11 May 2007listing compliance notice▼ BadMajor
CYGNUS OIL & GAS CORP deregistered its securities, ending its obligation to file reports with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
16 Apr 2007listing compliance notice▼ BadMajor
Cygnus obtained a $3 million debtor-in-possession loan from Kings Road Holdings - the same fund whose default notice had helped trigger the bankruptcy - to fund what the company described as a liquidation of its assets; it warned shareholders would likely receive nothing and that it faced delisting from the OTC Bulletin Board if it could not file its overdue 10-K by May 4, 2007.
5 Apr 2007bankruptcy or receivership▼ BadMajor
Cygnus and eight subsidiaries filed for Chapter 11 bankruptcy in Houston after all four holders of its $22 million convertible notes demanded redemption for a combined $27.5 million (125% of principal) plus about $1.1 million in accrued interest. CEO R. Gerald Bennett stepped down (remaining Chairman) and turnaround specialist H. Malcolm Lovett was installed as President and Chief Restructuring Officer.
28 Feb 2007debt financing▼ BadMajor
A third noteholder, RHP, also demanded redemption of its $3 million note for $3.75 million; with all noteholders now demanding redemption, Cygnus owed over $22.5 million against the original $22 million note pool - a bill it could not pay.
22 Feb 2007debt financing▼ BadMajor
A second convertible-note holder, Capital Ventures, also demanded redemption following Cygnus's default, seeking $5 million - 125% of its $4 million note - plus accrued interest.
15 Feb 2007debt financing▼ BadMajor
Cygnus missed the $412,500 interest payment due December 31, 2006 on its $22 million convertible notes, triggering default and a jump in the interest rate to 12%; noteholder Kings Road Holdings demanded Cygnus redeem its note for $13.75 million, 125% of principal, plus accrued interest.
8 Jan 2007securities registration● Neutral
CYGNUS OIL & GAS CORP amended an already-effective registration statement.
13 Dec 2006securities registration● Neutral
CYGNUS OIL & GAS CORP amended an already-effective registration statement.
7 Dec 2006securities registration● Neutral
CYGNUS OIL & GAS CORP amended an already-effective registration statement.
14 Nov 2006securities registration● Neutral
CYGNUS OIL & GAS CORP amended an already-effective registration statement.
5 Oct 2006securities registration● Neutral
CYGNUS OIL & GAS CORP amended an already-effective registration statement.
30 Aug 2006director interest notice● Neutral
CYGNUS OIL & GAS CORP director Ralph D Mcbride bought 100,000 shares on the open market.
28 Aug 2006securities registration● Neutral
CYGNUS OIL & GAS CORP amended an already-effective registration statement.
28 Aug 2006director interest notice● Neutral
CYGNUS OIL & GAS CORP Chief Operating Officer Oenbring Patrick R bought 50,000 shares on the open market at $0.53.
25 Aug 2006director interest notice● Neutral
CYGNUS OIL & GAS CORP Chief Executive Officer Abel Roger L bought 100,000 shares on the open market.
26 July 2006auditor change● Neutral
The company (by now renamed Cygnus Oil and Gas) switched auditors again, engaging UHY LLP after interviewing several firms.
18 July 2006director interest notice● Neutral
CYGNUS OIL & GAS CORP director Davis Ted E received a stock option grant for 100,000 shares.
18 July 2006director interest notice● Neutral
CYGNUS OIL & GAS CORP director Moran Alfred Jay Jr. received a stock option grant for 100,000 shares.
18 July 2006director interest notice● Neutral
Davis Ted E became a CYGNUS OIL & GAS CORP director and company insider (initial ownership filing).
18 July 2006director interest notice● Neutral
Ralph D Mcbride became a CYGNUS OIL & GAS CORP director and company insider (initial ownership filing).
18 July 2006director interest notice● Neutral
CYGNUS OIL & GAS CORP director Ralph D Mcbride received a stock option grant for 100,000 shares.
18 July 2006director interest notice● Neutral
Moran Alfred Jay Jr. became a CYGNUS OIL & GAS CORP director and company insider (initial ownership filing).
6 July 2006securities registration● Neutral
CYGNUS OIL & GAS CORP amended a filing by which it registered a securities offering with the SEC.
3 July 2006securities registration● Neutral
CYGNUS OIL & GAS CORP amended a filing by which it registered a securities offering with the SEC.
25 May 2006material agreement● Neutral
Touchstone signed a 10.5-year lease for its Houston headquarters at 333 Clay Street, the address it would keep through its later bankruptcy filing.
19 May 2006securities registration● Neutral
CYGNUS OIL & GAS CORP registered a securities offering with the SEC.
18 Apr 2006capital raising announcement● Neutral
Touchstone acquired rights to 2D/3D seismic data and Alabama prospect assignments from Paradigm Asset Holdings and Seismic Exchange, paying with stock, warrants and a $12,500/month consulting fee while Paradigm kept the right to take up to a 25% working interest in anything discovered.
6 Apr 2006capital raising announcement● NeutralMajor
Touchstone closed a $22 million offering of 7.5% senior convertible notes due April 2009, netting about $20.3 million used partly to pay off older notes - debt that would trigger the company's default and Chapter 11 filing less than a year later.
24 Mar 2006director interest notice● Neutral
CYGNUS OIL & GAS CORP director Irelan Robert E bought 50,000 shares on the open market.
1 Mar 2006director interest notice● Neutral
Oenbring Patrick R became a CYGNUS OIL & GAS CORP Chief Operating Officer and company insider (initial ownership filing).