BargainValueHunter Posted June 1, 2012 Share Posted June 1, 2012 3:27PM ATP Oil & Gas announces Matt McCarroll has joined as Chief Executive Officer (ATPG) 5.21 -0.07 : Co announced that Mr. Matt McCarroll has joined ATP as Chief Executive Officer of ATP Oil & Gas Corporation. Mr. McCarroll was Founder and Chief Executive Officer of Dynamic Offshore Resources, LLC, a private company that focused on acquiring and developing properties in the Gulf of Mexico. ATP Chairman T. Paul Bulmahn stated, "Matt's commitment to ATP has already been shown by his purchase today of 1,000,000 shares of our common stock directly from ATP at market price." Link to comment Share on other sites More sharing options...
alertmeipp Posted June 2, 2012 Share Posted June 2, 2012 Interesting... So he is from the company that SD just bought out. What a small world... Link to comment Share on other sites More sharing options...
BargainValueHunter Posted June 8, 2012 Share Posted June 8, 2012 I don't know if anyone is still interested in this stock but... ATP Oil & Gas announces that CEO Matt McCarroll resigned and has been replaced by T. Paul Bulmahn. Mr. Bulmahn will continue to serve as Chairman and also in the newly created position of Executive Chairman. Shares -8.4% AH. Link to comment Share on other sites More sharing options...
alertmeipp Posted June 8, 2012 Share Posted June 8, 2012 classic. Why they want to hire a new CEO and then create a Executive Chairman position for the ex-CEO? Link to comment Share on other sites More sharing options...
bargainman Posted June 22, 2012 Share Posted June 22, 2012 Just curious, is anyone following this guy anymore? It just keeps going down down down. Link to comment Share on other sites More sharing options...
sdev Posted June 26, 2012 Share Posted June 26, 2012 Time to start talking about the bonds? Anybody do any hard due diligence on their assets? I'm just not sure who would be the buyer of those assets other than Apache - big oil definitely won't touch it. Any ideas how this will play out? Link to comment Share on other sites More sharing options...
alertmeipp Posted July 27, 2012 Share Posted July 27, 2012 :'( Link to comment Share on other sites More sharing options...
muscleman Posted July 29, 2012 Share Posted July 29, 2012 I think the common and preferred are basically killed. The bond is interesting, if during restructuring, the current dishonest management team can be replaced. Their oil field is much less valuable than they said, but their two big platforms are valuable. At least worth 1-2Billion I think. I am thinking just that along is worth the current bond price, but the key is still to replace the management team first. Otherwise it will not work out. Anyone has some thoughts on this? Link to comment Share on other sites More sharing options...
BargainValueHunter Posted July 30, 2012 Share Posted July 30, 2012 Buyout candidate? Link to comment Share on other sites More sharing options...
PlanMaestro Posted August 10, 2012 Share Posted August 10, 2012 Anyone following the bonds? http://www.bloomberg.com/news/2012-08-10/atp-oil-said-to-get-funding-ahead-of-possible-bankruptcy.html? ATP Oil & Gas Corp. (ATPG), the oil explorer whose new chief executive officer quit after less than a week in June, arranged loan financing ahead of a possible bankruptcy filing, said two people with direct knowledge of the matter. The so-called debtor-in-possession loan of $600 million is being provided by Credit Suisse Group AG (CSGN), said the people, who asked not to be identified as the process is private. A filing may come as soon as today, according to one of the people. ATP, which faces an $89 million interest payment in November, deteriorated as it missed production targets and stumbled executing marquee offshore oil developments. Founder and CEO Paul Bulmahn hired Matt McCarroll to replace him June 1, making himself executive chairman. McCarroll quit by June 7 after being “unable to reach a mutually agreeable employment agreement,” according to the company. Link to comment Share on other sites More sharing options...
17thstcapital Posted August 10, 2012 Share Posted August 10, 2012 Anyone following the bonds? I followed the bonds for a while and continue to do work on them. On paper, the bonds in the mid 30s look good. However, my conviction level is very low and so don't own them. The bond indenture is super weak and so the company could layer the bonds with a lot of senior debt which would eat into or wipe out your recovery. Also, I'm no E&P expert and so getting to a value for the company's considerable undeveloped reserves is a challenge. At some point, might just have to take a leap of faith and take a position given the low dollar price and the potential upside if someone comes in and makes a big bid for the assets. Link to comment Share on other sites More sharing options...
alertmeipp Posted August 18, 2012 Share Posted August 18, 2012 Well, they have filed: :'( http://phx.corporate-ir.net/phoenix.zhtml?c=123846&p=irol-newsArticle&ID=1726749&highlight= ATP Files Voluntary Petition for Chapter 11 Reorganization and Receives Commitment for $617.6 Million in DIP Financing; Oil and Gas Operations to Continue in the Ordinary Course HOUSTON--(BUSINESS WIRE)--Aug. 17, 2012-- ATP Oil & Gas Corporation (NASDAQ: ATPG) today announced that it has filed a voluntary petition for reorganization under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas. ATP has taken this action in order to undertake a comprehensive financial restructuring. ATP expects its oil and gas operations to continue in the ordinary course throughout the reorganization process and sees the reorganization as a helpful step towards deleveraging the company to position it for future development of its assets. ATP believes that the rights and protections afforded it by a court-supervised reorganization process, including the ability to access new financing, will provide ATP with the time and flexibility it needs to fully address its financial challenges and position ATP for long-term viability. The primary reason for the reorganization began with the Macondo well blowout in April 2010 and the imposition beginning in May 2010 of the moratoria on drilling and related activities in the Gulf of Mexico. These events prevented ATP from bringing to production in 2010 and in early 2011 six development wells that would have added significant production to ATP. As of the date of this filing, three of these wells are yet to be drilled. Had ATP been allowed to drill and complete these wells, ATP believes it would have provided a material production change in 2010 continuing to today. This projected increase in production should have substantially increased cash flows, shareholder value and allowed the company the ability to withstand normal operational issues experienced by owners of oil and gas properties in the Gulf of Mexico. In addition, these incremental cash flows would have mitigated or prevented the need to enter into many of the financings ATP has closed since the imposition of the moratoria—financings that require relatively high rates of return and monthly payments. ATP has obtained a commitment for $617.6 million of debtor-in-possession (DIP) financing from members of its existing senior lender group, which will provide $250 million of additional funds and refinance into the DIP facility the amounts owed to those existing first lien lenders that participate in providing additional funds. Upon approval by the Bankruptcy Court, the new financing and cash generated from ATP’s ongoing operations will be used to support the business and ATP’s efforts to negotiate and implement a reorganization plan acceptable to its stakeholders. ATP has filed various “first-day” motions with the Bankruptcy Court to obtain the relief needed to ensure that the filing does not adversely affect day-to-day operations for its employees or suppliers, including requesting authorization to continue paying employee wages and providing health care and other benefits. As a result of their receipt of the DIP financing, ATP has the capacity and intends to pay its suppliers in full under normal terms for any goods and services provided after the filing date of August 17, 2012. Additional information is available on ATP’s website at www.atpog.com or at www.kccllc.net/atpog and by calling (866) 967-1787. ATP’s legal advisor on the restructuring is Mayer Brown LLP and its financial advisors are Jefferies & Company, Inc. and Opportune LLP. About ATP Oil & Gas Corporation ATP Oil & Gas Corporation is an international offshore oil and gas development and production company focused in the Gulf of Mexico, Mediterranean Sea and the North Sea. For more information about ATP Oil & Gas Corporation, visit www.atpog.com. Link to comment Share on other sites More sharing options...
AZ_Value Posted August 18, 2012 Share Posted August 18, 2012 alert, were you still holding this? Link to comment Share on other sites More sharing options...
alertmeipp Posted August 18, 2012 Share Posted August 18, 2012 sadly and stupidly yes. Link to comment Share on other sites More sharing options...
Myth465 Posted August 20, 2012 Author Share Posted August 20, 2012 ATPG claims a bit more capital. Lessons learned, beware of debt. It can lead to a zero. I know understand what Walter Schloss was talking about in an article I read awhile ago... Link to comment Share on other sites More sharing options...
BargainValueHunter Posted December 11, 2012 Share Posted December 11, 2012 http://www.businessweek.com/news/2012-12-04/atp-equity-holder-ask-for-probe-of-oil-reserves-value An examiner is needed to determine whether the reserves have fallen so far in value that ATP should be sold in a “fire- sale liquidation,” a committee of equity security holders said yesterday in court papers filed in U.S. Bankruptcy Court in Houston. A report by ATP’s bankruptcy lenders claims the reserves are worth much less than previously estimated, the committee said. If the report is flawed, “there is no basis for forcing the liquidation,” the committee said. If the Houston-based company’s original estimates were materially misleading, ATP may be able to sue its officers, the committee said. ATP’s 11.875 coupon bonds that are due in 2015 fell 2 percent to 8.9 cents on the dollar, according to data compiled by Bloomberg. Link to comment Share on other sites More sharing options...
ItsAValueTrap Posted December 11, 2012 Share Posted December 11, 2012 If the Houston-based company’s original estimates were materially misleading, ATP may be able to sue its officers I think that this is the lesson that you should learn: A- Reserve estimation is subjective... this opens the door to overly aggressive/optimistic estimates. B- Companies that constantly raise capital have an incentive to inflate reserves. C- People who are responsible for this are very difficult to sue since reserve estimation is subjective. It is not entirely objective. *Disclosure: I used to be short ATPG. I did not feel like paying 40% interest on the borrow so I covered early. Later the interest shot up to 90%+... no joke. Link to comment Share on other sites More sharing options...
BargainValueHunter Posted February 2, 2013 Share Posted February 2, 2013 http://www.bloomberg.com/news/2013-01-23/atp-seeks-court-permission-to-auction-deepwater-properties.html ATP Oil & Gas Corp. is seeking court permission to auction deepwater properties in whole or in blocks. ATP proposed in a court filing to hold an auction in March, saying the value of the reserves in the deepwater properties could exceed $6 billion. http://www.foxbusiness.com/news/2013/01/07/israel-isramco-seeks-to-buy-atp-rights-in-local-gas-reserve/ Israeli energy exploration company Isramco Negev 2 Ltd. Partnership (ISRA.L.TV) said Monday that it has submitted a court petition to buy the rights of its partner, Houston-based ATP Oil and Gas Corp. (ATPAQ), in Israel's offshore Shimshon natural gas field for 150 million shekels ($39.7 million). Isramco and its affiliates own 60% of the Shimshon field, and ATP, which filed for bankruptcy last year, owns 60%. Because ATP has filed for bankruptcy, a court must approve the sale, Isramco said. The Shimshon field likely contains up to 2.3 trillion cubic feet of gas, according to geological surveys. http://www.rigzone.com/news/oil_gas/a/123337/ATP_Oil_Seeks_Court_Permission_to_Sell_Shelf_Drilling_Areas ATP, which primarily drills in both the shallow and deep waters of the Gulf of Mexico, on Tuesday filed court papers proposing a February auction of its leases and other interests in 18 shallow drilling areas, located on the Outer Continental Shelf in the Gulf. The sale is the first of a two-step process whereby ATP will sell its shelf and deepwater drilling areas in order to avoid defaulting on its $617.6 million bankruptcy loan from lenders led by Credit Suisse AG. ATP's lenders are requiring the company to put the shelf leases and interests on the auction block by Feb. 26, to win court approval of the winning bid by Feb. 28 and to close a sale by March 15. The sale would also include the production facilities, pipelines, machinery and other equipment related to the shelf drilling operations. ATP said it is open to selling all of its shelf assets to one bidder or splitting them among multiple bidders. Link to comment Share on other sites More sharing options...
muscleman Posted March 9, 2016 Share Posted March 9, 2016 I am the sucker who bought ATPG preferred stocks and later sold for a loss. Today I received a letter from Cooper and Scully arguing that the 3 preferred stock dividends I received before ATP's ch 11 filing should be reversed and they are offering a settlement of half that amount. If I don't take the settlement, they will sue me. The letter attached a settlement agreement, contingent on ch 11 court's approval. Is anyone else here in the same boat? Can anyone please give me some advice? ::) Link to comment Share on other sites More sharing options...
Nnejad Posted March 9, 2016 Share Posted March 9, 2016 This doesn't count as advice because I'm not an expert on this. But, wouldn't the proper person to sue be the board of directors? Link to comment Share on other sites More sharing options...
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