Twin Butte Energy Ltd TBTEF

RE:Update

[mhastings]

So ... the final report was just released.  

First, the good news is that the final payout to the debenture holders is $1,011,665 or $0.0119 per $1 of face value.  Pretty good in my opinion.  Yes ... shareholders get $0.  

What I didn't see coming was that on March 18th the Executive's claim for $1.25 million was disallowed in full - meaning, in theory, this entire amount was on it's way to the debenture holders.   When the executives advised they would appeal the Order, negotiations were entered into between them and the Ad Hoc.  The final result was that the amount was split in half, with the Executives keeping half and the debenture holders getting half; except that the Executives also had to absorb the Ad Hoc's legal fee of $30,000.  So the litigation risk was actually borne by the debenture holders and not the Executives.  While this might seem like a horrible deal (we settled for 50% when we were "entitled" to 100%), I'm personally ok with it. This could have dragged on for a while, more legal costs would have been generated (and thus absorbed by the debenture holders) and we might have lost on appeal (although appeals are more likely than not to be unsuccessful).  My quick take is that it is not a great deal, but it is an understandable deal.  

In my view, at the end of the day, the Ad Hoc was basically a wash. They got us $612,500 we'd never have seen but also cost us about the same.

My two cents.  Anyways, it's all over soon.   Good luck everyone.