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AIPN - Oil & gas. Debt free, new management. Will exit bankruptcy with SEC approval.

post #1 of 15
Thread Starter 
Over the past couple of years now, shareholders have been contesting bankruptcy proceedings where old management tried to cancel the shares of the shareholders. They (the old management) failed.

Now there is a 5 person Liquidation Committee, consisting of 3 creditors and 2members of the now non-existant Equity Committee. (The EC was formed during bankruptcy, and it's legal bills were paid for by the estate.)

Currently, debts stand at 1.2 million (not counting any monies claimed by former insiders) and cash will be between 1.2 million and 1.4 million. The unsecured creditors (3 of whom are represented on the LC) would have got nothing if it weren't for the efforts of the shareholders. Recently the judge sent out the bankruptcy plan to the unsecured creditors (there are no secured creditors remaining...the have been paid off) and the plan would have allowed former insiders to be on the LC. The EC voiced it's objections to this plan because insiders would be allowed to serve in a letter to the creditors, and the plan was rejected. The EC was then allowed to convince the creditors to accept the plan (of a LC consisting of 2 members of the EC and 3 creditors who weren't former insiders) and the plan was accepted. This bodes were for working with the creditors, imo.

Before going into bankruptcy, AIPC sold 85% of it's interest in concession 1551 in Kazakhstan (600 billion cubic feet of natural gas proven, 1.1 trillion estimated) to a private NY company called PetroCapsian, later Bridge Hydrocarbons, for a measely 5.05 million dollars. In bankruptcy the remaining 15% was sold for 16 million dollars. (Still a bargain, imo.) During bankruptcy the old CEO of AIPN, James Knight, who was responsible for the sale to PetroCaspian resigned from AIPN to "pursue other interests." Those interests were becoming President of Caspain Gas Corporation, the corporation set up to be 85% owned by PetroCaspian (Bridge), 15% owned by AIPN. Now that doesn't pass the smell test, but I don't know if it is illegal. However, part of the agreement between AIPN and PetroCaspian (Bridge) was that it was to have 50 million dollars in cash, as well as a line of credit of 189 million dollars. The agreement required Bridge to provide certain financing to Caspian Gas Corporation, but instead, it appears that Bridge merely brokered certain financing agreements and lacked the ability to provide the additional required financing. Additionally, it appears that Bridge required AIPN to pledge its assets so that Caspian Gas could obtain financing. Additionally, Bridge may have sold shares in Caspian Gas in violation of the Shareholder Agreement with AIPK (A wholy woned subsidiary of American International Petroleum Corp.) A lawyer has been identified by the EC that would work on a contigency basis to pursue this claim, as well as claims against former insiders for various mismanagement related reasons.

I will include 2 posts from Raging Bull will help to clarify some issues, as well as the assets AIPN possesses.

Also, it is important to note that the natural gas concession isn't even the most interesting possible asset. AIPN may be able to renew a concession in Kazakhstan (lic. 953) which was a 4.7 million acre concession. Under the agreement with Kazkahstan signed a long time back now (like 10 years almost) if a commercial discovery was made, AIPN can choose 10% of the acreage of the concession it wants. There may have been a commercial discovery made involving natural gas test wells.

In my opinion, some time during this company's existence it became an attempted swindle by former management, whose goal it was to cancel the shares of shareholders, and then renew its concession in Kazakhstan. If the shareholders are able to obtain 470,000 acres of potentionally extremely oil rich land, this stock could be that one that makes you rich! I'm not saying buy now (takes alot of guts to do that) but there is a lawyer in Kazakhstan working on renewing this concession right now. So at least keep an eye on this stock.

http://ragingbull.lycos.com/mboard/b...IPN&read=80448

http://ragingbull.lycos.com/mboard/b...IPN&read=80462
post #2 of 15
Thread Starter 
Shouldn't be on the grey market for too long. I am liking how it is trading today.
post #3 of 15

Up 700%!!!!!!!!!!!!

Wasup with this stock?
post #4 of 15
Thread Starter 
The increase is attributable to the fact that people are selling this stock for a tax loss at .0001 and people are buying this stock on a speculative basis at .01 and under.

The real allure to this stock is the work that was (and I'm sure is) on-going to renew a 95% (or so) interest in their choice of 10% of a 4.7 million acre oil & gas concession. The reason the percentage ownership is unknown to me is because the ownership fell into question when MED Shipping was unable to meet a cash call and their 30% interest in concession 953 was greatly reduced, perhaps even eliminated. This happened slightly before bankruptcy and anything that has transpired during bankruptcy I am pretty much in the dark. However, I do know more than most, my belief is that the shareholders who successfully fought the bankruptcy plans of old management are tireless, decent people who could make alot of money for its shareholders if they are dealt a good deck to play with.

Below is a recent post from Raging Bull.

DID YOU KNOW

The Liquidation Committee has employed, and is represented by, the following law firms:

1. Steffes, Vingiello & McKenzie, PC of 13702 Coursey Blvd.,
Building 3, Baton Rouge, LA

2. Passman & Jones, PA of 1201 Elm Street, Suite 2500, Dallas, TX

3. Fleming & Associates, LLP of 1330 Post Oak Blvd., Suite 3030,
Houston, TX

Today, October 7, 2006, represented by these law firms, Jason R. Searcy, Trustee for American International Petroleum Corporation Liquidating Trust, American International Petroleum Corporation, and American International Petroleum Kazakhstan filed a law suit in US Bankruptcy Court for the Western District of Louisiana, Lake Charles Division, against the following defendants

1. JAMES KNIGHT,
2. WILLIAM TRACY,
3. GEORGE FARIS,
4. WILLIAM SMART,
5. DONALD RYNNE,
6. DANIEL KIM,
7. JOHN KELLY,
8. BRIDGE HYDROCARBONS LLC,
9. PETROCASPIAN, LLC,
10. CASPIAN GAS CORP.,
11. LEMINGTON INVESTMENTS, LTD.,
12. BARING VOSTOCK CAPITAL LIMITED PARTNERS, and
13. BANK TURANALEM

Thanks to the efforts of the Shareholder Group and the Equity Committee, the above was made possible.

http://ragingbull.quote.com/mboard/b...IPN&read=80696
post #5 of 15
Thread Starter 
I don't know how things are progressing behind the scenes, but I do know this is one obscure company with very little public information which has, in my opinion, hard working competant and honest people trying to increase shareholder value.

A lot of uncertainty as I have been told the SEC does not want this company becoming a shell, so don't invest because the books will be clean. That won't be enough. A victory (or victories) related to legal proceedings (ongoing or potential ones), a renewing of concession 953, postive developments with contaminated land in Florida, or with it's 25% interest in the Russian closed stock oil company Zao Po Nafta are the only scenarios for success that involve current assets, as far as I know.

I know of no other stratgies for success. However, I would not be surprised if such a thing occurred, as certain principles in AIPC have proven to me their business acumen.
post #6 of 15
Thread Starter 
Yeah I threw in the up 4900% just so people would read this. (It's not a lie, but it doens't mean anything either. It's not like you could have bought the stock at .0001 unless you were an MM.)
post #7 of 15
Quote:
Originally Posted by ß¡nary01
Yeah I threw in the up 6900% just so people would read this. (It's not a lie, but it doens't mean anything either. It's not like you could have bought the stock at .0001 unless you were an MM.)

you could of bought this the last couple of days thats for sure...was up 200% yesterday, i hesitated to buy because i had to call it in... NEVER agian will i hesitate because of calling..
post #8 of 15
Thread Starter 
I really doubt the MMs were selling shares in the triple zero levels. They have been picking up some really cheap shares from tax loss sales, but not a lot of shares. They know they can flip what they bought at half a cent or higher.

But I could be wrong. Maybe a lucky soul or two got a couple hundred thousand shares real cheap.
post #9 of 15
anyone still trading this stock at all?
post #10 of 15
Thread Starter 
Difficult stock to trade, per se. My feeling is MMs will buy it as high as .004 and sell as low as .005, but most of the large buys have been going through at .006 as of late. Before that buys at .007 were common enough, even some at .008. But since tax time is approaching you may want to hold off on buying at until you see some large trades go through quite low, and then offer the MM to take those shares at .004 or lower. I'm not sure how crazy they are about holding this stock, considering the information vacuum. Those running the ship now have been tight lipped as of late, which I'm happy about, but it doesn't exactly buoy the price short term.
post #11 of 15
Quote:
Originally Posted by ß¡nary01
Difficult stock to trade, per se. My feeling is MMs will buy it as high as .004 and sell as low as .005, but most of the large buys have been going through at .006 as of late. Before that buys at .007 were common enough, even some at .008. But since tax time is approaching you may want to hold off on buying at until you see some large trades go through quite low, and then offer the MM to take those shares at .004 or lower. I'm not sure how crazy they are about holding this stock, considering the information vacuum. Those running the ship now have been tight lipped as of late, which I'm happy about, but it doesn't exactly buoy the price short term.
thanks for your response ß¡nary01. just wondering, has anyone actually been able to buy below $0.001? it looks like its dipped down that low a few times in the last month.

so far today, 1000 shares traded at $0.002. thats $2 worth, whats the point?
post #12 of 15
Thread Starter 
MMs just playing games, i'm guessing. either that or it's a signal. or someone who doesn't mind eating a commission (or have free trades) are trying to paint this red. you see this all the time in the stocks, and i doubt anyone knows exactly what it means. before i've seen a post about what a 100 share trade means among MMs, a 200 share trade, etc. but whose to say if it's right or if they even do that. by the way, i forget what the trades were supposed to mean.

I'd bet you dollars to donuts no one has been able to buy under .001. All tax loss sales there, imo.
post #13 of 15
I cannot pull up any LII on this stock. Is it in the grey Markets?
post #14 of 15
Thread Starter 
Quote:
Originally Posted by stetson_8x
I cannot pull up any LII on this stock. Is it in the grey Markets?
Yep.
post #15 of 15
Thread Starter 
Word is the SEC mailed the notice of registration revocation to the wrong person, ie./ Denis Fitzpatrick, the old manager who got tossed out of power by the bankruptcy judge, instead of the estate's trustee. Apparently an SEC lawyer has been hired to look into this.
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HotStockMarket › Forums › HSM Stock Forum › Penny Stocks › AIPN - Oil & gas. Debt free, new management. Will exit bankruptcy with SEC approval.