Ahia...
"... The Lender Secured Claims would thus be entitled to the full value of the Debtors and there would be no value left for distribution to Unsecured Creditors...."
Direi che i giochi son fatti... Come la vedete voi in merito alle nostre Pref Miller?
Ciao.
Miller Energy Resources : Bankruptcy Filings Plan Confirmations | 4-Traders
Non riesco seguire molto ma credo di capire che gli azionisti e i possessori di preferred sono contrari al piano di riorganizzazione in quanto li lascia a mani vuote o quasi, Il loro voto contrario non può bloccare il piano ma lascia loro la possibilità di class action contro i vecchi amministratori e contro Apollo & Highbridge Capital Management (i nuovi proprietari o debitori secondo il piano)
Ti riporto una delle tante lettere inviate al giudice del tribunale e messe agli atti.
Office of The United States Trustee
605 West Fourth Avenue
Suite 203
Anchorage, AK 99501-2252
Re: Miller Energy Resources
To the United States Trustee,
My name is Darren McCammon; I am a preferred equity holder of Miller Energy Resources. On October 1, 2015, Miller Energy Resources ("Miller") entered Chapter 11 Bankruptcy in the State of Alaska. I write to you today to request appoint an Official Committee of Shareholders. In my opinion there is substantially more value in Miller than the board and the senior debt holder, Apollo Investment Corporation, are trying to portray and the board of Miller Energy are not adequately representing shareholder interests in this matter.
As a stockholder of CorEnergy Infrastructure Trust (Nasdaq: CORR), I have had a discussion with its CEO regarding Miller Energy. In that discussion he indicated that on two separate occasions CorEnergy approached Miller Energy trying to make a deal to buy and leaseback some of its assets. Unfortunately, he found management at Miller Energy extremely difficult to deal with and unresponsive. Such a deal would very likely have precluded the need for Miller to enter bankruptcy. This leads me to question why senior management at Miller was not responsive. I question whether senior management at Miller Energy wanted a deal, or whether their true motivations were to assist Apollo into pushing Miller into Chapter 11 bankruptcy? I wonder just what incentives current management may have if Apollo is successful in its petition to obtain 100% of the equity in Miller?
Additionally, it is my view that the Board is not, and is not capable of, adequately representing the interests of the equity class. There are currently no ad hoc committees of equity holders, and the Board's historical conduct is currently under investigation with the SEC. On August 6, 2015, the Securities and Exchange Commission filed a civil action against the Company alleging that the Company overvalued oil and gas properties it acquired in Alaska in late 2009 and that as a result, the Company's financial reports were materially misstated. This by itself brings into serious question the propriety of the Board and warrants appointment of official shareholders representation in the bankruptcy proceedings.
Even Mr. Carl F. Giesler, the current CEO of Miller Energy, alludes to the harm and negative effect on shareholders of recent actions in this 8K filing:
“…The Company had secured from a private financing source a signed term sheet for a more than $165 million loan that would largely refinance the Company's outstanding debt. Additionally, the Company had secured signed letters of intent on several non-core asset sales. The loan and the non-core asset sales, coupled with the cash State of Alaska tax credits owed to the Company, may have provided Miller sufficient funding to restructure its financial position outside of bankruptcy. The private financing source, however, recently terminated negotiations with the Company, citing the initiation of administrative proceedings against the Company by the Securities and Exchange Commission ("SEC") Division of Enforcement as well as the involuntary bankruptcy petition filed …”
Please note the actions described if carried out would have paid off Apollo in full and precluded any need to file for bankruptcy. In my opinion this makes clear that independent third parties found more value in Miller
Energy assets than just the debt owed to Apollo. It is also clear the board cannot be trusted to adequately look out for shareholder interests.
I therefore respectfully ask the United States Trustee to exercise her power under Section 1102(a)(1) of the Bankruptcy Code, and appoint an Official Committee of Shareholders.
Sincerely,
Darren McCammon
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