Yes, indeed. Had it not been for Charles making his earlier posts, I would not have known about the ad hoc committee or Hearing.
Time delays are unlikely, barring extraordinary reasons. This case was granted fast tracking status early on in the process and the Court specifically cautioned the Equity Committee to attempt to play the delay, delay tactic. Standing up the Equity Committee is extremely time critical and the Court charged the US Trustee to make it so.
Uniowner, The ruling for the Equity Committee predominately rested on the first 2 points I highlighted above...i.e.) the inappropriate & unprecedented inclusion of 3rd party releases w/i the RSA; and 2) the self-awarding of 8% Equity in the new company ...which are clear & direct actions that demonstrate a "divergence and conflict of interest" between Equity and management interests. The legal team for Equity successfully established this divergence (among of things) which I believe created the basis for the Court's ruling to stand-up an Official Equity Committee.
As to the 3rd point (insolvency), the Court also extended the Equity committee's ability to review and dispute the RSA’s reported Insolvency and EV valuations. I believe the Court allowed this additional Committee review (besides the Unsecured Creditor Committee (UCC)) due to strong supporting documents (provided by Equity petitioners) suggesting possible pre-petition company fraud (whether intention or unintentional). These company documents showed how management had publically reported EV in excess of $4B just weeks prior to the massive write-down of oil/gas reserve assets (i.e. $1.1B (ending 31 Dec 15); and then again at $700M (ending Mar 16). Moreover, it was ordered by the Court that the Equity Committee would not duplicate actions already in play by the UCC to evaluate RSA valuation via independent consultants (i.e. hiring own financial experts) to minimize costs to Debtor. This was truly a replay of the David and Goliath account and rested on only 3 witness testimonies from ordinary “ma and pa investors” and a team of 2 highly skilled (and selfless) lawyers who had been compensated over 3 times “less” than their 8+ counterparts who sat at the opposite table. A victory in deed, despite the ultimate outcome. Off to visit Space Center Houston. With that said, I end with… Houston, we no longer “have a problem”…at least for the day. Carpe Diem to all!
Yes, good news indeed. Texas is very hot and humid today, and justice was served. As far as Judge Isgur's decision being a reflection of whether "there may be enough equity to entertain making them whole," is not the case. This is still in dispute. But, at least there's the opportunity to be represented, and Equity will be able to retain the rights to exercise liability suits against corporate officials. The Court ruled against the third party releases from the RSA, as it is currently written. Also, the 8% management self-awarded equity can now be argued by the Equity Committee.
As far as the point regarding insolvency, and whether equity continues to exist in the current entity, this has yet to be determined ....and the Court did not make any determination on this issue. All the Court did today is to officially recognize the Equity Committee to review and give arguments regarding the "insolvency" issue going forward.
It was a hard day today, but now at least the door has been opened for Equity to have its' day in Court. The real challenge that I'm concerned about is whether the US Trustee can stand up an Equity committee in the needed time to prepare for and make arguments in view of the current fast-track calendar of hearings. Hopefully, the Court will allow the needed extension(s).
Agreed! What the heck...maybe I'll fire off another SEC complaint (what good that'll do).
Now with oil up to $50/barrel, one really has to question whether EXXI could service their existing debt without a complete wipeout of equity and unsecured debt. The whole thing is unbelievably rigged against the retail ma and pa investor... and if the Texas Bankruptcy Court allows them to get away with it, then kiss goodbye the investment credibility of the entire US Energy sector for decades to come. I'm starting to become of the opinion to let the Saudi's walk in and take over...personally, I think investing in their corporations may be more credible than our own US Energy market.
Per SEC Form 4, James LACHANCE, a director of Energy XXI Ltd (EXXI), sold 1,876,219 RSU shares of Energy stock at a price of $0.63/share on March 15th, 2016, totaling a value of $1,182,018…just one month preceding the Chapter 11 Bankruptcy announcement on 14 April 2016.
Does anyone think this a bit suspicious (or unethical)? IMO, a Chapter 11 determination had to have been in the works by mid-March ....simply because it takes at least a month to formulate and draft out (in writing) the details of such a complex, multi-partied restructuring plan, to include post announcement guidance to employees. I thought it extremely peculiar on how manaement was so "well prepared" with "complete" Restructuring information to both investors (and employees) via their website ....the very same day the announcement was made!!! JMHO
FYI. More excerpts from the "EMERGENCY MOTION TO APPOINT AN OFFICIAL COMMITTEE OF EQUITY" filed 06/02/16 ...
"2. Shortly before bankruptcy, Debtors’ management essentially created the perception of massive insolvency by downgrading their “Proved Undeveloped Reserves” (i.e. “PUDS”) to Probable Reserves and thereby creating a write down on March 31, 2016 of $2,670,900,000, or approximately 78% of the entire value of the enterprise. This was done notwithstanding the fact that prices bottomed during the week of January 18, 2016, at around $26.88 per barrel and increased to $37.99 per barrel by the end of March and have continued to increase to over $48 per barrel currently. “
“3. The creation of this perception of massive insolvency was apparently done in an attempt to justify management’s decision to eliminate all of the existing equity and give the vast majority of it to the second lien note holders who will then hire existing management to run the company without any disclosure of compensation other than the mention of an Incentive Plan where management can retain up to 10% of the equity in the Reorganized Debtors. “
“4. To make matters even more distrustful, the management team received a total of $16,381,202.95 in payments during the year preceding bankruptcy including $4,585,876.65 paid to the CEO, Mr. Schiller. A significant portion of these payments were for so-called “bonuses” and large unidentified “expense reimbursements” paid during the worst downturn in the history of the company. Further, it is clear from SEC records that a number of these officers and directors recently were shareholders in the Debtors, but their names do not appear on the List of Equity Holders. These include Mr. Schiller, Mr. Busmire, Mr. De Pinho, Mr. Menown, and Mr. Dupree. This leaves open a question as to whether these officers and directors sold their shares prior to the bankruptcy...."
FYI to all equity holders…Court has set a hearing on Emergency Motion to Appoint an Official Committee of Equity Holders [Docket #389] for June 15, 2016 at 10:00 a.m.
Strongly recommend reading EXXI Chapter 11 Case# 16-31928 Document 389 "EMERGENCY MOTION TO APPOINT AN OFFICIAL COMMITTEE OF EQUITY" filed 06/02/16 to the SOUTHERN DISTRICT OF TEXAS BANKRUPTCY COURT. Documents can be accessed via PACER.gov. Just a few excerpts …
“15. In summary, management has chosen to cram down the equity interests to zero. Every other constituency in this case is receiving something. The Debtors’ equity interests are widely held. Many of the shareholders are individuals who hold the stock in their retirement accounts. The circumstances under which they are being wiped out are strange to say the least....
a. Management arbitrarily wrote down the value of the assets creating the insolvency. To date, the Debtors have not produced a single document supporting the massive write down. In fact, the bankruptcy schedules do not contain any valuation even at cost. Rather, these assets are listed as a value of “unknown”. Exhibit G to the Disclosure Statement is supposed to contain a valuation. But it was not attached. The equity holders should at least be entitled to see and test the basis for the huge write down.
b. The same management team that created the write down took $17 million out of the company the year before the bankruptcy.
c. The same management team indicated in the 10-Q that it needed to amend the company’s business code of ethics to address conflicts of interest and insider trading.
d. The same management team is receiving broad general releases for all past acts.
e. Nevertheless, the same management team is going to retain an interest in the Reorganized Debtor through undisclosed employment and incentive plans, while other equity holders receive nothing. “
leekleys, I will be sending you an email. Thanks for all your spearheading efforts! Between both the bondholder and equity committees, maybe we can uncover what really happened behind closed doors...imO, the whole Chapter 11 restructuring plan (and events leading up to it) reeks of collusion. Now with the rebound in oil prices, and forecast of continued improvement, it seems to me that the Texas Bankruptcy Court really needs to CYA and tread carefully with all these pending Chapter 11 cases. IMO, the court really needs to thoroughly explore and question EXXI's ability to service its' current debt going forward ...and whether a complete wipe out of equity and unsecured bondholders is required.
I also believe management can reasonably discern the profiles of the 70 recurrences in the PRESENT interim trial data (i.e. who are among the vaccinated group versus control group). Since they SEE ALL THE NeuVax/Herceptin Combination Trial Data, to include knowing who is in the VC and CG; then it seems plausible to me that correlations and comparisons can be made across the two trial populations utilizing the "already known" blood CD8 T cell proliferation and DTH data in order to predict the identities of the 70 recurrences in the PRESENT trial (VG versus CG).
Agree roger...while grand indeed, sample is not sized at statistical confidence levels. But, definitely still good news.
Go To Completion = Collaborations and/or partnerships to further develop.
'...how republicans have not changed with the times." No argument from me, on that point!
IMO, both parties have remained comatose to the feelings of everyday, hard-working middle Americans, and its coming back to bite them in the #$%$! Both parties are totally responsible for this mess, causing this skewed power vacuum for other extremists like Sanders and Trump to emerge.
Does anyone really believe that this year's POTUS election has anything to do about nonwhites, whites, historical statistics, policy, economy, etc...? IMO, it has everything to do about finally reaching the "breaking point' with the majority of the American people with the current political "establishment' (both parties)... that has proven to be broken. While I'm not a Trump fan, I'm taking great pleasure in watching both political parties squirm (as they deserve) about the prospects of having to report to 'the Donald' as POTUS!
Excellent read, article entitled “Here’s what the departure of Saudi Arabia’s al-Naimi means for oil prices” dated 5/7/16.
Does anyone doubt that al-Naimi's involuntary relief strategically coincides with the roll-out of the Saudi governments bold reform plan to diversify their economy and wean off oil revenues? Re: US News article dated 25 April 2016, “Saudi Arabia unveils a bold reform plan aimed at weaning the country off its "addiction" to oil.”
IMO, the Oil Minister change out is a pivotal telltale sign that the Saudi’s are setting the stage to shift their pricing and supply strategies in order to finance and advance their Reform plan. To execute their economic diversification plan to wean off oil revenues, IMO they’ll need to somehow stoke the flames to generate greater profit margin (in the short-term) from their languishing oil producing market. What better way than thru tightening supply and short-term pricing initiatives. IMO, the failed Doha, Qatar conference last month in which major OPEC producers failed to reach a deal to freeze production was the last straw for the Saudi King and catalyst to firing al-Naimi.
The question to ponder is could this possible landmark shift in Saudi oil producing/pricing strategy impact oil prices going forward (and how fast); and whether it provides additional legal basis to question and closely examine EXXI’s proposed Chapter 11 restructuring plan (i.e. potential misrepresented Enterprise and Asset valuation and capability to service debt). Something definitely needs to slow down this Chapter 11 bamboozle train wreak.
neil, Thanks for the analysis!
In addition, per PII results, five-year DFS was 94.6% in "optimally dosed" patients (P = 0.05 versus the control group) versus 87.1% in sub optimally dosed patients... a huge beneficial difference of 7.5%. Clearly, "optimal dosing" is a crucial distinction between trials that skeptics conveniently dismiss.
Five-year DFS in the "mixed" control group was 80.2% (P = 0.08). For HER2 1+ and 2+ patients enrolled in the control arm, the 5-year DFS was significantly worst at 76.5% (versus 80.2%). Therefore, since the PIII trial focuses on low HER2 1+ and 2+ patients, I believe data will demonstrate an even greater robust immune response than PII results .
I just looked at the Tricare Express Scripts website and they do cover Afrezza with a non-active duty copay of $24/90-days (retail) or $20/90-days (mai lorder). You will need a preauthorization form signed by your doctor. The same applies for BCBS (Federal Employee Plan). The Walmart pharmacy tech doesn't know what he/she's talking about. Call up Tricare Express Scripts and share your negative experience.
Thanks for all your efforts and getting back to me. I sent the email you suggested to Attorney Rotherberg, requesting to be added to the list of stockholders.