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Author Topic: OIL & GAS PIPELINE INFO  (Read 517743 times)
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Keepthefaith
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« Reply #360 on: June 02, 2009, 01:32:12 PM »

Creditors’ Committee in Superior Offshore International Case Reconstituted
November 6, 2008 · No Comments


The United States Trustee has filed a notice that the Official Committee of Unsecured Creditors in the Superior Offshore International, Inc. bankruptcy cases has been reconstituted.  The membership of the reconstituted committee is as follows:

■Cross Logistics, Inc./CrossMar, Inc.
■L&L Oil and Gas Services, LLC
■American Marine & Logistics Services, Ltd.
Infinity Investment Funds, LLC

http://netdockets.wordpress.com/page/49/

Superior Offshore International Inc., an oilfield-services provider, was authorized on July 16 to sell three vessels and related equipment for $67.15 million to Infinity Investment Funds LLC. Before auctions, the vessels were under contract to three separate buyers offering a total of $58.25 million. Superior previously won approval to sell a 12-person, 300-meter saturation diving system for $12 million to Cal Dive International Inc. Superior filed under Chapter 11 on April 24. Financial statements listed assets on Sept. 30 of $300 million and total liabilities of $141 million. The petition separately said the assets and debt were both between $10 million and $50 million. Superior was being sued over an initial public offering made last year. The case is In re Superior Offshore International Inc., 08-32590, U.S. Bankruptcy Court, Southern District of Texas (Houston).

http://www.bloomberg.com/apps/news?pid=conewsstory&refer=conews&tkr=DBK:GR&sid=anB4LOQ2phVw
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Keepthefaith
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« Reply #361 on: June 02, 2009, 01:49:46 PM »

Don't know how accurate his is but i'm sure Jen3560,and or Kermit could make more of it then i could??

Edit to remove link with IP address.  I saved it as a text file and attached.
« Last Edit: June 02, 2009, 02:14:01 PM by 2NJSons_Mom » Logged

"A small body of determined spirits fired by an unquenchable faith in their mission can alter the course of history."

MOHANDAS GANDHI
Keepthefaith
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« Reply #362 on: June 02, 2009, 01:52:17 PM »

Don't know how accurate his is but i'm sure Jen3560,and or Kermit could make more of it then i could??


Is there a reason for that ip being in there 2nj??Delete the post if necessary...


Not sure...if I remove it, I only go to a page that offers search engines.   I'll delete it.

Edit to remove link with IP address.
« Last Edit: June 02, 2009, 02:06:32 PM by 2NJSons_Mom » Logged

"A small body of determined spirits fired by an unquenchable faith in their mission can alter the course of history."

MOHANDAS GANDHI
2NJSons_Mom
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« Reply #363 on: June 02, 2009, 01:57:56 PM »

Superior plunges into Ch. 11

After defaulting on its loans and being smacked with several class-action lawsuits, Superior Offshore International Inc. has taken a dive into bankruptcy. The provider of subsea construction and commercial diving services to the offshore oil and gas industry filed for Chapter 11. Although the company didn't state why it filed, it was facing at least two class-action lawsuits and was in default with its creditor, J.P. Morgan Chase Bank NA, which is owed $1.8 million. - Jamie Mason

http://www.thedeal.com/dealscape/2008/04/bankruptcy_update_superior_cit.php


Superior-BP Settlement Withstands Investor's Assault
Friday, May 29, 2009

A district judge has backed a bankruptcy court’s approval of bankrupt Superior Offshore Inc.’s settlement with BP PLC and Cross Logistics Inc. related to payment for a $116 million construction project off the coast of Trinidad, despite a prominent shareholder's objection to the deal.

http://bankruptcy.law360.com/

On January 28, 2009, the bankruptcy court First Amended Joint Plan of Liquidation Submitted by Superior Offshore International, Inc. and the Official Committee of Unsecured Creditors.  Superior Offshore International filed for bankruptcy protection on April 24, 2008.

The First Amended Joint Plan of Liquidation was filed with the bankruptcy court on December 16, 2008.  The bankruptcy court entered an order approving the Disclosure Statement with respect to the First Amended Plan on January 9, 2009 and held a confirmation hearing on January 28, 2009.

The confirmation order also provides that the following individuals shall constitute the initial members of the Post-Confirmation Committee for Superior Offshore International:

Ms. Claire Davis
Mr. Michael Parker
Mr. Bruce Lucas
Mr. Terry Braud
Mr. L. Don Miller


Does anyone know what a post confirmation committee does?TIA


 


Michael D. Rubenstein • Shareholder, Houston
(713) 651-2953 • fax (713) 651-2952
 mdrubenstein@liskow.com


Mr. Rubenstein is a litigator with a diverse commercial practice encompassing business bankruptcy, complex business litigation, and criminal law. His broad experience allows him to assist clients in a wide variety of issues that their businesses may encounter.

Mr. Rubenstein’s bankruptcy practice is largely, though not exclusively, devoted to the representation of creditors in complex reorganizations. Recently, he served as lead counsel for the Official Committee of Unsecured Creditors in the Chapter 11 liquidation of Superior Offshore International, Inc. (Bankr. S.D. Tex). In that case, the Committee was a co-proponent of the plan that was confirmed, over the objection of a majority shareholder, by the bankruptcy court. Mr. Rubenstein now represents the Post-Confirmation Committee that is overseeing the liquidation of the reorganized debtor. He is certified in the area of business bankruptcy law by the American Board of Certification.

(snipped)

http://www.liskow.com/bio.aspx?id=80
 
 
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R.I.P Dear 2NJ - say hi to Peaches for us!

I expect a miracle _Peaches ~ ~ May She Rest In Peace.

SOMEONE KNOWS THE TRUTH  

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Keepthefaith
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« Reply #364 on: June 02, 2009, 02:03:42 PM »

Don't know how accurate his is but i'm sure Jen3560,and or Kermit could make more of it then i could??


Is there a reason for that ip being in there 2nj??Delete the post if necessary...


Not sure...if I remove it, I only go to a page that offers search engines.   I'll delete it.

The link is from google? Whatever you feel is appropriate!Thanx!

Edit to remove link with IP address.
« Last Edit: June 02, 2009, 02:05:30 PM by 2NJSons_Mom » Logged

"A small body of determined spirits fired by an unquenchable faith in their mission can alter the course of history."

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jen3560
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« Reply #365 on: June 02, 2009, 02:04:25 PM »


I tried to get the rest of the story but was unable too...maybe someone else can try for the 7 day free trial...go to the link below....





Superior-BP Settlement Withstands Investor's Assault
Law360, New York (May 29, 2009) -- A district judge has backed a bankruptcy court’s approval of bankrupt Superior Offshore Inc.’s settlement with BP PLC and Cross Logistics Inc. related to payment for a $116 million construction project off the coast of Trinidad, despite a prominent shareholder's objection to the deal.

Judge Nancy F. Atlas of the U.S. District Court for the Southern District of Texas on Thursday affirmed the bankruptcy court’s February approval of the settlement requiring BP Trinidad and...

http://bankruptcy.law360.com/registrations/user_registration?article_id=103887&concurrency_check=false





In June 2007, we entered into a cooperation agreement with Cross Logistics, Inc., the owner of the Crossmar XIV, a 250-foot, four-point construction barge. The agreement expires in December 2007 and provides for us and Cross Logistics to cooperate in marketing our combined capabilities for certain projects and to perform any resulting contracts. We and Cross Logistics also have entered into a time charter for the Crossmar XIV pursuant to which we are currently providing diving personnel, dive equipment, an ROV and project supervision to the vessel in connection with our Trinidad project through the end of November 2007. The Trinidad customer is responsible for payment of all equipment and services provided under the charter. The Crossmar XIV is outfitted with a 140-ton crane and has clear deck space of 4,565 square feet.
http://au.us.biz.yahoo.com/e/071119/deepq.pk10-q.html
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Keepthefaith
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« Reply #366 on: June 02, 2009, 02:14:47 PM »

The Crossmar 14 returned to Houma from the Superior Diving / BP TT Trinidad project early December 2007. The Crossmar 14 departed Chaguaramas Terminal Dock, Trinidad November 24th to start the return transit to Houma arriving at the Crossmar home port December 7th.

http://www.thecrossgroup.com/news/1stQuarter2008.pdf
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"A small body of determined spirits fired by an unquenchable faith in their mission can alter the course of history."

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jen3560
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« Reply #367 on: June 02, 2009, 02:15:42 PM »

Don't know how accurate his is but i'm sure Jen3560,and or Kermit could make more of it then i could??

Edit to remove link with IP address.  I saved it as a text file and attached.

Holy batchit!

28 million paid out in dividends as of June 30 2007 
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2NJSons_Mom
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« Reply #368 on: June 02, 2009, 02:16:36 PM »

Jen,

On KTF's post #361, I saved the info to a text file and attached.
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R.I.P Dear 2NJ - say hi to Peaches for us!

I expect a miracle _Peaches ~ ~ May She Rest In Peace.

SOMEONE KNOWS THE TRUTH  

None of us here just fell off the turnip truck. - Magnolia
Keepthefaith
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« Reply #369 on: June 02, 2009, 02:21:24 PM »

Jen,

On KTF's post #361, I saved the info to a text file and attached.

Thanx 2nj.If that accounting is accurate i hope someone can make more of it then i can..Looks like Jen3560 already sees somethin..
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"A small body of determined spirits fired by an unquenchable faith in their mission can alter the course of history."

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« Reply #370 on: June 02, 2009, 02:24:27 PM »

Jen,

On KTF's post #361, I saved the info to a text file and attached.

I saw that - thank you!
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jen3560
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« Reply #371 on: June 02, 2009, 02:26:31 PM »

Jen,

On KTF's post #361, I saved the info to a text file and attached.

Thanx 2nj.If that accounting is accurate i hope someone can make more of it then i can..Looks like Jen3560 already sees somethin..

Damn skippy!!!!

In addition to the millions Schaefer got by selling his stock - he was also quite likely paid out a good majority of that 28 million of those dividends!

And Kyle said Schaefer was selling/has sold this video footage to try and "recoup some of his losses".

Yeah - 'cuz Schaefer was really hurting after their mapping searching ran over budget 
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jen3560
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« Reply #372 on: June 02, 2009, 02:27:57 PM »

AND - he was earning a salary (thus far amount unknown) as is evidenced by that employment agreement between himself and Superior.
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2NJSons_Mom
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« Reply #373 on: June 02, 2009, 02:34:34 PM »

Jen,

On KTF's post #361, I saved the info to a text file and attached.

Thanx 2nj.If that accounting is accurate i hope someone can make more of it then i can..Looks like Jen3560 already sees somethin..

YW, KTF.......Yep, my accounting ability is limited to the coin jar.   Monkey Devil!
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R.I.P Dear 2NJ - say hi to Peaches for us!

I expect a miracle _Peaches ~ ~ May She Rest In Peace.

SOMEONE KNOWS THE TRUTH  

None of us here just fell off the turnip truck. - Magnolia
jen3560
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« Reply #374 on: June 02, 2009, 02:57:18 PM »

Jen,

On KTF's post #361, I saved the info to a text file and attached.

Thanx 2nj.If that accounting is accurate i hope someone can make more of it then i can..Looks like Jen3560 already sees somethin..

Damn skippy!!!!

In addition to the millions Schaefer got by selling his stock - he was also quite likely paid out a good majority of that 28 million of those dividends!

And Kyle said Schaefer was selling/has sold this video footage to try and "recoup some of his losses".

Yeah - 'cuz Schaefer was really hurting after their mapping searching ran over budget 

http://tinyurl.com/o9dmkk

On April 25, 2007, we completed our initial public offering of 11,691,667 shares of our common stock, par value $0.01 per share, including 8,666,667 shares sold by us and 3,025,000 shares sold by selling stockholders. We received net proceeds from the initial public offering, after deducting the underwriting discount and estimated expenses of the offering, of approximately $119.4 million. After making the payments and dividend described below, we retained approximately $17.9 million of such proceeds for future capital expenditures, including progress payments relating to the construction of the Superior Achiever and the upgrade and refurbishment of the Gulf Diver IV . On April 25, 2007, we:

   •     repaid in full our senior secured term loan using approximately $68.4 million of the proceeds from our initial public offering and approximately $43.5 million of the proceeds from the senior secured term loan that were held in a segregated account; 
   
   •     used approximately $6.6 million of the proceeds from our initial public offering to repay outstanding borrowings under our revolving credit facility; and 
   
   •    used $28.0 million of the proceeds from our initial public offering to pay a special cash dividend to our existing stockholders
 -------------

So Schaefer received his share of those 28 million in dividends between April and June of 2007.

Does anyone else remember Tim Miller talking about this ocean search that was supposed to happen that Summer?

But for reasons (then) unknown to us, it got delayed until that winter.

Gee - I wonder if awaiting this huge influx of cash by Schaefer played a part in that delay?

Was there a brand spankin new offshore bank account set up by Schaefer when he got to Aruba in December? 
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Keepthefaith
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« Reply #375 on: June 02, 2009, 03:02:00 PM »

Jen,

On KTF's post #361, I saved the info to a text file and attached.

Thanx 2nj.If that accounting is accurate i hope someone can make more of it then i can..Looks like Jen3560 already sees somethin..

Damn skippy!!!!

In addition to the millions Schaefer got by selling his stock - he was also quite likely paid out a good majority of that 28 million of those dividends!

And Kyle said Schaefer was selling/has sold this video footage to try and "recoup some of his losses".

Yeah - 'cuz Schaefer was really hurting after their mapping searching ran over budget 

http://tinyurl.com/o9dmkk

On April 25, 2007, we completed our initial public offering of 11,691,667 shares of our common stock, par value $0.01 per share, including 8,666,667 shares sold by us and 3,025,000 shares sold by selling stockholders. We received net proceeds from the initial public offering, after deducting the underwriting discount and estimated expenses of the offering, of approximately $119.4 million. After making the payments and dividend described below, we retained approximately $17.9 million of such proceeds for future capital expenditures, including progress payments relating to the construction of the Superior Achiever and the upgrade and refurbishment of the Gulf Diver IV . On April 25, 2007, we:

   •     repaid in full our senior secured term loan using approximately $68.4 million of the proceeds from our initial public offering and approximately $43.5 million of the proceeds from the senior secured term loan that were held in a segregated account; 
   
   •     used approximately $6.6 million of the proceeds from our initial public offering to repay outstanding borrowings under our revolving credit facility; and 
   
   •    used $28.0 million of the proceeds from our initial public offering to pay a special cash dividend to our existing stockholders
 -------------

So Schaefer received his share of those 28 million in dividends between April and June of 2007.

Does anyone else remember Tim Miller talking about this ocean search that was supposed to happen that Summer?

But for reasons (then) unknown to us, it got delayed until that winter.

Gee - I wonder if awaiting this huge influx of cash by Schaefer played a part in that delay?

Was there a brand spankin new offshore bank account set up by Schaefer when he got to Aruba in December? 

I would love to see on paper exactly how much money Schaefer has taken from Superior..
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"A small body of determined spirits fired by an unquenchable faith in their mission can alter the course of history."

MOHANDAS GANDHI
jen3560
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« Reply #376 on: June 02, 2009, 03:15:23 PM »

You and me both, KTF!!! 

Doesn't it make you wonder just WHY he solicited donations to that un-named PO Box in Kemah for this "search" - considering he had all of those millions in his pocket, and was being touted as DONATING ALL THE FUNDS for the search?
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jen3560
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« Reply #377 on: June 02, 2009, 03:17:28 PM »

I would imagine the IRS would like to get ahold of those exact numbers as well......and to find out if he indeed has a bank account in Aruba.   
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Keepthefaith
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« Reply #378 on: June 02, 2009, 03:20:57 PM »

You and me both, KTF!!! 

Doesn't it make you wonder just WHY he solicited donations to that un-named PO Box in Kemah for this "search" - considering he had all of those millions in his pocket, and was being touted as DONATING ALL THE FUNDS for the search?

"The Search" is Hinky to say the least!Exactly..Why solicite for donations when you just got done pilfering your stockholders for around 100/200 million dollars!Ran outta money,My AZZZZ..You probably coulda funded the search on the interest alone?
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"A small body of determined spirits fired by an unquenchable faith in their mission can alter the course of history."

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jen3560
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« Reply #379 on: June 02, 2009, 03:22:58 PM »



Michael D. Rubenstein • Shareholder, Houston
(713) 651-2953 • fax (713) 651-2952
 mdrubenstein@liskow.com


Mr. Rubenstein is a litigator with a diverse commercial practice encompassing business bankruptcy, complex business litigation, and criminal law. His broad experience allows him to assist clients in a wide variety of issues that their businesses may encounter.

Mr. Rubenstein’s bankruptcy practice is largely, though not exclusively, devoted to the representation of creditors in complex reorganizations. Recently, he served as lead counsel for the Official Committee of Unsecured Creditors in the Chapter 11 liquidation of Superior Offshore International, Inc. (Bankr. S.D. Tex). In that case, the Committee was a co-proponent of the plan that was confirmed, over the objection of a majority shareholder, by the bankruptcy court. Mr. Rubenstein now represents the Post-Confirmation Committee that is overseeing the liquidation of the reorganized debtor. He is certified in the area of business bankruptcy law by the American Board of Certification.

(snipped)

http://www.liskow.com/bio.aspx?id=80
 
 


    I'll give you one guess who that was?
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