Celadon Group Inc. (CGIP)

[TJG]

If you say so... look you can pat your self on the back all you want I could care less...but incase you need a refresher, there has been not pump on this and no dump... it was at 04 when they announced the BK was announced dismissed... for the past 4 months its done nothing but go down, all on a whopping 14,000 shares a day average... nothing close to a pump and dump here... This has had about 5 posts a day when there are any posts at all...

Lastly in the past 15 years I have seen multiple BK stocks new owner ship...

Its works this way A new conservator applies to the court and when granted the conservator then finds a merger candidate. Thats how it works... now we are done I no longer have a dog in this fight and am wasting my posts on your miss information.

[1manband]

Yes, I do. I know what I am talking about. It is a common misconception, promoted by people pumping and dumping shares of bankrupt companies, that discharge of bankruptcy somehow means the debt has been wiped away.

It is not true. That is not how bankruptcy works.

But as long as people don't learn about bankruptcy law and how it actually works, people will keep falling for the pump and dumps and buying and holding the shares of worthless bankrupt companies hoping and praying for the shell merger that will never come.

[TJG]

ok if you say so...

[1manband]

No, that is not correct, but is a common misconception among uninformed investors. Bankruptcy is never a get out of debt free card. The bankruptcy was dismissed because the assets had already been liquidated and there was nothing left to sell off. Bankruptcy is expensive, so once that was done, it was over.

The unpaid debt was NOT discharged. It remained with the company. That is why bankrupt companies are NEVER viable shells.

[TJG]

Do the DD the Bankruptcy was dismissed there is no more debt associated with this

[1manband]

Bankrupt companies are not viable shells. Any unpaid debt and liabilities will stay with the company, and no new company merging into the old one would want that burden. There are plenty of clean shells to merge into. Celadon isn't one of them.

With the changes by the SEC to Rule 15c2-11, CGIP will lose its public quotation at the end of this month. At that time, the stock will be almost impossible to trade, and will be functionally worthless.

[TJG]

I think we can close the books on this one.... wont be long till no bid sets in.. Was always confident that someone would pick up the shell and RM into it... glad I got out at 006.... took a big loss as I got in right at the out of bankruptcy news... Best of luck to everyone who got caught in the free fall to trips.

[TJG]

Someone did the infamous 911 share buy... so news is on the way????? I dont subscribe to the MM code for communication but many do... lets see if it sparks any interest.

[dshade]

indeed and the shell might be interesting to someone

[TJG]

Not sure who "They" are that you refer to, but I do know the market took it down because this is going to take a while... the company is gone, never to come back... this is an empty shell looking for a new owner and that takes time... but as stated it will become a Reverse Merger stock and then it will re javanite back into some, its all a matter of what and when.

But people who bought in at 04 and up to 08 are not sticking around, they will just take the loss and after the 30 day wash sale period ends they may jump back in.

[SC777]

Can't believe they took this all the way back down from .08.

[TJG]

Odd not a single trade so far, early yes but seems odd anyway

[SC777]

Could break back up here soon. They were able to grind out another 2.5m shares down here somehow but thinned out.

[dshade]

we shall see

[TJG]

But someone is going to take this shell and use it as a reverse merger and thats where the value will come in... I will continue to pick off what I can as it bottoms out... Good Luck To you.

[SC777]

Ok maybe you're right, I've just been watching it trade for over a year and it's thin as can be, but of course now they're clobbering it after it broke out.

[TJG]

As I said read the 8-K this is just one of several and this one shows that on July 8th they entered into a Warrant agreement for 16,000,000 shares at 03 plus Preferred share agreement for an additional 5.8 million. Thats 22 million shares on top of the 28 they listed in the OS as of 2017. There are more 8-K for warrants and notes. The OS is way beyond 28 million. But I am not here to argue with you so I will let this be my last post on the subject, but you really should not be telling people this is a 28M OS stock when its clearly not

https://www.otcmarkets.com/filing/conv_pdf?id=13628772&guid=VOLpUn4fiHZ1oth

[SC777]

My take - MM saw it run to .08 the other day, slammed it back down to accumulate.

Such a small OS, they got caught without shares.

[SC777]

Another AM takedown

[TJG]

Ok NITE is on mine Level II as well... may seems as if I am bashing but I am not... I saw this on 3/31 that the BK was coming off on 4/1 as I watch the Daily List from Finra all day long. I bought in at 04 for 275K shares.

But its highly unlikely that since 2017 and all thru the time period where they were falling further and further in debt that they did not issue any shares or convertible debt. The last actual 10Q or 10K that was filed was in 2017. They were beginning to scramble then. There are 100's of million shares Outstanding now. Just read the many 8-K, which is what I should have done before plunking down the money I did... I will now try and average down and wait for this to reverse merger

[megabandp]

Thanks

[SC777]

.024 / .0288

[megabandp]

Can you tell me what the bid x ask is at right now?

[SC777]

I see NITE. I doubt the OS is much more than 28M

[TJG]

Are you seeing more MM then the ones I listed, and yes there are not current notes outstanding so they wont be diluting, but they will will be either buying for current new investors or selling for old ones that had held shares...

And since there has not been any Financials nor is the share structure TA verified on the OTC and we have not seen any type of filings on this, that 28 million OS was last updated on 2/2017 so its 4 years old. I think its safe to say they have increased it since then.

[SC777]

There's a full set of MM on this one. Obviously no dilution here at the moment, the OS is set at 28M.

[TJG]

It looks just like it did since the middle of last week, I have had no problem viewing it on the OTC, its also still showing that its a Defunct stock and in Bankruptcy. What is different today on my end is that E Trade Pro Level II is now showing a list of MM's that are covering it. Last week it was blank. Level II showed the Bid and Ask but no market makers. Unfortunately the list is 6 Market Makers, 5 are known Dilution MM's may be a bumpy road while we wait to see what they are doing.

CSTI
GTSM
VERT
VNDM
QTCX

CGIP
Celadon Group, Inc.
Common Stock

Pink No Information
Dark or Defunct
Bankruptcy

[WHITTENHALLJR]

Thanks SC >> looking like bright long term potential $CGIP ... no debt is huge!

[SC777]

It should update on its own - I see now the ticker is up on OTC website, it wasn’t there on Friday

[SC777]

Welcome. I’ve been in many bankruptcies but this is the first where I have seen the case dismissed like this ad the Q come off so quick. I agree that someone might swoop in and do something with the shell.

Definitely worth a flyer with 28m OS.

[TJG]

Excellent find JstnDRW, the article kind of reinforces the idea that this Shell will end up in the hands of a Custodian and be moved into the Reverse Merger category at some point in the future.... when that will happen is anyone's guess.

Just a waiting game now.

This articles JstnDRW found sums it up for everyone if they have any questions.

https://www.ibj.com/articles/multitude-of-creditors-left-high-dry-as-celadon-bankruptcy-case-closes

[WHITTENHALLJR]

Will the $CGIP Ihub page daily graph and pps fix itself Or the one of us need to tweak it?

[TJG]

Here is how it is written up on the FINRA site... also what is the difference, thanks for explaining it.

You have to scroll 1/3 of the way down, then click on the box to the far right for the explanation to come up.

https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes

Date/Time Event Type Eff/Ex Date/Time Symbol Issue Name Market
03/31/2021 14:13:02 Bankruptcy Case Dismissed 04/01/2021 00:00:00 CGIPQ CELADON GROUP INC Common Stock Other OTC
Details
Previous Value Current Value
Symbol CGIPQ CGIP
Issue Name CELADON GROUP INC Common Stock CELADON GROUP INC Common Stock
Class
Maturity Date
Market Category Other OTC Other OTC
Unit of Trade 100 100
Regulatory Transaction Fee Flag Yes Yes
Financial Status Indicator Q Q
Current Value
Daily List Date/Time 03/31/2021 14:13:02
Event Type Bankruptcy Case Dismissed
Effective/Ex Date/Time 04/01/2021 00:00:00
Subject to Corporate Action
Offering Type No Restrictions
Daily List Comment
Forward Split Ratio
Reverse Split Ratio
Dividend Type
Percentage 0
Cash Amount 0
Declaration Date
Record Date
Payment Date
Payment Method

[JstnDFW]

You are correct though according to this article. The case is closed and liabilities are gone. I guess it's a little different for businesses.

https://www.ibj.com/articles/multitude-of-creditors-left-high-dry-as-celadon-bankruptcy-case-closes

[JstnDFW]

Usually dismissed means they didn't do what they were supposed to do and the court tossed it out. Discharged means everything was completed with the courts and the case is now closed.

[WHITTENHALLJR]

Like earlier post stated they could not have exited bk without having payment of prior liability’s laid-out and agreed to by those owed... dismissed means they are owning up to there responsibility’s >>> bet they have some good news coming $CGIP

[JstnDFW]

This Bankruptcy was dismissed not discharged correct? There is a big difference between the two.

[dshade]

agreed

[TJG]

What most likely will take place here, is what is taking place around the OTC more and more... there will be a custodian appointed and they will look for a reverse merger candidate for this ticker. Getting in now is risky as the PPS will move all over the place, but in the long run this could be a big, a very big gainer for those that stick it out. Maybe the Guru himself David Lazar will become the custodian, he has the Midas touch.

Read this article from the SEC web site, it will tell you all you need to know.... most importantly is this company was in Chapter 11 not Chapter 7. The difference is this, Chapter 7 there is no coming back from, Chapter 11 there is. Its all in this link, trust the facts not the board.

https://www.sec.gov/reportspubs/investor-publications/investorpubsbankrupthtm.html

[TJG]

So using your logic every shell on the OTC can be canceled by FINRA... why keep them around if there are not assets in them... the term shell company by its nature means there is nothing there, its empty.. no assets... that makes zero sense. Finra is not in the business of watching for when a company has no assets, they would have needed to be told that this was exiting BK and that its now a shell if all the assets are gone... so the Stop Sign will remain up but once they notify OTC Markets they will take down the Bankruptcy logo.

[TJG]

Nothing is being done with the "shell", as the massive amount of unpaid liabilities and debt remain.

It is likely that FINRA will cancel the ticker, which can happen at any time.

Thats such bull shit, FINRA is the one that posted they were exiting Bankruptcy on March 31 effective April 1. Did you even bother to look into this before making your in the dark post... I think not. Last little clue for you, you can not exit BK if you still have labilities that are not laid out for payment and those owed have agreed to the plan. UFR

[SC777]

Just out of curiosity, can you name any other tickers that got canceled after the Q came off? Seems like you are well versed in this area.

I've been around Q's quite a while and don't recall seeing a Q coming off and then the ticker getting canceled.

[SC777]

Cool. I'll be holding until that happens.

[1manband]

NO. The liabilities remain. Bankruptcy is not a "get out of debt free" card If the stock had any value, the creditors would have accepted new shares for their unpaid debts. But they didn't.

The bankruptcy was cancelled because all the assets are gone. There is no reason to remain in bankruptcy as everything has been accomplished. Bankruptcy is not free - it is VERY expensive. With the asset distribution agreement in place, there is no reason to keep paying for the bankruptcy, and no way to pay for it, anyway. It is over.

The SEC and FINRA currently have no legal right to cancel the ticker automatically when the bankruptcy is dismissed. But once FINRA gets around to it, they will. And that can happen at any time, without any warning.

The stock has no value, and once the ticker is cancelled it is over.

[SC777]

Ok dude. Didn't the settlement agreement get rid of liabilities? Why did they take off the Q and not just cancel the ticker outright?

[1manband]

Nothing is being done with the "shell", as the massive amount of unpaid liabilities and debt remain.

It is likely that FINRA will cancel the ticker, which can happen at any time.

The stock is fundamentally worthless.

[WHITTENHALLJR]

Gotcha.... Maybe I'll average down tomorrow>>> how low could they theoretically take it?

[SC777]

This is a hold. Was expecting bigger bump, but the MM control in this market. Gotta wait it out now to see what they do with the shell.

[WHITTENHALLJR]

Dam... Any chance to return to 4 to get my money back lol

[SC777]

Welp. Shorted all the way back down.