1 July 2016listing compliance notice▼ BadMajor
HILLTOP ENERGY, LLC. suspended its duty to file periodic reports with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
1 Mar 2016substantial holder notice● Neutral
Calvin A. Wallen, III reported no remaining HILLTOP ENERGY, LLC. shareholding in its periodic institutional filing.
1 Mar 2016bankruptcy or receivership▼ BadMajor
The Chapter 11 plan confirmed on Feb 17, 2016 took effect on March 1, 2016. The filing states all common stock and other equity interests were cancelled without consideration and have no value, and the company was converted into a Delaware limited liability company with membership interests issued under the plan. This resolves the open question of when the plan would go effective; the filing does not itself restate who received the membership interests.
1 Mar 2016listing compliance notice▼ BadMajor
HILLTOP ENERGY, LLC. terminated the registration of a class of securities, ending its reporting obligation for them.
19 Feb 2016securities registration● Neutral
HILLTOP ENERGY, LLC. amended an already-effective registration statement.
19 Feb 2016bankruptcy or receivership▼ BadMajor
On Feb 17, 2016 the bankruptcy court confirmed the Third Amended Prepackaged Plan, expected to take effect around March 1, 2016. On that date all common and preferred stock is cancelled, the company becomes a Delaware LLC, noteholders receive 100% of the membership interests plus new senior secured notes, and Wells Fargo receives 100% of Reorganized Cubic Louisiana. The company reported total assets of $68,883,516 against total liabilities of $119,194,680 at Dec 31, 2015.
14 Dec 2015bankruptcy or receivership▼ BadMajor
Cubic and its four subsidiaries filed Chapter 11 on Dec 11, 2015 in Delaware with a prepackaged plan backed by the noteholders, BP, Wells Fargo Energy Capital and Fossil Operating. Under the plan all existing equity, including the common stock, is cancelled with no payment to stockholders; the noteholders' affiliates get 100% of the reorganized company plus new senior secured notes, and Wells Fargo gets 100% of the reorganized Cubic Louisiana companies. The bankruptcy also accelerated the notes and the Wells Fargo debt, and ended the Oct 2013 Investment Agreement. This follows the failure of the 2014 Strategic Transaction path to avoid restructuring (inference).
27 Oct 2015director interest notice● Neutral
HILLTOP ENERGY, LLC. President & CEO Calvin III Wallen received a stock option grant for 431 shares.
17 Sept 2015auditor change▼ BadMajor
BDO USA, hired in July 2014, resigned as Cubic's auditor on Sept 11, 2015. The filing reports no disagreements, but notes its June 2014 audit report included a going-concern doubt and refers to material weaknesses in internal controls identified in Sept/Oct 2014 (financial reporting, asset retirement obligations, complex transactions).
21 July 2015director interest notice● Neutral
HILLTOP ENERGY, LLC. President and CEO Calvin III Wallen received a stock option grant for 417 shares.
19 June 2015director interest notice● Neutral
HILLTOP ENERGY, LLC. 10%+ owner William Bruggeman sold 686,328 shares.
15 May 2015quarterly activities report▼ Bad
HILLTOP ENERGY, LLC. reported quarterly revenue of $3.0 million and a net loss of $2.8 million for the period ended 2015-03-31.
21 Apr 2015director interest notice● Neutral
HILLTOP ENERGY, LLC. President and CEO Calvin III Wallen received a stock option grant for 403 shares.
15 Apr 2015quarterly activities report▼ Bad
HILLTOP ENERGY, LLC. reported quarterly revenue of $3.0 million and a net loss of $2.8 million for the period ended 2015-03-31.
17 Feb 2015quarterly activities report▼ Bad
HILLTOP ENERGY, LLC. reported quarterly revenue of $3.0 million and a net loss of $2.8 million for the period ended 2015-03-31.
22 Jan 2015quarterly activities report● Neutral
HILLTOP ENERGY, LLC. reported quarterly revenue of $3.6 million and net income of $11.2 million for the period ended 2014-12-31.
12 Jan 2015director interest notice● Neutral
HILLTOP ENERGY, LLC. President and CEO Calvin III Wallen received a stock option grant for 402 shares.
10 Dec 2014quarterly activities report● Neutral
HILLTOP ENERGY, LLC. reported quarterly revenue of $3.6 million and net income of $11.2 million for the period ended 2014-12-31.
2 Dec 2014securities registration● Neutral
HILLTOP ENERGY, LLC. amended an already-effective registration statement.
19 Nov 2014quarterly activities report● Neutral
HILLTOP ENERGY, LLC. reported quarterly revenue of $3.6 million and net income of $11.2 million for the period ended 2014-12-31.
14 Nov 2014late filing notice▼ Bad
HILLTOP ENERGY, LLC. notified the SEC that its quarterly report would be filed late.
8 Oct 2014director interest notice● Neutral
HILLTOP ENERGY, LLC. President and CEO Calvin III Wallen received a stock option grant for 393 shares.
30 Sept 2014late filing notice▼ Bad
HILLTOP ENERGY, LLC. notified the SEC that its annual report would be filed late.
30 Sept 2014financial restatement▼ BadMajor
Cubic said its quarterly reports for December 2013 and March 2014 can no longer be relied on, because the warrants issued with the October 2013 note financing (with full ratchet provisions) were wrongly booked as equity rather than as a liability at fair value, and the debt discount was too small. It plans to file corrected reports; the filing gives no restated figures. This relates to the Oct 2013 warrants and notes in the running history.
21 July 2014director interest notice● Neutral
HILLTOP ENERGY, LLC. President and CEO Calvin III Wallen received a stock option grant for 379 shares.
17 July 2014securities registration● Neutral
HILLTOP ENERGY, LLC. amended a filing by which it registered a securities offering with the SEC.
17 July 2014auditor change● Neutral
Cubic's audit committee picked BDO USA as its auditor for the year ended June 30, 2014 after a competitive process, replacing Philip Vogel & Co., which was told it would not be retained. The filing says there were no disagreements with Philip Vogel; its 2012 report had included a going-concern doubt.
14 July 2014debt financing▼ BadMajor
Cubic Energy signed an agreement with the holders of its $66.0 million senior secured notes (issued Oct 2013) in which they waived specified defaults and default interest and modified some covenants. In return, the interest rate on the notes rose from 15.5% to 20.5% after March 31, 2014, no longer payable in cash but added to the debt and compounded quarterly, and the company must complete (or sign a deal reasonably expected to complete by Dec 31, 2014) a 'Strategic Transaction' by Oct 17, 2014. The filing does not say which defaults were waived.
27 June 2014securities registration● Neutral
HILLTOP ENERGY, LLC. amended a filing by which it registered a securities offering with the SEC.
6 June 2014agm notice● Neutral
HILLTOP ENERGY, LLC. 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).