Cache Inc (CACH)

[Renee]

Author, Nodummy: I was reading through the CACHQ (now CACH) bankruptcy filings on Pacer earlier today after that ticker woke up following the bankruptcy dismissal showing up on the daily list around 2:20 this afternoon.

Basically from what I can tell CACHQ was a pretty big retail type of business that went out of business in early 2015. They were delisted from the NASDAQ and filed for Bankruptcy in February of 2015.

Great American Group LLC purchased the remaining inventory from the 200 Cache Inc store locations then ran a liquidation sale which ended on April 30, 2015. The Cache Inc brand name was sold to The Cato Corporation (CATO) which trades on the NYSE. All of that left CACHQ as an empty shell with no business operations and tons of debt problems and not enough cash to cover all the debts.

Things were so messy with massive claims against them by unpaid former employees and former employees claiming thousands upon thousands of dollars in medical bills caused by Cache Inc not paying the medical insurance like they were supposed to that there was an attempt to change their Chapter 11 bankruptcy to Chapter 7 bankruptcy. Cache Inc was in such bad shape that they had no choice but to go this route.

http://www.law360.com/articles/688430/us-trustee-says-cache-kept-workers-health-care-deductions

https://promotionstocksecrets.com/wp-content/uploads/2016/02/cacheattemptschapter7.pdf

The judge ultimately ruled against the Chapter 7 bankruptcy idea because she said it wasn't the best route for the employees and she felt Cache Inc wasn't doing enough

http://www.law360.com/articles/697687/judge-won-t-convert-cache-bankruptcy-to-ch-7-yet


Then on December 7, 2015 the Bankruptcy case was dismissed. I don't know why. There was lots of criticism against CACHQ during the bankruptcy proceedings. According to this little article they came up with some other arrangements to use whatever assets Cache Inc had left to settle some of the more critical affairs.

http://www.turnaroundletter.com/blogs/15-bankruptcy-news/post/30078-cache-retail-bankruptcy

All I know is the courts dismissed the Bankruptcy and now CACHQ has all these debt problems and former employees after them and there is nothing left of the company. It's an ugly mess for Cache Inc and everybody that Cache Inc screwed over. At least for now the common shares continue to trade and with the smallish share structure for the price and pumpers making up a bunch of lies/bull crap about Billionaires buying the company, etc. it offered a nice flip opportunity today for anybody that caught the dismissal on the daily list early.

The silliest part is that the pumpers on that forum don't seem to be able to read a simple filing that shows their so called billionaire, Lloyd I. Miller III, was a 7.7% shareholder before the company went out of business and has since dumped most of his position in the ticker.

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=120598094

In the FEB. 1,2016 13G/A Item 5:

Item 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:

If this statement is being filed to report the fact that the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following: X

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: February 1, 2016 /s/ Lloyd I. Miller, III
Lloyd I. Miller, III

http://www.sec.gov/Archives/edgar/data/350199/000114420416078117/v430134_sc13ga.htm