Nornew / Norse energy , NY

Nornew / Norse energy in NY has declared bankruptcy due to NY ban on fracking . My lease with Nornew has expired , but I have not been able to get a release as nobody answers the mail or phone at Norse any more . Any ideas on how to get the release from a bankrupt company ?

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Permalink Reply by T Par on April 24, 2015 at 3:37am

Has anyone had any response on this?  I'm looking to get a copy of my release but cannot get hold of anyone. County clerk office does not have it.

Is there anything from them going bankrupt that would automatically release us?

Permalink Reply by Dexter Green on April 24, 2015 at 3:43am

The bankruptcy trustee has to handle to distribution of assets, including leases.  Once someone takes possession of those leases they would be the record owner of them.  Last I heard--a year ago--the assets were sold for pennies on the dollar to a hedge fund.  

Permalink Reply by T Par on April 24, 2015 at 3:48am

Thank you for your reply.  I did read that the Mason Capital Management was the hedge fund.  I am still trying to get in contact with someone that I could actually talk with about a release. The hedge fund looks quite large as far as contacting but i can try.

Permalink Reply by Ralph cramdon on April 24, 2015 at 4:10am

Please keep me informed as well . I still have a expired lease from Norse that I cannot get a  release . I will try and call the hedge fund 

Permalink Reply by Ralph cramdon on April 24, 2015 at 4:20am

Just left a message with the gal at Mason Capital , I doubt In get a return call .

 If there is enough interest , I would go along in getting a lawyer involved . Joe  

Permalink Reply by T Par on April 24, 2015 at 5:03am

Oh wow.  I believe we are small pennies to these people (not that we are even money, it's just that our assets are tied up). 

 I need to see where i get first.  I should know later today.  Our lease should be actually voided but I still never received a release.

Permalink Reply by Ralph cramdon on April 24, 2015 at 5:39am

Let me know of your results . I doubt we get too far on our own . Thanks , Joe 

Permalink Reply by Dexter Green on April 24, 2015 at 5:39am

I don't know how NY works but in Ohio a lease does not need to be released for it to be voided.  There's also a way to file for a notice of release without the lessee responding.

Permalink Reply by Ralph cramdon on April 24, 2015 at 6:46am

I was told by 'knowledgable ' lawyers that I do need a release to free up my rights . 

Permalink Reply by Dexter Green on April 24, 2015 at 11:04am

Then I would trust their wisdom and continue to work on finding a solution.  Best of luck to you.

Permalink Reply by deer spotter on April 24, 2015 at 11:15am

Norse was also in PA.

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