Replies to post #449 on ATPG Senior 11.875% 2nd Lien Bonds (fka ATPG.GE)

[56Chevy]

I think what the Judge is looking for is a "POL" Plan of Liquidation as opposed to a "POR" Plan of Reorganization because there isn't anything left to "reorganize". Therefore any dreams of stocks being issued are just that - dreams.

The sale transaction was, in effect, a sub rosa plan that effectively bypassed the Bankruptcy Code’s important disclosure and voting requirements.

The Sale, if approved, leaves very little to liquidate. I don't know what it would cost to reverse the shut-in wells at Gomez but I'm guessing it's may be alot more than anyone is willing to put up.

The sale hasn't been blessed yet so we don't know what will remain if anything.

I expect a POL.

[Enterprising Investor]

DIP Lenders provided cash to pay other claims.

Expect the cash to pay mostly post-petition claims, pre-petition priority and administrative claims.

I would not expect any meaningful recovery for 2nd Lien Bondholders or anyone else.

Stock issuance would require some form of capital raise.

Expect a POL. Why? There has to a mechanism to fund Gomez liabilities.