Has anyone on this forum been paid by Linn Energy in 2016? I just received copies of the court proceedings filed this month. No monies received since Dec. 2015.
Same as you, last check 12/31/2015.
I have. They are 60 days out on payment, so not sure what will happen to us come July.
I imagine there are other companies in bankruptcy or close to it, which are also withholding payments. Don't know what the statutes are, but I imagine they are different in each state. The referenced property is in Lea Cty, NM. Seems pretty difficult for a royalty owner to really know what's going on.
My confusion is that we received the bankruptcy notification, and I can't find any of the Debtors listed that we're receiving checks from. I've done a search on OCC's Well Data System for the legal descriptions listed under LINN, Berry, and Mid-Continent ... and none of them match up with ours. Any suggestions as to where I might find a list of sub-companies or a/k/a's - that might be where we're getting the checks from - so I can figure out which lease(s) this affects? Thank you.
It appears to me that a final hearing will be held on June 22, 2016 before Judge David R. Jones to approve a motion to authorize payments to make "mineral payments" to royalty owners under leases, over-riding royalty owners and Working interest Owners. I don't understand the procedure for dealing with objections to an order but perhaps a final approval on June 22 will allow Linn et al. to make payments with out jeopardizing the protection of the Bankruptcy filings.
Gary L Hutchinson
Minerals Mangement.
Thank you for your reply, Gary. I believe the royalty owners still have to be paid...it's just a question of when. J. Wilson...an owner should be able to determine if a newer company picked up some of the payments on a particular producing property if the check stubs show enough details. Many of them don't unfortunately. I can't see where the OCC would be of help regarding payments....maybe only for new wells.
We received the same documents regarding the Linn Energy and related entities bankruptcy proceedings. We have interests in Blaine and Kingfisher Counties, but to my knowledge have never received payments from any entity associated with Linn. Any ideas as to why we may have been included in the notification? Could we have been missing payments from some entity? Any ideas on how to track this down would be appreciated.
Following up on steved's comments above...interestingly enough, just today I received the bankruptcy proceedings for Sandridge Energy, filed in Houston. To my knowledge, our company has never been paid by Sandridge as far back as at least 10 years ago and maybe never. Not sure why I received these. Has anyone else on this forum received these documents for Sandridge and can't find an income trail from this company?
yes...last check was 04/25/16
This is an excellent reason for including in your lease form that the payment of royalties is a condition of lease and not an obligation.
This clearly explains why all of my clients are being paid their royalties and you aren't.
As a friend of mine told me one time, when there is smooth sailing, anybody can be a captain. But when the ocean is rough and treacherous you want the best Captain available.
Best wishes,
Buddy Cotten
Mr. Cotten: I don't care how good of a manager you may think you are, and your clients may be getting paid, but it remains uncertain if they are getting paid what they are actually due. Your caustic and unprofessional comments are inappropriate for this forum and I'm so glad you don't serve as a mineral manager for my company as you do not exhibit a supportive and collaborative tone. I would hope royalty owners do not post on this forum to be chastised. The bankruptcy courts will eventually rule that royalty owners get paid.....I've received information to that effect from both Linn and SandRidge.
I sent an email to LINN, they called me back this morning. They're not sure why we have an account with them ... "it's old-old, inactive, and has no property associated with it"; "never paid on this account". Said the courts sent docs to everyone in their system. At least, I feel better knowing that my record keeping is better than I began thinking it was. :)
Yes, been receiving checks regularly, one came yesterday 5/31/2016.
We have not missed a check from Linn and we got ours yesterday right on time.
Sheri, I was paid in april by Linn and then I was apparently slow in depositing the check. the check was rejected.
I called Linn, and they reissued the check back dated to April and said it will now clear. I am depositing this replacement check today.
Sheri, regarding Lea County, NM, are you referring to a Dallas company located on Monroe Ave?
I'm referring to a property in Lea Cty with royalty being paid by Linn Energy.
Linn operates wells in which I have an interest in Marion County. the good new is that despite the initial check being rejected by the bank, a replacement check has been received and is being deposited.
There is another company in Bankruptcy with production in Lea County, NM. It is Paladin Energy and I have an ORI in several wells there. The RI holders are getting paid but the WI and ORI owners are not.
I don't get it. The Operator borrowed the money, the Operator went into default, the Operator took bankruptcy. Did I consent to the loan? Why am I not being paid?
I need it to be "fair"
We have received a number of notices from the court, the latest reset the final hearing to June 27th, I don't know the results of that hearing yet. It was to determine if the court would agree to Linn's request to continue paying royalties during the Chapter 11. We have been receiving payments on our Kingfisher properties, last payment was April 28. One of my siblings didn't deposit that check in a timely manner and the bank didn't honor the check BUT when contacted Linn immediately sent out a replacement check. As far as I can see business will continue as usual for royalty owners as long as the court agrees with Linn's requests which seems likely since there are precedents to support that.