AI
Tuesday, July 29, 2008 8:23:41 PM
rubellite0013...Actually BESV owed Laurus more than that...around $46M plus fees and penalties.
Blast had acquired a company that had 5 oil rigs contracted with 2 NYSE drillers. Within 3 weeks after the acquisition, the 2 drillers breached the contracts without cause just because it is thought they got a better deal with someone else. BESV/Blast was unable to pay the note to Laurus so they declared Ch11. After that, Laurus took back the 5 rigs and sold them to others. They extinguished the $46M+ debt and Blast was able to emerge from BK debt free 13 months later.
In NCEY's case, Laurus could do something similar because right now O&G is so hot. There must be a ready market for NCEY's assets including lease, contract services, and chattel.
The big unknown for NCEY is how much is owed to additional creditors for past goods and services. Now that they've officially filed in Federal Court (The same one as BESV did) then the creditors must get in line.
Within 3 days NCEY must file an 8K giving more information. A copy of the bankruptcy petition should be available also to get a better idea of how deep this goes.
When it does come out...let's see what NCEY says about the possibility of share cancellation because that is critical to the commons. It is just my opinion...but NCEY is not attractive as a company to take private so that option, which would completely screw the shareholders, will be off the table.
One thing that there is no doubt about...DeStefano has known that this day was coming for many months IMO. There might not be any form4s filed...but you can be dang certain that all of his friends and family sold their shares into the big pop after those juicy PRs were announced 20May and 12June. Shyster.
JMOs...
Flatsixer
Blast had acquired a company that had 5 oil rigs contracted with 2 NYSE drillers. Within 3 weeks after the acquisition, the 2 drillers breached the contracts without cause just because it is thought they got a better deal with someone else. BESV/Blast was unable to pay the note to Laurus so they declared Ch11. After that, Laurus took back the 5 rigs and sold them to others. They extinguished the $46M+ debt and Blast was able to emerge from BK debt free 13 months later.
In NCEY's case, Laurus could do something similar because right now O&G is so hot. There must be a ready market for NCEY's assets including lease, contract services, and chattel.
The big unknown for NCEY is how much is owed to additional creditors for past goods and services. Now that they've officially filed in Federal Court (The same one as BESV did) then the creditors must get in line.
Within 3 days NCEY must file an 8K giving more information. A copy of the bankruptcy petition should be available also to get a better idea of how deep this goes.
When it does come out...let's see what NCEY says about the possibility of share cancellation because that is critical to the commons. It is just my opinion...but NCEY is not attractive as a company to take private so that option, which would completely screw the shareholders, will be off the table.
One thing that there is no doubt about...DeStefano has known that this day was coming for many months IMO. There might not be any form4s filed...but you can be dang certain that all of his friends and family sold their shares into the big pop after those juicy PRs were announced 20May and 12June. Shyster.
JMOs...
Flatsixer
Flatsixer2@Yahoo.com
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