Have you suffered losses investing in a BPZ Resources 8.5% 1 oct 2017 Bonds? If so, the securities attorneys of The White Law Group may be able to help you recover your losses in a FINRA arbitration claim against the brokerage firm that recommended the investment.
BPZ Resources is an independent oil and gas exploration and production company with license contracts in offshore and onshore Peru. The company filed for bankruptcy protection March 9th, 2015, one of many victims to falling oil prices.
BPZ, of Houston, filed for Chapter 11 after skipping a $60 million payment owed to bondholders earlier in the year.
On December 31, 2015, BPZ Resources announced that the Plan of Liquidation was effective. All of the Company’s assets were transferred to a liquidating trust for the benefit of the Company’s creditors. As a result, all of the Company’s equity interests, consisting of authorized and outstanding shares of common stock, were cancelled without consideration and have no value. According to the press release, “as soon as practicable and in accordance with the Plan, the Company’s corporate existence will be terminated.”
Unfortunately, many investors were not made adequately aware of the risks associated with energy investments. Oil and gas investments are generally speculative and very high risk ventures. They are arguable better suited for sophisticated and institutional investors that can afford total loss of their investment. Even bonds in the oil and gas industry, which many investors think of as “safe,” are not without risk.
Before recommending an investment, your broker has a fiduciary duty to adequately disclose the risks involved in the investment and to perform the necessary due diligence to determine whether the investment is suitable for the investor. Unfortunately, brokers sometimes fail to perform the necessary due diligence prior to recommending them to their clients.
For more information on The White Law Group’s investigation of BPZ Resources, click here.
To determine whether you may be able to recover investment losses incurred in BPZ Resources bonds please contact The White Law Group at (888) 637-5510.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida. For more information about The White Law Group, please visit www.whitesecuritieslaw.com.