Re: "Power play by Patriot ? ".. The BOD already surrendered that hand.-Biajj
posted on
Feb 15, 2014 03:08PM
Perhaps those New ComAG docs that are to be sealed until 2017 had only to do with the monetary/fee arrangements that they didn't want made public.
I still maintain that the termination clause for TPL filing BK and NOT remaining the debtor in possession might still be valid. If so, upon acceptance of the Committee's Plan of reorganization, we should see PDS (not Patriot) make its power play to void the ComAg.
The PNewco Operating Agreement (different from any ComAg) has a provision under Article 8
8.2 Reversion of Rights (not in exact words)
.....Upon the valid termination of the ComAg by the Company all of the rights granted by each of Patriot and TPL to the company pursuant to the PNewco license and TNewco license shall revert back to PTSC and TPL.
http://photos.imageevent.com/banos/tplbkplan21414/Operating%20Agreement%20P-NEWCO.pdf
If we can get the right people on the PDS management committee, we may get rid of the Leckrone Clan once and for all. It sure would be nice if our BoD would answer just one question.....If TPL does not remain the debtor in possession, is the termination clause still valid?