MTE (MDC) is having an auction of substantially all their assets on February 5 and the winner will be announced Feb. 10. This is subject to change, and has been pushed several times already.
Legal Feb 3,2021.pdf (513.8 KB)
Thank you for the above information as I have recently purchased my parents’ minerals in Pittsburgh Co. and am new at handling such. You stated above that we should be sure our contact information at the County Clerk’s office is accurate. I assume you mean the Pittsburg Co. Clerk’s office? Thanks.
The county where the minerals are located.
1 Like
Chesapeake Energy exited bankruptcy on Feb 9. Lots of articles out there to read about it.
In MDC bankruptcy, order signed today granting another extension to March 22 for filing Chapter 11 plan. Asset auction had been extended to February 19th but in past it’s also been reschedule each time deadline for filing plan was extended.
MDC auction postponed again until March 5. It likely means there is only one bidder and they are having a hard time coming to terms.
public_X041_10060_PLEADINGS_1006002272180000000004.pdf (78.2 KB)
Riverstone won the auction, and was also leading the charge to replace the CEO alleging fraud. I have not seen an order on the sale yet.
Gulfport Ch 11 is heating up. The Unsecured Creditors Committee has filed a motion going after insiders who were paid over $16 million in bonuses, allegedly.
On the Sable bankruptcy, the Plan administrator has started objecting to claims.
Chesapeake has started filing numerous claim objections. The 5th Amended Plan was approved.
Apparently Chesapeake washed out several hundred million dollars of underpaid royalty claims through this filing, as most owners didn’t know they needed to file a proof claim to keep them.
Wade, are royalty owners general a protected class in bankruptcies?
If so, were these instances were mineral owners were receiving royalties but had disputes over amounts, and when the restructuring was approved those claims were then treated as unsecured debt?
Dusty, yes in Oklahoma and Texas. Not sure about other states. The underpaid royalty claim may be a secured claim but unless the approved plan preserved the ability to make those claims after emerging from bankruptcy, the claims may be wiped out and discharged. See early on in this thread a list of potential claims to consider before you decide you don’t want to take any action in a bankruptcy just because you are getting paid royalties timely.
1 Like
Found your post from last March. Should be permanently placed somewhere prominent. Thanks
Wade, is there anything more on the MDC/MTE asset auction? The last thing filed in the court docket was recent service of notices that the auction scheduled for 2/19/21 was adjourned until 2/26/21, then nothing.
There are rumors a bank won the auction and then shut down royalty payments but wouldn’t that have to be approved by the bankruptcy judge?