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Post by pauljones on Aug 13, 2015 9:42:02 GMT -7
Hello,
I have been trying to understand what happened with GasFrac step by step over the past few months. Please correct me if I'm wrong :
1 - GasFrac's Board of Directors files for creditors protection. 2 - Calfrac funds all operational expenses until the assets get sold. 3 - GasFrac's assets and technology are sold to STEP Energy. 4 - PNC (senior creditor) gets reimbursed. 5 - Junior creditors (other than convertible debenture holders) get fully reimbursed. 6 - Convertible debenture holders will get back between 37% and 55% of money lent at the end of the process. 7 - GasFrac inc. (which is a shell now) is sold to Calfrac. 8 - At the end of September, creditor process gets finalized and debenture holders get paid. 9 - All remaining entities get liquidated. 10 - Shareholders get nothing. If this is correct, I have 2 questions : (1) Was there any independent and public appraisal of the value for the assets and technology? (2) What was the value the tax loss carryforwards in GasFrac?
Thank you.
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Post by pauljones on Aug 18, 2015 7:35:14 GMT -7
Hello - Has anybody got a clue of what is happening with GasFrac?
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Post by snortdd on Aug 19, 2015 5:12:31 GMT -7
I believe the more salient question is: What is happening with all the GasFrac investors who made the very regrettable choice to believe and invest in a company which had great potential but was driven into disaster by an incompetent, misleading management team and board of directors? Hopefully, the investors are gradually recovering from the psychological and financial damages we have all suffered. Hopefully, the hard-working GasFrac employees who lost their jobs as a result of that mismanagement are also recovering from their losses, as well.
I would be interested to know where some of the GasFrac management players have landed up, though.
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Post by viprgtsr on Aug 22, 2015 13:58:59 GMT -7
(2) What was the value the tax loss carryforwards in GasFrac? I believe Calfrac funded operations and purchased the shell company so that they can take advantage of the tax losses.
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Post by pauljones on Aug 23, 2015 3:42:21 GMT -7
Thank you snorted and viprgtsr.
Indeed I feel sorry for the employees and have no hope investors will recover anything at the end of the process. However, I still try to figure out whether that whole process was totally transparent and whether all shareholders were treated on an equal basis. Hence my questions to understand who gets what precisely in the liquidation process.
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Post by charbsey on Aug 23, 2015 7:46:47 GMT -7
How do you know Pauljones that No one will recover anything at the end of the process?
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Post by pauljones on Sept 2, 2015 2:06:26 GMT -7
My apologies Charbsey for replying so late to your message. I have 2 reasons to believe that : (1) As junior creditors will be refunded only a share of their claims, how could shareholders claim anything? And (2) I have read somewhere - but cannot get hold of the document - that shareholders will probably get nothing. So, I am trying to assess if that whole process has been fairly managed.
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Post by charbsey on Oct 2, 2015 16:21:07 GMT -7
I know were you read that article , it was from marketwire , analyst say share holders will get nothing. after looking at the creditors list seem that gasfrac owed marketwire 2 miilon LOL
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