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Post by snortdd on Mar 13, 2015 6:19:52 GMT -7
There is no longer any need to speculate or hope that the SISP outcome might be favorable for us.
It appears that we investors in GasFrac common shares are to receive nothing.
The only mystery remaining now is who is acquiring the company- but that is strictly academic.
This is a very sad day for all of us who have lost so much- individually and collectively. It is also a sad day for all of the fine GasFrac employees who have lost their jobs and income.
I am very sorry that the dreams we had for the success of GasFrac have not been ealized. I truly believe that everyone at the company was working very hard to make those dreams come true, but the confluence of market events, customer activities, and financial realities made that impossible- despite their best efforts.
My sincerest condolences to everyone here who road this out until the end. We all had very high hopes and it's very disheartening to have those hopes banished- in addition to suffering significant financial losses.
We now go from where each of us finds ourselves at this moment. Many of us made big mistakes and have our respective losses to deal with, but hopefully we have all learned a great deal and can use those lessons to avoid similar mistakes in the future- and to make wiser, rewarding investments.
I enjoyed the discussions that we all participated in on this very well-moderated and very civil forum, and I thank everyone for their inputs. I learned a lot about the industry as a result.
Special thanks to Gonfish for setting up this forum, and for the excellent work he did to maintain it. You did a great job, Gonfish, and I'm certain we all appreciate your efforts.
Good luck in the future, and best wishes to everyone.
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Post by cher on Mar 13, 2015 7:02:44 GMT -7
Well said, Snortdd!! I too wish us all the best in the future and have been glad for this forum. I thank everyone here for the discussions that have allowed us time to absorb the fact that we have lost ALOT of money. Thank you to all and best wishes. Lesson Learned.
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Post by oilgashappy on Mar 13, 2015 16:25:26 GMT -7
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Post by charbsey on Mar 13, 2015 16:58:19 GMT -7
The Company, with the assistance of the Monitor, has selected a bid which it believes will achieve the highest recoveries for all stakeholders in accordance with the Court directed SISP. Details of the bids received and the Monitor’s analysis thereon are contained in the Confidential Supplement to the Third Report (the “Confidential Supplement”).
Why is everyone sad?
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Post by charbsey on Mar 13, 2015 17:00:56 GMT -7
The Monitor considers the Transaction to be fair, reasonable and in the best interests of the Company, its stakeholders and creditors, including PNC. 23.
clear to me that all stakeholders will receive
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Post by viprgtsr on Mar 13, 2015 17:06:44 GMT -7
The Monitor considers the Transaction to be fair, reasonable and in the best interests of the Company, its stakeholders and creditors, including PNC. 23. clear to me that all stakeholders will receive The key is that the CFO made a comment indicating that the only creditor that may not recieve everything are the holders of the unsecured debentures. Unfortuntely, unsecured debentures are more senior than equity and thus get paid first. Therefore, if there is a chance that these people may not receive all of their investment, then there is an equal chance that investors will recieve exactly nothing/zip/zero.
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Post by oilgashappy on Mar 13, 2015 17:11:42 GMT -7
There is a projected C$5M of account receivable on April 3rd. AR is not part of the sale process. Do the bondholders have a claim on this AR?
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Post by charbsey on Mar 13, 2015 17:26:23 GMT -7
unsecured debentures are far most un informed about what is happening with the company financial issues. As in a court, aren't we perfected in some ways ? I am sure we will receive a new share for the new company.
lets have some faith SnortDD !
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Post by charbsey on Mar 14, 2015 13:26:36 GMT -7
e) it will result in the repayment of the Company’s secured debt, the validity and enforceability of which is currently being reviewed by the Monitor, and it is expected that all trade and unsecured payables of GASFRAC’s operating subsidiaries will be paid in full with the balance paid to the holders’ of the unsecured debentures of GESI (the “Bondholders”); and f) the amount paid to the Bondholders is higher under the Transaction than under the other bids received.
it says ALL trade unsecured payable paid in full
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Post by cher on Mar 15, 2015 11:28:58 GMT -7
If the bondholders are not going to get full payment, then there is nothing left for stockholders plain and simple. The bondholders come before stockholders. Per Ms. Hill's Affidavit of 3/9/15: Item 7: ..."The only party not currently contemplated to receive full payment are the subordinated unsecured debenture holders." We are not even in the picture.
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Post by charbsey on Mar 15, 2015 12:47:40 GMT -7
Currently not contemplated. how many more reports shall we see.
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Post by zukicow67 on Mar 17, 2015 14:36:22 GMT -7
Looks like Step Energy (privately owned) based in Calgary bought Gasfrac...
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Post by charbsey on Mar 17, 2015 15:17:32 GMT -7
Zukicow67 , how do you know this?
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Post by zukicow67 on Mar 17, 2015 16:04:37 GMT -7
Talking to some people in Red Deer, Step was at the gasfrac shop today and said as much. The other frac company managers in Red Deer also back this up. Don't know for how much it sold yet but rumor has it the CFO was in Canadian court yesterday and is heading to the USA for tomorrow to finish the deal. Unsecured creditors get 100 cents on the dollar apparently, debenture holders get nothing so depending on the sale price, the shareholders might get something...
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Post by treefarmer on Mar 18, 2015 6:30:24 GMT -7
I am not sure about how this would work but what if Step Energy wanted to go public and purchased gasfrac for that purpose. I have seen this happen in the past but was not part of the how, who and why.
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