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Business Wire
4 days ago
- Business
- Business Wire
BP Prudhoe Bay Royalty Trust Announces Commencement of Trust Asset Sale Process
HOUSTON--(BUSINESS WIRE)--BP Prudhoe Bay Royalty Trust (NYSE: BPT) (the 'Trust') announced that The Bank of New York Mellon Trust Company, N.A., as trustee (the 'Trustee'), has commenced a sale process for the Trust assets. Sale of Trust Assets Pursuant to the terms of the Trust Agreement governing the Trust (the 'Trust Agreement'), upon the termination of the Trust, the Trustee is required to sell for cash all the assets of the Trust (other than cash). Under the Trust Agreement, Hilcorp North Slope, LLC ('HNS') had an option to purchase the Trust assets at a price equal to the greater of (i) the fair market value of the Trust property as set forth in an opinion of an investment banking firm, commercial banking firm or other entity qualified to give an opinion as to the fair market value of the assets of the Trust on the date of termination, or (ii) $11,641,600, which represents 21,400,000 outstanding Units as of December 31, 2024 multiplied by $0.544 (the closing price of the Units on the New York Stock Exchange on December 31, 2024, the termination date of the Trust), exercisable within 30 days of receipt of the opinion. Following termination of the Trust, the Trustee engaged RedOaks Energy Advisors, LLC ('RedOaks') as its advisor to provide the opinion to HNS in accordance with the Trust Agreement, and to assist with the marketing and sale of the Trust's assets. The RedOaks opinion reflected a de minimis valuation for the Trust assets solely as of the termination date and was prepared for the purpose of determining the option value in accordance with the Trust Agreement; however, such opinion was not intended to reflect current potential asset valuations or for use in connection with asset bids, and will not be updated for such use. On June 2, 2025, HNS informed the Trustee that it declined to exercise its option to purchase the Trust assets. Since HNS has declined to exercise its purchase option, the Trust Agreement requires the Trustee to sell the Trust assets on terms and conditions approved by the vote of holders of 60% of the outstanding Units, unless the Trustee determines that it is not practicable to submit the matter to a vote of the Unit Holders and the sale is made at a price at least equal to the fair market value of the Trust assets as set forth in the third-party opinion and on terms and conditions deemed commercially reasonable by the third-party valuing the Trust assets. Therefore, RedOaks, is commencing a sale process on behalf of the Trust. The sale process will include a solicitation of initial of bids prior to noon, Central Time, on July 29, 2025. Although HNS has informed the Trustee that it expects to make an offer for the Royalty Interest at a price substantially lower than the option price determined under the Trust Agreement, the Trustee cannot predict whether HNS will bid or whether there will be any bidders for the Trust assets, the amount of proceeds, if any, that may result from a sale of the Trust assets, or when the wind-up of the Trust will be completed. There can be no assurance that Unit Holders will realize any proceeds from a sale of the Trust assets. Potential Purchasers Interested potential purchasers may contact RedOaks at for more information about the bidding process. FORWARD LOOKING STATEMENTS This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements in this press release are subject to a number of risks and uncertainties beyond the control of the Trustee. The actual results, performance and prospects, including with respect to the Trust asset sale process, of the Trust could differ materially from those expressed or implied by forward-looking statements. Descriptions of some of the risks that could affect the future performance of the Trust appear in the Trust's Annual Report on Form 10-K for the year ended December 31, 2024, the Trust's subsequent Quarterly Reports on Form 10-Q, and the Trust's other filings with the Securities and Exchange Commission (the 'SEC'). The Trust's annual, quarterly and other filed reports are or will be available over the Internet at the SEC's website at The Trustee undertakes no obligation to update forward-looking statements after the date of this report, except as required by law, and all such forward-looking statements in this report are qualified in their entirety by the preceding cautionary statements.
Time of India
01-05-2025
- Entertainment
- Time of India
Allison Lanier Says Goodbye to The Young and the Restless After Three Years as Summer Newman
announced that her stint as on will come to an end this week. The 34-year-old actress posted on her X account on Wednesday, April 30, 2025, with the bittersweet news to the fans. In a post that quickly garnered thousands of reactions, Lanier wrote, 'Hi guys!! This Friday, May 2nd, 2025, will be my last episode on Y&R! I've loved the journey and learned so much but it's time to grow in a different direction… very grateful for all of the Y&R fans who have supported me <3. Tired of too many ads? go ad free now ' Her reveal comes at the end of a three-year run as one of 's most interesting young women. Lanier began playing Summer Newman in 2022—replacing Hunter King—and immediately claimed the role for herself. In her time on the job, she has incorporated Summer into some of the series' most discussed storylines, from family dynastic battles to love affairs, receiving praise for her subtle work. Summer Newman—in-story daughter of Phyllis Summers (Michelle Stafford) and Nick Newman (Joshua Morrow)—debuted on Y&R in 2006. Over almost two decades, several actresses have played the role, with Lanier representing its fifth interpretation. To date, producers have not made it clear if they will recast Summer or write the character out of the canvas altogether. Fans and insiders are already speculating about what's next for her—and how the Newman family will cope with her absence—when Friday's show airs on CBS at 12:30 p.m. ET. In her farewell message, Lanier reflected fondly on her time at Y&R, calling it 'an incredible journey' and expressing gratitude to both castmates and crew members who supported her since Day One. Colleagues publicly saluted her on social media: 'Your energy and authenticity brought Summer to life in ways we'll never forget. Can't wait to see what's next for you!' and 'You've left big shoes to fill—Summer's story won't be the same without you. ' Viewers reacted in droves to Lanier's news, posting both condolences and good wishes. "I hate to see you go! I hope to see you in something big soon—thank you for making Summer Newman into a character I truly care about," wrote one loyal fan. Another mourned, "It's so unfortunate—Summer felt so real because of you. The next actress will have her work cut out! Lanier exits The Young and the Restless following her first in 2024 for her breakout role as Summer. Lanier was nominated in the category of Outstanding Supporting Actress in a Drama Series for a plot that had her character struggling with betrayal, ambition, and redemption. In a post on Instagram after she was nominated, Lanier put, "Overwhelmingly thankful and humbled (also stunned!) to have been nominated this year for a @daytimeemmys! " Before she arrived at Y&R, Lanier's résumé featured a series regular on Amazon's comedy-drama Red Oaks, as well as roles in indie films like It Happened in L.A., Tired of too many ads? go ad free now Fish Bones, and Mia. The genre range she demonstrated there—a range she would further bring to Genoa City, fictional streets included—signaled the depth she has since achieved. Leaving now in her 34th year, Lanier has hinted at a willingness to branch out creatively, perhaps further into film or prime-time TV. Lanier's departure comes on the heels of a series of recent exits from The Young and the Restless. In January 2025, Colleen Zenk ended her run as Aunt Jordan, and in June 2024 Trevor St. John finished up over 200 episodes as Tucker McCall. Their departures, combined with Lanier's own, suggest a season of change for the long-running show as it approaches its 54th anniversary later this year. As Friday's episode draws near, fans will watch not only to say goodbye to Lanier's Summer but also to witness how the writers stage her farewell. Will Summer leave Genoa City to pursue new horizons, or will her departure be accompanied by dramatic turmoil? No matter the story, Allison Lanier's place in history as Summer Newman is secure: she added heart, nuance, and a new take to one of daytime television's signature roles—an accomplishment that will be one of the best moments of her career.
