RE:Next 2 Quaters should be positive..Samd35...if you just invested in this...didn't you see this in third financials notes section..I mean how do you feel comfortable being in this? They paid a director 35k a month to act as an advisor to help with the refinancing long term debt. Mr Pully earned 1 million in fees alone for completion of second lien refinancing...read below. And you get that the bank faculty is going to be reviewed in May 2019 and who knows how that will go:
In connection with Bellatrix's continuing efforts to provide additional liquidity for the Company and to refinance the Senior Notes, Bellatrix retained one of its directors, Steven J. Pully, who has substantial expertise in debt refinancing transactions, to act as special advisor to a special committee of independent directors (the "Special Committee") that was formed to facilitate and lead the Company's refinancing efforts. In his role as special advisor, Mr. Pully participated with management in the structuring, negotiation, and execution of the Second Lien Refinancing. The Special Committee retained Mr. Pully as special advisor in light of his experience and relationships in the debt capital markets developed over the course of his career. As a result of the significant increase in the amount of time Mr. Pully was expected to spend performing in this new role, the Company and Mr. Pully entered into an agreement (the “Advisor Agreement”) pursuant to which Mr. Pully would earn a monthly retainer of $35,000 per month for his services, and could earn additional fees upon the completion of pre-established refinancing milestones. These duties are separate from, and in addition to, Mr. Pully’s responsibilities to the Company as a member of the Board, and as a result of Mr. Pully’s compensation for his role as a special advisor, Mr. Pully will no longer be considered an independent director. During the term of the Advisor Agreement, Mr. Pully will not receive any other fees for service as a board member. As a result of the successful completion of the Second Lien Refinancing, Mr. Pully earned fees of $1.0 million pursuant to the Advisor Agreement through September 30, 2018. The Advisor Agreement is terminable at any time by the
Bellatrix Exploration Ltd. 45
Company, and expires on December 31, 2018. Pursuant to the terms of the Advisor Agreement, Mr. Pully may be entitled to additional compensation when and if the Company completes additional refinancing transactions.