Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
no kidding. i wanted to get out today but it started moving up past .03 so i thought i'd see what she could do... ahhhhhhhh well guess i found out lol.
These Q plays are like musical chairs. Gotta make sure you are out when the music stops......
Wow, got out Friday morning, not a day too soon. Hated that I could have gotten more later in the day but that's the way it goes sometimes.
Sounds like I just got beat for all my money here. eh, it happens. Wish I could actually sell the whole $200 worth of it that I do have
I have or had no current position, but reading the PR it says: Under the Plan, all existing preferred and common stock has been cancelled.
KVPHQ / KVPBQ: Bankruptcy Plan Effective. All Shares Cancelled. Deletion Time - 10:38:19
http://www.otcbb.com/asp/dailylist_detail.asp?d=09/16/2013&mkt_ctg=NON-OTCBB
So does this mean our shares are converted to 7% ownership of new shares issued? I'm confused by the wording of the last 2 sentences on the end there
Yeah they say so on the recent news released. THats my understanding atleast
So are the commons worthless?
I had 20k I was daytrading from .027. There goes $400!! :(
Yeah, crazy. I seen those guys pump up the price to .03 and just crashed like nothing.
ouch lol, I've got 60k shares. it happens, right?
Did it just get halted??
now maybe. The stock stopped trading
obviously they are, question is when
Just picked this up on Radar the other day. Seen this crash just now. Wonder if something is leaked. Wonder if shares are going to be cancelled here or if they aren't going to be. Hard telling right now.
something leaked but I can't find it?
Lots of buying action today on hight volume, maybe a leak indicating that their will be no cancellation of common shares. If that is the case, there is an article out there that claims this stock goes to $5 a share over night. Speculative lotto buy perhaps with high risk and high reward possibilities. Could ret real interesting tomorrow.....
Not necessarily, if not then those in this stock at this level could see a return in the 1,000%'s over night.
This can also get halted and delisted any minute
K-V's bankruptcy attorney told Dow Jones that the drug company isn't worried that the rejecting votes will prevent the judge from confirming the plan. The company is disputing the rejecting claims and said all other creditors in the class voted to accept the plan.
K-V's plan proposes to pay senior bondholders owed more than $230 million in full. Junior bondholders will own the company following its exit from Chapter 11, as they have agreed to backstop a $238 million rights offering and directly purchase $37 million of K-V's new stock.
Unsecured creditors would share in $10.25 million under the plan, which wipes out K-V's current shareholders.
Prior to taking up the plan at Wednesday's hearing, the bankruptcy court is expected to rule on whether a group of senior bondholders is owed post- bankruptcy interest.
K-V Creditors Rejects Plan; Won't Delay Confirmation, K-V Says
Aug 22, 2013 13:36:03 (ET)
Stephanie Gleason
A class of K-V Pharmaceutical Co. (KVPBQ, KVPHQ) creditors has voted against the company's proposed bankruptcy-exit plan, complicating its attempt to implement this plan.
According to documents filed Wednesday with the U.S. Bankruptcy Court in Manhattan, two holders of unsecured claims, owed $4.12 million, or 69%, of the debt in the class, voted to reject the plan.
In order for the court to confirm a bankruptcy-exit plan, the Bankruptcy Code requires at least half by number and two-thirds by amount of claimants in a particular class--in this case, unsecured creditors of K-V Pharmaceutical Co.--vote to accept it.
However, K-V attorney Robin Spigel of Willkie Farr & Gallagher LLP said that the company doesn't believe the rejection is an impediment to confirmation of the plan.
"The overwhelming majority of creditors in the rejecting class accepted the plan," she said by email Wednesday. According to court documents, 95% by number voted to accept in that class--the two that voted against just happen to hold very large claims by amount.
Additionally, the company disputes the claim, she said, which is held by a creditor involved in litigation with K-V.
"The plan enjoys broad support by and among the Debtors' key constituencies and this will in no way slow down confirmation," she said.
Under the Bankruptcy Code, if the claim was deemed valid, K-V could still move forward with the plan if it paid creditors in that class in full.
The bankruptcy-exit plan is set to go before Judge Allan Gropper on Wednesday.
Prior to that hearing, Judge Gropper will rule on the still-pending issue of whether a group of senior bondholders is entitled to the interest that's accrued since K-V filed for bankruptcy last August on its debt, worth $235.8 million.
A trial on the matter took place Thursday, with both sides--the senior bondholders who want the interest and junior bondholders slated to become K-V's new owners--pulling apart the language of the agreement trying to prove the intended meaning of words like "including" and "replace."
K-V's bankruptcy-exit plan is sponsored by a group of junior bondholders--Greywolf Capital, Susquehanna International Group, Deutsche Bank Securities Inc. and Kingdon Associates--that invested $275 million in the company in exchange for equity in the restructured K-V.
It pays senior bondholders led by Silver Point Capital in full but leaves the question of so-called post-petition interest up to Judge Gropper to decide. Unsecured creditors are sharing $10.25 million in cash.
K-V filed for Chapter 11 protection while embroiled in controversy over its preterm labor drug, Makena. The only drug with Food and Drug Administration approval to prevent preterm labor, Makena was expected to rake in profits for the company.
However, when K-V rolled out its pricing structure--$1,500 per injection--the medical community pushed back and didn't prescribe it, instead continuing to give patients a compounded version that costs far less.
The FDA declined to act to stop the cheaper versions from being produced by compounding pharmacies, and sales of Makena stayed low. Since then, sales of the drug have increased as compounding practices have come under scrutiny.
(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection. Go to http://dbr.dowjones.com)
Write to Stephanie Gleason at stephanie.gleason@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
August 22, 2013 13:36 ET (17:36 GMT)
Take the zero off of your 6 and 8, it could also drop under a dime! What info is out there to support this going up? None. Just my opinion
thx, for the info BUT, regardless who is buying it @ .46 when it is being sold @ .22-.25 in the OPEN market, AMAZING!!!
Is that the one that bought 1.5 M shares one day and then sold 3.6 M shares 3 days later at a loss?
WHY is the world premier hedge fund operator buying it @ over 100% of market value...if it is good 4 him, it is good 4 me too, we shall c!
YEP! some ppl did...this is HUGeeeeeee!!!!!! GLTA!!!
Yes they are. If .002 breaks now, can easily go .003+ keep an eye on it
mizzed that, ARGGHHHH!!!! excellent play! CONGRATS!!! pinkie r coming back with VENGEANCE, man!
Banking on CGUD now
no! not now!, just kidding..whatever works for u! & GLTU, iam LOADING on weakness! u will c...this will EXPLODE! just, MMs r playing for now!!!1 again, GLTU!!!!
In out for a small loss. Seems like dilution
she will be back, ROARING.. drank some .192s!!!!
I'm holding for now to see where it goes. Can't make decisions on 1 tiny dip yet
CS what is going on! she is CARPING!!!!
she may close above .3!
230,000 at .22 above ask!
Word is spreading...
Big buys coming in
yep! i think we gonna bank, on this!
Purchase price higher than today's PPS. all good indicators
plus in the form 4 that is out today 1,764,709 $ 0.464
Followers
|
16
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
482
|
Created
|
12/24/08
|
Type
|
Free
|
Moderators |
Warning: This company is in bankruptcy!
Click on the link to learn more about what this could mean for current or potential shareholders: http://www.thestreet.com/video/11988214/kv-pharm-buyers-to-be-sick.html
IMPORTANT: KVPHQ Senate Vote Update
VIDEO: The Next Big Thing in Biotech: Worst CEO Candidates
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |