My Letter to Judge Isqur, going out today in overnight mail. Please write letters folks, they do help tremendously!!!
The Honorable Judge Marvin Isgur June 8th, 2013
United States Bankruptcy Court
Southern District of Texas, Houston Division
515 Rusk Avenue
Houston Texas, 77002
RE: ATP OiL and Gas Corporation Case No. 12-36187.
Dear Judge Isgur,
I am a Common Share Holder (10,000 shares) who has written you a letter in the past. I am objecting to the 363 sale and the relinquishment and abandonment of the Gomez assets. The bid of $690 million for ATP's deepwater drilling assets is a STEAL! The Offer IS NOT REASONABLE, NOR GOOD ENOUGH!
How does ATP Oil & Gas go from a valuation of ~ $6 billion down to ~ $700 million? The fact that no one is willing to pay above this amount in the bidding process does NOT mean the assets are worth that or less than that amount!
Why is the DIP so bent on taking over ATP quickly? They want to flip it when the time is right and make billions of dollars! ATP’s infrastructure alone is worth far more than what’s being offered. And, the Israeli assets are in the heart of one of largest gas fields ever discovered and they have 3 contiguous blocks, these alone could be worth billions! Furthermore, ATP still has the Bp lawsuit which could be worth anywhere from 700 million to 3 Billion by itself! Hence, the DIP lenders bought the bp lawsuit at the sale, and thus will Profit Significantly from it, while screwing all the Shareholders! GREED, GREED, GREED!
Furthermore, the DIP lenders and ATP Management are about to be sued with a Class Action Lawsuit for alleged misrepresentation of the 1.5 billion bond issued and other issues related to the matter.
Your Honor, you are a wise man, surely you and the Court are getting wise to the DIPS rush to get this sale approved. With assets being up for grabs at these evaluations, surely this cannot fly! They must be fair to all parties including all the shareholders!
Please Do Not Approve the 363 Sale! There are many other options, and all we need is MORE TIME! Many of us hope the court will push this decision out for ~ 6 months, so that the BP Lawsuit suit will be underway. Can you imagine what the stock and Company will do with a 3 Billion Award. It could pay off the DIP and reorganize into a prosperous company!
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