11 May 2007listing compliance notice▼ BadMajor
CYGNUS OIL & GAS CORP deregistered its securities, ending its obligation to file reports with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
16 Apr 2007listing compliance notice▼ BadMajor
Cygnus obtained a $3 million debtor-in-possession loan from Kings Road Holdings - the same fund whose default notice had helped trigger the bankruptcy - to fund what the company described as a liquidation of its assets; it warned shareholders would likely receive nothing and that it faced delisting from the OTC Bulletin Board if it could not file its overdue 10-K by May 4, 2007.
5 Apr 2007bankruptcy or receivership▼ BadMajor
Cygnus and seven subsidiaries filed for Chapter 11 in Houston after all four holders of its $22 million convertible notes demanded redemption for a combined $27.5 million (125% of principal) plus about $1.1 million in accrued interest. CEO R. Gerald Bennett resigned but stayed Chairman, and H. Malcolm Lovett, Jr. became President and Chief Restructuring Officer.
28 Feb 2007debt financing▼ BadMajor
A third noteholder, RHP Master Fund, demanded redemption of its $3 million note for $3.75 million plus accrued interest. Together with Kings Road and Capital Ventures, three of the four holders were then demanding $22.5 million.
22 Feb 2007debt financing▼ BadMajor
A second convertible-note holder, Capital Ventures, also demanded redemption following Cygnus's default, seeking $5 million - 125% of its $4 million note - plus accrued interest.
15 Feb 2007debt financing▼ BadMajor
Cygnus missed the $412,500 interest payment due December 31, 2006 on its $22 million convertible notes, triggering default and a jump in the interest rate to 12%; noteholder Kings Road Holdings demanded Cygnus redeem its note for $13.75 million, 125% of principal, plus accrued interest.
8 Jan 2007securities registration● Neutral
CYGNUS OIL & GAS CORP amended an already-effective registration statement.
13 Dec 2006securities registration● Neutral
CYGNUS OIL & GAS CORP amended an already-effective registration statement.
7 Dec 2006securities registration● Neutral
CYGNUS OIL & GAS CORP amended an already-effective registration statement.
14 Nov 2006securities registration● Neutral
CYGNUS OIL & GAS CORP amended an already-effective registration statement.
5 Oct 2006securities registration● Neutral
CYGNUS OIL & GAS CORP amended an already-effective registration statement.
30 Aug 2006director interest notice● Neutral
CYGNUS OIL & GAS CORP director Ralph D Mcbride bought 100,000 shares on the open market.
28 Aug 2006securities registration● Neutral
CYGNUS OIL & GAS CORP amended an already-effective registration statement.
28 Aug 2006director interest notice● Neutral
CYGNUS OIL & GAS CORP Chief Operating Officer Oenbring Patrick R bought 50,000 shares on the open market at $0.53.
25 Aug 2006director interest notice● Neutral
CYGNUS OIL & GAS CORP Chief Executive Officer Abel Roger L bought 100,000 shares on the open market.
7 Aug 2006auditor change● Neutral
Cygnus Oil and Gas amended its July 2006 report to say it dismissed auditor L J Soldinger Associates effective July 20, 2006, in favour of UHY LLP for fiscal 2006, and attached the auditors' letters to the SEC dated July 26 and August 7, 2006. The filing itself gives no reason for the change and does not describe any disagreement; it is a follow-up to the original auditor-change report.
26 July 2006auditor change● Neutral
The company (by now renamed Cygnus Oil and Gas) switched auditors again, engaging UHY LLP after interviewing several firms.
18 July 2006director interest notice● Neutral
CYGNUS OIL & GAS CORP director Davis Ted E received a stock option grant for 100,000 shares.
18 July 2006director interest notice● Neutral
CYGNUS OIL & GAS CORP director Moran Alfred Jay Jr. received a stock option grant for 100,000 shares.
18 July 2006director interest notice● Neutral
Davis Ted E became a CYGNUS OIL & GAS CORP director and company insider (initial ownership filing).
18 July 2006director interest notice● Neutral
Ralph D Mcbride became a CYGNUS OIL & GAS CORP director and company insider (initial ownership filing).
18 July 2006director interest notice● Neutral
CYGNUS OIL & GAS CORP director Ralph D Mcbride received a stock option grant for 100,000 shares.
18 July 2006director interest notice● Neutral
Moran Alfred Jay Jr. became a CYGNUS OIL & GAS CORP director and company insider (initial ownership filing).
6 July 2006securities registration● Neutral
CYGNUS OIL & GAS CORP amended a filing by which it registered a securities offering with the SEC.
3 July 2006securities registration● Neutral
CYGNUS OIL & GAS CORP amended a filing by which it registered a securities offering with the SEC.
25 May 2006material agreement● Neutral
Touchstone signed a 10.5-year lease for its Houston headquarters at 333 Clay Street, the address it would keep through its later bankruptcy filing.
19 May 2006securities registration● Neutral
CYGNUS OIL & GAS CORP registered a securities offering with the SEC.
18 Apr 2006capital raising announcement● Neutral
Touchstone acquired rights to 2D/3D seismic data and Alabama prospect assignments from Paradigm Asset Holdings and Seismic Exchange, paying with stock, warrants and a $12,500/month consulting fee while Paradigm kept the right to take up to a 25% working interest in anything discovered.
6 Apr 2006capital raising announcement● NeutralMajor
Touchstone closed a $22 million offering of 7.5% senior convertible notes due April 2009, netting about $20.3 million used partly to pay off older notes - debt that would trigger the company's default and Chapter 11 filing less than a year later.
24 Mar 2006director interest notice● Neutral
CYGNUS OIL & GAS CORP director Irelan Robert E bought 50,000 shares on the open market.