Tapstone
11 replies (most recent on top)
Lilis Energy’s bankruptcy just resulted in a sale of substantially all of its assets for a one time cash payment of 46 million dollars. In its bankruptcy petition it scheduled around 260 million in assets. These exploration company bankruptcies are going very, very bad for the bankrupt companies. Lilis was a chapter 11 bankruptcy but was essentially a liquidation of all assets for less than 17 cents on the dollar.
The buyer is an Encap funded entity, a couple of years old, called Ameredev. I can’t believe Encap is still around. Encap must be very familiar with liquidations. Every company I know of that Encap funded ended up getting liquidated.
Gulfport is in the same business as CHK, Gulfport pretty much ran the scam as CHK. I’ve been told Gulfport is staffed by many retreads from CHK. Former CHK and Gulfport employees will now be competing for the same jobs. I see this as important news for CHK employees.
Why are you trying to gag the discussion?
Does this news make you feel uncomfortable? Did you help bankrupt both CHK and Gulfport? My experience on these blogs is that when someone complains about content, pay very close attention to the content. Sounds like you have a very guilty conscience.
Why we talking about Gulfport?
This morning on the Investor FAQ on GPOR's site:
"It is too early to say what will happen to Gulfport’s common stock as a result of the restructuring process. However, the RSA contemplates no recovery for the Company’s existing equity holders and the common stock being cancelled, released, extinguished, and of no further force or effect."
Good work boys—thousands of new investors having been cheated. Quail Creek Parkway forever!
Gulfport Energy declared bankruptcy. Gulfport did a document dump on Friday and Saturday—looks like about 10 to 20 million in legal work just from what was filed Saturday. About 60 lawyers enter appearances on behalf of Gulfport. Guess where they filed? The Bankruptcy Court for the Southern District of Texas—the Rocket Docket. They can get this burn done fast. Let’s face it=there never was a Gulfport, notwithstanding the boondoggle going down on Quail Creek Parkway in Oklahoma City. There was BlackRock and Vitruvian. Gulfport was the artifice they used to float the Gulfport common stock which is now cancelled. Some bank in Minnesota is really gonna get creamed. It’s very funny. The dirtbags that filed include:
• Gulfport Energy Corporation • Gator Marine, Inc. • Gator Marine Ivanhoe, Inc. • Grizzly Holdings, Inc. • Gulfport Appalachia, LLC • Gulfport MidCon, LLC • Gulfport Midstream Holdings, LLC • Jaguar Resources LLC • Mule Sky LLC • Puma Resources, Inc. • Westhawk Miner
$134 million? Is that a joke? Do you know how much they spent accumulating those assets?
The losses—the horror!
Tapstone—that’s where all the especially toxic, corrupt stooges/chk detritus of Tom Ward landed after they got run out of CHK one step ahead of the Sheriff right? I bet they got plenty of knuckleheads from Sandridge too. Think of the money that was stolen with the Sandridge scam. I saw an interview with the current Sandridge ceo about a month ago. He said at its peak Sandridge had around 700 employees. The interviewer asked- how many today? The answer was—about a dozen.
That BCI Mach is the backup is especially rich. The brain trust behind Bayou City just bankrupted Alta Mesa. 5 or 6 billion dollars just disapperared over ten years in that one.
Last week the NYT had an article about Bankruptcy Judges in some jurisdictions pounding on and terrorizing single mothers trying to discharge educational loans after devasting medical bills. Dig this—judges being full blown Soup Nazis over $50,000 in student loans. I was so upset, I almost threw up on my Ralph Lauren alligator loafers!
Contrast that with the Bankruptcy Judge Marvin Isgur’s rocket docket in Houston discharging hundreds of billions of dollars in Shaler debt and then selling the assets, without the asset inventories even appearing on PACER, to insiders. The fraud in bankruptcy court is staggering. The fact that Tapstone and BCI-Mach can even bid vividly illustrates that!
Tapstone awarded order for $134mm. BCE-Mach as back-up-bidder.
Do you guys know the story of the piano player on the titanic?
Yes, Moodelevator.
Full array of clowns supervisors as well!
Do they have enough levels of management to operate?
Tapstone Energy is sure active in snapping up distressed assets?! After its attempt in Templar Energy, Tapstone is named as the stalking horse bidder for Chesapeake Energy's Mid-Con assets with a USD 85m bid