Twin Butte Energy Ltd TBTEF

RE:The Receiver is full of it

[Oldfart74]

pablo87 wrote: I looked at the Receiver's statement, as a creditor he never communicated with me ((unless you call announcing a sale and a court date that) and he does not represent me.  Knowing full well that the secured easily get paid, that the company is cashflow positive and could be for a long time by buying hedges, there is no reasonable justification for not letting us see the bids and let US vote on which one we prefer. It should not matter if its Receivership, bia or ccaa in that regard.  If anything, the fact the BoD in their infinite wisdom chose the Receivership route evenvthough bia or ccaa was available, to them, makes it as a check and balance even more important that we be protected.  The receiver has failed me, hopefully the judge won't.  Last but not least, we will never find out but if some or all syndicate members are financing this thing ( as they did the last round) then they obviously think the business is viable (and since did not change mgmt, then they like them as well) so why the panic all of a sudden?

Also,  I cannot see anywhere in the SISP about a December 20 3rd date or that bidders were promised their offers would remain confidential.  Moreover the process takes 4 months and then all of a sudden its 2 quick dates and done aka Receiver blitzkrieg.  They are trying to ram this thru.

 I verily believe with time or alternative bids, we would get 100 cents on our debentures.  From the Receiver statement, I conservatively guesstimate annual fcf at $66M (18 per boe)and rising.  5x is 330M = creditors fully paid out.

But even if we don't, there is no justification not to let us decide.  I believe its a straightforward case in terms of objecting with a good chance to send them back to the drawing board. I do not live in calgary otherwise i would object unfortunately even if i did, the timeframe is very tight for a neophyte.

Please allow me to explain the process.  The Receiver was appointed at the request of the secured lenders.  His job was to sell the assets by way of a court appointed process  in order to pay the secured lenders.  An auction was held pursuant to the rules approved by the court.  If the court approves the sale of the assets, there will be excess proceeds available for distribution to the unsecured creditors.  This is when you will be contacted by the Receiver.  Each unsecured creditor will have a limited period of time to prove the amount owed to them.  Provided you can prove your claim, you can expect a pro rata distribution sometime in June.