1 Feb 2016listing compliance notice▼ BadMajor
DOMINION RESOURCES BLACK WARRIOR TRUST terminated the registration of a class of securities, ending its reporting obligation for them.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
27 Jan 2016listing compliance notice▼ BadMajor
The NYSE filed to remove the units from listing on January 21, 2016, and they now trade over the counter under 'DOMR'. The Trust plans to file a Form 15 around February 1, 2016 to stop its SEC reporting. The Trust is appealing three bankruptcy court rulings, including the contract rejection, and says termination could run into early 2017. A distribution to unitholders is possible only if the appeals succeed, the Trust receives value for the royalty interests, and its assets exceed its liabilities, and the filing says there is no guarantee of any of these. It also does not plan a 2015 audit or individual letters to unitholders.
21 Jan 2016listing compliance notice● NeutralMajor
DOMINION RESOURCES BLACK WARRIOR TRUST's exchange filed to remove a class of its securities from listing.
11 Jan 2016listing compliance notice▼ BadMajor
On January 5, 2016 the NYSE told the Trust it would begin delisting the units. Because the Trust had announced it was terminating, it could no longer say it intended to cure the below-$1.00 price problem flagged in November. This follows through on the NYSE's earlier warning.
4 Jan 2016security holder rights change▼ BadMajor
On December 28, 2015 the bankruptcy court rejected the royalty agreement (the Trust's 65% overriding royalty interest in gas from wells operated by Walter's subsidiary), the Trust Agreement and the Administrative Services Agreement, so all three will terminate. A January 4, 2016 press release says the Trust must terminate under its own terms because Walter's missed August and December 2015 payments left it below the required 1.2-to-1.0 ratio of royalty cash to administrative costs for two quarters. The trustee says it is still weighing legal options but intends to wind up the Trust, and expects the NYSE to suspend trading and begin delisting. This is the result of the Walter bankruptcy thread.
30 Dec 2015debt financing▼ BadMajor
On December 23, 2015 the Trust took on a secured revolving credit line of up to $250,000 from Southwest Bank, which is also its trustee, due December 23, 2016 and bearing interest at 5.0% at the time. It is secured by the Trust's assets, including its overriding royalty interests and its claims in the Walter Energy bankruptcy, and the loan documents list delisting from the NYSE as a default event. The filing says the money is for working capital and expenses approved by the lender.
1 Dec 2015listing compliance notice▼ BadMajor
The NYSE told the Trust on November 24, 2015 that its units' average closing price over 30 trading days was below the $1.00 minimum for listing. The filing links this to Walter Energy's bankruptcy: Walter did not pay the Trust's third-quarter royalty payments and had not yet paid the fourth-quarter ones. The units stay listed for now, with a '.BC' (below compliance) tag, but the NYSE says it will start delisting if the Trust cannot say it intends to cure.