Global Geophysical Services, Inc. (fka GEGSQ)

[Renee]

Yes, Global Geophysical Services Inc. has emerged from bankruptcy, however the common shares were cancelled as a condition for Secured stakeholders / Secured lenders to approve the PLAN. Likely new shares will be established but shareholders of the formerly bankrupt company have no equity stake in the new equity.

For comparisons to learn about cancelled equity and the establishment of new equity you could study the KODAK case.

Message board for the former, cancelled KODAK equity:

http://investorshub.advfn.com/Eastman-Kodak-Co-(fka-EKDKQ)-6134/

Message board for the new equity for the reorganized KODAK:

http://investorshub.advfn.com/Eastman-Kodak-Company-KODK-27281/

[Davidbike]

I am little confused, when I look at google finance gegsq I see a press release about the company emerging from bankruptcy. http://www.bizjournals.com/sanantonio/blog/eagle-ford-shale-insight/2015/02/global-geophysical-services-emerges-from-chapter.html

[Renee]

GEGSQ and GEGPQ (Preferred Shares): Bankruptcy Plan effective. All shares cancelled.

http://otce.finra.org/DailyList

[johnnytrader33]

got killed on the RS

[DFRANK1970]

GEGSQ


http://cases.primeclerk.com/ggs/Home-DocketInfo?DocAttribute=1125&DocAttrName=PLANDISCLOSURESTATEMENT

[DFRANK1970]

$GEGSQ

I've been looking for proceedings on Global Geophysical Services in their Voluntary Chapter 11 Petitions but haven't seen anything since March.

Does anyone have any additional info on where the auditing of the past financials are at this point?

Future funding's?

[Davidbike]

I may jump in.

[pp29]

NO, I am here. I hoping for a comeback...

[gonia]

I used to trade this garbage stock but not anymore...

[PAUL_MARKOWITZ]

Am I the only one in GEGSQ????

[hondaboost]

GEGSQ, 0.15, Moving. OS: 30 m (tiny). GEGSQ, high as $4.9 before it was delisted from NYSE last week.

[Juschilln]

I'm really happy today!

[Juschilln]

My heart goes out to all the "longs" here who are getting burnt right now. I know how you feel. Hope things turn out okay for you guys. Good Luck, sincerely.

[Juschilln]

Whew! Might get a good bounce here. Thanks guys!

[Juschilln]

I jumped in at .12 to see if I can get lucky. Looking highly unlikely, but what the heck!

[Renee]

GGS delisted from the NYSE to OTC Markets. New ticker GEGSQ:

http://www.otcbb.com/asp/dailylist_detail.asp?d=03/26/2014&mkt_ctg=NON-OTCBB

[ajh16230]

I dont know. I initiated my position month ago, knew about the debt, but Accounting errors blindsided me, i think it blindsided pretty much everyone. My understanding was debt was already backed in the price. Based on yahoo mb, seems like finance companies kind of pull the plug. Again, Based on Yahoo MB bond price is actually doing good based on the ch 11 news. with really low flot, i dont know, i will wait to see if it get backs to. 40 range, than i will try to salvage whatever i can.

These are my opinions.

[PennyBazard]

Any chance this ever coming back?

[ajh16230]

It sucks. I initiated my position almost a month ago, i had no idea that they were is such a bad shape. Wow, sucks.


These are my opinions.

[declaes]

Good you got out... Ch11 today

[MARINO]

Marino got out yesterday. On to the next

[Quinquagintilliard]

Discipline resists self destruction leaving $2800 on the table.....that's for you guys.....buy me a beer. Could go higher....much higher....play it as it is.

[Quinquagintilliard]

Let's see.....25k @ 50
5k @ 49
5k @ 47
5k @ 46 didn't hit my tank at 30
40k @ 55
= $2224.26.....nice.......coldbeerpaid

[jacklanvo99]

buy buy buy GGS boom boom

[GMONEY4]

Bump. Still heading North. $GGS

[RPAB]

I seen it tank yesterday and read news 60% ya ok I'm in for some money :)

[RPAB]

lol

[jacklanvo99]

sell sell sell If you have GGS shares... because I do buy buy buy

[DFRANK1970]

$GGS

Going to be interesting to see how this plays out over the next couple weeks.

http://finance.yahoo.com/news/block-leviton-llp-investigates-global-141500399.html

Block & Leviton LLP Investigates Global Geophysical Services, Inc. for Possible Violations of the Federal Securities Laws
PR Newswire Block & Leviton LLP
1 hour ago

BOSTON, March 19, 2014 /PRNewswire/ -- Shares in Global Geophysical Services, Inc. ("Global" or the "Company") (GGS) fell by 60 percent after the provider of seismic data to energy companies announced that its financial statements for each of its fiscal years dating back to 2009, plus the first three quarters of 2013 "should no longer be relied upon because of accounting errors resulting from material weaknesses in the company's internal controls."

Global has also indicated that its restatement for the fiscal year 2011 would result in a decrease in revenue of $4.8 million. As such, the Company's restated revenues could exacerbate liquidity issues for Global, as the Company currently is servicing $330.2 million in debt compared to total available liquidity of $16.8 million. The Company has reported that it is currently reviewing financial and strategic alternatives with its advisors, Evercore Group and Alvarez & Marsal North America.

Block & Leviton LLP (www.blockesq.com), a Boston-based law firm representing investors nationwide, is investigating whether the Company and certain of its officers and directors have violated the federal securities law in connection with their accounting practices and internal controls.

If you purchased Global stock and have questions about your legal rights, or if you have information relevant to this investigation, please contact attorneys Steven P. Harte or Mark Delaney of Block & Leviton LLP at [phone] or at [e-mail] or [e-mail]. Confidentiality to any whistleblowers or other persons with information relevant to the investigation is assured.

Block & Leviton is a Boston-based law firm representing investors for violations of securities laws. The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 75 years.

This notice may constitute attorney advertising.

Contact:
BLOCK & LEVITON LLP
Steven Harte, Esq.
Mark Delaney, Esq.
[phone]
[e-mail]
[e-mail]

[MARINO]

Easy. $$$ here. Nice flip

[GMONEY4]

Bump. Looking good so far.

[MARINO]

Looking good. OverSold

[ajh16230]

I hope you are right. It was painful to watch yesterday. Seems like they did ok with earning, but these accounting erros going back to 2009 caused a huge uncertainty. Their debt is also overwhelming. I hope we can go back to 1+ soon.


These are my opinions.

[MARINO]

We should see .55-.60 tomorrow

[gonia]

GGS so who is holding who is buying who is selling?

[MARINO]

OverReaction. $$$$$$$

[Hodges51]

Preach it brother!!!

[Hodges51]

amen brother!!

[Quinquagintilliard]

A 2% discrepancy creating a 60% drop = BUY BUY BUY

[Quinquagintilliard]

GGS is going to run! Back to $1.50 plus when the smoke clears look for bulls to take over and shorts to cover tomorrow. News provides the opportunity for market makers to accumulate before the inevitable rise.

[DFRANK1970]

Agreed, I was looking at that. Maybe test $0.60 tomorrow?

[GMONEY4]

Not looking to bad in after hours...

[DFRANK1970]

$GGS

I decided to pull the trigger at $0.46 for only 3500 shares though. Still not too sure on this one making a halfway decent bounce back over the next couple days. If it bounces back above $1.00 you can go ahead and slap the hell out of me for not buying more, lol.

[GMONEY4]

Yep. Looks like more downside. Just a bit to high on that first bite.

[DFRANK1970]

$GGS

There goes the $0.465< break and looks like this will fall further, I guess I'll wait and see. Maybe $0.39<>

[DFRANK1970]

$GGS

Not sure if this one will see the light of day again anytime soon. I think getting in at $0.48> is a bit steep at this point. I'm looking at getting in around $0.465< and keeping my fingers crossed for a 25% gap up by weeks ends.

[GMONEY4]

Starter @ .4811

[ajh16230]

I am sick to my stomach. They said going back to 2009 filling, accounting and aduit errors, i am speechless. I initiated my position last month, and basically wiped out in one day. Based on their filling, seems like they have bit the earning estimate. Not sure what to say or do.


These are my opinions.

[gonia]

sure ....after you Marino..

[MARINO]

What to say? Now buy at .4810