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Post by chip6a on Mar 10, 2015 7:44:14 GMT -7
I totally agree with you, but on the other hand I think Julien has enough pull to make things happen. Time will tell and we do need to stop speculating. Right now no news is good news.
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Post by viprgtsr on Mar 10, 2015 7:49:16 GMT -7
I totally agree with you, but on the other hand I think Julien has enough pull to make things happen. Time will tell and we do need to stop speculating. Right now no news is good news. I agree, Balkany has the pull to do this. In fact, I think if the old management were still here, they would have kept selling equipment to keep the lights on. This is what destroys shareholder value! I think Balkany may have decided (through analysis, because he knows how to do this), that to maximize shareholder value, he needs to go ahead and default now and thus stop the insanity of selling equipment. Some tough decisions had to be made if there is not a reasonable chance that this company can pull out. This is the reason I feel asset value still exceeds debt.... because this decision was made, not forced.
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Post by snortdd on Mar 10, 2015 9:12:23 GMT -7
I totally agree with you, but on the other hand I think Julien has enough pull to make things happen. Time will tell and we do need to stop speculating. Right now no news is good news. I agree, Balkany has the pull to do this. In fact, I think if the old management were still here, they would have kept selling equipment to keep the lights on. This is what destroys shareholder value! I think Balkany may have decided (through analysis, because he knows how to do this), that to maximize shareholder value, he needs to go ahead and default now and thus stop the insanity of selling equipment. Some tough decisions had to be made if there is not a reasonable chance that this company can pull out. This is the reason I feel asset value still exceeds debt.... because this decision was made, not forced. You make some good points, VIPRGTSR. At the risk of sounding positive, we should remember that there was an offer of additional financing on the table when the CCAA process was undertaken, and also that the bidding process involved soliciting offers for other refinancing, reorganization, or partnership proposals, etc. We can't know what other offers or proposals might have been received, but the fact that a sale of the company was ultimately accepted- rather than refinancing, etc.- suggests at least the possibility that the magnitude of the sale price might have trumped any of the other potential offers or options- as far as getting something for common shareholders out of the deal. The acquiring company would have wanted to pay no more than absolutely necessary to buy GasFrac, but they were competing blindly against other bidders and other potential options for the company. If the buyer wanted the company badly enough, there might have been a good bid- intended to secure the deal. Only academic comments, and essentially worthless as far as our potential fate is involved. I fully expect to be burnt toast, myself.
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Post by dipstick on Mar 10, 2015 10:14:58 GMT -7
The company has publicly announced "Agreement for the sale of substantial equipment and related technology." Now, it is subject to approval by the court overseeing the process. Barring a very unlikely event the sale not going through on some technicality, it is OVER. Way past Balkany. I am embittered, but why couldn't/didn't they take additional financing offered, or issue more shares or somehow buy another quarter? particularly, with 2 contracts (Husky, Blackbrush) on hand and considerable work in process (Ohio well, Utah wells, Anticosti Quebec)...........I guess one will never know! How could management burn some $50m-$60m in few months with impunity.
New buyers will hire away some of the technical talent from Gasfrac and run the operation at 2x, 3x profit margins. Their profits come from doomed shareholders like me.
Oh, well. It came to this despite my due diligence. Turning every stone about the company. I am not a professional analyst, neither an illiterate. So,..............I attribute this loss to my destiny. Nothing could have saved it.
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Post by fastcarkid on Mar 10, 2015 11:17:43 GMT -7
The company has publicly announced "Agreement for the sale of substantial equipment and related technology." Now, it is subject to approval by the court overseeing the process. Barring a very unlikely event the sale not going through on some technicality, it is OVER. Way past Balkany. I am embittered, but why couldn't/didn't they take additional financing offered, or issue more shares or somehow buy another quarter? particularly, with 2 contracts (Husky, Blackbrush) on hand and considerable work in process (Ohio well, Utah wells, Anticosti Quebec)...........I guess one will never know! How could management burn some $50m-$60m in few months with impunity. New buyers will hire away some of the technical talent from Gasfrac and run the operation at 2x, 3x profit margins. Their profits come from doomed shareholders like me. Oh, well. It came to this despite my due diligence. Turning every stone about the company. I am not a professional analyst, neither an illiterate. So,..............I attribute this loss to my destiny. Nothing could have saved it. You are counting it all lost without waiting for the final accounting. Julian Balkany did not push this direction intending for a total loss. The results and communication from the company to stakeholders will come early APRIL as mentioned by the monitor in response to my personal email. Take a Valium and wait approx 1 month to get the actual facts. I for one am waiting on The FAT LADY to sing the closing scene, APRIL 2015 Days of discovery!!! IMHO as always
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Post by viprgtsr on Mar 10, 2015 11:53:37 GMT -7
The company has publicly announced "Agreement for the sale of substantial equipment and related technology." Now, it is subject to approval by the court overseeing the process. Barring a very unlikely event the sale not going through on some technicality, it is OVER. Way past Balkany. I am embittered, but why couldn't/didn't they take additional financing offered, or issue more shares or somehow buy another quarter? particularly, with 2 contracts (Husky, Blackbrush) on hand and considerable work in process (Ohio well, Utah wells, Anticosti Quebec)...........I guess one will never know! How could management burn some $50m-$60m in few months with impunity. New buyers will hire away some of the technical talent from Gasfrac and run the operation at 2x, 3x profit margins. Their profits come from doomed shareholders like me. Oh, well. It came to this despite my due diligence. Turning every stone about the company. I am not a professional analyst, neither an illiterate. So,..............I attribute this loss to my destiny. Nothing could have saved it. You are counting it all lost without waiting for the final accounting. Julian Balkany did not push this direction intending for a total loss. The results and communication from the company to stakeholders will come early APRIL as mentioned by the monitor in response to my personal email. Take a Valium and wait approx 1 month to get the actual facts. I for one am waiting on The FAT LADY to sing the closing scene, APRIL 2015 Days of discovery!!! IMHO as always All good points. I wish the shareholders were running this company from the start.
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Post by glasairx on Mar 11, 2015 7:12:20 GMT -7
here's one thing you all are forgetting. as one of the largest shareholders balkany will be put into a well placed role in what ever company has made the purchase. so while he holds common shares he also hold weight on where he ends up compared to someone who hold small change
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