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Bullboard - Stock Discussion Forum
Tuscany International Drilling Inc
T.TID
Energy
Oil & Gas Equipment & Services
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Bullboard (TSX:TID)
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Fullblast
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Post by
Fullblast
on Feb 04, 2014 3:59pm
Agreement
As RonJadler refered to earlier, the agreement is probably on pacer, the US courts web site.
(1)
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Fullblast
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Comment by
Fullblast
on Feb 04, 2014 3:53pm
RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Credit bidding and common shareholders
What's really strange Onthecase is that many journalists who've been writing about TID over the past few days seem to have had a look at the agreement. From where ? I don't know. Anyways I
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onthecase
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Comment by
onthecase
on Feb 04, 2014 3:32pm
RE:RE:RE:RE:RE:RE:RE:RE:RE:Credit bidding and common shareholders
We're thinking alike, Fullblast. This is the first material fact that puts my hair on end. Filing a PR referencing a restructuring plan - remembering to do that part - but forgetting to publicly
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(1)
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Fullblast
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Comment by
Fullblast
on Feb 04, 2014 3:05pm
RE:RE:RE:RE:RE:RE:RE:RE:Credit bidding and common shareholders
I also noticed on Monday that the Support agreement wasn't on sedar. Though it was odd. It's not on TID's website either. As a strategy, we could forward the agreement and the info on
...more
(3)
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RHertig
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Comment by
RHertig
on Feb 04, 2014 3:00pm
RE:RE:RE:RE:RE:RE:RE:RE:Credit bidding and common shareholders
Is it possible they wanted to sell the Heli rigs and a junior creditor was blocking it. So Tuscany and CS prepackaged a chapter 11 to sell just some of the equipment. Then CS can accept that
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(0)
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onthecase
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Comment by
onthecase
on Feb 04, 2014 2:22pm
RE:RE:RE:RE:RE:RE:RE:Credit bidding and common shareholders
dogtoobad, nice assessment, clear and concise. I too am looking for the 'leftover' amount at the end of the food chain. The flip side of this logic is that if assets exceed liabilities by so
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(0)
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dogtoobad
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Comment by
dogtoobad
on Feb 04, 2014 2:02pm
RE:RE:RE:RE:RE:RE:Credit bidding and common shareholders
In general, the bidding process is controlled by a Court appointed independent Receiver Manager, likely the current Restructuring Officer. Be mindful that the Company has walked down this path
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justsomeguytrading
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Comment by
justsomeguytrading
on Feb 04, 2014 1:51pm
RE:RE:RE:RE:RE:RE:Credit bidding and common shareholders
Unfortunately I do not know anyone in this space. I did however speak with Lorance Pasiechnyk last Thursday afternoon. He is the CEO of Simmons Edeco oilfield services. Lorance
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onthecase
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Comment by
onthecase
on Feb 04, 2014 1:40pm
RE:RE:RE:RE:RE:Credit bidding and common shareholders
See, personally I'd like to know exactly what that process entails: specifically, who does the notification for this sort of bidding, and whom exactly are they required to notify? I just can't
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(1)
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Fullblast
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Comment by
Fullblast
on Feb 04, 2014 1:23pm
RE:RE:RE:RE:Credit bidding and common shareholders
Sorry, my last post was to Onthecase
(1)
•••
Fullblast
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Comment by
Fullblast
on Feb 04, 2014 1:22pm
RE:RE:RE:Credit bidding and common shareholders
Rhertig, I would imagine that the news of TID's assets going for bidding is already out to all potential bidders.. news travel fast in this world
(0)
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onthecase
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Comment by
onthecase
on Feb 04, 2014 1:03pm
RE:RE:Credit bidding and common shareholders
RHertig, fantastic link you included earlier, very insightful. And yes, Tuscany opted for Chapter 11 in US and Canada, but none of the South American units (the operations units) were included in the
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khaledb
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Comment by
khaledb
on Feb 04, 2014 12:48pm
RE:RE:Credit bidding and common shareholders
IMO .. TID own all others subsidiaries shares..... They will be considered like assets. but you are right that the PR is little bit confusing Other than Tuscany USA, none of the Company's other
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(3)
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RHertig
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Comment by
RHertig
on Feb 04, 2014 11:49am
RE:Credit bidding and common shareholders
The creditor bids X amount of debt owed to them on an item instead of cash. This puts a floor on what the item sells for. Otherwise other companies will come in and try to steal everything
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(0)
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pennywyse2
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Comment by
pennywyse2
on Feb 04, 2014 11:38am
RE:RE:RE:Thanks Pennywise. Yes im thinking they will sell privatly
I don't think the Bankruptcy judge has to take any account of the interests of the shareholders. The debtor is Bankrupt, it has failed to meet its obligations and thus the creditors have the right
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