The people bidding knew what was in the Sale... the problem for some of us was we didn't. Had we fully understood the Sale was for "all assets" some may have opted out back in January and salvaged some of their investment.
I don't see any changes to the Sale that would be enough to make a material difference for 2nd lien holders.
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The ATP BK sale has proven to me that there is a seismic shift underway for the entire O & G indsutry. I knew it was happening years ago when I went to a job in North Dakota and last year when I invested in a home builder and a bank in the Bakken..I just didn't know the emegence of shale activity would have this MUCH impact on off-shore companies.
The shift is away from off-shore E & P to on-shore E & P in a big big way.
Americas' heartland shale reserves and fracking technology changed everything. I'm not saying off-shore assets are "worthless"...but they are worth less and the dismal ATP bids reflected that.
Off-shore production costs are higher...the enviromental risks are higher...and I fully expect more off-shore O & G companies to go BK.
I don't like losing but I want to understand the REAL reasons it happened so I don't step on this rake again.
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