My Motivation
If you look at my postings on earlier bankrupt plays, I am looking, at best, for a repeat of SGER and RNCH. Those companies actually were trading for less than net assets (usually cash) while they were in bankruptcy. I would still be willing to buy in if it looked there was value plus a margin of safety.
When I don't see that, and I see there are some people who 'wonder what is going on', I can add what I know to the discussion and help people to not lose money. There have been times where there were things I missed but someone else was able to point them out to me because I posted what I saw and you will see that in past discussions that I have been in.
In one respect, you guys are lucky here in that they are using PrimeClerk.com to post the documents. Usually, you would have to pay $0.10 per page to get documents for pacer (limited to charge of $3.00 per document) plus sharing of documents would only be possible thourgh email instead of posting a link.
I remember with Americas Energy Company, Inc.(fka AENYQ) that I thought it might be good, and then started to look more and more at it. I spent a few hundred dollars on pacer fees and hours looking at things. As time went on, it was clear that it was hopeless. Things were so bad there that it got converted to a chapter 7 plus there were other problems. One problem is that the first lawyer in the bankruptcy filing is that it was his first case. The lawyer messed up in that he did not do things that needed to be done, like a first day motion for the company to be allowed to access its cash. The judge even commented that maybe for his first bankruptcy case that maybe the lawyer should not have taken a public traded company. The other problem is that he used someone else's copy of Bestcase; a software program for bankruptcy filings. The problem is that the lawyer didn't realize it didn't change the firm name for the electronic filing and transmitted into the ECF system with the wrong name as representing the company.
Louis J. Desy Jr.
