Sandy saved my bacon I was one of the crazy investors who piled into Twin Butte debentures.
I owned two and a half percent of the devils.To say things were grim when Twin
entered receivership was a major understatement.Earlier a Chinese company (Reignwood) had made a take under offer for Twin that would have given the
debenture holders a hefty 14 cents on the dollar.It was voted down and no other offers materialized.What were the odds of the debenture holders receiving anything in receivership.Not good.Twin had $200 million of bank debt,so debenture holders were fairly low on the totem pole.
It was the middle of 2016 and oil companys were being given away.
For the debenture holders to end up with anything would be a major struggle.
Before the receivership,I posted on stockhouse that I owned a fair bit of the debentures
and was ready for a fight.One thing led to another and the Ad Hoc Group was formed.
Sandy had followed the Twin fiasco and after reading an article on Bloomberg about
our plight had contacted us.Sandy was with Macquarie at the time and tried every trick
in the book to restructure Twin but the banks and management had other ideas.
Thanks to Sandy's dogged determination,we eventually prospered.
Not only did the debenture holders end up with something in receivership.
We came close to getting every last penny (80 cents on the dollar).
How often do debenture holders receive a lot more in receivership than on the open market.Thanks to Sandy, I know of one instance.