RE:file for bankcruptjasonwang wrote: if someone still hold the file for comany file for bankcrupt at the beginning of the april, i remember the company assume, the oil price is around $35 during march, arpil and may, actully, the oil price is over $43 dollar, and somone said the director said during the hearing, if the oil over $43 doller, then the company no need to file for bancrupt. also they have six buyout offers. why we lost everthing? how can we ask TV or newspaper to report us?
Should Pacific E & P had filed under the Bankruptcy & Insolvency Act (BIA) rather than CCAA, the assets would have been liquidated piece-meal for pennies on the dollar & the Company would cease to exist & the Management booted out with a swift kick on the behind. It would have been karma for shareholders who got zilch anyways under the CCAA restructuring & rollback of shares...It was definitely horrible decision-making for O'Hara who held 20% of Pacific to recommend rejection of the $6.50 takeover price from Alpha et al. Too bad for small shareholders. I believe Catalyst Capital - the vulture investors - has the most to gain. For $500 million "secured" DIP convertible financing with no risks, they took control. It is now water under the bridge in the river of no return. That old pig is done. No point in stirring up the stool pot.