Twin Butte Energy Ltd TBTEF

RE:RE:RE:RE:RE:RE:RE:Bank Syndicate Loan

[BobTheKnob2]

The judge will not care whether shareholders, debentureholders, unsecured creditors, secured creditors or others get paid. The judge's role is simply to ensure that the transaction is conducted fairly, and conducted by a set schedule.

The Receiver also does not care. Their role is simply to manage the company, ensure that all creditors are noted, conduct the sale of the assets, determine what is the best offer for the assets, resent the offer to the judge and pay out as many of the creditors in order of priority, after the judge has made a ruling.

Before anyone gets paid the Receiver takes their pound of flesh and everyone else gets what is left over.

After this is all complete, they present a report to show what they have done, who they paid and how much.

The shareholders and debentureholders may or may not get anything, depending on the offer received. It is more likely that debentureholders will get something as they are in a more senior role of priority for payments.

Shareholders will get whatever is left over after ALL creditors have been made whole. Chances are pretty good that they will get nothing, except a tax loss.

I would suggest, their only hope of recovery is if the Ad Hoc group does a re-organiztion and throws the shareholders a bone - or their is enough value in the assets and a fair price is paid to cover everyone else.

Typically, in a Receivership the acquiring company wants to pick up assets for pennies on the dollar.