"mighty, powerful Bond debt holders"
Thought it was a good letter.
but you might want to understand that it was the big banks... Wells Fargo et. al. who forced this company into BK.
They are the first lien creditor. and they made the decision to cut the credit facility.
And frankly they are a better target.
unsecured would have rather just received their regular payments.
BTW
Second lien may have been complicit in conspiring with Management on the timing of the BK and may have cut secret deals with Management.
EIG the second lien holder's director quit just before BK. While Management was still making positive statements to investors.
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quote...
With the rise in Oil prices we feel the Company's asset base has risen substantially close to $7-7.5
BLN, leaving a 4 - 4.5 Bln $ to the Common and Preferred Equity security holders.
With the recent sale of Common Units by the Management we are doubtful, whether the Management's
actions and interests are consistently aligned to support the Equity Security holders interest. We ordinary
individual shareholders suspect there is a 'K' Mart style of operation is being orchestrated by
the mighty, powerful Bond debt holders to take over the entire estate and deceive the equity
shareholders of their rights.
Under these circumstances it is incumbent upon the Court to do the rightful thing to affirm,
uphold and support the rights small minority shareholders interest by way of directing the
U.S.Trustee's office in appointing an equity committee with necessary powers, so that those small
investors interests who invested close to $5 BLN of their hard earned money are not chipped away
by some Wall Street mighty hedge funds who can afford million $ Law firms to wipe out
the minority shareholders interests.
AI
