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No post in nearly one year. Any update on escrow?
Lawsuit: Shorting Caused ECD Bankruptcy
http://www.crainsdetroit.com/print/article/20130707/NEWS/307079985/stock-short-selling-scheme-led-to-ecd-bankruptcy-lawsuit-says?X-IgnoreUserAgent=1
Any word on next steps as it relates to escrow?
You might consider taking a tax loss .... to offset any gains that you may have.
(talk to a tax expert for more details)
The ENERQ story will probably not end well for retail investors.
The ENERQ message board over at yahooo is still active .... though filtering out the abundant BS is always a challenge.
Good Luck and Good Health to you !
Hi,
I had some shares of ENERQ.
I was hospitalized the couple of months and could not check my portfolio.
I realized now that the stock is de-listed and all.
Is there anyway that I could get atleast some money back.
T
you see they cancelled the shares today?
http://www.otcbb.com/dailylist/txthistory/BB09042012.txt
09/04/2012 11:38:16|D||ENERQ||Energy Conversion Devices, Inc. Common Stock|09/04/2012|Bankruptcy Plan effective. Shares cancelled. Deletion time 11:36:25 **
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=79213555&txt2find=enerq
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=79223390
All common shares have been cancelled, as of 11:36 this morning.
Doesn't look like much..
What is going on here today?
cubs
Pretty bold prediction.. I wonder, if these pat's were worth so much, then why didnt the tech carry the company through tough times? When do you see the pps going up? Do they have a date for auction?
What i meant to say is $20 share after bidding war.
After bidding war for patents 1.00+ share.
Class 5 - Equity Interests: Class 5 consists of the Allowed Equity Interests. To the extent funds remain after payment in full of all Allowed Claims, holders of Allowed Equity Interests of ECD will receive Pro Rata payment of any surplus. This treatment will be in full satisfaction of their Allowed Equity Interests and the Equity Interests will be terminated as of the Effective Date. ECD's Equity Interests in USO will vest in the Liquidation Trust as of the Effective Date. Allowed Equity Interest Claims were deemed to have rejected the Plan and were not entitled to vote.
this is going to .50+ before it's all over,it's obvious some one is trying very hard to keep it down
Nice Volume and UT coming to ENERQ
let's see what happens next week
cubs
These patents have to be worth billions
** Ovonyx Assigned Patent ALEXANDRIA, Va., July 13 -- Ovonyx, Sterling Heights, Mich., has been assigned a patent (8,217,379) developed by Carl Schell, Waterford, Mich., Guy Wicker, Southfield, Mich., and Jon Maimon, Manassas, Va., for an "arsenic-containing variable resistance materials." The abstract of the patent published by the U.S. Patent and Trademark Office states: "A variable resistance material for memory applications. The material includes a base Ge--Sb--Te composition and further includes As-doping. The materials were included in variable resistance memory devices. Incorporation of As in the variable resistance composition led to a significant increase in the operational life of the device and, unexpectedly, did not reduce the programming speed of the device. In one embodiment, the composition includes at atomic concentration of Ge in the range from 7%-13%, an atomic concentration of Sb in the range from 50%-70%, an atomic concentration of Te in the range from 20%-30%, and an atomic concentration of As in the range from 2%-15%." The patent application was filed on July 20, 2009 (12/505,854). The full-text of the patent can be found at http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&p=1&u=%2Fnetahtml%2FPTO%2Fsearch-bool.html&r=1&f=G&l=50&co1=AND&d=PTXT&s1=8,217,379&OS=8,217,379&RS=8,217,379 Written by Arpi Sharma; edited by Anand Kumar.
hope you did not do what you said you'd do.
Energy Conversion Devices Cancels Bankruptcy Auction, Plans Layoffs
5 hours 40 minutes ago - Dow Jones News
A Green City Journey
Vernon, British Columbia Canada., April 16th, 2012 (SUN FLARE SYSTEMS NEWS-WIRE) — Sun Flare Systems Inc.®, a privately held company specializing in Solar Research and Development announced that their Patent Pending ”S.O.S. in a Box™” and Patent Pending “Solar Static Mini Billboard” will be airing on CNN “Road to Rio, A Green City Journey”
CEO and President Matt Siegler was interviewed on April the 10th on how Sun Flare Systems Inc. products are “Changing the Way you Power Up®!” Mr. Siegler said this after the interview. ” Its great to have the opportunity to share with the rest of the world our ground breaking advancements in solar. With government subsidies subsiding across the globe we want the consumers to think of solar energy use other than the traditional applications for power.”
CNN “Road to Rio, A Green City Journey” can be viewed on CNN International on Wed 4/18/12 5:30am ET 12:30pm ET, Sat 4/21/12 12:30am ET 2:30pm ET, Sun 4/22/12 7:30am ET, Sat 4/28/12 7:30am ET, and Sun 4/29/12 12:30am ET.
Sun Flare Systems Inc. CEO Matt Siegler, and Co-Founder Joel Siegler President of Research & Development just returned back from taping in Toronto. Sun Flare Systems Inc. SOS in a Box™ will be featured on CBC Dragons Den “The Future Now” which airs on June 3rd 2012, where three competitors battle out there Future Now Energy Innovation products for a $100,000. After their return President of Research & Development Joel said this about his experience. “It was a very exciting opportunity for our company to be seen on national TV and want to say thank you to CBC for a great experience and to all the Series Directors and Staff who made us feel extremely comfortable.
Sun Flare Systems Inc. would like to publicly announce the donation of sponsorship of a SOS in a Box™ to the new TV Series Ancient Tomorrow. Were their explores will be using our SOS in a Box™ amongst dramatic Andean Ice Backdrops. Premier to be sometime in late 2012.
About Sun Flare Systems Inc.
Sun Flare Systems Inc. researches and develops the most advanced thin-film photovoltaic solutions. For more information, please visit www.sunflaresystems.com or email us!
About CNN Road to Rio.
Each month, the 30-minute show explores the cities making strides in reducing their carbon footprint, ahead of the Rio+20 Earth Summit in June. Along the way, a team of experts will examine the planning, environmental and sustainability issues facing today’s urban centers, as well as the green initiatives being developed to tackle them.
About CBC Dragons Den.
Launching a business is no small task. No matter how big an idea you think you have, it still takes a lot of work and a ton of cash. Enter the Dragons’ Den, where aspiring entrepreneurs pitch their business concepts and products to a panel of Canadian business moguls who have the cash and the know-how make it happen. They’ve all been there themselves, so you better not walk into the Den unprepared. It takes more than passion to convince these boardroom giants that your idea is worth their attention. The Dragons are ruthless and rightly so – it’s their own personal money on the line.
About Ancient Tomorrow.
Travel with my team of renegade scientists as we document our journey across the breath-taking South American Andes to explore the mysteries surrounding an ancient energy technology that may hold the key to our future tomorrow.
Motion filed: EC (Equity Committee) will be established. ENERQ is estimated to be valued at $170 million or $3-$4/share.
http://www.kccllc.net/documents/1243166/1243166120426000000000001.pdf
Go read Page 5.
Very bullish!
News: A second bidder for ENERQ
Trony Solar Holdings Bids for ECD
4 hours 28 minutes ago - SinoCast via Comtex
Trony Solar Holdings Co., Ltd. (SEHK: 2468) announced on April 25 that its indirect wholly-owned subsidiary True Solar USA Inc. has applied for bidding of Energy Conversion Devices, Inc. (ECD) and affiliated company's assets according to regulatory procedures that were ordered by the bankruptcy court of east district in (the south) Michigan, the United States.
Failing to survive the winter in PV solar sector, ECD proclaimed bankruptcy, which may be an opportunity for Chinese PV solar companies with plenty of cash.
Having over 60-year history, ECD has been a leading company in solar sector, with unique advantages especially in business application of building integrated photovoltaic (BIPV). Ener Gen brand under ECD umbrella has a good reputation in the US.
Source: www.yicai.com (April 25, 2012)
This one is toast. Glad I got out above 8 cents. Looks like next stop is 4 or below.
This one is toast. Glad I got out above 8 cents. Looks like next stop is 4 or below.
Probably because they filed for bankruptcy and the stock will be worth nothing soon.
SOURCE: Salamon Group, Inc.
April 17, 2012 10:03 ET
Salamon Group, Inc. (SLMU) Tenders Offer to Shareholders and Board of Directors to Energy Conversion Devices (ENERQ)
LAS VEGAS, NV--(Marketwire - Apr 17, 2012) - SALAMON GROUP, INC. (OTCQB: SLMU) (PINKSHEETS: SLMU) has sent a letter of offer to the board of directors and the Company's Registration Offices (CRO) of Energy Conversion Devices (ENERQ). This offer is for up to 100% of all issued and outstanding shares of the Company. The offer is in exchange for up to 5 million shares of Salamon Group, Inc. (SLMU).
Energy Conversion loss-carry forwards are over $1 billion USD. The transaction as contemplated, would complete after receipt of all corporate documentation for SGI to perform final due diligence and would be subject to relevant SEC regulations and requirements.
Michael Matvieshen, CEO, SLMU, stated, "We believe this type transaction would have a positive impact on our business model." He went on to say, "A bank of loss-carry forwards is a valuable asset, if they are acquired for the right price. Energy Conversion shareholders are currently set to receive nothing but a total loss because of the Chapter 11 filing. The current Energy Conversion shareholders position based on the Chapter 11 disposition of assets receive nothing. Our offer allows shareholders of ENERQ to have an opportunity to recover value that they would not be able to with their current holdings because of the Chapter 11 filing."
Shareholders of Energy Conversion are encouraged to call or email "The Orsay Groupe" for more details, at info@orsaygroupe.com or phone 305-515-8077
About Energy Conversation Devices.
Energy Conversion Devices (ENERQ) has a renowned 51 year history since its formation in Detroit, Michigan and has been a pioneer in materials science and renewable energy technology development. The company has been awarded over 500 U.S. patents and international counterparts for its achievements. ECD's United Solar wholly owned subsidiary has been a global leader in building-integrated and rooftop photovoltaics for over 25 years. The company manufactures sells and installs thin-film solar laminates that convert sunlight to clean, renewable energy using proprietary technology. UNI-SOLAR® brand products are unique because of their flexibility, light weight, ease of installation, durability, and real-world energy production. For more information, please visit Energy Conversion Devices on the web at energyconversiondevices.com
About SALAMON GROUP, INC.
SALAMON GROUP, INC., through its Sunlogics Power Fund Management, Inc. division, is a solar energy project company specializing in the construction, management and acquisition of renewable energy power projects. Sunlogics Power Fund also looks to acquire assets and other companies in the solar and renewable energy space that are a strategic fit. Sunlogics Power Fund is also a project-acquiring partner of Sunlogics Plc and its Subsidiary as well as other third party project developers. http://www.sunlogicspowerfund.com/
For further information Contact The Orsay Groupe, Inc., info@orsaygroupe.com
SLMU cautions that statements made in press releases constitute forward-looking statements, and makes no guarantees of future performances and actual results/developments may differ materially from projections in forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the time statements are made.
This stock looks like it is headed to sub zero. It just refuses to find a bottom.
Solar or Anyone here,
What's compelling about keeping this stock if it's facing bankruptcy? Your thoughts appreciate?
ENERQ @ .1048!
Sure am. Bought some 8s even this morning. GL! BC
GO ENERQ!
Are you still in. Because it looks like it might be bouncing now.
United Solar partnership Baraclit a way out from bankruptcy?
http://www.cleanenergyauthority.com/solar-energy-news/united-solar-partners-with-italian-baraclit-031412/
Amanda H. Miller
Mar 14, 2012
Announcement of a new partnership between Michigan-based United Solar and Italian Baraclit Spa offer hope for the US thin-film solar manufacturer in the face of a bankruptcy.
While United Solar and its parent company, Energy Conversion Devices, filed voluntary petitions for Chapter 11 reorganization in bankruptcy court last month, the Baraclit announcement shows that the world market has faith in the United Solar product, said spokeswoman Kim Paulson.
The partnership was developed before the bankruptcy was announced, but remains strong, she said.
“This is a huge opportunity for us,” Paulson said of the Baraclit partnership.
Baraclit is an Italian leader in concrete prefabrication buildings for commercial and industrial use. It has 10 million square meters of industrial rooftop that could be eligible for Italy’s robust incentives for innovative building-integrated solar.
While the country’s solar installations are reportedly slowing because of falling rebates and government incentives, a feed-in-tariff for building-integrated solar remains robust, Paulson said.
“That is right in our sweet spot,” Paulson said. “We provide a panel that can be building integrated.”
The company’s Uni-Solar photovoltaic solar laminates are ideal for incorporating into existing building materials, such as rooftop shingles.
That means Italy’s additional focus on distributed rooftop solar energy production also gives United Solar an advantage there.
Europe has been good to the company since it launched its Uni-Solar laminates, Paulson said. Almost three quarters of the company’s business has come from Europe, which has been the most active region for solar installation over the last five years to a decade.
The Baraclit partnership is just one of many partnerships with European companies interested in incorporating United Solar’s product.
“Every partnership we enter is unique,” Paulson said. “Those partnerships get us out there.”
All of the company’s partners have been very supportive through the bankruptcy filing, Paulson said.
“They really believe in the product and the company,” she said.
United Solar is hoping investors will scoop up its division of Energy Conversion Devices as most in the industry believe it’s a viable arm of the company that produces cutting-edge and up-and-coming technology that is now and will continue to be in demand, Paulson said.
The company did stop production in November until is can sell excess inventory, she said.
SHAREholders must write to SEC
SHAREholders on record of 2/14/2012 and current:
Send an email to the SEC attorney and suggest she see to it that an Equity Committee is established in this proceeding to represent the stockholders. The more people who write, the more likely the SEC will act on behalf of we shareholders.
Write now. Even a quick email.
Her contact info that Kais posted earlier on Yahoo is:
Below is and email that I sent to the Attorney for the Securities and Exchange Commission in reference to Energy Conversion Devices, Inc? with the intention to protect the interests of the common stock shareholders.
Att: Sonia U. Chae
Attorney for the Securities and Exchange Commission
175 West Jackson Blvd. - Suite 900
Chicago, Illinois 60604
Telephone: (312) 353-6269
Email: chaes@sec.gov
Subject: Chapter 11 Case No. 12-43166
Filed with IN THE UNITED STATES BANKRUPTCY COURT
FOR THE EASTERN DISTRICT OF MICHIGAN
SOUTHERN DIVISION
Hon. Thomas J. Tucker - Judge
http://messages.finance.yahoo.com/Business_%26_Financ e/Investments/Stocks_%28A_to_Z%29/Stocks_E/threadview?b n=6111&tid=416378&mid=416399
"Based upon the estimated value of the Company's assets and forecasted costs and operating losses during the Chapter 11 process, the Company does not expect to generate proceeds sufficient to satisfy all of the Company's pre-existing obligations to its creditors. Accordingly, unless the Company realizes greater-than-expected value from the sales process, the Company expects that no distributions will be made to holders of common stock and the common stock will be extinguished upon confirmation of the Chapter 11 plan."
Yes of course. That information was pulled directly out of posting on this website.
http://ih.advfn.com/p.php?pid=nmona&article=51181573
Seems like some support at .11 cents. IMO
MOST UNDERVALUED "Q" STOCK ENERQ .15 PLENTY OF CASH AND ASSETS IMHO A BIG BOUNCE COMING
alert ENERQ .15 vs 2.76$ in cash, other assets worth 5/10$, unbelievable opportunity imho
ENERQ .15 most undervalued "q" stock imho, pps/bv 0.05!!!!!!!!
ENERQ .15$ 7MILL MC VS 145 MLN $ CASH + ASSETS + 800 MILL $ CLAIMS VS SUBSIDIARY UNISOLAR, MUST READ, IMHO CH11 A TOTAL JOKE, PLENTY OF CASH, IN ORDER TO PAY OFF CONVERTIBLE DEBT IT WOULD BE SUFFICIENT SELL UNISOLAR AND RETAIN CORE ASSETS
ENERQ .15 HEADED TO DOLLAR LAND, CONTRACTS + ASSETS + CASH, INCREDIBLE UNDERVALUATION
ENERQ .15 huge newsflow from Japan and Italy, most undervalued "Q" stock, assets worth hundreds of millions, debt easy to manage imho, no brainer this ch11
Solar power in Japan may gain with regulatory changes, WSJ reports
Theflyonthewall.com – 9 minutes ago
In Japan, the solar industry may move to the forefront as regulatory changes and its nuclear power crisis create an opening for equipment makers there and abroad, reports the Wall Street Journal.
and from italy agmt with baraclit
http://finance.yahoo.com/news/united-solar-baraclit-form-strategic-140000408.html
company (USO) signed a lot of contracts since ch11 petition in japan italy and north korea, USO is owrth around 300/500 mln, 2.5x the net debt of ENERQ, imho a great undervalued pick
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DD ENERQ .15, FIGURES UNDERSCORE UNBELIEVABLE UNDERVALUATION imho gain spotlight last week just in JAPAN!!! read at bottom page
ENERQ .15$ 7MILL MC VS 145 MLN $ CASH + ASSETS + 800 MILL $ CLAIMS VS SUBSIDIARY UNISOLAR, MUST READ, IMHO CH11 A TOTAL JOKE, PLENTY OF CASH, IN ORDER TO PAY OFF CONVERTIBLE DEBT IT WOULD BE SUFFICIENT SELL UNISOLAR AND RETAIN CORE ASSETS
ENERQ LENT 800 MILL $ TO UNISOLAR! MC IS LESS THAN 7MLN $, CASH ON HAND JUST LESS THAN 150 MILL, UNBELIEVABLE UNDERVALUATION IMHO, THIS MAY REACH .5/1$
important do your own dd, this is a ch11 stock, you may loose your money invested in, due to potential stock cancellation if POR is confirmed by court
dd ENERQ (ECD).15 HUGE CASH PER SHARE 2,76$, VALUABLE ASSETS TO BE MONETIZED AS 38.6% in OVONYX INC JV AND 100% IN UNISOLAR (USO).
ENERQ (ECD) IS OWED 800 MLN $ FROM USO (LOANS AMOUNT IN THE YEARS FROM ECD TO SUBSIDIARY), THEREFORE, DEPENDS HOWEVER FROM THE SALE PRICE, ECD NOTEHOLDERS MAY BE FULLY REPAID WHILE USO CREDITORS NOT! ENERQ (ECD) IS SITTING ON HUGE AMOUNT OF CASH THAT MAY ONLY INCREASE, IF LEFT ASSETS PLUS OTHER UNDISCLOSED SUCH AS PATENTS, LICNESES, SOLD FOR 3/400 MLN $ SHAREHOLDERS MAY RETAINS SOME CONSIDERABLE VALUE IMHO, AT THIS POINT ECD CH11 IS A NOBRAINER, INSTEAD UNISOLAR (USO) ONLY WAS TO BE PUT IN CH11 AND USO CREDITORS TO SUFFER THE HUGE LOSSES. I THINK AND HUESS EQUITY COMMITTEE TO BE LAUNCHED SOON, ECD IS OWED A LOT OF MONEY FROM SUBSIDIARY, THAT MONEY MAY BE ENOUGH TO REPAY SENIOR BONDHOLDERS AND FUND SHAREHOLDER RECOVERY FROM CURRENT LOSSES
ECD ASSETS INCLUDE:
1)AT LEAST 145 MLN $ CASH, INCLUDING 58MLN $ FROM 93,6% IN OVONYC BASF SALE (DON'T CONFUSE WITH 38,6% IN OVNONYX, STILL TO BE SOLD!)
2) 100% USO OR UNISOLAR, THE 100% PROCEEDS SHOULD BE GIVE PERHAPS TO ECD AND NOT TO USO CREDITORS, BECAUSE ECD IS OWED 800 MLN FROM USO FOR ACCRUED AND UNPAID LOANS
3)38.6% IN OVONYX JV
4) POTENTIAL TAX REIMBURSEMNT, NOL'S AND LICENSE AGREEMENTS
5)SOLAR INTEGRATED TECHNOLOGIES (SIT) PUT IN LIQUIDATION OR CH7, BOUGHT IN 2009 FOR 16MLN $
ENERQ .15 VS 2.76$ IN CASH, total nobrainer, worth dollars imho!!!!!!!!!!
ENERQ .15 VS 2,56$ CASH ON HAND!!!!!!!!!! SECURED AND UNSECURED CREDITORS TO BE PAID IN FULL ACCORDING BANKRUPTCY FILING!!!
ENERQ .15 VS CASH POSITION WELL OVER 145 MLN $ OR 2.5$ PER SHARE, ONLY DOUBT (POSITIVE) IF WE MAY ADD 58 MLN $ FROM BASF FOLLOWING THE SALE OF HYBRID BATTERY PRODUCER OVONIC 93,6% T, IN THAT CASE CASH WOULD LIFT TO NEARLY 3$!!!!!!!!!!!!
ADD TO THESE $ THOSE REVENUES FROM SOUTH KOREA RECENT SALE...10-12 MLN $ AT LEAST, IF MORE SALES TO COME ENERQ MAY BECOME A CASH COW WITH OVER 4$ IN CASH, LIABILITIES MAY BE FULLY REPAID, EVEN IF A PARTIAL CONVERSION WOULD LEFT ENOUGH MONEY TO RUN BUSINESS AND PROTECT COMMONS
COMPANY ESTIMATES UNSECURED CREDITORS WILL BE PAID IN FULL, THEN AT LOWER TIER COMMON SHAREHOLDERS MAY BENEFIT FROM BID WAR FOR ASSETS, ANY SALE MUST BE CONFIRMED BY JUDGE, SO ANY OFFER IS ONLY A SORT OF STALKING HORSE BID AND THEREFORE NOT DEFINITIVE
263 MLN $ CONVERTIBLE DEBT DUE IN 2013 MAY BE PARTIALLY CONVERTED IN STOCK AND PAID CASH AT 50% THEREFORE SOME MONEY MAYBE SAVED AND NEW EQUITY RUN WITHOUT OLD EQUITY HOLDERS WIPED OUT
COMPANY THROUGH WHOLLY OWNED SUBS UNISOLD RECEIVED ORDER FROM SOUTH KOREA, worth around 10-12 mln $, so business works!
CEO OWNS 1.7 MLN SHARES or 3% of stock capital
STILL ASSETS TO BE SOLD, NO NEED FOR DIP FINANCING, ENOUGH MONEY TO PAY OFF UNSECURED CREDITORS (ASSETS BETWEEN 100 AND 500 MLN$, SAME FOR LIABS)
OS 53.3 mln short between 5 and 10 mln imho, short squeeze likely in the event of any positive news
it was rumored about Icahn's interest in spite of CVR 30$ recent tender offer too
equity commiteee chances high, hedge funds and other speculators maybe ready to step in, enerq was a nasdaq stock worth dollars only two weeks ago
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Energy Conversion Bondholders Aim for Settlement with United Solar Creditors.mht
Guest Article:
Energy Conversion Bondholders Aim for Settlement with United Solar Creditors
ECD is shopping its 38 percent stake it has in Ovonyx in order to liquidate its estate and repay bondholders
By ALEX CERESTE, Claim Advisory Group, LLC
February 23, 2012
Energy Conversion Devices (ECD) has been funding losses at its unprofitable subsidiary, United Solar Ovonic (USO), since 2003 to the tune of $800 million, comprised of capital expenditures, operational loans, and accrued interest. Now that ECD has formally placed itself and USO into bankruptcy protection, it would like its money back.
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Before filing for bankruptcy, ECD’s bondholders would have been owed approximately $263 million upon maturity in 2013. As a condition of bankruptcy, those notes immediately became due. It had been stated that ECD could not refinance those notes nor would it be able to repay them in full upon maturity next year.
ECD plans to sell USO within a couple months to recoup some of the $800 million it loaned to the subsidiary as well as to purge its losses. Also on the auction block will be ECD’s 38.6 percent minority equity stake in a joint venture, Ovonyx, Inc.
In the process of winding down ECD, it has amassed $145 million in cash from asset sales for the benefit of its bondholders. This amount includes the recent $58 million received from the sale of another ECD subsidiary, Ovonic Battery Company, Inc., to BASF Corporation in February 2012.
Without bankruptcy’s “substantive consolidation,” which would commingle the assets and liabilities of ECD and USO, USO’s creditors will not benefit from its parent’s large cash position. They can only hope that the sale price of USO will exceed senior debt in the capital structure, putting unsecured claims “in the money.” That senior debt consists of a post-bankruptcy priority intercompany loan from ECD projected to be greater than $8 million by the time of the sale.
Unsecured vendors and trade creditors of USO, totaling about $3.3 million, are hoping to not be overlooked. Additionally, there may be lease rejection and warranty claims, which were listed at over $30 million on the company’s last quarterly balance sheet in September 2011, which may be assumed in a sale of USO.
These creditors are expected to argue the priority of ECD’s $800 million loan to USO, claiming it should be recharacterized as equity and repaid after their unsecured claims. In bankruptcy law, this is called equitable subordination.
It is still unclear whether ECD intended for USO to repay the $800 million as a traditional loan or as shareholder returns - the capital expenditures would hopefully increase net income per share and retained earnings for shareholders at USO. It seems unreasonable to project that USO could have sustained that level of debt and be expected to repay it, given its historical lack of profitability.
ECD, as majority shareholder of USO, may be accused of breaching its fiduciary duty to USO’s creditors. The $800 million loan will be said to be made in bad faith, to the detriment of other creditors. Typically, a shareholder cannot exert undue control over the entire enterprise without consideration for preserving other creditors’ interests.
That would leave ECD’s $263 million note holders having to repay creditors of USO in full, depending on the sale price of USO, before they recover any portion of the $800 million loss. Those notes were trading around fifty cents on the dollar as of mid-February. They will have the added benefit of the Ovonyx, Inc. sale price.
ECD’s attorneys mentioned in the first day hearing that they anticipate a settlement with USO’s creditors. This will take place in a Plan of Liquidation to be filed around May after the sale of USO.
Should ECD’s $800 million claim be treated as unsecured debt of USO, the pool of unsecured claims will be severely diluted by $800 million, greatly to the detriment of USO creditors.
Alex Cereste is a principal at Claim Advisory Group, LLC. Claim Advisory provides debt valuation and advisory services to creditors in corporate bankruptcies.
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Kanematsu to Exhibit UNI-SOLAR(R) Products at PV Expo 2012 in Japan
Exhibition highlights strategic partnership for the Japanese market
United Solar's Dr. Subhendu Guha delivers presentation as part of the Technical Conference Program
AUBURN HILLS, Mich., March 1, 2012 (GLOBE NEWSWIRE) -- United Solar, the global manufacturer of UNI-SOLAR® lightweight, flexible solar modules and a wholly owned subsidiary of Energy Conversion Devices, Inc. (ECD) (OTC:ENERQ.PK), announced that Kanematsu Corporation will be exhibiting UNI-SOLAR products at the 5th International Photovoltaic Power Generation Expo (PV Expo 2012) in Tokyo, Japan from February 29th- March 2nd.
PV Expo 2012 is being held at the Tokyo Big Sight venue. The Kanematsu booth is located in the solar/module zone of the exhibit hall at booth number E41-47. The booth features all of UNI-SOLAR's unique photovoltaic (PV) solutions, including the PowerBond™ enhanced photovoltaic laminate (ePVL), PowerMembrane™ and PowerPlate™. Also on display is a solar-powered "Disaster Kit" designed and sold by Kanematsu, featuring a UNI-SOLAR ePVL-68 laminate, combined with an inverter, battery, cable, and storage box packaged together in one convenient kit.
"United Solar is proud to be exhibiting at PV Expo 2012 in Japan with our strategic partner, Kanematsu Corporation," said Julian Hawkins, President and Chief Executive Officer of ECD, United Solar's parent company. "This conference provides the perfect opportunity to demonstrate how unique and differentiated our solutions are among the commodity glass-based solar products."
In addition, Dr. Subhendu Guha, Chairman Emeritus of United Solar, delivered a presentation at the technical conference on the technological advancement of high-efficiency and low-cost thin-film silicon solar cells. His presentation took place on Wednesday, February 29th from 12:30-2:30PM in the Conference Tower and focused on the accomplishments and challenges of the thin-film silicon PV industry. Dr. Guha is a well-known authority in thin-film silicon PV and has authored/co-authored more than 300 papers. He was the recipient of the World Technology Award in 2005 and PVSEC award in 2009.
PV Expo 2012 is Japan's largest exhibition and conference for the PV industry. The annual event attracts over 120,000 exhibition visitors from all over the world. Held in conjunction with the PV Systems Expo, these two conferences attract parties from around the solar industry.
United Solar, with more than 25 years experience in the industry of solar power generation, is the largest manufacturer of lightweight, flexible solar panels in the world, and has been awarded nearly 70 United States patents for various technological advancements. For more information about United Solar or its UNI-SOLAR laminates, please visit our website at http://www.uni-solar.com.
About United Solar/UNI-SOLAR®
United Solar has been a global leader in building-integrated and rooftop photovoltaics for over 25 years. The company manufactures, sells and installs thin-film solar laminates that convert sunlight into clean, renewable energy using proprietary technology for which the company has been awarded over 70 U.S. patents. UNI-SOLAR® brand products are unique because of their flexibility, light weight, ease of installation, durability, and real-world energy production. For more information on United Solar visit uni-solar.com or follow UNI-SOLAR on http://Facebook.com/unisolar and http://Twitter.com/uni_solar.
United Solar and its parent company, Energy Conversion Devices, Inc., on February 14, 2012 filed voluntary petitions for Chapter 11 reorganization in the U.S. Bankruptcy Court for the Eastern District of Michigan. More information about the Chapter 11 filing is available on the Internet at http://www.energyconversiondevices.com/restructuring.php.
CONTACT: Kim Paulson
Corporate Marketing Manager
United Solar Ovonic LLC
+1 (248) 299-6081
pr@uni-solar.com
Source: Globe Newswire (March 1, 2012 - 8:16 AM EST)
News by QuoteMedia
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UNI-SOLAR(R) to Power 3.45 MW Solar Installations in South Korea
AUBURN HILLS, Mich., Feb. 29, 2012 (GLOBE NEWSWIRE) -- United Solar, the global manufacturer of UNI-SOLAR® lightweight, flexible solar modules and a wholly owned subsidiary of Energy Conversion Devices, Inc. (OTC:ENERQ.PK) announced today the shipment of 3.45 megawatts (MW) of its UNI-SOLAR photovoltaic (PV) laminates to South Korea for two separate projects with its distribution partner, KC Energia Co., Ltd., a joint venture partner of KC Cottrell, a Korean solar PV solutions provider.
The first, a 2.1 MW installation consisting of approximately 14,580 UNI-SOLAR laminates, is located at the Gwang Yang Port Distribution Complex, specifically designed for Yeosu Gwang Yang Port Authority "Green Port". The laminates are expected to generate approximately 2.6 million kilowatt hours (kWh) of electricity and reduce 1,678 tons of carbon dioxide annually.
The second, a 1.35 MW project located at the Dang Jin Waste Management Facility, consists of 9,375 UNI-SOLAR laminates installed over 365,111ft². Annual electricity generation expected is approximately 1.4 million kWh.
Both solar PV projects were developed by Korea East West Power Company, a global leading energy company specializing in engineering, procurement and construction. Korea East West Power Company developed the project in cooperation with United Solar's distribution partner, KC Energia Co., Ltd.
"UNI-SOLAR PV laminates are the most lightweight solar PV product available in the Korean market, and approved by Korea Energy Management Corporation KEMCO," said Salama Naguib, Vice President of Sales for United Solar. "United Solar is focused on expanding its markets through globalization of sales, and we see great opportunities for solar PV in Korea. We look forward to continued partnerships with KC Energia and KC Cottrell."
United Solar has more than 25 years experience in the solar industry, is the largest manufacturer of lightweight, flexible solar panels in the world, and has been awarded nearly 70 United States patents for various technological advancements.
About United Solar/UNI-SOLAR®
United Solar has been a global leader in building-integrated and rooftop photovoltaics for over 25 years. The company manufactures, sells and installs thin-film solar laminates that convert sunlight into clean, renewable energy using proprietary technology for which the company has been awarded over 70 U.S. patents. UNI-SOLAR® brand products are unique because of their flexibility, light weight, ease of installation, durability, and real-world energy production. For more information on United Solar visit uni-solar.com or follow UNI-SOLAR on Facebook.com/unisolar and Twitter.com/uni_solar.
United Solar and its parent company Energy Conversion Devices, Inc, on February 14, 2012 filed voluntary petitions for Chapter 11 reorganization in the U.S. Bankruptcy Court the Eastern District of Michigan. More information about the Chapter 11 filing is available on the Internet at http://www.energyconversiondevices.com/restructuring.php.
CONTACT: Kim Paulson
Corporate Marketing Manager
United Solar Ovonic, LLC
+1 (248) 299-6081
pr@uni-solar.com
Source: Globe Newswire (February 29, 2012 - 10:56 AM EST)
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UNI-Solar on Amazon NEW Product. Sun Flare Systems Inc. Inked deal with Gear Our Here. They Launched their SOS in a Box with Euroupin capabilities. Says news to follow at www.sunflaresystems.com. Here it is on Amazon. " @SunFlareSystems @news Update. Finalizes Letter of Intent with @GearOutHere SOS in a box now selling on @amazon http://www.amazon.co.uk/gp/product/B007JD06CI. With our European capabilitys. Press Release to follow at www.sunflaresystems.com "
https://www.facebook.com/SunFlareSystems
Any proof to that statement ???? thats not what it says in there bankruptcy filing
http://www.kccllc.net/documents/1243166/1243166120229000000000002.pdf
Read it this is what it says : Debtor estimates that funds will be available for distribution to unsecured creditors.
You all know this is coming right?
Based upon the estimated value of the Company's assets and forecasted costs and operating losses during the Chapter 11 process, the Company does not expect to generate proceeds sufficient to satisfy all of the Company's pre-existing obligations to its creditors. Accordingly, unless the Company realizes greater-than-expected value from the sales process, the Company expects that no distributions will be made to holders of common stock and the common stock will be extinguished upon confirmation of the Chapter 11 plan.
Agreed. A little buying pressure and this goes.
I agree with the bounce from this level, but we'll see.
It may not reach 8 cents like I hoped. It looks like accumalation and then possibly a bounce from this level. I am considering starting a position today. Anyone else getting on board here.
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This board is for fundamental and technical discussion about Energy Conversion Devices, Inc., ENER.
Energy Conversion Devices, Inc. (ECD) commercializes materials, products and production processes for the alternative energy generation, energy storage and information technology markets. The Company's principal commercial products are its thin-film solar (photovoltaic (PV)) modules. ECD sells its PV modules globally. The Company also commercializes materials, products and production processes through third-party relationships, such as licenses and joint ventures.
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www.uni-solar.com/wp-content/uploads/pdf/FINAL_TR_Presentation_6_1_10.pdf
click on next link in Show Only These Innovators Stan Ovshinsky : www.oninnovation.com/videos.aspx
First Solar, the largest producer of solar panels through June 2010, is the biggest advocate of using Cadmium Telluride.
So far Cadmium telluride is the first and only thin film photovoltaic technology to surpass crystalline silicon PV in price per watt of peak power, but this price advantage seems to be eroding as price of raw silicon has decreased and Chinese manufacturers increase their production of multi-crystalline panels.
There are some concerns about the future of Camium Telluride based panels, specifically the very limited availability of Telluride and increased concern in Europe about long-term toxic affects of Cadmium.
To learn more about the history, manufacturing and the advantages and disadvantages of using solar panels made with Cadmium Telluride, click here.
www.solar-facts-and-advice.com/thin-film.html
The Wuppertal Institute for Climate, Environment and Energy said it conducted an appraisal of recent tests on CdTE PV modules by independent scientific institutions.
According to the analyses, it was found that if disposed of "in an improper and unprofessional way", the modules pose a threat to the environment. "The only way to rule out the risks associated with the use of cadmium in PV," explained the institute, "is to refrain from using cadmium in the first place. This requires non-toxic substitutes to be readily available, which they are (e.g. silicon-based PV)."
It went on to say that cadmium should not spread in green solar technologies, but needs to be disposed of safely. It added: "We believe similar problems may exist with lead in the silicon based modules mentioned above, although manufacturers of those modules have expressed their desire to comply with RoHS legislation should this be directed."
The scientists backing the institute include:
• Prof. Joao Pedro Alpuim, University of Minho, Portugal
• Dr. Stephan Bannas, Theodor Wessels Prize Laureate, Germany
• Dr. Daniel Dahm, Federation of German Scientists, German Association of the Club of Rome
• Dr. Antonin Fejfar, Academy of Sciences of the Czech Republic, Czech Republic
• Prof. Takashi Fuyuki, Nara Institute of Sciences, Japan
• Prof. George E. Georghiou, University of Cyprus, Cyprus
• Prof. Martin Green, University of New South Wales, Australia
• Yutaka Hayashi, National Institute of AIST, Japan
• Prof. Ferdinand Hucho, Free University of Berlin, Germany
• Prof. Tadashi Saitoh, Tokyo Agricultural & Technical University, Japan
• Prof. Ruud Schropp, University of Utrecht, Netherlands
• Dr. Markus Schubert, University of Stuttgart, Germany
• Prof. Jürgen H. Werner, University of Stuttgart, Germany
For its part, First Solar confesses to have in 2009 given out between €100,000 and €150,000 for lobbying purposes. According to reports, the PV company is also being represented by the law firm Kuhbier and is supported by the controversial PR agency Burson-Marsteller.
www.strategy-business.com/article/11111
"Many analysts have predicted an increase in demand for tellurium, a key ingredient in First Solar's panels, and one of the rarest substances on Earth. If tellurium demand rises (and the potential of ENER's phase-change memory product, which contains tellurium, will be a factor), First Solar's costs will go through the roof and Uni-Solar will become one of the leading thin-film producers. " :
www.wikinvest.com/stock/Energy_Conversion_Devices_%28ENER%29#Rising_silicon_prices_benefit_ENER
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