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Post by zukicow67 on Mar 6, 2015 8:00:04 GMT -7
Just got this from newswire; "Further to TSX Bulletin 2015-0147 dated February 20, 2015, the common shares (Symbol: GFS) of the Company will now be delisted at the close of business on Friday March 20, 2015 for failure to meet the continued listing requirements of TSX. The common shares will remain suspended from trading". I too believed that Balkany seemed to know what he was doing...
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Post by chip6a on Mar 6, 2015 8:03:53 GMT -7
You aren't the only one that lose a bunch I mean thousands and thousands and thousands I can keep going. I still think it was the management and not the technology that brought us down. Balkany invested because of the technology that's why he was the largest shareholder. Just a few more weeks and we will find out. We have him on our side.
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Post by snortdd on Mar 6, 2015 8:14:58 GMT -7
In my view, this is an arbitrage play for Balkany. Plain and simple. If that is the case, then his exit plan should have projected that liquidation would bring more for the assets than what the market valued these assets. This, among other ideas, I cling to because otherwise this man (and me) lost a whole bunch of money on a really big gamble. It may not have started as an arbitrage play for Balkany, since he may not have known about the subsequent two devastating quarters that resulted in such huge loses before he made his move to influence the company, and he probably didn't anticipate the crash in O&G prices (unless he's a lot smarter than most) but he is certainly in an arbitrage situation now (along with us all). Those loses, and the market declines, seriously diminished whatever the value calculation might have been when he invested. I believe he had some other motivations, initially, but that's all academic at this point.
Let's hope he makes a few bucks in the end.
In keeping with my new totally uber-negative attitude, outlook and expectations, I expect to be burnt toast: drawn and quartered, and hung out to dry by my spouse- who also invested here as a result of my great excitement and perennially positive expectations regarding GasFrac's potential.
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Post by snortdd on Mar 6, 2015 8:23:33 GMT -7
You aren't the only one that lose a bunch I mean thousands and thousands and thousands I can keep going. I still think it was the management and not the technology that brought us down. Balkany invested because of the technology that's why he was the largest shareholder. Just a few more weeks and we will find out. We have him on our side. Maybe when this is over we can have a final thread, "Biggest Losers" and share just how much each of us may have lost, chip6a. That could be WAY FUN and somewhat cathartic for us, eh?! Just as a teaser- who's down for more than $100K? We could call them the "100+ Clubbers", or "6-Dig'ers", and award them with toy GasFrac bulkers.
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Post by chip6a on Mar 6, 2015 8:42:40 GMT -7
snortdd I start the club well over $100K
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Post by snortdd on Mar 6, 2015 9:12:17 GMT -7
snortdd I start the club well over $100K Congratulations, chip6a! That would certainly qualify you for a toy GasFrac bulker if we are totally busted. (We may need at least 2 of those.) Maybe the "biggest loser" should get some toy GasFrac HP, too. We can sort that out later when we all 'fess-up to our potential total loses, and establish the appropriate pecking order.
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Post by dipstick on Mar 6, 2015 10:16:05 GMT -7
Gasfrac website shows only two directors: Balkany and Robert McBean...........fyi. they will try to squeeze out as much (director's) compensation as possible, which may still be far under $6m Balkany invested
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Post by treefarmer on Mar 9, 2015 3:30:54 GMT -7
The Parker well pad is active with Gasfarc, per a post on gomarcellus just a few hours ago. I am telling you that one of the 8 players involved in the original Nettles well is the buyer. The volatile oil window of the Utica is a massive play. It has close proximity to major metropolitan areas and has decades of oil and gas production infrastructure from the old clinton wells (easily upgraded), and there is an oil refinery in Canton, OH (in the Northern tier of the window). It was no coincidence that the Gasfrac tankers were moved off the Nettles well pad on the same day as the announced sale, now they are busy at the Parker well. Does this help the shareholders remains a question but these are positive signs for them, and the landowners of the Ohio valley. gomarcellusshale.com/forum/topics/gasfrac-using-butane-mineral-oil-to-frack-utica-well?commentId=2274639%3AComment%3A666057&xg_source=msg_com_forum
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Post by oilgashappy on Mar 9, 2015 4:57:17 GMT -7
I'm afraid, we the shareholders are a day late and a penny short
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Post by cher on Mar 9, 2015 7:29:07 GMT -7
Gasfrac 1/15 Press Release: "board of directors of the Corporation determined that it was in the best interests of the Corporation and all of its stakeholders to file for an application for creditor protection under the CCAA" Investopedia: "Shareholders are stakeholders in a corporation, but stakeholders are not always shareholders. A shareholder owns part of a company through stock ownership, while a stakeholder is interested in the performance of a company for reasons other than just stock appreciation." So are they looking after our best interests? ??
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Post by viprgtsr on Mar 9, 2015 7:51:02 GMT -7
Gasfrac 1/15 Press Release: "board of directors of the Corporation determined that it was in the best interests of the Corporation and all of its stakeholders to file for an application for creditor protection under the CCAA" Investopedia: "Shareholders are stakeholders in a corporation, but stakeholders are not always shareholders. A shareholder owns part of a company through stock ownership, while a stakeholder is interested in the performance of a company for reasons other than just stock appreciation." So are they looking after our best interests? ?? Cher...yes. "Stakeholder" is a very general term but in this case it means anyone that has some sort of ownership. This can be shareholders (equity holders), debt holders (banks, vendors, AP accounts). The shareholders are among the stakeholders. The court makes a decision that is fair for all stakeholders, debt holders and equity holders. Balkany is a common shareholder just like us, so he is certainly on our side because he stands to lose a lot as well! He is on our side, period.
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Post by snortdd on Mar 9, 2015 8:46:12 GMT -7
VIP: "The shareholders are among the stakeholders. The court makes a decision that is fair for all stakeholders, debt holders and equity holders. Balkany is a common shareholder just like us, so he is certainly on our side because he stands to lose a lot as well! He is on our side, period."
In an attempt to spin this as negatively as I can, it needs to be repeated (and VIP and others here are aware of this, of course) that shareholders are at the bottom of the pecking order when it comes to recoveries in a BK proceeding. Shareholders will only recover something if the sale involves a large enough price to pay all other stakeholders first. Whatever might be left (if anything), is then distributed to holders of the common shares. All we can really hope for is a good selling price that reflects the current value of the business, IP, and future prospects and exceeds the company's liabilities. (See VIP's estimates for ballpark numbers)
Balkany is a common holder. But if the sale price is insufficient to reward common shareholders, then he is toast as well. Black, smoking, burnt toast.
Only time will tell this story, as the suspense continues...
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Post by dipstick on Mar 9, 2015 9:37:16 GMT -7
I held on to the shares and added from time to time, one of the justification being Balkany involvement. Now, looks like he is set back $6m+ in just few months. 100% loss. wow!! I thought these "active" international investors are smart enough not to get in to such a disastrous situation. I got hurt badly........destiny!!
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Post by chip6a on Mar 9, 2015 9:55:39 GMT -7
Time will tell if he is out 100%. Personally I don't think that will happen, remember he was on the board of directors, largest shareholder so the decision makers had to take that into consideration and protect him. If not just stop and think we are sick over our investment losses but how would you like to tell your wife you lose $6 million in less then 6 months. So don't think he is not doing everything he can to get some back which will only help us.
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Post by viprgtsr on Mar 9, 2015 16:27:46 GMT -7
Time will tell if he is out 100%. Personally I don't think that will happen, remember he was on the board of directors, largest shareholder so the decision makers had to take that into consideration and protect him. If not just stop and think we are sick over our investment losses but how would you like to tell your wife you lose $6 million in less then 6 months. So don't think he is not doing everything he can to get some back which will only help us. Unfotunately, it does not matter how large the shareholder is, or even if he is the chairman of the board. The debt holders get paid first. If there is nothing left, then the chairman gets nothing. SNORTDD is right. Additionally, we should stop speculating on how much these assets are worth. You know my opinion.
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