Bellatrix Exploration Ltd (Canada) BXEFF

2nd Lien Holders Submitted to Courts to Void Spartan Sale

[RichyRich$]

Check the May 6 Monitors report on PWC. I think the courts will void the Spartan sale! Read the report... it looks pretty damn compelling. And I'm sure the 2nd lien holders had pretty slick lawyers write that up given they have $197M on the line! Due diligence was not done by Bellatrix. Also... if this happens. The 2nd Lien Holders would pretty well forgive their $197M in debt for equity of Bellatrix. This would be similar to what happened spring of 2019. So we would be diluted in more shares issues... but we would still get something at least! Plus we would still keep our shares and a chance for a rally with markets improving and the market would like way lower debt. I read in the report the 2nd lien holders might just buy out the current common shares. Either way... we have a chance to get something! It looks like the courts will agree! They have a dzmn compelling report. I can't see the courts approving the Spartan sale. It said that at worst case... they're asking the courts to adjourn the Spartan sale to allow the 2nd lien holders to compete. And notice the 2nd lien holders paid for the $15M to allow the CCAA to even proceed! Then Bellatrix bags the 2nd lien holders to get nothing without consulting them! I agree with MJ now that Bellatrix management are a bunch or dirt bags! One person told me... only invest in companies with good management. Big mistake not researching Bellatrix management before investing. Anyway... the legal framework of a CCAA allows the courts to void contracts made unfairly or negligently and not considering major stakeholders interests like 2nd lien holders. It even says that inside info was leaked to Spartan where they used the same banks to finance that the 2nd lien holders were gonna use to come up with more money! Bunch of dirt bags running Bellatrix! Even if we still get nothing... I hope Spartan doesn't get it!