AgFeed Industries Inc. (fka FEEDQ)

[uyend]

I bought AGFeed aka 00846L101 stock some time back and i didn't follow all these years. but now when i check my accounts i see the 100% loss in that stock.

i want to know how to get money i paid or how to claim this.

[grillbreaker]

Any idea what happened to Fred Rittereiser? I know he was one of the good guys in the FEED fiasco.

[SamLevi]

Received a payment today through direct deposit!

[Moneytree420]

No clear definite on the tender offer other than I would like to see where this goes once the offer is complete. Good luck!

[SamLevi]

Thanks for sharing, do you know how much the offer is? Haven't heard anything.

[Moneytree420]

CUSIP: 00846L101
Description: AGFEED INDUSTRIES

The above-listed stock is part of a non-mandatory reorganization or tender offer, which currently expires on 06/16/2015.

Where to find more information:
For offers initiated by the company, information can often be found on the company's website.
If the offer was initiated by a third party, additional information can be obtained by contacting your local Scottrade team.
For mini-tender offers, the US Securities and Exchange Commission has urged caution. To review an SEC educational piece entitled "Mini-Tender Offers: Tips for Investors," go to http://www.sec.gov/investor/pubs/minitend.htm.
If you choose to accept this offer, please inform your local Scottrade team no later than 10 a.m. ET on the expiration date; a $25 fee will be charged to your account. These shares must then remain in your account until the reorg/tender occurs (be advised that expiration dates are often extended and terms are subject to change).

Scottrade is not endorsing or recommending this offer, and the terms have not been reviewed to determine if participation would be in your best interest. If you do not wish to accept this offer, no action is required.

For further assistance, please contact your local Scottrade team at [phone].

Sincerely,
Scottrade, Inc.

[SamLevi]

Can you give me more details on the email you received?
Thanks!

[Moneytree420]

Received an email regarding settlement. I called broker
and agreed to the terms of conversion of my 1,000 shares.
let's see what happens.....

[Moneytree420]

Go for the lawsuit. If you get less that what you paid
you can still write off the partial loss.

[Goldwarmachine]

Hello, I just started searching for options with what to do with my FEEDQ shares... I have long given up on them, I planned to abandon them and write them as a loss, until coming across this thread. I never received any paperwork or notification for any class action lawsuits, and I see that a deadline of Dec. 31st is apparently imposed for opting in to receive part of the settlement?

I bought 3,250 shares of AGFEED on January 14th, 2011. I have never sold them and they are now unmovable in my portfolio unless I abandon them.

My question is... should I hold on to them and try to get in on the class action settlement, or should I just go ahead and abandon them as "worthless securities" and write off the loss?

Many thanks for any response.
- Josh

[eddy2]

Your great here Guy keep up the good work.

[SamLevi]

Don't know how to answer that one but be glad there's something left, haha.

[SamLevi]

Glad to hear that, I did as well.
Goodluck to everyone.

[Moneytree420]

Sami. Received the paperwork and sent it in. Came in the mail this
weekend with a deadline of dec31st.....glta

[beachboy3]

Thanks. I was checking bigcharts, not Yahoo. Permanent registration revocation. Don't see that very often, even with all the OTC scams out there. The settlement notice refers to an equity committee in the bankruptcy, so I wanted to see how the stock was doing. Haven't checked, but I don't see how there would be any equity left in this scam, esp. with the Chinese out of reach. How can the American assets possibly be worth more than the liabilities?

[SamLevi]

http://finance.yahoo.com/q;_ylt=Avj.Acw48NlayFs67wacuhveAohG;_ylu=X3oDMTBxdGVyNzJxBHNlYwNVSCAzIERlc2t0b3AgU2VhcmNoIDEx;_ylg=X3oDMTBzOTkyZWtoBGxhbmcDZW4tVVMEcHQDc2VjdGlvbnMEdGVzdAM-;_ylv=3?uhb=uhb2&fr=uh3_finance_vert_gs&type=2button&s=FEEDQ

Still being recognized just suspended from trading forever lol.

[beachboy3]

Hey Sam, I haven't followed FEED since I sold in 2011. I'm filling out my claim form and wondering what happened to the stock. FEEDQ not recognized symbol, AgFeed not recognized company name. I've not seen a stock canceled before a bankruptcy is complete, so maybe it's going by a different symbol? What's the story? Thanks :)

[SamLevi]

Yes that is part of the class action info but you must also fill out the additional paperwork that will arrive to your home soon.

[SamLevi]

Yes, you do qualify and don't worry about not receiving any claim forms yet as I have not either. I live in California so I'm sure it will show up soon. Your best bet is to contact your broker if you do not receive anything but remain patient for now as I do expect the claim forms to arrive soon.

[Indiana1]

Sam ~ Help ! I did send back the "voting for the class action" paperwork to Delaware back in October, 2014. Is this the Class Action info that you have been discussing on here?? The info that was sent to me asking for my "yes or no" vote also included that i held 76,000 shares with Wells Fargo Advisors. Is that all i need to do OR is there additional paperwork that I 'should' have/will receive ?? I am saying this because someone on the yahoo board stated that they received their "class action forms" LAST week and it required "trade dates" with hard copies of each required and a declaration of how many shares that were held as of December 29, 2011. I believe THAT paperwork is what i am missing...correct?? If so, do you know where i would get that or whom i should contact??

Thanks so much for any assistance ......

[Indiana1]

Sam - I have been checking the yahoo board mostly and my understanding is there has been a class action proof required (not the one where we had to vote for the class action i believe).....

I purchased and continue to hold 76,000 shares from March 16, 2009 thru December 28, 2011. My understanding is that i need to submit proof of 1 - Trade dates and also declare how many shares (76,000) that i have held as of December 28, 2011. I live in Phx, AZ so maybe i havent received any yet due to mail time from the east coast Delaware i believe.....

Am i missing anything here....?? Can you give me any insights or phone/addy's in case i do not received anything??

And i am also thinking this is the Class 6B Action.....not the Class 5B ?? Its all very confusing ....Thanks in advance

[SamLevi]

Because you sold your shares before August. You were supposed to hold them after August in order to qualify but you did not, therefore you are not qualified.

[General Grievous]

sam this exchange has gone on a lot longer than i anticipated, mostly due to the fact you keep confusing me or i am just an idiot. But please once and for all clarify....It says any shares purchased on or before august...i purchased mine in july of that year....so why do i not qualify exactly?

[SamLevi]

Unfortunately, no.

[General Grievous]

Isn't my recognized loss .03 cents per share

[SamLevi]

The Recognized Loss is $0.00 per share so you don't get anything since your recognized loss under the settlement is 0 cents.

[General Grievous]

My sell date is before August 1 and u said all shares sold on or before.. So don't I fall into before

[SamLevi]

You sold your shares before August 1st, 2011 that's why.

[General Grievous]

I'm confused.. U said I wasn't eligible.. Y do u say that

[SamLevi]

Not sure what the reason is, it might be that but for whatever reason you do not qualify according to the rules.

[General Grievous]

Because I didnt hold into the halt right

[SamLevi]

You are not eligible unfortunately.

[General Grievous]

Thanks for the reply. So I guess my poor butt might actually get something? Someone mightve accidently thrown them away here.. what is the deadline to make a claim? So Sam, even though i sold after one day im still eligible? or because i realized a loss and didnt hold into the halt Im not eligible?

[SamLevi]

All shares purchased and sold on or before August 1, 2011, the Recognized Loss is $0.00 per share.

[General Grievous]

Ok, i finally checked and it shows I bought 1,362 shares of feed on 7/19/2011 and sold them for a 3 cent loss the next day.. Not sure where I placed the paperwork i got in the mail to check if I'm even eligible :(

[SamLevi]

Paper work should be sent to you soon.

[SamLevi]

Glad to hear that! How many shares did you own?

[General Grievous]

I got the paperwork in the mail too..I just have to check when I traded it and fill out this paperwork I guess I'm lazy

[Moneytree420]

Great news indeed. When should we see the amount in our stock accounts? I'm holding 1,000 shares bought and held from 7/11 to 12/11.......at least we are able to recover most of the loses!

[Renee]

Excellent, SamLevi. I'm delighted for FEEDQ shareholders per the distribution schedule.

[SamLevi]

Have a new update for everyone:

For AgFeed shares purchased between March 16, 2009 and September 29, 2011, both dates inclusive:

1. All shares purchased and sold on or before August 1, 2011, the Recognized Loss is $0.00 per share.

2. All shares purchased on or before August 1, 2011 and sold between the opening of trading on August 2, 2011 and the close of trading on September 29, 2011, the Recognized Loss is the less of (a) the difference betweeen the purchase price and the sales price or (b) $0.58 per share.

3. All shares purchased on or after August 2, 2011 and sold on or before September 29, 2011, the Recognized Loss is $0.00.

4. All shares purchased between august 2, 2011 and September 29, 2011 (both dates inclusive) and sold or held between September 30, 2011 and December 28, 2011, the Recognized Loss would be the lesser of (1) $0.20 or (2) the difference between the purchase price and the greater of (a) the sales price or (b) $0.62 per share.

(THE CATEGORY I FALL UNDER)
5. All shares purchased on or before August 1, 2011 and sold or held between September 30, 2011 and December 28, 2011, the Recognized Loss would be the lesser of (1) $0.78 or (2) the difference between the purchase price and the greater of (a) the sales price or (b) $0.62 per share.

Since I fall under the last category, it looks like I will be getting $0.78 per share, a lot more than I actually expected. Great news.

[payupdeadbeat]

Okay. So what can one expect to get for 10,000 shares of the POS when all is said and mercifully done?

[SamLevi]

The calculation of the $18 million that the SEC requested was also added into the mix of the plan as they did stick their nose into the issue a few months ago requesting a hefty payout from AgFeed's distribution.

Also just to add, the distribution will most likely judge a person's payout via their losses or how much they lost rather than an exact pps estimate, so payouts will vary for every shareholder.

[Renee]

SamLevi....I'm unsure how todays SEC release will impact AgFeed's distribution. Thoughts?

Courtesy Scion:

Tennessee-Based Animal Feed Company Agrees to Pay $18 Million to Settle Accounting Fraud Case

FOR IMMEDIATE RELEASE
2014-194

Washington D.C., Sept. 15, 2014 — The Securities and Exchange Commission today announced that a Tennessee-based animal feed company has agreed to pay back $18 million in illicit profits from an accounting fraud that resulted in an SEC enforcement action earlier this year.

AgFeed Industries, which is currently in Chapter 11 bankruptcy, was charged by the SEC in March along with top company executives for repeatedly reporting fake revenues from the company’s China operations in order to meet financial targets and prop up AgFeed’s stock price. The company obtained illicit gains in stock offerings to investors at the inflated prices resulting from the accounting scheme. The SEC also alleged that U.S. managers learned of the accounting fraud, but failed to take adequate steps to investigate and disclose it to investors.

The $18 million to be paid by AgFeed to settle the SEC’s case will be distributed to victims of the company’s fraud. Details of the settlement were presented to the bankruptcy court in Delaware earlier today, and the settlement is subject to court approval by the bankruptcy court as well as the district court in Tennessee where the case was filed.

The SEC’s case continues against five former company executives and a former audit committee chair.

“This settlement holds AgFeed accountable for its accounting fraud and deprives the company of ill-gotten gains,” said Julie Lutz, Director of the SEC’s Denver Regional Office. “This provides the most expedient and effective way to provide a substantial recovery to victims of AgFeed’s fraud while the company remains in bankruptcy.”

Under the proposed settlement, AgFeed also agrees to the entry of a permanent injunction enjoining it from the antifraud, periodic reporting, and record keeping and internal control provisions of the federal securities laws. AgFeed neither admits nor denies the charges in the settlement.

The SEC’s investigation has been conducted by Michael Cates, Donna Walker, and Ian Karpel of the Denver Regional Office. The court litigation is being led by Gregory Kasper and Nancy Ferguson while the bankruptcy aspects of the case are being handled by Alistaire Bambach, Patricia Schrage, and Neal Jacobson of the New York Regional Office.

###

http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370542938017#.VBc_7fldXHQ

[SamLevi]

Refer to my most recent post on here!
Good news after all these months, about time.

[SamLevi]

Great news for those FEED shareholders!

From a post by:
preeceje2004 on the yahoo message board.


Court approved the Plan of Distribution today. Best I can tell, $25 million will be distributed to equity holders if the plan is consummated by voting of the impaired classes (e.g., shareholders). Insider claims will be held in trust until the causes of action of the fraud are settled. The two share holder classes are pre and post fraud disclosure date (i.e., December 19, 2011). I can't recall if this is the same cutoff for the Class Action lawsuit. In any event, it appears that those who bought during the class period and held through the date we were delisted amounts to about 55 million shares. So those 55 millionshare holders will split the Class 5B funding of $18 million and all shareholders (e.g., 69 million shares) will split the Class 6B funding of $7 million. Insiders will not get paid until all causes of the SEC violations are settled. If they are found to be causes of action, their shares could be worth nothing and their value will be distributed back to the others in Class 6B. In addition, Gothner and Pazdro's commssions on the sales of AgFeed USA and AgFeed Ind. (remember those?), or portions thereof, could go back to Class 6B as well if they are found to be responsible for the fraud. Minimum of about 43 cents for the long-term holders if the plan is confirmed.

[fwb]

goodnight mrs calabash wherever you are

turn the lights off will you

thanks

[pray]

I posted this way back in December.

Here is lawyer number to give info.

FEED Would be removed between Jan 15-May 1 from trading.

Any shares I kept would be valued at .0001 after shutdown.

Because of complaints they may let you keep value but not likely.

Good luck. I sold at .23 after buying at .08 but still have plenty of questions why shareholders was kept in dark so long.

[SamLevi]

Thank you, will do!

[Renee]

Fingers crossed for you, SamLevi. I hope you inform this board of the outcomes whatever happens.