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$BBEPQ Breitburn Energy Partners (OTCPK:BBEPQ) unitholders launched a last-ditch

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eFinanceMarkets   Thursday, 01/11/18 08:30:42 PM
Re: $Pistol Pete$ post# 174656
Post # of 183485 
$BBEPQBreitburn Energy Partners (OTCPK:BBEPQ) unitholders launched a last-ditch legal effort today to prevent the bankrupt company from wiping out their investment and sticking them with a fat tax bill.

At a hearing in U.S. Bankruptcy Court in New York, an equity committee lawyer said Breitburn’s reorganization plan was based on an “indefensibly low” valuation; Lazard Freres, the company’s investment banker, estimates BBEP’s enterprise value, which includes debt and equity, at ~$1.6B, while the equity committee values the company at $3.8B, which would ensure unitholders some recovery on their investment and eliminate a tax charge.

Breitburn's lawyers urge the bankruptcy court judge to approve the reorganization plan which envisions splitting BBEP's oil and gas assets into two new companies; it has the support of creditors holding $3B-plus in claims.

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