send strong objection to the BK judge
We should send strong objection. Relate facts from the various filings and PR news. I will recommend investors affected should be in Delaware court on OCT 22 at 11:00 am. Lone pine is trying to rip off common stock holders.
In the BK filing
total liabilities are 375 million and no asset value is mentioned.
As of June 30 2013 10Q filing total assets were $565,741,000 and liabilities were $402,338,000 with tangible assets of $163,402,000. Lone pine management has been mismanaging the company.
It seems before June 30 itself they had planned this out and most of the management sold their options for $1 and now entitled themselves for more then one million for leading Lone Pine to bankruptcy.
Only best thing is some OIL and Gas company like Chevron , Exxon or south Asian sees value and provides alternative bid. We should recommend the judge to get alternative bids from oil and gas companies.
Case no: 13-12487
Judge: Respected Judge Brendan Linehan Shannon
U.S. Bankruptcy Court
District of Delaware (Delaware)
Bankruptcy Petition #: 13-12487-BLS
824 North Market Street, 3rd Floor, Wilmington, Delaware 19801
