|By PR Newswire||
|March 28, 2014 09:00 AM EDT||
NEW YORK, March 27, 2014 /PRNewswire/ -- Russian Hill Capital, LP ("Russian Hill"), would like to make investors aware of new language that The Bank of New York Mellon Trust Company (the "Trustee") has included in the latest annual report for Whiting USA Trust I ("WHX" or the "Trust"). Russian Hill believes that the following new language from WHX's annual report is an acknowledgement that WHX is overpriced and that investors bear significant risk: "To the extent that the Trust units are trading at a price substantially in excess of the aggregate distributions that may be reasonably expected to be made prior to the termination of the Trust, the market price decline in Trust units is likely to include one or more abrupt substantial decreases." [i]
The only assets that WHX holds are the net profits interest (the "NPI") in various oil and natural gas properties. The NPI entitles WHX to receive 90% of the net proceeds from the sale of 9.11 million barrels of oil or oil equivalent ("MMBOE"), meaning 8.20 MMBOE are allocated to the Trust. To date, 7.12 of these 8.20 MMBOE have been produced and sold. Russian Hill estimates that the proceeds from the sale of the remaining 1.08 MMBOE will be less than $2.10.
Since WHX is currently trading at $5.35, Russian Hill has taken a short position in WHX and expects that the stock will soon see one of the "abrupt substantial decreases" that the Trustee has warned about in WHX's annual report.
Also included in the annual report is the fact that the expected date of termination of the Trust has advanced to March 31, 2015 (from June 30, 2015).[ii] This means that investors will now receive only four (4) more distributions instead of five (5).
Russian Hill believes the new language in the annual report was long overdue. The substantial risk of loss that investors carry should have been highlighted much earlier and more prominently than in ambiguous disclosure in an annual report. Acknowledging that investors may be subject to "abrupt substantial decreases" in the value of their holdings and that they will receive fewer distributions than they had previously expected are both pieces of materially significant information that Russian Hill believes should have been the subject of a press release and 8-K. Russian Hill encourages investors to contact the Trustee[iii] and Whiting Petroleum[iv] (WHX's parent company) for guidance on the value of their shares.
Forward Looking Statements
This press release contains "forward-looking statements." Generally, the words "anticipate," "believe," "estimate," "expect," "intend," "may," "predict," "project," "plan," and similar expressions identify forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to differ materially from any future results, performance, or achievements expressed or implied by such forward-looking statement. Consequently, no reliance should be placed on any forward-looking statements contained herein and the reader should consider any such forward-looking statements only as Russian Hill's current beliefs as of the date of this press release. Even if these beliefs change because of future events or circumstances, Russian Hill declines any obligation to publicly update or revise any such forward-looking statements.
[i] WHX 10-K p.9: http://www.sec.gov/Archives/edgar/data/1417003/000119312514096064/d633645d10k.htm
[ii] WHX 10-K p.9: http://www.sec.gov/Archives/edgar/data/1417003/000119312514096064/d633645d10k.htm
[iii] Bank of New York Mellon Trust Company (713) 483-6792 or (512) 236-6599
[iv] Whiting Petroleum Corporation (303) 837-1661
SOURCE Russian Hill Capital, LP
IoT offers a value of almost $4 trillion to the manufacturing industry through platforms that can improve margins, optimize operations & drive high performance work teams. By using IoT technologies as a foundation, manufacturing customers are integrating worker safety with manufacturing systems, driving deep collaboration and utilizing analytics to exponentially increased per-unit margins. However, as Benoit Lheureux, the VP for Research at Gartner points out, “IoT project implementers often ...
Sep. 27, 2016 06:45 AM EDT Reads: 3,278
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm ...
Sep. 27, 2016 06:45 AM EDT Reads: 3,186
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
Sep. 27, 2016 06:30 AM EDT Reads: 3,594
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, provided tips on how to be successful in large scale machine learning...
Sep. 27, 2016 06:30 AM EDT Reads: 1,781
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Sep. 27, 2016 06:15 AM EDT Reads: 2,595
Your business relies on your applications and your employees to stay in business. Whether you develop apps or manage business critical apps that help fuel your business, what happens when users experience sluggish performance? You and all technical teams across the organization – application, network, operations, among others, as well as, those outside the organization, like ISPs and third-party providers – are called in to solve the problem.
Sep. 27, 2016 06:00 AM EDT Reads: 2,551
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
Sep. 27, 2016 05:30 AM EDT Reads: 1,147
SYS-CON Events announced today that Roundee / LinearHub will exhibit at the WebRTC Summit at @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LinearHub provides Roundee Service, a smart platform for enterprise video conferencing with enhanced features such as automatic recording and transcription service. Slack users can integrate Roundee to their team via Slack’s App Directory, and '/roundee' command lets your video conference ...
Sep. 27, 2016 05:15 AM EDT Reads: 1,443
Digital transformation is too big and important for our future success to not understand the rules that apply to it. The first three rules for winning in this age of hyper-digital transformation are: Advantages in speed, analytics and operational tempos must be captured by implementing an optimized information logistics system (OILS) Real-time operational tempos (IT, people and business processes) must be achieved Businesses that can "analyze data and act and with speed" will dominate those t...
Sep. 27, 2016 04:45 AM EDT Reads: 1,145
The Jevons Paradox suggests that when technological advances increase efficiency of a resource, it results in an overall increase in consumption. Writing on the increased use of coal as a result of technological improvements, 19th-century economist William Stanley Jevons found that these improvements led to the development of new ways to utilize coal. In his session at 19th Cloud Expo, Mark Thiele, Chief Strategy Officer for Apcera, will compare the Jevons Paradox to modern-day enterprise IT, e...
Sep. 27, 2016 04:30 AM EDT Reads: 1,982
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
Sep. 27, 2016 04:15 AM EDT Reads: 2,092
SYS-CON Events announced today the Kubernetes and Google Container Engine Workshop, being held November 3, 2016, in conjunction with @DevOpsSummit at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA. This workshop led by Sebastian Scheele introduces participants to Kubernetes and Google Container Engine (GKE). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, students learn the key concepts and practices for deploying and maintainin...
Sep. 27, 2016 04:00 AM EDT Reads: 2,687
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
Sep. 27, 2016 04:00 AM EDT Reads: 2,440
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
Sep. 27, 2016 03:15 AM EDT Reads: 989
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
Sep. 27, 2016 03:00 AM EDT Reads: 1,803