AI
OptionMonster...Re BESV and Laurus...
Blast (BESV) did use Laurus MasterFund as their finance resource for an acquisition of Eagle Drilling back in Sept06. Blast got approx $48M from Laurus.
Shortly after that acquisition was finalized, 5 oil drilling rigs representing the chattel were idled as a dispute over the drilling contracts forced BESV into bankruptcy.
After Laurus filed the default, they and BESV immediately negotiated a win/win situation whereby Laurus helped find a buyer for the rigs at a price that wiped $46M of the debt right off the books. That helpful stroke allowed Blast to successfully reorganize during their bankruptcy and emerge on 27Feb08 with a no-interest note payable to Laurus on the remaining $2.5M with excellent terms. (Some fees, etc. added)
Laurus could've killed the company and rendered the shareholder positions insolvent. Instead, their concilliatory position and negotiation worked out the best for everyone.
I like Laurus too...;^))
Flatsixer
Blast (BESV) did use Laurus MasterFund as their finance resource for an acquisition of Eagle Drilling back in Sept06. Blast got approx $48M from Laurus.
Shortly after that acquisition was finalized, 5 oil drilling rigs representing the chattel were idled as a dispute over the drilling contracts forced BESV into bankruptcy.
After Laurus filed the default, they and BESV immediately negotiated a win/win situation whereby Laurus helped find a buyer for the rigs at a price that wiped $46M of the debt right off the books. That helpful stroke allowed Blast to successfully reorganize during their bankruptcy and emerge on 27Feb08 with a no-interest note payable to Laurus on the remaining $2.5M with excellent terms. (Some fees, etc. added)
Laurus could've killed the company and rendered the shareholder positions insolvent. Instead, their concilliatory position and negotiation worked out the best for everyone.
I like Laurus too...;^))
Flatsixer
Flatsixer2@Yahoo.com
