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ATP OIL Message Board

  • bnwild56 bnwild56 Jun 20, 2013 5:40 PM Flag

    Credit Bid Should Be Rejected Because It May Impermissibly Result in DIP Lenders Collecting More Than Full Amou

    ""Furthermore, the DIP Lenders assert that the value of the Assets is
    inherently speculative and therefore justifies the discounted price at which they are being
    purchased. This reasoning, however, proves the opposite: the speculative nature of the Assets,
    including the estate’s litigation claims against the DIP Lenders and other NPI and ORRI interest
    holders (in their capacities as holders of such interests) and other parties, may, in fact, result in
    the DIP Lenders receiving more than a full recovery on their claims (which the reserve reports,
    in fact, suggest is highly probable). This result is particularly untenable in light of the fact that
    junior stakeholders will receive no recovery and will be left to deal with substantial estate
    liabilities.
    28. In addition, unsecured creditors should have an unqualified right to
    receive proceeds of any litigation. See McFarland v. Leyh (In re Tex. Gen. Petroleum Corp.), 52
    F.3d 1330, 1335-36 (5th Cir. 1995) (“‘[T]he proceeds r""

    THE DIP guys are gaming the system re; ""which the reserve reports,
    in fact, suggest is highly probable). This result is particularly untenable in light of the fact that
    junior stakeholders will receive no recovery and will be left to deal with substantial estate""

 
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