ATP Oil & Gas Pref Shares fka ATPGQ

[56Chevy]

I hadn't but EI called me late last night to tell me about it. I've been awol from Ihub for the most part the past week or 2 as other commitments and some family health isuues have taken priority.

In a nutshell the debtor hasn't lived up to the agreements in the DIP financing so the lender wants the agreement amended. I see a heavy emphasis on what happens (and when it will happen) should the Debtor default on these new terms.

Events of Default. Add as Events of Default (i) failure to achieve commercial operation of the MC 942 S-Sand by January 2, 2013, and (ii) failure to achieve commercial operation of the Clipper Project by March 1, 2013.

The DIP lender has the power to force a sell off of the business if targets aren't met.

This is serious. It's fish or cut bait time for management.