the nail in the coffinhttps://business.financialpost.com/investing/market-moves/restructuring-deal-reached-between-pacific-exploration-production-corp-and-canadas-catalyst-capital-group-inc
Upon completion of the transaction, Catalyst is expected to hold 29.3 per cent of the reorganized company, while the funding creditors will hold 12.5 per cent.
Pacific’s US$4.1 billion in unsecured debt, US$1.2 billion in obligations on its credit facility and other unsecured claims by creditors will be wiped out and exchanged for a 58.2 per cent stake in the reorganized company.
29.3+12.5+58.2=100% ----------> 0 left for current share holders
to all those that got caught in this horrible scheme, I wish you the best. It is a sad day which shows the extent of greed. thank your friends at Ohara aka the guys behind savepre.com .........