Penn Traffic Co. (fka PTFCQ)

[speckulater]

694 Reasons To Preserve The Equity


On November 17, 2009 Penn Traffic Filed a Voluntary Chapter 11. Below is the link to the Voluntary Petition with the Bankruptcy Court in Delaware. As you scroll down the Document you will see a list of Corporations (Institutions) that own 10% or more of Penn stock. Next you will see a List of Penn Equity Security Holders.

I briefly counted 694 different companies holding Penn stock. I urge you look at this list that goes on and on and on with your own eyes, it is hard to believe. These companies were awarded shares by the Court from a previous Penn bankruptcy as some form of future compensation. Many of the companies listed, only own 400 shares, (Frito-Lay Inc. owns 29,272 shares) which does not seem like a big deal right now. But these shares were awarded years ago when Penn stock could have been anywhere from $2.50 to $25.00.
Penn Traffic Stock Prices

Does it not make sense that the Court would want the Penn shell to keep some value for the 694 companies via a Tops or some other entity to rollover into the Penn shell and its $60 million NOL's? The Court awarded these shares years ago as compensation, they do not want the companies shares to become worthless.

See the shareholder list for yourself. Go to this link, load the .pdf file, scroll down about 19 pages:

Penn Traffic Voluntary Petition with 694 Companies List of Stock Holders



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