Gulfport Energy declared bankruptcy. Gulfport did a document dump on Friday and Saturday—looks like about 10 to 20 million in legal work just from what was filed Saturday. About 60 lawyers enter appearances on behalf of Gulfport. Guess where they filed? The Bankruptcy Court for the Southern District of Texas—the Rocket Docket. They can get this burn done fast. Let’s face it=there never was a Gulfport, notwithstanding the boondoggle going down on Quail Creek Parkway in Oklahoma City. There was BlackRock and Vitruvian. Gulfport was the artifice they used to float the Gulfport common stock which is now cancelled. Some bank in Minnesota is really gonna get creamed. It’s very funny. The dirtbags that filed include:
• Gulfport Energy Corporation • Gator Marine, Inc. • Gator Marine Ivanhoe, Inc. • Grizzly Holdings, Inc. • Gulfport Appalachia, LLC • Gulfport MidCon, LLC • Gulfport Midstream Holdings, LLC • Jaguar Resources LLC • Mule Sky LLC • Puma Resources, Inc. • Westhawk Miner
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Lilis Energy’s bankruptcy just resulted in a sale of substantially all of its assets for a one time cash payment of 46 million dollars. In its bankruptcy petition it scheduled around 260 million in assets. These exploration company bankruptcies are going very, very bad for the bankrupt companies. Lilis was a chapter 11 bankruptcy but was essentially a liquidation of all assets for less than 17 cents on the dollar.
The buyer is an Encap funded entity, a couple of years old, called Ameredev. I can’t believe Encap is still around. Encap must be very familiar with liquidations. Every company I know of that Encap funded ended up getting liquidated.
This morning on the Investor FAQ on GPOR's site:
"It is too early to say what will happen to Gulfport’s common stock as a result of the restructuring process. However, the RSA contemplates no recovery for the Company’s existing equity holders and the common stock being cancelled, released, extinguished, and of no further force or effect."
Good work boys—thousands of new investors having been cheated. Quail Creek Parkway forever!