Did FST holders get stock in Sabine? Does Sabine have publicly traded stock? Do you still have FST shares trading under FSTO? Did these fraudsters believe that NYSE would allow Sabine to get a NYSE listing via reverse merger, or did they expect to be suddenly delisted without mentioning it to stockholders?
NYSE to Suspend Trading Immediately in Forest Oil Corporation (FST) and Commence Delisting Proceedings
December 16, 2014
NEW YORK, December 16, 2014 – The New York Stock Exchange (“NYSE”) announced today that the staff of NYSE Regulation, Inc. (“NYSE Regulation”) has determined to commence proceedings to delist the common stock (the “common stock”) of Forest Oil Corporation (the "Company")from the NYSE. Trading in the Company’s common stock will be suspended immediately.
NYSE Regulation has determined that the Company is no longer suitable for listing. Pursuant to NYSE Listed Company Manual (the “LCM”) Section 703.08 (E), the NYSE is prohibited from listing the additional shares issued pursuant to the Company’s merger agreement (the “transaction”) with privately owned Sabine Oil & Gas LLC (“Sabine”) that was completed on December 16, 2014.
The aforementioned transaction was viewed to be a “back door listing” as defined in the NYSE LCM Section 703.08 (E), whereby an unlisted company proposed to combine with, or into, a listed company under circumstances which, in the opinion of the NYSE, constituted an acquisition of a listed company by an unlisted company. As of the close of the transaction on December 16, 2014, the resultant Company did not meet original listing standards pursuant to Section 102.01 of the LCM, as would be required in the case of a “back door listing”.
In addition, the Company had previously fallen below the NYSE’s continued listing standard in Section 802.01C of the LCM requiring listed companies to maintain an average closing price per share of not less than $1.00 over a consecutive 30 trading day period.
The Company has a right to a review of this determination by a Committee of the Board of Directors of NYSE Regulation. The NYSE will apply to the Securities and Exchange Commission to delist the common stock upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.
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Sabine is a affiliate of First Reserve and after first looking at First Reserve they are quite impressive. Digging further they seem to make all their affiliates "stand alone" and First reserve has "background" control and financing for said affiliates. First Reserve has a structure to be able to let any of the stand alones fail without impact on other company's they control, these guys are way above my head on their legal structure. But looking over their portfolio a 12-18 month 50's oil or a financial crisis will take out most of their company's one by one. These guy's are smart sharks! Beautiful structuring of assets, but it doesn't help Forest share holders. First Reserve is feeling financial "pain" or they would just buy out the bond holders of Forest!
I should have said bondholders to the tune of 850 million. If the fraudsters think the "BIG" boys are going to take this lying down the immediate NYSE delisting was a immediate answer just to start! Forest is a fraud company with "NO" cash and 850 mil. debt "bonds" outstanding and are now trying to defraud said U.S. bondholders. Forest will find it a lot different than defrauding Lone Pine shareholders in a Canadian court! This would set a new president for U.S. corporate bonds and that is "NOT" going to happen!
Hey dummy, Sabine is the #1 biggest owner of FST stock .. so I guess they, who bought the company, screwed themselves? Man your dumb!
Yes moron, it's obvious you can't read. What does the following mean to you dummy "... reducing transaction costs and interest expense by more than $100 million over the next three years
The combined company will have in excess of $480 million of liquidity at closing"
I sold out at $1.60 for a small lose. Hadn't removed it from my yahoo stock list and noticed it was not trading today. Only info I found was the S-8 until the market closed.
You really need to work on those apologies, your's isn't sounding very sincere. I've read the press release, so what is your point.
That was the spin off Forest Oil did that was a complete fraud now a private company with same intact management that took them into bankruptcy. Now you are starting to get the feeling of those LPR stockholders that lost millions.
Shades of GMXR LPR and soon to come LPR....