Urals Energy Share Discussion Threads

[amargosa] 19/6/2019 11:08

Thanks Darren, it was a phone thing.

Looks pretty terminal: so, a week Thursday the final decision.

ARBITRATION COURT OF THE CITY OF MOSCOW
115191, Moscow, st. Bolshaya Tulskaya, 17
hxxp://www.msk.arbitr.ru
O P R E D E E N I E
Moscow Case number A40-96127 / 19-178-106 "B"
April 17, 2019
The Arbitration Court of the city of Moscow as part of
Judges Balzhinimaeva Z.TS.
Having considered the issue of accepting for production the application of the Federal Tax Service of Russia (INFS of Russia No. 31 for
Moscow) on declaring insolvent (bankrupt) ARKTIKNEFT JSC (TIN 8300004226,
PSRN 1028301646845) and the documents attached to the application,
INSTALLED:
The Arbitration Court of the city of Moscow April 15, 2019 (according to the stamp of the office) received
Statement of the Federal Tax Service of Russia (INFS of Russia No. 31 for the city of Moscow) on recognition as insolvent
(bankrupt) JSC ARKTIKNEFT (TIN 8300004226, BIN 1028301646845).
The court considers the documents submitted by the applicant sufficient to make a statement
and initiation of proceedings.
The court explains that by virtue of paragraph 14 of the Resolution of the Plenum of the Supreme Court of Arbitration of the Russian Federation of December 17, 2009 No. 91,
if during the consideration of a bankruptcy case, including when considering the reasonableness
statement of recognition of the debtor bankrupt, it turns out that the debtor’s property
not enough to incur costs in a bankruptcy case, and in the absence of a written
the consent of the persons involved in the case to finance the costs of a bankruptcy
indicating the amount of financing, the bankruptcy proceedings shall be terminated on
the grounds of par. 8 p. 1 Art. 57 of the Federal Law "On Insolvency (Bankruptcy)".
Based on the foregoing and, guided by art. 32, 39, 40, 42, 48, 50 of the Federal
Law "On Insolvency (Bankruptcy)", Art. 125-127, 184, 185 APC RF, court
O P R E D E L & L:
Adopt the proceeding to the court April 15, 2019 (according to the stamp of the office)
Statement of the Federal Tax Service of Russia (INFS of Russia No. 31 for the city of Moscow) on recognition as insolvent
(bankrupt) JSC ARKTIKNEFT (TIN 8300004226, BIN 1028301646845), to initiate
The proceedings on the case number A40-96127 / 19-178-106 "B"
Set a hearing to verify the validity of the application for recognition
the insolvent (bankrupt) of the debtor and the question of the termination of the proceedings on
06.27.2019 at 09 o'clock 50 min in hall No. 9072 of the building of the Moscow Arbitration Court at the address:
115191, Moscow, st. B. Tulskaya, 17, 9th floor.
In order to prepare the case for trial, it is proposed:
Authorized body: provide adequate evidence that the debtor has
property, the value of which would allow to cover court costs in a bankruptcy case
either agree to finance the costs of a bankruptcy case if it turns out that
the debtor’s property is not sufficient to cover the costs of
bankruptcy (consent is given in writing, indicating the amount and attaching evidence
availability of funding); submit to the court the original documents in support
statements; to ensure the attendance of a representative at the court hearing; invited to report agree
whether he is to finance the costs of a bankruptcy case. Consent is given in
in writing indicating the amount of funding.
If there is agreement to finance the costs of the bankruptcy case,
require the person who has given written consent to transfer to the deposit account of the court according to the details,
indicated on the official website of the court, at least 250,000 rubles in cash, evidence
transfer (original payment document with a mark of write-off) to submit to the court in time for
five working days until the next trial.
2
Details of the deposit account of the court are available on the official website of the Arbitration Court
Moscow city www.msk.arbitr.ru in the section “Arbitration process”.
In accordance with paragraph. 6 p. 14 of the Resolution of the Plenum of the Supreme Arbitration Court of the Russian Federation of December 17, 2009 No. 91 "O
the order of repayment of expenses in a bankruptcy case "in the absence of written consent
or if the person who gave it, at the request of the judge, fails to deposit funds for the deposit
court account the judge makes a decision to discontinue the proceedings on the basis of a paragraph
the eighth paragraph 1 of Article 57 of the Bankruptcy Law.
Debtor: recall on the merits of a statement of bankruptcy, constituent and
registration documents, balance sheet for the last reporting date with decoding
- originals on display, copies in the case file; amount of debt that is not
disputed by the debtor; information on the amount of indebtedness for damage caused
life and health, remuneration and severance payments to employees of the debtor, the amount
remuneration due to payment of intellectual property results to authors;
the size of the debt on mandatory payments;
Association "RSOPAU" (Address: 119121, Moscow, lane. Neopalimovsky 2 nd, d. 7, p. 1)
to submit documents on the candidacy of an arbitration manager in accordance with Art. 20, 20.2 FZ
“On Insolvency (Bankruptcy)”.
Judge Balzhinimaeva Z.TS.

[darren81] 19/6/2019 09:40

Strange that you cant see it, its loading for me without issue

kad.arbitr.ru/Card/2df29147-0ac9-49dd-b7a7-1ce5e0f3ad95


We don't have long to wait to find out the outcome.

I would've thought that one part of the company in bankruptcy proceedings would warrant communication from the BODs - shocking that this hasn't been announced by them!

[amargosa] 18/6/2019 18:07

Same here, already tried that, 'page not found' message appears.

Whatever the issue with the link, there is obviously a serious issue at Articneft.
I guess there are a few options:

1 It's losing money, so let it go.
2 Make it go bust and buy it back cheaply through another company (to establish a different ownership status I.e. not Urals Energy)
3 It's propping up Pet, so is being drained of cash.
4 Does not have enough management attention as Pet/port is where the action is


Other options are available.

[takeachance1] 18/6/2019 17:17

Even with replacing xx with tt, Im getting message page not found. I have an option. Do u have a case reference?

[darren81] 18/6/2019 17:00

replace xx with tt at beginning and it should work? (You'll likely need to put into google translate unless you can read Russian)

First hearing was back in April amargosa, follow-up one is next Thursday - hopefully they've managed to get financing sorted / shipment out or loans repaid to clear creditors.

[amargosa] 18/6/2019 16:33

Bankruptcy proceedings at Art? WTF? What's in the link, can't seem to open it for some reason?

[martyn9] 18/6/2019 12:32

True enough darren,we are all in the dark atm short term time will tell.

[darren81] 18/6/2019 12:25

There was a tug at precisely the right location during Sunday/Monday and a number of tankers in the vicinity - one of which hadn't had its location updated on marinetraffic for almost a day (for some reason) - this would tie in to them trying to get shipment out before the hearing.

I could be wrong but seeing the tug in location for that period gives me a bit of hope.

[darren81] 18/6/2019 12:21

He seems more concerned with Pet than Art so perhaps he doesn't mind Art going into bankruptcy as opposed to using potential capital from Pet.

Whatever happens I'm reasonably certain he'll come out of this ok - we just have to hope that we are included as well.

[darren81] 18/6/2019 12:09

This link is still available but no updates there either

hxxp://www.uralsenergy.ru

[darren81] 18/6/2019 11:57

We shall just have to wait and see what transpires.

It would be useful if the website was up and they provided some kind of update but I guess it's a bit too much to ask for shareholders to be kept up-to-date with developments by the BODs

[gaffer73] 18/6/2019 11:53

Darren, I don't want to dampen your hopes but I'm afraid all the money we invested in UEN has been lost. There is practically zero chance of seeing any returns from this now.

[chavitravi2] 18/6/2019 10:22

I think because we have been disowned.

[takeachance1] 18/6/2019 09:58

I wonder why the website is still down.

[martyn9] 18/6/2019 08:54

And the wall of silence continues, accounts end of this month ??

[rcturner2] 12/6/2019 07:22

The website had been down for over a week now.

[darren81] 04/6/2019 16:28

The website has been playing up today, seems back up again...but was down multiple times

[jiggsyboy] 04/6/2019 12:40

And the website has gone again....

[chavitravi2] 04/6/2019 11:59

Here Dyachenko mate, if I put a bit of this a bit of that your way can we work something out? We are all Russian together and screw the Brits, whoops, I already have done,
.

[amargosa] 02/6/2019 18:14

My guess is that the new BoDs have got nothing to say yet because there isn't very much going on with the entity Urals Energy. Continuing with the guessing, Kononov is still doing the same as his last 5 years at Petrosahk - wheeling and dealing with the locals to build up a business empire centred on Sakhalin Island. He probably doesn't care too much about Urals Energy at this stage. That's not to say he doesn't value it, just that his attention is (possibly correctly) elsewhere.

When I mention influence, I refer to those amongst the majority 55% of shareholders who are quite rightly concerned about their investment in Urals Energy - collectively they have the (soft) power to wield to ensure that Kononov continues to do the right thing by shareholders - to continue to build up the company and create shareholder value for ALL shareholders. That may include Dyachenko, amoungst significant others, who have the capability and are prepared to act to protect their interests IF it becomes obvious that is necessary. That may at some point involve the UK-based shareholders who may be asked at some point to join the party in whatever form that takes. Just throwing the towel in at this stage is not sensible and we are nowhere near there yet imv.

[amargosa] 31/5/2019 11:44

Dr Whu

Kononov has $18m invested in the shares of Cyprus-registered Urals Energy, not the Russian subsidiaries, of which he is the President, i.e. an employee.  The easy way to get his $18m back is via Urals Energy relisting or private sale, etc. If he tries to do it by taking ownership of the individual Russian companies, he will no doubt run into significant legal obstacles, not least from Dyachenko, who I believe is still the VP of Pet.

I guess we have to wait and see what those with influence end up doing and add our votes/influence to theirs if our goals align.

[rcturner2] 31/5/2019 07:16

When will the penny drop with you guys that you have been shafted?