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Gold/Mining/Energy : ATPG Shareholders -- Ignore unavailable to you. Want to Upgrade?

To: greatpricepearl who wrote (134)	8/28/2012 7:52:39 PM
From: mrpanick	Read Replies (2) \| Respond to of 3620

The lawyer who helped do the equity committee for MIR looked very good (see message 106). They successfully did an equity committee for a large publically traded Texas case. You would need to outline a few basic arguments if you find a bankruptcy attorney willing to do the case and they would probably take it from there . You don't need alot of legal drafts in my experience as they should research and handle that if you give them a few ideas to get them started. A few basic arguments that I see to get an attorney started would be: 1. Assets claimed by company were very close to debt claimed by company This suggests that shareholders may be either in the money or close to being in the money. 2. Bankruptcy Due to Liquidity not Negative Net Worth Bankruptcy appears to have resulted from liquidity crisis - not negative net worth. 3. Asset Value is Uncertain Asset value depends on energy prices and also near term increases in production (i.e. Clipper). Asset value is uncertain, so shareholders may be in the money. 4.Management Acted in Bad Faith No good faith effort to sell assets was made by management even with oil prices at elevated levels. For example they didn't hire an investment banker for the purpose of trying to sell assets (Jeffries was hired for other reasons) so we don't really know what the true market value of assets is. 5.UK Holdings not included in bankruptcy If this subsidiary was pledged to debtholders than it would have filed bankruptcy along with the holding co. Therefore, this subsidiary appears to be of value and owned free and clear by shareholders so shares should not be worthless and need representation.