I wonder if Tracey Thom had a chance to talk to him. Never mind... Gold Corp needed a 51% controlling interest to do a deal last year. You have to admit, those Barrick Gold engineers were correct about Allied Nevada shuttering things down in July 2015.
flanders.automation • Nov 25, 2014 12:33 PM
She did mention 1 share of GG for every 5 shares of ANV but that was 2 weeks ago when both companies were trading lower. When I questioned majority ownership, she said the conditions for the exchange required ANV to own a minimum of 51% of the shares. My rough figures show that Hycroft could be fully funded with as little as 30 million shares.
Albert Alfonso- SA Sep. 2, 2015 1:08 PM ET
PGH slashes its dividend 83%.
The new dividend will be $0.01 per quarter, down from $0.02 per month ($0.04 versus $0.24 annually).
This cut has to do more with the long-term than anything short-term.
PGH is actually generating very healthy levels of cash flows.
However, the company is preparing for a $40 per bbl oil future.
Pengrowth is simply preparing for the worst. Cutting the dividend is a response to lower oil prices and its own weak share price, not due to anything wrong with its cash flows. The hedge book will protect the company through the end of 2016. After that, FFO will fall considerably if oil prices stay near $40 per bbl.
However, that would really be an unlikely nightmare scenario. Most analysts believe crude oil prices will recover by 2016. Indeed, FFO should actually stay flat through 2017 if oil prices stay above $65 per bbl.
Seeking Alpha with a timely downgrade
Iamgold's (NYSE:IAG) credit rating is downgraded further into junk territory, to B from B+, at Standard & Poor's, which cuts its average gold price assumption for the next two years to US$1,150/oz. from $1,200.
S&P says it expects IAG’s adjusted debt-to-EBITDA ratio will remain above 5x, which could further cramp the company’s ability to borrow money.
The ratings agency says that while its reduced gold price forecast is modest, IAG’s credit ratios are highly sensitive to small changes in gold prices, particularly on the downside.
S&P also notes IAG has “limited operating diversity” and currently relies on two mines - Essakane and Rosebel - for the vast majority of its production and earnings.
Opec is concerned by the drop in oil prices—trading near multi-year lows—and is ready to talk to other producers, an article in an OPEC publication issued on Monday said.
"Today's continuing pressure on prices, brought about by higher crude production, coupled with market speculation, remains a cause for concern for OPEC and its members—indeed for all stakeholders in the industry," the commentary in the latest OPEC Bulletin said.
The Organization of the Petroleum Exporting Countries renewed its openness for dialogue with other producers. OPEC has refused to cut its own output without help from outside producers such as Russia, which have also declined to lower supply.
Zero Hedge - For the 3rd day in a row, crude oil prices are spiking as the short squeeze morphs into a war premium. Heberler reports that Saudi ground troops have entered Northern Yemen and seized control of two areas in the Saada province. WTI is now above $45...
Order Regarding Motion for Leave to Amend Subpoenas and Request for Signature from an Officer of the United States Bankruptcy Court. (related document(s)479, 817) Order Signed on 8/28/2015
Brian Tuttle's subpoenas are directed to be issued addressed to Computershare, which were filed in Docket 817.
Lemetropole cafe snippet...
We can now add things like NIRP and Saudi invasions of Yemen to the list of things which will only produce a 1% gold rally. Gold traded somewhat above 1% for about 1 ½ hours this morning but at the end of the cartel day it was all about control and MOPE. Nothing like getting the London close out of the way to effectively snuff yet another promising rally. Circled number said $1133.80 was where the gravitational pull would occur and as of 12:45 PM it’s been hovering right around that tick for over an hour. It’s the usual nauseating cartel rigging in full glory.
Bullish things that happened this week for gold:
*Chinese stock crash.
*Chinese liquidating U.S. Treasuries.
*U.S. stock crash, largest weekly equity outflow on record.
*U.S. dollar crash.
*Fed suggestion of NIRP.
*Saudi invasion of Yemen.
POG at the beginning of the week: $1160
POG at the end of the week: $1133
Is there anybody in their right mind who could still believe this a non-manipulated market? Gold declined $27 because of the above bullish developments? This "ain’t" over by a long shot. No doubt the Fed Jackson Hole meeting was another reason for any gold uprising being a huge no-no. You can’t have gold showing up the puppet masters during their luxury pow-wow. Next week may be another throw away but post-Labor Day will be key for gold’s chances. It’s definitely primed and ready.
Allied Nevada has over $3 Billion of gold & silver in the ground...$299m on the waste pads. Ever wonder why someone would try to steal it?
Dave Kransler - I was exchanging emails with “Doc” of SilverDoctors and SD Bullion about market conditions today. I wanted to share what he said about the silver market today:
That said, this market is insane right now. We’re seeing an easy 8-10 fold increase in order volume and sales. Premiums have moved big time in the past 24-48 hours…looking like my forecast that we could be looking at 2008 style premiums in the metals could be in the bag if we get any further price weakness below $14…
…things finally went nuts today. Wholesalers and mints raising prices and extending delays by the hour, and to quote the head of one of the largest precious metals trade desks in the US: “we just cant get people to stop buying silver!”
bjsedco702 - she may have. I imagine she has to read thousands of them and wouldn't remember particular docket numbers. Is your impact statement sent directly to her or the court?
The paragraph below from that letter, is a great example of what's wrong with the Steven Jones creative accounting models in this case.
Mr Leclair, your company, is representing the Official Committee of Equity Security Holders of Allied Nevada Gold Corp, as appointed by the US Trustee. As the motion attached states, $1.1B in assets has been written down in 6 short months. A valuation for the debtors by Moelis and Company, which stated that the companies enterprise value was now between $200m-$300m, also states that the valuation was not done in accordance with US law and they even wrote in a 'get out clause' to their own valuation that it was - and I quote - ' not necessarily indicative of actual value, which may be significantly higher or lower than the estimate herein '. Seriously, who makes a valuation and then puts in a sentence such as this one?
cartman...you're putting the cart before the horse ( no pun) intended. The letter to Leclair may go in the trash. The one's to the FBI and DOJ go into an electronic file.
Did you know Ms. Patton hadn't had the chance to read docket 819. She was in court that day.
The Leclair lawyers were "supposedly" doing what the EC members instructed them to do. It would have been nice to know, Mr. Anderson was back as a non voting member on the EC. It is rumored, he gave Leclairyan the keys to the EC
Banks have been able to committ all kinds of fraud and get away with paying fines. Has it gotten so bad, company managers now have the green light to make false statements to shareholders and the public. Was insider trading still illegal. If she reads docket # 819 attached to an email that was sent to her, it will help the US Trustee understand why shareholders are so upset.
You have to admit, they came very close to wiping this whole thing under the rug. Brian Tuttle and 20+ shareholders in an Ad-Hoc committee, will at least get their say in court. If docket 819 is read, it's a no-brainer that probable cause for an investigation is there. They will not disclose if there is an investigation or not. bjsedco702 has the right attitude. Shareholders are frustrated, but there were too many crimes in this BK. Too many are in the know now. Steven Jones creative accounting, is just that.
"The valuation was not done in accordance with US law and they even wrote in a 'get out clause' to their own valuation that it was - and I quote - ' not necessarily indicative of actual value, which may be significantly higher or lower than the estimate herein '. Seriously, who makes a valuation and then puts in a sentence such as this one"?
The letter was larger than the 3000 character field allowed by the FBI tip link.
They accepted the link to the post with the portion of the letter it would accept. A letter of that caliber, needs to be seen by the authorities.
Janice B. Grubin one of the EC lawyers worked both the Enron and MF Global scams
She has been involved in cases of national significance, including: MPM Silicones, LLC; MF Global; Patriot Coal Company; Chemtura Corporation; Delphi Corp.; Quebecor World (USA), Inc.; Dan River Holdings, LLC; Fortunoff’s; Enron Corp.; The Singer Company N.V.; Keene Corporation; Public Service Company of New Hampshire; Zale’s; R.H. Macy’s & Co., Inc.; Merry-Go-Round Enterprises; and Adelphia Communications Corporation.
(3) herein '. Seriously, who makes a valuation and then puts in a sentence such as this one?
Sir, in conclusion I am writing to you to ask you to personally intervene, and ask some searching questions of your legal team. This bankruptcy is disgusting, immoral, corrupt, and further is being allowed to happen and indeed is being assisted by your legal team acting in collusion with debtors counsel Akin n Gump. I understand Leclairryan has recently opened an office in Delaware, may I remind you, your companies reputation is at stake here. The internet is a useful tool to research cases such as this, and actions such as those witnessed in court today by your attorneys supposedly representing an Equity Committee in a bankruptcy case are easily searchable.
I look forward to your response, I will also be observing very closely the actions of the attorneys representing the EC. I suggest they start acting as if they are representing the EC and not the debtors. This will not go away. You should be aware that the debtors board of directors have already been reported to the US Trustee, the SEC and the FBI. I also note that several other shareholders have now reported Leclairryan to the same bodies, due to their absolutely stunningly inept performance in court today.
Mr Leclair, you have one chance here, I suggest you take it,
(2) Another example of poor legal representation may be the withdrawal of an objection to Extend Exclusivity from the debtors (docket 877 - Prime Clerk). If one reads the initial objection from Leclairryan (Docket 670 - Prime Clerk), one would have to ask the question why withdraw the objection? What has changed? By withdrawing the objection, the path is laid open and clear for the debtors to be the only ones allowed to file a Plan of Reorganisation. Surely a legal team representing the interests of the EC would be in favour of, as Docket 670 suggests, allowing more than one POR to be seen by the court in an attempt to recover Equity for shareholders.
Fortunately for Equity shareholders such as myself, the Hon. Judge Mary Walruth read the motion filed pro se by Mr. Brian Tuttle, (Docket 820 and attached to this email). Fortunately she is not colluding with Akin n Gump, debtors counsel or indeed with anyone else, but is in fact presiding over a fair and honest and transparent court. This motion will be heard by the court on September 11th 2015 in the court for the district of Delaware. Debtors are now feverishly scrambling for cover as they attempt to answer the very serious and substantiated allegations by Mr Tuttle regarding Insider Trading, share price manipulation, false testimony, and the many more questions posed in the motion.
Mr Leclair, your company, is representing the Official Committee of Equity Security Holders of Allied Nevada Gold Corp, as appointed by the US Trustee. As the motion attached states, $1.1B in assets has been written down in 6 short months. A valuation for the debtors by Moelis and Company, which stated that the companies enterprise value was now between $200m-$300m, also states that the valuation was not done in accordance with US law and they even wrote in a 'get out clause' to their own valuation that it was - and I quote - ' not necessarily indicative of actual value, which may be significantly higher or lower than the estimate
Richcc71 My letter was addressed to the CEO of Leclairryan. Gary Leclair.
I copied in the attorney who was in court for them yesterday, Gregory Mascitti and also Janice Grubin.
Friday, 08/21/15 03:22:11 AM
It is with regret I pen this letter to you regarding the conduct of some of your attorneys, namely the professionals assigned the case noted above, Allied Nevada Gold Corp, currently in Chapter 11 bankruptcy in the court for the district of Delaware.
In order for you to fully understand the implications and severity of this email, I suggest you read the attached document. This document is a pro se filing by one of the shareholders. The motion filed was today upheld by the Hon. Mary Walruth, and will be heard on September 11th, in the court for the district of Delaware.
Firstly, a brief background to put you in the picture. Leclairryan were appointed legal counsel for the Official Committee of Equity Security holders of Aliied Nevada Gold Corp. Your company took over the role of representing the EC from Susman Godfrey amid conflict of interest speculation. The US Trustee for the district of Delaware appointed an Equity Committee for the Chapter 11 bankruptcy case 15-10503.
An omnibus hearing took place in court yesterday 20th August, Judge Mary Walruth presiding.
It is apparent from recent filings by Leclairryan that they are in fact acting in collusion with debtors counsel. Recent filings suggest they are not acting in the interests of the EC and the shareholders they represent. I am incredulous at how for example your attorney, Gregory Mascitti can state to the court that the request in the pro se motion (attached document) for an examiner to investigate Insider trading claims is not necessary as an investigation has already been carried out. Really, by whom? One would have thought that legal representation for the EC would encourage an independent investigation into these claims.
horsehair...they tried to throw Brian Tuttle under the bus, but the judge agreed with him. Maybe she read doc 819 and agrees the smell was overwhelming.
It's amazing that allied Nevada needed some of the highest dollar law firms in the country. Now we know why.
He had one when he was working for Nixon Peabody LLP
Nixon Peabody LLP is a Global 100 law firm, with more than 600 attorneys collaborating across major practice areas in cities across the
U.S., Europe and Asia. Wikipedia
Headquarters: Rochester, NY
Number of attorneys: 700
Number of offices: 16
There seems to be no need for an examiner according to the EC lawyers?
Greg stood up in Court and sided with the Debtors that my motion to appoint an examiner should be pushed back till the confirmation Hearing in October. He told the judge the Equity Committee investigated insider trading and there was nothing there.
So you know the confirmation Hearing would make the examiner moot as an examiner cannot be appointed after confirmation.
Too bad the Judge agrees with the Ad Hoc Committee.
THE SOONER THE BETTER
BUSH INDUSTRIES, INC.
UNITED STATES BANKRUPTCY COURT WESTERN DISTRICT OF NEW YORK --------------------------------------------------- In re BUSH INDUSTRIES, INC. 04-12295 B Debtor
NIXON PEABODY LLP
William S. Thomas, Jr., of counsel
Gregory J. Mascitti, of counsel
Clinton Square P.O. Box 31051
Rochester, New York 14603
Attorneys for JP Morgan Chase Bank
as Agent to the Debtor’s Secured Lenders
AKIN GUMP STRAUSS HAUER & FELD LLP
Michael S. Stamer, of counsel
Abid Qureshi, of counsel
Tess H. Autrey, of counsel
590 Madison Avenue
New York, New York 10022
Attorneys for DDJ Capital Management
Nixon Peabody LLP
1100 Clinton Square
P.O. Box 31051
Rochester, New York 14603
The court has considered all of the other objections to the plan and
finds them to be without merit. Nonetheless, for the reasons stated herein,
the court must deny confirmation of the plan in its present form.
Dated: Buffalo, New York _________________
September 16, 2004
And just like that...VP of Investor Relations is project manager of the demonstration plant and must make sure that the plant complies with federal and state environmental laws.
flanders.automation.• Nov 25, 2014 12:33 PM
She did mention 1 share of GG for every 5 shares of ANV but that was 2 weeks ago when both companies were trading lower. When I questioned majority ownership, she said the conditions for the exchange required ANV to own a minimum of 51% of the shares. My rough figures show that Hycroft could be fully funded with as little as 30 million shares