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ATLAS CONSULTING
SETUP TO FAIL:HOW INSTITUTIONS USE AN ARCHITECTURAL AND DESIGN ADVANTAGE TO WIPEOUT RETAIL INVESTORS
PRESENTED BY ATLAS CONSULTING
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ATLAS CONSULTING
IN OIL & GAS, DEBT IS JUST A PART OF THE GAMECONCEPT:
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ATLAS CONSULTING 3
SOURCE: THE WALL STREET JOURNAL
SOURCE: OILPRICE.COM
SOURCE: BLOOMBERG
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ATLAS CONSULTING 4
SOURCE: BLOOMBERG
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ATLAS CONSULTING 5
BUT GIVEN THE RISKS, WHY DO INVESTORS CONTINUE TO LEND TO OIL & GAS
ENTERPRISES?
QUESTION:
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ATLAS CONSULTING 6
THE CAPITAL STRUCTURE
ANSWER:
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THE CAPITAL STRUCTURE ESTABLISHES A RECOVERY VALUE “ORDER”, SHOULD THERE BE
A CATASTROPHE
ATLAS CONSULTING
CONCEPT:
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ATLAS CONSULTING 8
OFTEN, THIS “CATASTROPHE” IS CALLED A BANKRUPTCY OR A RESTRUCTURING EVENT
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SOURCE: STAR-TELEGRAM.COM
9
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THIS RECOVERY VALUE “ORDER” BECOMES THE FOUNDATION FOR ANY AND ALL DECISION
MAKING BY PARTIES INVESTED IN THE ENTERPRISE
ATLAS CONSULTING
CONCEPT:
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THE DECISION MAKING PROCESSES [AND EXECUTION] AT THE ENTERPRISE BECOME
DIRECTLY CORRELATED WITH INVESTOR VIABILITY, GIVEN THE STRATEGIC
INTERDEPENDENCE OF THE CAPITAL STRUCTURE
ATLAS CONSULTING 11
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ATLAS CONSULTING 12
AS OIL & GAS FIRMS BECOME MORE INDEBTED, THE CAPITAL STRUCTURE ORDER
BECOMES MORE AND MORE IMPORTANT
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ATLAS CONSULTING 13
UNFORTUNATELY, IT ALSO BECOMES MORE AND MORE COMPLEX
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ATLAS CONSULTING 14
SOURCE: BLOOMBERG
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ATLAS CONSULTING 15
SOURCE: BLOOMBERG
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ATLAS CONSULTING 16
THIS COMPLEXITY RESTRICTS PARTICIPATION IN THE UPPER LEVELS OF THE CAPITAL
STRUCTURE TO INSTITUTIONS AND WEALTHY INDIVIDUALS
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ATLAS CONSULTING 17
…WHICH MEANS RETAIL INVESTORS DON’T GET ACCESS TO THE PARTS OF THE CAPITAL STRUCTURE WITH “RECOVERY VALUE” IN A
CATASTROPHIC EVENT
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SOURCE: SEC FILINGS
18
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IN OIL & GAS, BANKRUPTCY IS JUST A PART OF THE GAME
ATLAS CONSULTING
CONCEPT:
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ATLAS CONSULTING 20
SOURCE: BLOOMBERG
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ATLAS CONSULTING 21
BANKRUPTCY IS AN EFFICIENT PATHWAY FOR TAKING OWNERSHIP OF ASSETS…
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ATLAS CONSULTING 22
…FOR THOSE WITH ACCESS TO THE CAPITAL STRUCTURE VEHICLES WITH RECOVERY
VALUE
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ATLAS CONSULTING 23
REMEMBER, PARTICIPATION IN THE UPPER LEVELS OF THE CAPITAL STRUCTURE IS
RESTRICTED TO INSTITUTIONS AND WEALTHY INDIVIDUALS
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ATLAS CONSULTING 24
RETAIL INVESTORS, OR JUNIOR SHAREHOLDERS, ARE EXCLUDED
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ATLAS CONSULTING 25
IN THE LAST 25 YEARS, THERE HASN’T BEEN A SINGLE MEANINGFUL JUNIOR SHAREHOLDER
VICTORY
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ATLAS CONSULTING 26
DESPITE MEANINGFUL EFFORTS
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SOURCE: THE NEW YORK TIMES
SOURCE: NATURAL GAS INTELLIGENCE
SOURCE: REUTERS
ATLAS CONSULTING 27
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SOURCE: UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF TEXAS [HOUSTON DIVISION]
ATLAS CONSULTING 28
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ATLAS CONSULTING 29
WHICH HAS BEEN CATASTROPHIC TO JUNIOR CAP STRUCTURE MEMBERS
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CAP STRUCTURE ARCHITECTURE AND DESIGN INHERENTLY DISADVANTAGES RETAIL INVESTORS
ATLAS CONSULTING
CONCEPT:
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ATLAS CONSULTING 31
SOURCE: LAW360
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ATLAS CONSULTING 32
SOURCE: BLOOMBERG
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ATLAS CONSULTING 33
SOURCE: LAW360
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ATLAS CONSULTING 34
SOURCE: BLOOMBERG
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ATLAS CONSULTING 35
ATLAS CONSULTING CAN HELP BALANCE THE INHERENT DISADVANTAGES IN OIL & GAS
INVESTING
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ATLAS CONSULTING 36
USING A SUBSCRIPTION-BASED DELIVERY PLATFORM, ATLAS CONSULTING CAN HELP
YOU TAKE A DATA-FIRST APPROACH TO CAPITAL STRUCTURE DEFENSIVE INVESTING
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ATLAS CONSULTING 37
OIL & GAS EXPOSURE CAN BE INCREDIBLY LUCRATIVE AND DOESN’T HAVE TO BE
DANGEROUS OR DISADVANTAGED
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ATLAS CONSULTING 38
DEVELOP A METHODOLOGY, BE DATA-FIRST, AND PARTICIPATE IN ACTIVE STRESSED-DEBT AND STRESSED-EQUITY CAMPAIGNS WITH
ATLAS CONSULTING
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THANK YOU
ATLAS CONSULTINGAtlas Consulting is an energy-focused risk-management and consulting firm that specializes in cap structure management and arbitrage. Atlas Consulting specializes in private company lifecycle management, up to and including taking companies public, and in helping consult publicly traded companies ranging in market cap from $100 million to $500 million. This includes helping with overall strategy, helping with capital structure management, helping facilitate liquidity, helping facilitate Joint Ventures and broader M&A, and helping restructure business segments if necessary. Atlas Consulting has a specialization in deal flow management and is often the referring and closing source of Joint Ventures and broader M&A.
website: atlasconsulting.venturesemail: [email protected]