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  • re. VNR Finance Corp.
  • re. VNR Finance Corp.

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    This web page has been established
    as a courtesy to provide public access to certain information of interest to holders of 7.875% Senior Notes due 2020 (CUSIP 92205CAA1) (the “2020 Notes”) issued by Vanguard Natural Resources, LLC (“Vanguard”) and VNR Finance Corp. (together with Vanguard, “Defendants”).

Vanguard Natural Resources, LLC

Vanguard Natural Resources, LLC

Grant & Eisenhofer P.A. and Gardy & Notis, LLP are counsel to the Plaintiff (and proposed counsel to the Class) who filed the Complaint, has established this web page. Until the proposed class is certified by the U.S. District Court for the Southern District of New York, we represent only Mr. Maniatis and not an individual member of the proposed class.

January 8, 2016

Defendants announced a proposed private debt exchange

On January 8, 2016, the Defendants announced a proposed private debt exchange (the “Exchange Offer”) whereby they would exchange and replace certain 2020 Notes for newly-issued 7.0% Senior Secured Second Lien Notes due 2023 (the “2023 Notes”). That Exchange Offer was consummated on February 10, 2016. Even though the 2020 Notes were registered securities under the Securities Act, the Defendants made the Exchange Offer under an exemption to the Securities Act.

As such, the only holders of 2020 Notes who were eligible to participate in the Exchange Offer were Qualified Institutional Buyers (“QIBs”) within the meaning of Rule 144A of the Securities Act -- those that own and invest, on a discretionary basis, at least $100 million in securities; for a broker-dealer the threshold is $10 million, and for banks and savings and loan associations must also have a net worth of at least $25 million to satisfy the QIB criteria.

March 1, 2016

Gregory Maniatis filed a five-count Complaint for Declaratory Relief and Damages

On March 1, 2016, Gregory Maniatis, individually as a holder of 2020 Notes and on behalf of all others similarly situated, by his undersigned counsel, filed a five-count Complaint for Declaratory Relief and Damages (the Complaint) in the United States District Court for the Southern District of New York, Case No. 16-cv-1578. The Complaint seeks a declaratory judgment that the Exchange Offer violated the Plaintiff’s and the other noteholders’ rights under the Trust Indenture Act of 1939 and the indenture for the 2020 Notes, that the Exchange Offer violated the implied covenant of good faith and fair dealing, the Exchange Offer unjustly enriched the Defendants, seeks damages attendant to each of the foregoing.

The Complaint defines the “Class” as: “all persons who beneficially held the 2020 Notes during the period February 10, 2016 to the present, who are not QIBs within the meaning of Rule 144A of the Securities Act; and who are inside the United States within the meaning of Regulation S of the Securities Act.”

Download the VNR Maniatis Press Release here

Download the VNR Maniatis Filed Complaint here

Questions?

Certain public information has been posted to this web page and may be accessed by clicking on the links above. Additional public information may be posted from time to time. The web page is not sponsored or authorized by the Defendants. Rather, counsel for the proposed class has established this website for the purpose of providing proposed class members with access to information. Should you have any additional questions you can call us at 646-722-8529.

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