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.
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.
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. (email@example.com)
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: firstname.lastname@example.org
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
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
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.