LGX Oil + Gas Inc ROAOF

RE: Oilexco will survive

[edsyl]

if we are lucky, they will sell it all for enough to cover debt andclaims by rig vendors and Sevan fpso vendor...but I see it as unlikely.If Art and the board could get such a deal, then they ought to havesold it before things got to this stage.


Why do you assume outright that there HAS to be a sale to mange the debt?
Part of this process is to renegotiate debt and credit to see if there can be a manageable way to continue to run the company as a viable entity.

Certainly you and I are not privy to a lot of information, as well as not knowing what the sentiment of the creditors might be to said restructuring.

This is all part of the process.
I would like to think in this time of economic uncertainty that going forward that ALL parties involved would be flexible to work out a mutually agreeable package.  North Sea strategic asset as perceived by the UK Government, jobs, bank lending, etc., etc. Just my opinion here. Again, I have no inside information whatsoever.
But if the process is as advertised then anything is possible.

As for Art, he is no longer in charge of anything BUT the holding company.
I know a lot of us think little of him at this point, but I can't imagine he is happy at all with the way  RBS turned on him.
I once had a long conversation with a restauranteur from Toronto who had a very successful eatery that had his loan called for no other reason than the bank was worried by the recession of the time. For him it was a very rude awakening indeed.
I am sure Art has had more than a few choice words in the past six months for RBS.
Be that as it may, if oil was still over $100 dollars we would be singing his praises.

Expectation is the root of all heartache.


Regards
Ed