Triangle Pete Corp. (fka TPLMQ)

[legalizeMJ]

=========<<<<<Proof: NO bankruptcy>>>>>=========
Link: TPLM Q1 (Feb, March, April 2016)
http://ih.advfn.com/p.php?pid=nmona&article=71681687

Quote:TUSA elected to repay the borrowing base deficiency in three equal monthly installments of $41.7 million, the first payment of which was paid on May 31, 2016. Any non-payment of the borrowing base deficiency could result in an event of default.

My interpretation is that: NO bankruptcy because Making payments= NO bankruptcy.
Why Did TPLM stock go up when its Q1 report came out on 6/8/16 ?
BECAUSE TPLM made the payment.

There are only 2 more payments to go. That's all.

Here is the longer quote from its Q1:

Quote:As of April 30, 2016, TUSA was in breach of the credit facility’s minimum current ratio requirement. On May 27, 2016, TUSA entered into a Forbearance and Amendment No. 2 to Second Amended and Restated Credit Agreement (the “TUSA Forbearance Amendment”) with its credit facility lenders, pursuant to which the lenders agreed to forbear exercising any rights or remedies available to them arising from any breach related to the minimum required current ratio or the senior secured leverage ratio that may have occurred as of April 30, 2016. The forbearance is effective until the earlier of July 8, 2016
TUSA Liquidity and Covenants . On April 28, 2016, TUSA’s credit facility lenders significantly reduced the borrowing base under the credit facility from $350.0 million to $225.0 million, which was a greater reduction than we had anticipated. As of April 30, 2016, TUSA had $347.5 million of outstanding borrowings and $2.5 million of outstanding letters of credit under the credit facility, or $125.0 million in excess of the redetermined borrowing base (referred to as a borrowing base deficiency). TUSA had cash on hand of approximately $152.3 million at April 30, 2016. TUSA elected to repay the borrowing base deficiency in three equal monthly installments of $41.7 million, the first payment of which was paid on May 31, 2016. Any non-payment of the borrowing base deficiency could result in an event of default.

TPLM(Oil stock)= Strong BUY.
Go TPLM $$$$$$$$$$