Asyst Technologies, Inc. (fka ASYTQ)

[trader53]

ASYTQ - Key Information

FORM 8-K
March 10, 2010

Asyst Technologies, Inc. filed for protection under Chapter 11 of the United States Bankruptcy Code on April 20, 2009

On March 10, 2010, Asyst filed with the United States Bankruptcy Court for the Northern District of California (Oakland) a Notice of Plan Effective Date. The Notice filed with the Court highlighted the Plan effective date of March 5, 2010 and is attached as Exhibit 99.2 and is incorporated herein by reference. Notice is further given that pursuant to 8.1.2 of the Plan, all shares of stock in Asyst were cancelled and will forever cease trading on any securities exchange or market.


Asyst’s common stock was cancelled and has no future value in connection with the bankruptcy proceeding; Asyst’s common stock was delisted from the NASDAQ Stock Market



These ASYTQ Insiders own the most common shares

Top Insider Holders

Name >Position >Reported >Total Holdings

Bonora, Anthony C Officers -------------------- 716,393
Schwartz, Stephen S Officers ------------------ 714,456
Joy, Ken E Beneficial Owners ------------------ 610,216
Oleary, D Beneficial Owners ------------------- 610,216
Menlo, Venture Partners Beneficial Owners ----- 610,216
Montgomery, Henry Dubose Directors ------------ 610,216
Menlo, Management Partners Beneficial Owners -- 610,216
Bredt, Thomas H Beneficial Owners ------------- 610,216
Carlisle, Douglas C Beneficial Owners --------- 610,216


Asyst Technologies Inc: Insider Trading
http://www.secform4.com/insider-trading/909326.htm










ARTICLE 9—CONDITIONS TO CONFIRMATION AND CONSUMMATION

> The answer to the question, as to why the stock of ASYTQ is performing as well as it has, may be contained in the Form 8-K below.


_________________________________________________________________

"If the Confirmation Order is vacated, the Plan shall be null and void in all respects,"

__________________________________________________________________



FORM 8-K
March 10, 2010


DEBTOR’S PLAN OF LIQUIDATION
DATED DECEMBER 23, 2009
UNDER CHAPTER 11 OF THE BANKRUPTCY CODE


page 32

9.1 Conditions to Consummation
The Plan may not be consummated, and the Effective Date shall not occur, unless and until each of the conditions set forth below is satisfied. Except as provided in Section 9.2, anyone or more of the following conditions may be waived:

1. The Lenders have reviewed and approved of the proposed Confirmation Order;

2. The Confirmation Order shall have become a Final Order;

3. The Wind-down Budget is completed; and

4. The Debtor and/or Liquidation Trust have sufficient Cash on hand (or investments projected by the Debtor to provide timely Cash) to make timely Distributions sufficient (including allocating Cash to reserves as provided in the Plan) to make payments in respect of all allowed Administrative Claims, and allowed Fee Claims required as of the initial Distribution Date.

9.2 Waiver of Conditions to Consummation

Other than the requirement that the Confirmation Order must have become a Final Order and the Debtor and/or Liquidation Trust must have sufficient Cash on hand, none of which can be waived, the requirement that a particular condition be satisfied may be waived in whole or part by consent of the Debtor, after consulting with KeyBank, without notice or hearing.

9.3 Effect of Nonoccurrence of the Conditions to Consummation

If each of the conditions to consummation and the occurrence of the Effective Date has not been satisfied or duly waived thirty (30) days after the Confirmation Date, or such later date as shall be agreed by the Debtor, after consulting with KeyBank, the Confirmation Order may be vacated by the Court. If the Confirmation Order is vacated, the Plan shall be null and void in all respects, and nothing contained in the Plan or otherwise shall constitute a waiver or release of any Claims by or against, or Interests in, the Debtor.


ASYTQ Daily Close-Line Chart
http://stockcharts.com/h-sc/ui?s=ASYTQ&p=D&yr=3&mn=0&dy=0&id=p86414722381





Things you should know about ASYTQ ->>>>>

Currently, all claims amount to ZERO, and there is $18M dollars on the table.

> ASYTQ is still trading.

> ASYTQ still has customers that it services.

> ASYTQ is a legitimate "Natural Shell" as recognized by the SEC.

> The Liquidation Trust Agreement has not been signed.





ASYTQ, still under protection of the Bankruptcy Court, still in Bankruptcy, has $18M dollars in their accounts.

The share structure of ASYTQ, is verified at 50M shares outstanding.

$18M divided by 50M shares = 0.36c per share

ASYTQ Weekly Chart
http://stockcharts.com/h-sc/ui?s=ASYTQ&p=W&yr=3&mn=0&dy=0&id=p21381471924




January 20, 2010
FORM 8-K
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=6997618
UNION BANK
Balance on 12/31/09 ______$14,032,942.87

COMERICA BANK
Balance on 12/31/09 ______$3,443,719.96




MARCH 10, 2010
ASYTQ 8-K
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7121392

5. Plan Objections .

In response to the Plan Objections by Crossing Automation, Inc. (“Crossing”) and Intel Corporation (“Intel” and, together with Crossing, “Crossing/Intel”), on the one hand, the Debtor and Key Bank, as agent for the pre-petition lenders (“Debtor/Key Bank”), on the other hand, agreed on the record that $254,175.06 shall be paid forthwith by the Debtor to Crossing.

Upon such payment, Crossing/Intel on the one hand, and Debtor/Key Bank, on the other, shall generally and mutually release each other from any and all claims whatsoever, known or unknown, arising in or any way related to the Asyst bankruptcy case and the parties expressly waive the protection of Cal. Civ. Code 1542 , which is incorporated herein.






Risto Puhakka, president of semiconductor industry research firm VLSI Research Inc., said that he did not know how the Asyst situation would play out, but that he believes the company is likely to continue running in one form or another, either after being acquired or after reorganization through bankruptcy. Asyst has a lot of equipment in the field under warranty, he said.

Puhakka said two possible acquisition suitors are Brooks Automation Inc., a direct competitor, and Applied Materials Inc., the No. 1 semiconductor equipment company, which does have some automation products. But he added that this was pure speculation and that he had not yet crunched the numbers to see if an offer from Brooks was even viable.

Still others believe Aquest may renew its bid for Asyst. ''Some think we will have a role to play,'' said Mihir Parikh, president and chief executive of Aquest. ''Beyond this, I can't comment.''

http://www.eetimes.com/electronics-news/4082836/Asyst-CEO-resigns-as-firm-seeks-buyer




Comparing >>> ASYTQ's 8-K , and QSGIQ's 8-K


MARCH 10, 2010
ASYTQ 8-K
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7121392

5. Plan Objections .

In response to the Plan Objections by Crossing Automation, Inc. (“Crossing”) and Intel Corporation (“Intel” and, together with Crossing, “Crossing/Intel”), on the one hand, the Debtor and Key Bank, as agent for the pre-petition lenders (“Debtor/Key Bank”), on the other hand, agreed on the record that $254,175.06 shall be paid forthwith by the Debtor to Crossing. Upon such payment, Crossing/Intel on the one hand, and Debtor/Key Bank, on the other, shall generally and mutually release each other from any and all claims whatsoever, known or unknown, arising in or any way related to the Asyst bankruptcy case and the parties expressly waive the protection of Cal. Civ. Code 1542 , which is incorporated herein. Crossing and Intel are not releasing any claims which may exist between each other, KeyBank is not releasing any claims against Crossing or Intel unrelated to the Debtor, Crossing and Intel are not releasing any claims against Key Bank unrelated to the Debtor, and the Debtor is not releasing any claims of the Debtor against Mr. Clegg.



JULY 20,2010
QSGIQ 8-K
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7366450

f) On April 14, 2010, QSGI INC, settled its dispute with Victory Park Management, LLC and Victory Park Capital Advisors, LLC (collectively “VPC”) and signed a Settlement Agreement and Mutual Release. VPC made claims against the Company including pre-petition overstatements of inventory valuation and post-petition interference with the sale process of the assets. Although the Company disputed all claims, the company (in conjunction with its insurer) settled with VPC after considering the total cost of litigation. Other than an obligation to pay $150,000 if the Company is ultimately reorganized, the settlement releases the Company from any and all claims VPC may have had against it. The settlement and all other documents relating to the claim are available under case number 09-23658-EPK that was filed with the United States Bankruptcy Court Southern District of Florida, West Palm Beach Division. A copy of the Order Approving Expedited Amended Joint Motion for Approval of Settlement Agreement between Debtors and Victory Park Management, LLC. Pursuant To Fed.R.B.P. 9019 (D.E. 233) dated May 27, 2010, is attached as Exhibit 99.1 (g).

ASYTQ
http://www.otcmarkets.com/stock/ASYTQ/financials

QSGIQ
http://www.otcmarkets.com/stock/QSGIQ/quote


ASYTQ Weekly Chart
http://stockcharts.com/h-sc/ui?s=ASYTQ&p=W&yr=3&mn=0&dy=0&id=p64949552762

QSGIQ Weekly Chart
http://stockcharts.com/h-sc/ui?s=QSGIQ&p=W&yr=3&mn=0&dy=0&id=p87794102441



Pre-Petition Liabilities of $77million, from the February 2010 8K.

Pre-petition Liability:

A liability that a company incurs before filing for bankruptcy protection. Most pre-petition liabilities are reduced or discharged in bankruptcy proceedings; the person or company to whom a prepetition liability is due should not expect to receive the full value of the liability unless it is secured by some asset. A pre-petition liability contrasts with a post-petition liability, which usually must be paid in full.

"Secured claims total of $77 million was obtained from the Schedule of Assets and Liabilities and represents guarantees made by the Company as defined in the Creditor Agreement dated July 27, 2007. As the secured claims are not directly held by the Company, these amounts are not presented in the Company’s balance sheet. "

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7070883
















Jed Keller, President and CEO for Crossing Automation



“This move demonstrates how serious we and our investors are in relation to the market and the opportunity that exists,” stated Jed Keller, President and CEO for Crossing Automation.

“As a combined entity we will be better positioned to engage mainstream semiconductor equipment companies with a complete automation solution set. We will continue to pursue a model focused on the process equipment market that brings greater value and flexibility to these customers while offering a larger set of modular building blocks that will drive down costs through innovation and scale.”

http://www.wikinvest.com/wikinvest/api.php?action=viewNews&aid=235998&page=Stock%3AAsyst_Technologies_%28ASYT%29&format=html&comments=0





In 2008, ASYTQ had received an offer of $6.00 for its shares, but declined the offer, seeing it as not enough, and less than their shares true valuation.

__________________________________________________________________

If Crossing Automation's management, feels that the $6.00 that Asyst Technologies' board was offered by Aquest Systems Corp is adequate, the initial price for ASYTQ, in this "reverse merger", could be decided, and determined to be, $6.00 !!!
__________________________________________________________________




Establishing The Initial Stock Price -

Once a "reverse merger" is completed, a broker/dealer (Market Maker)must decide to make a public market in the stock.

1.) The "market makers", in conjunction with the company, determine the initial price for the stock.

2.)Perceived value, the "sex appeal," track record and potential growth of the company usually have more to do with initial pricing than earnings multiples and current book values.

3.) Competent investor relations and supportive "market makers" as well as management’s ability to relate the company’s potential to investors are of key importance.

4.)Ultimately, the public market acceptance of the company will determine the market price for the stock.




ASYTQ Weekly Chart
http://stockcharts.com/h-sc/ui?s=ASYTQ&p=W&yr=3&mn=0&dy=0&id=p21381471924

http://www.venturea.com/shell.htm