CGX Acquired in 2011 by PRE and Gramercy ownership of FEC Sporty, You shouldn't count my cut and paste parts. They take seconds for lots of filler, :>) like below:
Anyway, were you aware that PRE/FEC has owned controlling interest in CGX since 2011 when you are mentioning the time value? Does anyone know how they gained control, in a money raise or? In case, some don't know PRE went broke and was bought for pennies on the dollar by Catalyst and a group of investors including Gramercy Funds and renamed Frontera with the symbol FEC in 2016. And here we sit wondering how Catalyst is finally going to Reap the Rewards, hoping it includes FEC longs and soon..
I pasted something else that shows the two vulture funds that often work together now control over 51% of FEC, thus pretty much have a free hand controlling everything regarding FEC/CGX. I think those companies who have signed the CGX NDA's and have full access to everything, know almost everything they need to know at this point involving selling off Guyana and some serious big player bidding is ongoing with the Government of Guyana deeply involved. Maybe we get a hint or two by FEC's Thursdays conference call or maybe they just stay super quiet until they at least can announce Guyana's outcome and I don't think it will be anything but a sale for stock or cash. My worthless guess is no one, not even CNOOC, will buy FEC intact, although they might buy the remaining 2 parts to somewhat hide the very primo Puerto Bahia inside the purchase of a small Canadian Oil Co so as to maybe slip it past the US who obviously has they hands full right now, but surely would not like China so close to the Panama canal with such a large and growing port..
"Canadian oil company CGX was acquired by Pacific Rubiales Energy in October 2011 and Pacific E&P had already lost $118 million on it when it went bankrupt in 2015. Since March 2013, CGX began to go through serious financial difficulties and accumulated a deficit of US$289 million. When it was bought by Pacific, CGX Energy reached a market capitalization of $216 million then fell to just $53.6 million on the Toronto Stock Exchange"
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"Bogota.- On April 12, 2016, Primera Pgina revealed for the first time a photograph of the then president of Pacific Rubiales, the Italian Serafino Iacono, and the director and partner of the vulture fund The Catalyst Capital Group Inc., the American Gabriel de Alba, entering the Presidency of Colombia to explain to Juan Manuel Santos the rescue operation of the Canadian oil bankrupt.
Exactly seven years have passed and today The Catalyst Capital Group Inc. owns 40.82% of the oil company Frontera Energy Corp., the name it adopted in November 2016 when the restructuring of Pacific E&P was completed. Catalyst was responsible for paying off Pacific's total outstanding debt totaling $5.400 billion and its restructuring plan provided just $500 million in financing ($250 million became a $250 million). and US$<> million were converted into long-term debt).
Among the many news that Primera Pgina reveals today is that the second largest shareholder of Frontera Energy is Gramercy Funds Management LLC, which controls 12.72% of the shares. Founded in 1998, emerging markets fund manager Gramercy was founded by Robert Koenigsberger, managing partner chief investment officer.
The Catalyst Capital Group and Gramercy Funds Management are notorious for buying debt from distressed companies (they are horses on the prowl), especially buying bonds at a lower price and then taking control by restructuring the companies. Gabriel de Alba and Newton Glassman founded Catalyst and are called the "fixers" at best, but disparagingly known as the "Pit Bulls of Business."
Glassman described his work at undervalued companies in an unwelcome way: "The goal is to buy cheap, fix the business, and reap the rewards. It can be hard work, because there's rarely enough money to go around, and usually someone loses out." That's how they stayed with Pacific, as they also did recently – July 2020 – with Cirque du Soleil after acquiring the debt at between 40 and 50 cents of face value."