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USA Omega Nav stock has stopped trading since end May at USD 3cents.
anyone make any sense of the announcements?
suspension normally signals game over...
day of reckoning coming? seems like we ll soon know if u n mr sacredmarket get to win big or really become paupers
Pauperman ( Date: 01-Jul-2013 19:23) Posted:
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The stock Suspended today.
hope we are right....all or nothing.
jomini ( Date: 24-Apr-2013 11:34) Posted:
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chance to win it all too.
prefer to count cards in blackjack tho. just dont get caught by casino
long drawn and high risk.
like playing baccarat....be prepared to lose it all
I don't know. This article is undated.Not sure how relevant is it.
Pauperman ( Date: 23-Apr-2013 23:30) Posted:
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didnt do the numbers
but is the article suggesting that equity holders might be left with nothing?
anyway mgmt sounds dishonest
BK could drag on past Easter
OMEGA Navigation Enterprises’ Chapter 11 case is on schedule to run through to April as two
separate matters unfold involving the company’s liquidation and a proposed auction in which Delos Shipping features as the stalking horse.
Discussions between lawyers over who gets to keep how much of the derisory sum expected to be left behind is a big theme at this stage, in a case that enters its 20th month this week.
Some experts complain that the extension of the case beyond Easter dilutes the reputation of the US as an effective bankruptcy jurisdiction for shipping companies.
However, the case is also setting a useful benchmark for existing and prospective Chapter 11 filers.
Delos Megacore, which was party to a 20:80 joint venture with George Kassiotis-led Omega, is designated the stalking horse, having put in a starting bid of $1.25m-$2m for the equity interests in Omega Investments.
This entity is understood to have three ships and loans associated with them, neither featured in the
Chapter 11 case.
Rival bids are due by February 19 and an auction will be held on February 22.
A new hurdle may await the auction, however.
Unsecured creditors this week launched an emergency objection that accuses Mr Kassiotis of “misconduct” and “inequitable” tactics involving $5.25m that he had advanced to the pre-Chapter 11 company.
The unsecured creditors are alleging that Mr Kassiotis is in a position to stake this $5.25m as a valid claim as a creditor of the estate, and do not want him to be able to do so.
Sources have alleged separately that Delos put in an opening bid of $1.25m-$2m solely because of the purported obligation of $5.25m, otherwise this bid would have been up to $7.25m.
However, this theory could not be substantiated.
A hearing on the unsecured creditors’ emergency motion is scheduled for February 25.
The culmination of the auction on February 22 and the fate of the unsecured creditors’ challenge will partly determine whether any burning issues are left behind as moves proceed to wind up Omega.
This week, the company filed a revised reorganisation plan and disclosure statement, aiming to liquidate the company after senior lender HSH Nordbank walks away with eight court-protected tankers in satisfaction of the German bank’s $242m loan and other claims.
The reorganisation would address professional fees payable to counsel. Parties representing creditors declined to comment on the matter.
Ballots on the proposed plan are due by the end of March, ahead of a formal confirmation hearing on April 15.
Omega entered Chapter 11 in July 2011 with senior debt of $242m, junior debt of $36m owed to BTMU and NIBC Bank, and unsecured creditors holding a small amount of additional debt.
Although HSH gets to keep the eight ships, some experts say they are worth less today than in 2011.
All other parties face the prospect of dividing up the company’s nominal revenues and monies that Delos or the winning bidder leaves behind.
Pretty high volume today for this counter....
Hi
I emailed them abt the delay in announcing the exit from Chapt 11 and they send me this same link to " keep track" of events. Wanted to posted the email here but keep being rejected. I have emailed admin to looking into it.
SM
hem2998 ( Date: 14-Mar-2013 08:55) Posted:
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http://www.jagersmith.com/practiceareas/bankruptcy/pleadings/baytownnavigation.asp
t
he legal proceedings are here if you understand the law
I have no idea.
Any significance to Omega? Did not move up or down much since 5th March
Pauperman ( Date: 12-Mar-2013 01:46) Posted:
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5th March
Hi Papuerman
When was this news dated?
SM
Pauperman ( Date: 12-Mar-2013 00:39) Posted:
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A New Round of Turbulence - A New Offer for the Company
A NEW round of turbulence has hit Omega Navigation Enterprises’ Chapter 11 case, after entities associated with the bankrupt company’s principal, George Kassiotis, brought an emergency petition to nullify the sale of non-debtor assets to former joint venture partner Delos Shipping, a deal that Omega had promoted.
The complaining companies claim they have made a better offer themselves, and are seeking to pocket the three ships involved in the matter while generating “additional assets” for distribution among unpaid creditors.
A hearing is due to take place in Houston today to address this surprise turn of events.
Delos’ reaction and that of Omega’s creditors could not be ascertained at press time.
Peppercorn stakes are involved. The new fight in this long-running case, which enters its 21st month this week, seeks to divide a paltry $1.5m among unpaid lawyers and creditors whose combined dues run into tens of millions of dollars.
The new drama is a poor advertisement for the efficacy of the US bankruptcy system for foreign shipping companies in trouble, which lawyers were assiduously promoting in the days immediately after Omega filed for Chapter 11 in July 2011.
No foreign company has ventured into a US court after Omega joined Marco Polo-Seaarland as a Chapter 11 filer. The latter case also ran for almost 10 months before capitulating into forced liquidation.
Oxygen Maritime and One Investments, companies believed to be associated with Mr Kassiotis and unspecified interests, are today accusing Delos of “breaching its obligations” in closing the purchase of non-debtor assets, which involve three ships not entered into the original Chapter 11 case.
As reported last month, Delos was supposed to take these ships and assume some $90m in bank debt
associated with them.
A high of US$0.17 tonite....
hem2998 ( Date: 01-Mar-2013 08:20) Posted:
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Price has been creeping up slowly...any updates?