Each one in plain English, with the numbers worked through for a shareholder.
28 Feb 2012listing compliance notice▼ BadMajor
Nasdaq delisted Blue Dolphin effective February 28, 2012, ruling its just-completed Lazarus Energy acquisition was a "Business Combination" requiring a fresh listing application; shares began trading on the OTCQX market the same day.
Robert E. Robotti, Robotti & Company, Incorporated, Robotti & Company Advisors, LLC, Kenneth R. Wasiak, Ravenswood Management Company, L.L.C, The Ravenswood Investment Company, L.P, Ravenswood Investments III, L.P, RVB Value Fund, L.P disclosed a new substantial BLUE DOLPHIN ENERGY CO shareholding (1.20% of votes).
Spruce House Investment Management LLC, Spruce House Capital LLC, The Spruce House Partnership LP, Zachary Sternberg, Benjamin Stein disclosed a new substantial BLUE DOLPHIN ENERGY CO shareholding (1.20% of votes).
Blue Dolphin completed its acquisition of Lazarus Energy, LLC (owner of the Nixon refinery) on February 15, 2012, issuing about 8.43 million shares that gave Lazarus Energy Holdings 80% ownership and control of Blue Dolphin's board and management.
BLUE DOLPHIN ENERGY CO shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
Nasdaq moved to delist Blue Dolphin for failing to hold its 2011 annual meeting on time, a delay the company tied to negotiations over the pending Lazarus Energy acquisition; the meeting was rescheduled for January 27, 2012.
A Nasdaq panel restored Blue Dolphin's Nasdaq Capital Market listing after it cured its stockholders'-equity deficiency; trading resumed September 1, 2011 under one year of continued monitoring.
9 Aug 2011asset acquisition disposition▲ GoodMajor
Blue Dolphin sold its 83⅓% stake in the onshore Buccaneer Pipeline, storage tanks and barge terminal to Sunoco Partners for about $3.6 million cash, shedding underutilized assets ahead of the pending Lazarus deal.
Blue Dolphin agreed to acquire 100% of Lazarus Energy, LLC, owner of the Nixon, Texas crude-processing facility, from Lazarus Energy Holdings in an all-stock deal that would give Lazarus 80% of Blue Dolphin's shares and control of the company.
A Nasdaq panel rejected Blue Dolphin's equity-compliance plan and delisted its stock effective June 13, 2011; trading moved to the OTCQB market under the same BDCO symbol.
A Nasdaq panel approved Blue Dolphin's plan to cure its bid-price deficiency and extended its listing to August 2010, but the company disclosed a separate failure to meet Nasdaq's $2.5 million minimum stockholders'-equity requirement.
Nasdaq moved to delist Blue Dolphin for still failing the minimum bid price rule; the company said it would appeal to a Nasdaq Hearings Panel to stay the delisting.
11 Jan 2010material agreement termination▼ BadMajor
Blue Dolphin's option to acquire Lazarus's Nixon and Louisiana terminal assets lapsed after the two sides could not agree on a definitive purchase agreement.
Blue Dolphin loaned $2 million to a Lazarus Energy Holdings affiliate in exchange for an option to acquire a Nixon, Texas crude-oil topping unit and a Louisiana barge terminal by issuing Lazarus 47.1 million shares, a deal that would hand Lazarus control of the company.