Twin Butte Energy Ltd TBTEF

RE:I've Never Seen so Many Lawyers in one Room

[Oldfart74]

PetroExplorer wrote: There must have been 12 lawyers, in the counsel sitting area.  Unfortunately the end result was not in favour for the Debenture Holders.

The Judge ruled that the Debenture Document will stand, and that "Senior Creditors" as defined, can get paid out in full, before the Debenture Holders collect.  No Parri Passu, do not Pass Go.

The Judged decided not to hear arguments from the other defendants, after the Ad Hoc lawyers spoke.  He took a long recess and came back with his decision, telling the other lawyers they didn't have to speak.

The good news is that tax claim is apparently gone, thanks to proper filing of the losses in 2016, so that saves some money for distribution.  There may still be some legal wrangling regarding certain severance claims: we'd still have to see how much is being claimed, and by whom.

The Debt Trader's lawyers showed up, and they expect to be paid in full too, as "Senior Debt".  They raised the issue of their time getting paid, as an expense of trying to collect debts.  After some discussion, the Judge ruled that legal costs of any parties that submitted written briefs to the Court, for this matter, can be paid by the Debenture Holders.  (That would have been a good time to yell "I object!")

A National Bank lawyer even showed up, saying a "Mr. Shapiro" Debenture Holder had been writing critical emails regarding the statements made in the bank's affidavits.  He said if he has to go to Court, he'll get his time and expenses charged to the Receivership account, as a certain subsection of the creditor ruling, allows him to do so.  So please people, don't talk to the bank: they already said they can't be sued, and it will just end up costing everyone more legal expenses.

A payout order will need to be ruled on, some time in July.  Courts are getting full with summer vacations.  Hopefully they can do a signficant payout in late July or early August, with maybe some hold-back.  But now that we know where we stand, (which is at the end of the line), there is no need for much more wrangling.

I thought I saw energconsultant rummaging for bottles, by one of the recycling bins, near the Court House: poor guy is still deranged, muttering to himself, looking pretty pale, from being in his mother's basement, all the time.

Thanks for the summary of the court proceedings.  I expect Bennett Jones will file an appeal - the costs of which will be borne by the debenture holders.