action.
For me I want to make sure the motive for this action wasn’t to bury possible “secrets” and or acts of fraud committed. If ATP were to have survived and with the BP claim money making ATP whole again, there would have been financial resources available to investigate and insure there wasn’t any “Funny Business” going on here. How does $3 billion of assets disappear and not one pre-petition creditor gets paid. Some may think that a dissolved company “tells no tales” and therefore there will be no need to have every detail of this case looked at under a microscope. History keeps no secret’s sooner or later the truth always comes out.
For us equity holders the bottom line for us has always been the BP claim. Just me again, if the BP claim is settled, there is still a chance we will receive nothing. I believe if we go to trial our full claim will be awarded by the court and then the trustee and the court will be forced to pay us as our claim should leave a substantial balance to the estate.
Is I work and speak as a “common shareholder” I also own 2nd lien bonds and I also own “preferred shares”, my holdings of common shares is small compared to my bonds and preferred shares. If the commons get paid so does everyone else. Just because the corporation is dissolved doesn’t mean your ownership stake in the balance in the estate is lost. The court will have to pay equity holders the balance of the estate. But remember, common holders will be the very last and I mean the very last to be paid.
With the Supreme Courts refusing to hear the recent BP appeal, this might change everything. Remember there is no cap on what BP could have to pay. It should be interesting in this third phase of the trail starting in January, my guess BP will try and settle with the government.
Our seven test cases start in July 2015 and I don’t think BP will try and settle these cases. If these seven cases are won by the Plaintiffs, Check Mate!!!!
The first half of 2015 will be interesting.
For me I will be around until the end.
AI
