Justice for BBEP / BBEPQ Shareholders

Final Arguments on Equity Committee Coming Friday 10/14

In the letter sent last week, the SEC said that no other party in the bankruptcy could adequately speak for the equity shareholders and that the estate should pay for lawyers to represent their committee.

"With other parties receiving this level of representation in a complex case, it would be unfair to say that it would be too costly for the estate to pay for any representation of shareholders," Maza said.

Judge Bernstein held a hearing on the matter on Tuesday and will hear final arguments on the issue on Friday.


Why Are We Here?

The market exists because shareholders can have some level of confidence that executives and board members will live up to their fiduciary duty to investors and operate above board. Without this trust the markets cannot exist and cannot operate. In the chapter 11 bankruptcy case (16-11390) of Breitburn Energy Partners LP there are many concerns that moves were made that were not in the best interest of investors. Moves that appear deceitful and were potentially fraudulent.

Common shareholders who have lost much need representation. We need an Equity Committee to be established in the BBEP bankruptcy case so there is some voice for us.

Those who have been hurt by the mismanagement of BBEP ... teachers, public servants, brave members of our military. The 99 percent.

Breitburn Catches Shareholder Flak on Bonuses -- Market Talk

BY Dow Jones & Company, Inc. � 8:29 AM ET 08/03/2016 8:29 ET - Breitburn Energy Partners shareholders have been griping about plans to wipe them out in bankruptcy at a time when a recovering oil-and-gas market has started to pump up the company's value. Add a new complaint--big bonuses for executives, some of whom unloaded stock even as SEC filings continued to reflect that Breitburn had value to spare for shareholders. Instead of a DIY letter-writing campaign, Breitburn is now up against bankruptcy veteran Martin Bienenstock, who is working for a group of shareholders, and campaigning for an official equity committee in Breitburn's bankruptcy case. (peg.brickley@wsj.com)

What Can I Do To Help?

Contact the courts and Judge Bernstein regarding the Breitburn Energy bankruptcy. Email them. Tell them you want justice for common BBEP and BBEPQ shareholders. Tell them you want fairness for hard working people who are just trying to save for their retirement. Tell them common BBEP / BBEPQ equity shareholders need to be represented at minimum by an official Equity Committee.

If you use Outlook or another email client CLICK HERE to open a new email.

Email To: bernstein.chambers@nysb.uscourts.gov

CC: susan.golden@usdoj.gov

CC: bbepshareholders@gmail.com

Mailing Addresses

Honorable Stuart M.Bernstein
United States Bankruptcy Judge
United States Bankruptcy Court for the Southern District of New York
Attn: Chambers of Hon.Judge Stuart M.Bernstein
One Bowling Green
New York, NY 100041408

Office of the United States Trustee for Region 2
Attn: Susan D.Golden, Esq., and Richard C.Morrissey, Esq
U.S.Federal Office Building
201 Varick Street, Suite 1006
New York, NY 10014

Highlighted Letter

Good day Judge Bernstein,

I just want to inform you that I'm VERY concerned in the direction that Breitburn Management has taken this company. With 1.5 Billion in Assets and Oil price doubling since the Ch-11 was filed there should be no reason that the common share holder like myself and thousands of others be the ones to suffer in this case.

Everyone that is sitting in your court room is making thousands and even millions of dollars (Like Lazard) off of this case, while I sit at home and watch the stock chart drop to depressing levels. We are at the bottom of the crab bucket, the ones that invested the most as a group, and suffering the most through this case.

As a US Military Veteran that has sworn an oath to protect this nation I pray that you make the right decision in this case with that same honor and duty that you sworn an oath to. The kind of decision that allows you to sleep in peace at night with a clear mind. We all pray for a positive outcome in this case.

I know you are very busy and most likely do not have time to respond but I still thank you for your time in reading my email, and taking all of our concerns into consideration that hopefully allow us to get through this with just a few cuts and bruises.

US Army Veteran 1st Cavalry

BBEP / BBEPQ Shareholders - Interest is Spreading - Site Visits

Honorable Stuart M. Bernstein
Case Information - Why Bankruptcy?
  • Breitburn Energy Partners has positive equity value of over $1.3 Billion per the latest 10-Q filed with SEC
  • Strong hedges on oil in 2016
  • BBEP�s oil/gas asset values appreciated greatly since 4/30/2016 but Debtor is relying on net book value as of 4/30/2016
  • Breitnurm management took $10 million in disbursements in the last 90 days prior to filing for Ch 11 which was not Authorized by the BBEP Common Unit holders.
  • The BBEP stock is widely held, a lot of the "little people", a lot of 99 percenters
  • Swift Energy and Halcon Resources shareholders received 4% equity in newly formed companies and Breitburn is in a stronger position than both
  • Mr. H. Washburn received a incentive bonus award of over $700k in 2016
  • Mr. Pease received an incentive bonus award of over $300k in 2016
  • Several others at Breitburn Energy received incentive bonus awards over $100k in 2016
  • Why such an increase in employee related costs and professional fees in 2016 vs 2015 while BBEP revenues were down?
What is an Equity Committee?

A small group of the largest shareholders in a company formed to represent all other shareholders during a company's bankruptcy trials. An official committee of equity security holders is typically made up of several of the largest shareholders of a company who stand to have the most to gain or lose during the bankruptcy proceedings, thus would serve as the best proxy for the shareholders as a whole.

If you have any thoughts, suggestions or additional information regarding this bankruptcy case contact us at bbepshareholders@gmail.com