Our request for an equity committee was denied because, according to the US trustee, we didn’t present any evidence to show there was enough value in MHR for shareholders to be in the money. INEXS’ (the company MHR hired) valuation analysis was released in Docket 1141, one day prior to the court proceeding that approved the BK plan. It states, “To arrive at market valuation for undeveloped acreage INEXS relied on the following methodologies: (a) precedent transaction analysis, which separately includes an analysis of Antero Resources’ purchase of unproven acreage in May 2015 as a most comparable trade; and (b) hypothetical drilling analysis.” HOWEVER, THERE WAS A MORE RECENT COMPARABLE SALE IN APRIL OF THIS YEAR; Gastar Exploration received $8K/acre in Marcellus and Utica areas. Instead, INEXS’s valuation is based on a purchase by Antero in May 2015 and a hypothetical drilling analysis. Based on $8,000 per undeveloped acre that Gastar received, MHR’s undeveloped acreage in the same area would have been worth $576 M. INEXS analysis was based on the Antero sale from 2015 with low estimate $293 M and high $439 M. I had posted this info on our class action board, but Axel (group leader who called in at the BK hearing requesting an equity committee to represent shareholders) didn’t mention it. I don’t know if that info would have influenced the judge, but I now wish I’d been registered to call in and at least given it a try. By the way, Fred was the only other shareholder who registered to speak at the hearing. He phoned in and was unable to be heard (the court has a mute button!! LOL). All this is probably very boring to you, but I had to vent. And yes I know I should have sold my shares.
Hi - no I'm not! For entertainment now just following politics, etc. and enjoying life without unnecessary stress. Ha, I'm thinking of moving all my mutual funds to the Federated US Govt short-term bond fund if Trump is elected - at least initially. Take care!
Freight, good to hear from you! I hope you're right! Have you joined the MHRC google group? (Ha, I won't ask your identity)
According to the article from Law 360 that you referenced in a prior post: “Magnum Hunter Resources Corp. shareholders pressed Monday for the creation of an equity-focused Chapter 11 COMMITTEE to examine the company's value….”.
And you posted on Jan 12: “The selloff is interesting in light of a law firm representing stockholders has requested an EC, with input by a valuation firm. If EC is approved, stock should run.”
Just to make sure there’s not any misunderstanding, some shareholders have requested an equity committee be formed to represent their interests in a derivative class action lawsuit. Yes, those holding shares will be automatically represented.
Go to groups . google. cccoooommmm SLASH forum. Correct spelling and replace SLASH with / and delete spaces. Let me know if this has helped.
On the site (will attempt to post link in next reply) type MHR Class Action in the search box and select MHRclassaction1. Next click on MHR Class Action (words in purple) and you will be prompted to send a request to join the group. Then watch for an email from the moderator. He may request your name, address, class and # of shares with qtr & yr purchased prior to re-entering your membership.
We don't want to post all the emails on Yahoo where those who are opposed to our efforts, including MHRC employees, would be alerted to our activities. If you were deleted from the group because he didn't have all your info, if you want to be part of the group, please rejoin. I'll continue in a reply if Yahoo doesn't screen it out.
since you sent the moderator an email (make sure you didn't get a delivery failure notification) he has your email address and will respond to you. Yahoo will not allow me to complete this post so will continue in a reply.
taffy, the moderator dropped those for whom he didn't have the needed information per the trustee's instructions. Don't know if that applies to your case. The forum is working fine via emails - every member can participate and know what's happening.
geezer, I'm not the originator but I will try to help. Do you have an email account? After joining the group you need to have an email account so the originator can contact you and so you can communicate with us. Stack listed the email address in this thread, just add "come" at the end (delete the e). Some use yahoo, some use AOL, hotmail, etc. for emailing. The trustee has required each of us to include our name and address along with the class and number of shares owned. I hope you were able to follow up with that information; otherwise your name did not stay on the list.
Sorry houtextom2, I tried to post a disguised link but still got blocked by Yahoo. Hope you are able to find the group on google. You can also find a link on stocktwits; put $MHR in search box on that site to call up relevant posts.
You should be able to post okay. A few of us are having trouble viewing our post and the other messages posted by others. I googled The Google Group Quick Reference Guide but it doesn't address any troubleshooting. Ha, perhaps the forum cannot handle the large volume of traffic!
Mr. McGrath is an investment specialist; I previously thought he was an attorney. He has been fined twice for trading on inside information. However, if he has lost money in MHR, he’s in the same boat with the rest of us.
You can read a post about this on the old MHR board. On Nov 3, he posted a copy of an Oct 27 letter he and his “unnamed” partner sent to MHR requesting dialogue regarding the planned restructuring, since together he said he and his partner owned preferred, unsecured bonds and a small amount of commons worth, at that time, $2.5 million. His efforts were concentrating on investments in preferreds and unsecured bonds.
In his Yahoo post, he recommended others support Salazar in his efforts. I assume he felt if they had names of a large number of shareholders they could put pressure on MHR to follow their suggested steps to prevent BK. I don’t know how much support from shareholders or any institutional investors they got, but likely no number would have been enough as Evans probably already had his sight set on filing BK.
He posted on Google MHR Class Action: "hey all, I am going to hire an attorney to interject on preferred shareholder/my behalf. although I have lost millions of $$ on this fraud and can't keep the fight going that long, but I will hope that I can get the estate to pick up attorney's fee's for pref shareholders/ equity holders. I think pref shareholders should get newco equity and warrants and equity guys should get warrants on newco. I am also a bond holder so they should listen to me I hope."
I wonder why Mr. McGrath doesn’t wait to see if an Equity Committee is approved along with representation of approval for legal counsel ??
Sorry I don't know how long it takes because I'm not the owner of the site. Probably tomorrow sometime. Also I'm not sure Axel always replies to a post but he will count your shares for sure.
After posting a message, are you able to see it on the lists of posts? I'm not able to see mine. However Axel commented he was able to see my post.
It takes a little while to be approved on Google. If it's been more than a day, I'd apply again - don't know what happened. I don't know what you're talking about re Maria. I just searched her name, and she hasn't posted on Stocktwits since Aug 22.