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i checked at pinks, must be dar or grey.
i sent a inquiry to these guys? maybe they are on wrong coast ?http://www.krclassaction.com/Default.aspx
Famous, what does it take to start a class action? Can you start one. We can find some support....
Washington Mutual class action settled....do you know names of the attorneys involved?
WAMUQ Shareholders class action settled....
WAMUQ Sgareholders class action settled....
For clarification purposes
unpublished = privately paid for.
This is likely it guys,
Notice lumber futures -- notice gold, silver and crude. You want to own agriculture land and forests among other things.
USDX an1d the market (POMO and the FED). Cdn Dollar relationship to hedges going back to 2003.
Crude at $110 was Goldman's bogey for getting out of trapped hedges from the crash of 2008.
Notice the buy on Tembec by Wayzata (an insider).
Notice Fed has limited succes with 2 and 5 year bond auctions -- over the next six months ST rates will likely rise -- even if QE3 keeps LT rates down (Operation Twist).
Notice Haack's resistance.
I have so much unpublished info from Deloitte that will nail these guys to the wall. Their own phone messages and emails will paint a unique picture, as well of the fraud BK.
If you guys can -- just launch the Class Action and I will assist in the efforts. Otherwsie forever hold your peace.
Again, I was hedged in this venture. Good luck.
Nothing like kicking the can
down the road. Estate Taxes. And VAT (Value-Added Taxes in the U.S. similar to the GST). Pay for use everywhere. What a future?
And the politicians that created this mess have a happy retirement and die.
Thank you, your comments are always appreciated.
About it, Class action, a response is expected shortly.
In terms of pension funds is theft on a large scale by a capitalist system whose greed is destroying the middle class shareholders and by stealing their savings by irresponsible management. See this article below. The worst is to come. There is no political courage on the part of our country to stop this scourge. All are on their knees before the monopolies which are driven to ruin the world economy. I hope the translation is OK.
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http://www.hda-info.com/rubrique,fonds-de-pension,585038.html
Pension Fund Endangered * (January 19, 2011) - January 20, 2011
François Marginean **
The scenario was simple: work for forty years to reach the end of the path to retirement. Question of ensuring a minimum income in old age, most workers had to contribute for their entire lives to a pension fund. So far, so good. The problem, however, is that workers who would normally retire may do so empty-handed. Pension funds are disappearing faster than snow in the sun while hordes of new retirees arrive at the checkout to claim their due. From 1 January 2011, more than 10,000 Baby Boomers will reach the day of retirement age of 65 (1). This will continue to occur every day for 19 years.
When the new retirees realize that they have worked all their lives to see that no more money in their pension funds, should be wondering how they will respond. Here in Quebec, when the Fund deposits and investments lost about $ 40 billion of the nest egg of Quebec workers, they rose up, the Quebec government had to resign, given the size of the scandal and the heads the Fund took the road to prison. True? Wrong! In fact, the government remained in power without interference, the directors of the Fund have received bonuses and best-paying jobs elsewhere in the private sector and in the clan Desmarais Power Corporation. The people continued their merry way without too much flinching, cut by $ 40 billion in its pension fund group. Fantastic. It seems that the Icelanders, Greeks, French and Tunisians have more spines than us. But the game is not over and it is just beginning.
How to respond our southern neighbors, the ones who will apparently be most affected by the disappearance of pension funds? It remains to be seen. One thing is certain, this will be a dominant theme in 2011.
The ten major U.S. cities that fail to pay their money for pension funds:
# 1 Philadelphia, unfunded liability of $ 9 billion, the equivalent of $ 16 696 per household, only four years before the retirement account is empty
# 2 Chicago-unfunded liability of $ 44.8 billion, $ 41 966 per household, there will be more money in 7 years
# 3 Boston unfunded liability of $ 7.5 billion, $ 30 901 per household, there will be more money in 7 years
# 4 Cincinnati-unfunded liability of $ 2 billion, $ 15 681 per household, there will be more money in 8 years
# 5 St Paul unfunded liability of $ 1.4 billion, $ 13 686 per household, there will be more money in 8 years
# 6 Jacksonville unfunded liability of $ 4 billion, $ 12 944 per household, there will be more money in 8 years
# 7 New York City-unfunded liability of $ 122 billion, $ 38 866 per household, there will be more money in 9 years
# 8 Baltimore-unfunded liability of $ 3.7 billion, $ 15 420 per household, there will be more money in 10 years
# 9 Detroit-unfunded liability of $ 6.4 billion, $ 18 643 per household, there will be more money in 11 years
# 10 Fort Worth-unfunded liability of $ 2 billion, $ 7 212 per household, there will be more money in 11 years
An independent analysis conducted by Stanford (2) of three major pension funds in California reported on hidden deficits of about $ 500 billion, a total is several times the amounts reported by these pension funds.
New York is $ 200 billion in health care costs for retirees (3), but there is no money. The New York State, with its cities and counties have pledged $ 200 billion in health care benefits to their retired employees, but no one knows where this money will come, according to a study by The Empire Center for New York State Policy.
The public pension funds of workers in New Jersey are stealing for 15 years by governors (4). The game started in 1995 with Christine Todd Whitman and fraud of public pension funds is still rampant in New Jersey. Over 50 billion in unfunded liabilities.
In short, after an analysis of 25 major U.S. pension funds by Orin Kramer (5), an influential figure in the Democratic Party and still a member of the Board of Investment, which oversees the pension fund of New Jersey, he is missing 2.5 trillion dollars in funds. A huge deficit caused by years of mismanagement, including a chronic under-funding of pension promises (6). This will force states and local governments to sell their assets, so privatization of the state, and make deep cuts in public spending. For example, the Detroit Public Schools could close half the schools (7) over the next two years and increase class sizes to 62 students in order to reduce their deficits.
The United States and Canada are not alone in having to face a major crisis in the financing of pension funds. In Europe, pension funds are beginning to be confiscated (8). The Christian Science Monitor published an alarming report (9): "The retirement savings of the people are a ready source of revenue for governments who do not want to cut spending and privatize ...." The article goes on appointing other pension plans that are seized in Bulgaria, Poland, France and Ireland. Obviously, this is a warning for America: fiscal austerity will also be offered as a quick fix by another government that has a habit of not caring as himself.
Meanwhile, the elderly face a prospect of retirement of the darkest (10), while living costs continue to rise and pension funds diminish or disappear. As noted by the host Contessa Brewer from MSNBC (11), people take their own lives when their pension plans that are failing. She said she heard horror stories of people who commit suicide when they made plans for their retirement years do not work.
The blood stains the hands of all the people on Wall Street and Washington DC who have benefited from the fraud mortgage-backed securities and the subsequent confiscation of storm homes (12) in order to cover the costs of compulsory redemption of the banks.
To massive job losses are added so the home foreclosures and the theft of pension funds (13). This is not to an improving economy as we move, but to the continuation of a major global economic depression, deteriorating day by day ...
(1): http://endoftheamericandream.com/archives/in-2011-the-baby-boomers-start-to-turn-65-16-statistics-about-the-coming-retirement-crisis-that-will- drop-your-jaw
(2): http://dailybail.com/headlines/stanford-study-finds-california-pension-system-underfunded-b.html
(3): http://www.activistpost.com/2011/01/new-york-owes-200-billion-in-retiree.html
(4): http://dailybail.com/home/new-jersey-public-pension-slugfest-omits-15-years-of-governo.html
(5): http://www.cnbc.com/id/41129099
(6): http://www.cnbc.com/id/40026538/
(7): http://poorrichards-blog.blogspot.com/2011/01/without-aid-dps-may-close-half-of-its.html
(8): # http://washingtonexaminer.com/blogs/beltway-confidential/2011/01/europe-starts-confiscating-private-pension-funds ixzz1A4Ux6Y8j
(9): http://www.csmonitor.com/Business/The-Adam-Smith-Institute-Blog/2011/0102/European-nations-begin-seizing-private-pensions
(10):
The market may yet fix things
for you guys to go class action. Looks to be setting up for a significant change in the direction of 2003. ie fundamentals are about to change.
Thanks for the news clippings.
Note: Canada is in worse shape than the US right now. It is 2 times BK compared to one times in the US. Canadians can not afford to pay out 60 cents out of every dollar paid in tax revenues to fund gov't officials pensions.
Pension reform has to come (imo). Otherwse many jurisdictions, states, provinces and countries will be foreced to go BK in order to avoid their obligations.
imo, the only reason that the internet flurished was because of the weaker US dollar It was a game and now hedges are going to be unwound.
You are right. This company has any rights. No one dares to oppose its power. Only a government could do something, but we prefer to support them, even if afterwards, the company is blackmail. A beautiful example below, this article TML DAILY.
AbitibiBowater Will Not Stop Its Demands
Until the Government Upholds Its Social Responsibility to Defend the People and Nation
AbitibiBowater has used its dominant position to perpetrate a bankruptcy fraud to rob Quebec workers of their claims, wreck production facilities, steal pension funds and former stock equity and renege on its debt obligations. The Quebec government itself has facilitated this destruction of Quebec rights, part of which was the destruction of forestry workers" pension rights under Bill 11, which was yet another dictate of monopoly right arising out of AbitibiBowater"s fraudulent bankruptcy protection and anti-social anti-worker restructuring. The continuing anti-people actions of AbitibiBowater do not constitute chantage Minister Simard, these actions represent monopoly right running roughshod over public right with a Quebec government facilitating the rotten affair.
http://cpcml.ca/Tmld2011/D41103.htm#3
Original Merger Document?
I would think this has something to do with the original Merger document between Abitibi and Bowater and the Exchangable shares.
It seems to me that one party (Old Widows) might be contesting some issues. I have not kept up with filings.
To me, once they change their Legal Company name in the fall -- that's it.
I do not think that anything will come from the appeal documents. Your best bet is a class action. Get together with the Sino-Forest and RIMM guys and maybe Dynegy (if they file BK) before August 31st.
SINOFF was also naked shorted (same with RIMM and NOK -- big time).
Why Abi filed this document, there are 18 days?
SEC Filings
You will find below the complete list of Securities and Exchange Commission (SEC) filings in keeping with applicable government requirements for AbitibiBowater Inc.
To review Company filings in Canada, please access our documents via SEDAR.
Table of Contents
•
ABCI is not permitted by law to redeem any exchangeable shares in connection with a retraction request, is insolvent or would be insolvent after the redemption.
Whenever an ABCI insolvency event occurs and while it continues, you will be entitled, subject to the provisions of the trust agreement, to instruct the voting and exchange trustee to exercise the exchange right as to any or all of your exchangeable shares. By giving this instruction, you will require us to purchase your exchangeable shares. As soon as practicable following an ABCI insolvency event or any event that may, with the passage of time or the giving of notice, become an ABCI insolvency event, we and ABCI will give written notice of the event to the voting and exchange trustee. As soon as practicable after receiving the notice, the voting and exchange trustee will notify you of the event or potential event and will advise you of your rights as to the exchange right.
Liquidation of AbitibiBowater
If an AbitibiBowater liquidation event occurs, we will be required to exchange each outstanding exchangeable share (other than exchangeable shares held by us or our affiliates) on the fifth business day before the effective date of an AbitibiBowater liquidation event for one share of our common stock.
An AbitibiBowater liquidation event will occur if:
•
our board of directors decides to institute voluntary liquidation, dissolution or winding-up proceedings for AbitibiBowater; or
•
our board of directors decides to effect any other distribution of our assets among our shareholders for the purpose of winding up our affairs; or
•
we receive notice of, or we otherwise become aware of, any threatened or instituted action to liquidate, dissolve or wind up AbitibiBowater’s business or to make any other distribution of our assets among our shareholders for the purpose of winding-up our affairs and we fail to contest in good faith the action within 30 days of becoming aware of it.
Following the fifth business day before an AbitibiBowater liquidation event, at your request and after you surrender your exchangeable share certificates, properly endorsed in blank and accompanied by any required instrument of transfer, we will deliver to you one share of AbitibiBowater common stock for each exchangeable share you hold.
Support Agreement
On the effective date of the combination, AbitibiBowater, Bowater Canadian Holdings, ABCI and Bowater will enter into an amended and restated support agreement (“the support agreement”) that will provide, among other things, that we will do everything needed for ABCI to exchange exchangeable shares for shares of AbitibiBowater common stock according to all laws that may apply. The form of support agreement is included as an exhibit to the registration statement of which this prospectus is a part, and we refer you to that exhibit for the full terms of the support agreement.
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http://online.wsj.com/article/SB10001424052702304778304576377880810167382.html
david still wins every once in a while
AbitibiBowater and transparency
The chronicle of Michael Van de Walle
Thursday, June 9, 2011 3:12 p.m.
It is unique, if not rare that a company decides to exclude the media from its shareholder meeting. In fact, in 25 years covering business and economics, I do not remember a single case in Quebec. But my memory may fail.
AbitibiBowater paper mill just done on Thursday, claiming it is a "private meeting". While searching a little in the law on securities and on those companies, we do not mark any provision requiring a management company to provide access to the media during his meeting. According to the spokesman of the AMF, Sylvain Théberge, it is the prerogative of the president to admit that he wants on this occasion. In fact, the only ones who have the right, it is of course the shareholders, directors and auditors.
Companies give access to the media at their meetings. They will generally see their immediate interest: it's free advertising.
It has frequently happened that we knew in advance that a meeting of shareholders would be rough. Shareholders may be unhappy with the financial results, in disagreement with management decisions or a militant group for whatever reason may have decided to intervene. And there are the organizations defending the rights of shareholders, as MÉDAC here, which regularly present proposals that do not like the direction and fueling debates sometimes hefty.
Cultivate secrecy
It has often attended meetings turbulent banks in which they decried such astronomical earnings patterns. Or certain companies doing business in countries where respect for democratic rights is the last concern, should face criticism. Bombardier, in particular, had to defend himself repeatedly agreeing a contract with the Chinese government for a rail link to Tibet, which provoked vigorous discussion at annual meetings.
But never, to my recollection, does one have prevented journalists from attending meetings with or without fighting. For, public relations and branding, everyone agrees that transparency is the best attitude to adopt.
AbitibiBowater decision runs completely counter to the usual practices. By preventing journalists from attending the meeting, it gives the impression of wanting to cultivate secrecy.
This is particularly inappropriate on his part that the company private as it is, largely obtained from state financial support and legal. Just this week, the National Assembly of Quebec passed a bill allowing the company to spread out over 15 years rather than five, the repayment of the deficit in its pension fund. The company has granted such an exemption because she was on the verge of bankruptcy and needed alleviate this financial burden. This accommodation has also caused a stir, particularly among retirees and the Parti Quebecois, which blamed management to pocket bonuses of $ 6 million and stock options of $ 200 million while the fund has a deficit $ 1.3 billion.
In addition, to save it from bankruptcy, the government of Quebec has granted the company a loan guarantee of U.S. $ 100 million 2 years ago. Difficult to be more public than that.
Moral obligation
AbitibiBowater has not only shareholders. She also still thousands of employees and factories everywhere, especially in Quebec. Its activities have a substantial impact in many areas. This company has a large number of suppliers and customers who are not necessarily shareholders and which may be legitimately interested in what happens to her.
We could expand the list of reasons for that management of AbitibiBowater gives access to the media at meetings of shareholders. This is perhaps not a legal obligation (it should be, by the way) but it's certainly a moral obligation. Especially when we had the assistance of all taxpayers to get out of the hole.
This decision by management to AbitbiBowater occurs more when it requires companies to adopt best practices in good governance. The time is transparency, not secrecy.
AbitibiBowater has clearly not understood that.
http://www.ruefrontenac.com/michelvandewalle/38284-abitibibowater
Silver
AbitibiBowater does something to hide?
Agency QMI
09/06/2011 24:41
Silver - AbitibiBowater has anything to hide?
© Agency QMI / Roger Gagnon
MONTREAL - The media were not welcome at the annual meeting of shareholders of the paper AbitibiBowater (ABH) on Thursday in Montreal. The Canada-US company has refused to members of the press attending the meeting.
The AbitibiBowater spokesman said the company is not the first to do so even if the public companies normally welcome the media during their meeting of shareholders.
"We made our checks and it is not a precedent. Legally, our annual meeting is a private meeting with shareholders. Participants must be present at the shareholders meeting, "said Pierre Choquette, AbitibiBowater.
The attitude of AbitibiBowater surprised the president of the Movement for education and defense of shareholders (MEDAC), Claude Béland. The former boss of Desjardins does not remember a public company in Quebec has already done something similar.
"Transparency is one of the most important principles on good governance. This is the first time I hear a story like this. AbitibiBowater (now a U.S. company) must comply with the rules of Quebec, "said Claude Beland, noting that the media can not rely solely on press releases from companies.
This kind of maneuvering occurs occasionally in the United States even though members of the press are almost always accepted at the annual meeting of shareholders.
In recent years, the retailer Target and the search engine Yahoo has refused to allow journalists to attend their annual meeting or they can ask members of their management. These events occurred in 2006 and 2001.
AbitibiBowater's management denies wanting to hide from the media and away from its annual meeting.
"Today, there is no activity planned with the media. That does not mean we give up speaking to members of the press. We did it about a month ago and we will arrange other media activities in the future to continue to inform you, "said Pierre Choquette, spokesman for the company.
The Financial Markets Authority (AMF) do not take offense at the gesture of the paper. According to Sylvain Theberge, a spokesman for AMF, AbitibiBowater has violated any rule, by removing the media.
"Theoretically, only the shareholders and auditors may attend the meeting of shareholders. It is a matter for the chairman of the meeting, "said Sylvain Théberge.
An uncertain future AbitibiBowater completed its financial restructuring in December 2010. The company recorded an operating loss of $ 152 million last year while its revenues reached $ 4.75 billion.
Despite these results, the former president and CEO of the paper, David J. Paterson, has more than doubled its earnings in fiscal 2010 to 2.38 million.
The future remains uncertain even though the company reported profits of $ 30 million in the first quarter of 2011.
"Market conditions remain extremely difficult. The demand for paper continues to decline in North America despite the openings abroad, Brazil, Asia and India. It also expects the recovery in housing starts in the U.S. to increase our timber sales, "said Pierre Choquette.
During its restructuring AbitibiBowater has closed several plants and eliminated 4,000 jobs, mostly in Quebec. The company's debt was reduced by 88%, from $ 6.8 billion to $ 850 million.
The National Assembly has already approved Wednesday a bill allowing AbitibiBowater to extend from five to 15 years the deadline for the bailout of pension fund deficit of its employees.
http://207.253.106.223/infos/quebeccanada/archives/2011/06/20110609-124109.html
I expect more consolidation in the industry
50% premium for TIN....
IP wants to buy TIN....Takeover battle
2nd in past 3 months.
IP, TIN, SMURFIT are mentioned in my similar companies valuation objection.
Hon Carey, I feel that you read this board. It is still not late...Justice delayed is justice denied.
Sino Forest....??
Recapitalized Bonds -- got to lov'em
Have you noticed what they are trading at -- no surprise to me?
------------------
The buy lumber call came out last week. Next few months should be interesting. Last night -- guy from ABC said gov'ts could not quantify the damage in Joplin (13 miles east -- west).
nope not me? there are lots of company shareholders
in alabama or should i say ex company shareholders
keep me updated peter...............
lda
Act for Abitibibowater: a sometimes violent clash of ideas
(Quebec) An examination of the law for AbitibiBowater spread over 15 years what it owes to the pension fund of its workers is done in an atmosphere of confrontation.
The Parti Quebecois (PQ), as well as groups representing tens of thousands of pensioners, denounced as "unacceptable" the draft legislation. He said he did carry on the shoulders of pensioners and future pensioners of the restructuring of the multinational. The Company and the Union of Communications, Energy and Paperworkers (CEP), the largest in the forestry sector, however, share the same reply. The law is not perfect, they say, but that's it or a bankruptcy that would have cost 5,000 jobs in Quebec and slashed benefits.
Yesterday, a parliamentary committee, the clash of ideas most violent occurred between PQ François Rebello and President and CEO of the company, Richard Garneau. The elected PQ railed against the fact that AbitibiBowater, which only pay
$ 50 million a year to replenish its pension fund rather than $ 160 million, awarded to its executives $ 6 million in bonuses and shares worth $ 200 million.
The member of La Prairie has claimed that bonuses and shares are placed in trust. He advocated that active, as the 22 dams owned by the company, suffered the same fate. If a bankruptcy before the 15-year period, it will go to pension funds, he said the CEO Garneau. "If things go well, as you say, you kosher your bonus and your actions. "They can buy their yacht, their cottage or car of the year, in 15 years, echoed Mr. Rebello. Meanwhile, the money will be guaranteed. "
François Rebello did not against the spread of payments, but against the lack of safeguards to protect the pensions of bankruptcy. He accused the government of neglecting, among others, the possibility to request shares in exchange for money needed by the company. These shares would be repurchased when things go well. The boss of AbitibiBowater would not answer if he would put premiums, shares and assets in a trust. "It's a false debate." But Richard Garneau said that without relief payments to pension funds, "the risk was very high" to see all the plants being liquidated. The agreement with Quebec may not be reviewed, he believes.
Mr. Garneau has insisted that annuitants have "100% of their pension" as AbitibiBowater mills turn. He stressed that the firm acknowledges that "a debt of $ 1.3 billion to our retirees.But creditors also pay dearly for Recovery, "a net loss of $ 6 billion" from them, he estimated.
Associations
Two of the most important groups of retirees have harshly criticized the legislation put forward by the government. For FADOQ - formerly the Federation of the Golden Age of Quebec - and the Federation of Pensioners' Associations of Quebec, "is a law that puts at risk the pension fund.
For the president of the Federation of Associations, Jacques Beaudoin, these are not alternatives that are missing it is "political will". One avenue would be to create an insurance plan. The law also has its supporters. The vice-president of CEP Renaud Gagné argued that "real debate" does not cover bonuses and stock to executives, as shocking as it is, but "on measures to save jobs and pensions."
CEP "does not contend that the agreement [with AbitibiBowater and the government] is a victory," but that in the difficult economic environment of market pulp and paper, so he had better get . In an interview, Mr. Gagne said it was too late to review the agreement that allowed the company to raise.
Included at the end of the day, Minister Julie Boulet (Employment and Solidarity) has wanted to close any doors. The law and the agreement with AbitibiBowater primary goal "to better preserve the pensions and jobs." Trust for premiums or assets, the shares the government retirement insurance, "we'll look all that. You have to see the impacts. I do not have enough elements to decide "
http://www.cyberpresse.ca/le-soleil/affaires/actualite-economique/201105/24/01-4402461-loi-pour-abitibibowater-un-choc-didees-parfois-violent.php?utm_source=Bulletin%20CBP_Soleil&utm_medium=email
AbitibiBowater: the PQ and retirees require amendments to Bill 11
Updated Tuesday, May 24, 2011 to 22 h 14 EDT
Comment (3) "Share
Print
AbitibiBowater
Photo: The Canadian Press / Ryan Remiorz
Pensioners of AbitibiBowater and the Parti Quebecois asked on Tuesday, major changes to Bill 11 to ensure the solvency of pension plans for workers in the pulp and paper.
The revival of the AbitibiBowater paper is hotly debated in the National Assembly, where a parliamentary committee studying Bill 11.
Recall that the latter would allow the paper, including AbitibiBowater, to repay the deficit in their pension funds in 15 years rather than 5 years. There is one downside: if AbitibiBowater bankrupt by then, the pensions of retirees will be amputated.
The PQ member Francois Rebello requests that the bonuses paid to executives of the paper are placed as collateral.
At this moment there for 200 million shares and options that are given to leaders. They can buy their yachts and their cottage and car of the year in 15 years, but in the meantime, money will be guaranteed the pension fund.
- François Rebello, MP PQ
The idea launched by the Parti Quebecois MNA like Armand Desroches, who worked 35 years for AbitibiBowater in Donnacona. "Obviously, we demand it, they are guaranteed," he said.
The reaction is the same side of the President of the Federation of Pensioners of Quebec, Jacques Beaudoin. "This is a solution. I think the government should sit down with the retirees, "he says.
AbitibiBowater rejects the idea
The CEO of AbitibiBowater, Richard Garneau, categorically rejects the idea of ??placing the bonuses paid to executives in trust.
Mr. Garneau believes that the amount represents approximately $ 115 000 per frame. He wants Bill 11 be adopted without modification.
"It's a false debate! The other points, I do not even want to discuss it and I think we should just focus, focus on that agreement, "said Garneau.
Meanwhile, the Minister of Employment and Social Solidarity, Julie Boulet, could, at the end of the parliamentary committee, ask AbitibiBowater to do more to guarantee the pensions of retirees.
Just noticed the filing -- great.
If someone would just take the lead -- now really is the time for a class action suit. Lokk someone is going after RIMM now (Class Action).
And wrt ABH, there was a recent filing -- that referred to the Merger document -- Some Group. I did not review it -- I just do not have the time, these days.
Someone came out yesterday and said that they expect lumber prices to rise sharply over the next several months (maybe alog with Nat. Gas).
But you might just win a token (over time) if you can just sue everyone for fraud -- when I say everyone -- I mean everyone.
Get a contingency lawyer.
Watching what happens with Dynegy right nw -- don't own it -- just watching, becuase of the CDS and illegal naked shorts. Funds buying up common to hedge against their bonds.
Waiting...
sounds like famous...
what happened to your appeal...?
Docket 4606...Who wrote that? When?
Why is this board still active? Is there anything still going on with the cancelled shares?
In the past, we have discussed Rule 2019 in the bankruptcy of Accuride. To recap, Rule 2019 is summarized as thus:
"Rule 2019(a) requires that unofficial committees or ad hoc groups disclose, inter alia, (1) the nature and amount of their claims or interests; (2) the date of acquisitions of their claims or interests acquired in the year prior to the filing of the bankruptcy case; (3) the amount paid; and (4) any subsequent sales of claims or interests."
On April 26, the Supreme Court's Chief Justice, the Honorable John Roberts, sent a letter to John Boehner, the Speaker of the House of Representatives, and Joe Biden, VP and President of the Senate detailing amendments to the bankruptcy code; specifically: Bankruptcy Rules 2003, 2019, 3001,4004, and 6003, and new Rules 1004.2 and 3002.1. It is expected these measures will not be held up in Congress and the new rules will go in effect in December.
For our intents and purposes, we will focus on the changes to Rule 2019. For those that are interested, I have embedded the document sent by the Chief Justice detailing each of the rule changes:
Rule 2019 1
Breaking the new rule down, in essence, any "group or committee that consists of or represents, and every entity that represents, multiple creditors or equity security holders that are (A) acting in concert to advance their common interests, and (B) not composed entirely of affiliates or insiders of one another" OTHER than appointed committees under 1102 or 1114 (i.e. Official Creditor Committees) must disclose:
The name and address of each forming entities and for who the group is acting on behalf
Name and amount of claims against / equity ownership in the debtor
The date (by quarter and year) of purchase (unless acquired a year before Chapter 11 petition)
Why is this important? In past situations, funds have argued that this transaction detail is proprietary and could hurt their business. Litigation and objections arose, which are costly, and less focus was put on rehabilitating the debtor. By shifting the "date" to a quarterly basis, super secretive techniques of distressed funds (i.e. asking Joe Beggans at JPM or any other distressed trader at dealers on the Street to make you a market) will stay under lock & key.
With that said, a debtor trying to expose a distressed debt fund's purchase of claims at a massive discount from the original holder is really a strong arming negotiation tactic to exhibit to the Court the misaligned incentives of creditors and emerging debtors.
The most recent example of a Rule 2019 disclosure came in the Lehman Brothers case. In the annex below, you will find the holdings and trades (buys and sells) made by the Ad Hoc Group which consists of Calpers, Canyon Capital, Fir Tree, Gruss, Owl Creek, PIMCO, Paulson, Perry, Taconic and a few other creditors (Elliot and King Street are no longer members).
2019 2
Let's take a look at Paulson's disclosures. We are sticking to LBHI now:
Total Senior Unsecured Claims held as of April 13, 2011 = $4,006,220,219. This number nets buys and sells throughout the transaction history.
Total Purchased Claims ~ $7,006,727,733. Sold claims ~ $3,000,507,555
Capital Spent for Purchases ~ $928,475,080. Average Price Paid ~ 13.2 cents on the dollar
Capital Raised on Sales ~ $637,112,472. Average Sale Price ~ 21.2 cents on the dollar
Current Position = Claims * Market Price = $4,006,220,219 * 26 cents on the dollar ~ $1,041,617,257
Capital Raised (see above) = $637,112,472
Capital Spent (see above) = $928,475,080
Current Position + Proceeds from Sales ~ $1,678,729,729
In other words, according to my calculations, Paulson has made
approximately $750,000,000 on the Lehman Bankruptcy (LBHI alone).
And likewise, Fairfax made a bundle in ABH
The new AbitibiBowater also showed confidence by claiming an income tax benefit of $1.627 billion from “the reversal of valuation allowances against certain deferred tax assets.” Translation: “We built up a lot of tax credits that were worthless when there was no chance of us owing income taxes for the foreseeable future. But now that we expect to be profitable in future years, we will be able to use those credits to avoid paying taxes. Isn’t Chapter 11 wonderful?”
They claimed to have 50 to 70 million in tax credits as per POR....
We all knew that it was coming.
Good article. Class action is the only way now.
I still wonder how emailjanum and Pitt77 are faring behind the scenes with the negotiations. These numbers do give us some good amo. for future events.
My sources still tell me that Abo will merge with or buyout another Canadian company this year, but they are waiting for the six months to pass. Note that there is another angle on this should it occur.
Best wishes to everyone that still check in from time to time.
It is like someone crawled into my head and wrote an article.
Good find.
Now only if the SEC would do something about this new form of hostile takeover along with the DOJ investigating these crooked Judges.
We have nothing to lose and the management had everything to gain by arranging with his old shareholder, as it has done for some of his personal staff. Now it's too late for that. Watch the share, it may be there is a Halt Trading for investigation. SEC closes the eyes, according to the journal Agora, when officials of a shornaked are orchestrated by a foreign company (by Marc Mayor). The rest will follow and maybe all is not lost. Nevertheless, the result might surprise us and I will not give up until that fraud will not be repaired.
what a surprise...make a deal for the PR then back out when it suits you...sound familiar?
http://www.nature.com/news/2011/110330/full/471560a.html?s=news_rss
Do you have any update on this
now i know why my account statement looks so bad!
http://www.fool.com/investing/general/2011/03/28/heres-how-abitibibowater-may-be-failing-you.aspx
still no financials
IRS should look at it closly....How can they claim NOL's without giving anything to shreholders...??
and they haven't even mentioned company going through bankruptcy...
Hello,
Not sure how the appeal is coming along -- or if it has been dropped. I have not read anything on the docket -- so I assume it is being handled behind the scenes.
That said -- perhaps th IRS extension can give you some ideas on the appeals process -- the Naked Short article was excellent, though dated.
I am pretty sure sure that the IRS, as part of their overall analysis would be very interested.
I am looking for an eventual market downturn -- Fed cannot keep it up forever -- the more they do -- the more it is talked about on TV as a 'manipulated market' or 'directed market'.
The settlement reinforces the view that NAFTA Chapter 11 confers rights on foreign investors without taking into account their responsibilities. In future, British Columbia could easily find itself on the receiving end of NAFTA's rough justice.
Well, foreign investors did not get a dime out of NAFTA. NAFTA was used as scapegoat to give Canadian companies some money and kick out US shareholders. I see no way legally this can be allowed, but it did. Nevertheless, than who else cares....????
Carey never wanted to do any hard work and focus on issues. He is going in history as most destructive Judge who is champion of destroying value at the toughest time for the US economy. While President Obama and Chairman Bernanke are implementing QE1 and QE2, Mr. Carey used tomahawk to destroy value.
In addition, today...more rewards to management announced.
http://thetyee.ca/Opinion/2011/03/25/NAFTARollover/
The settlement compensated the forestry giant for the loss of water and timber rights on public lands, which are not normally considered compensable rights under Canadian law
Access to publicly owned natural resources (water, timber, minerals, oil and gas) is not an ownership right; it is a contingent right, based on the understanding that the resource rights holder will develop the resources productively, in a manner that benefits the public. After it closed its last mill in the province, AbitibiBowater could no longer fulfill its part of that social contract.
...and a delaware judge cant wrap his head around this concept?
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What does it take to be AbitibiBowater? It takes the combination of two of the world's largest newsprint makers -- Abitibi-Consolidated and Bowater -- into one. The merger created an industry behemoth that produces millions of tons of newsprint, commercial printing paper, and pulp. The company relies on more than 25 pulp and paper mills and 30 wood products facilities in Canada, South Korea, the UK, and the US to distribute its products to customers in about 90 countries; it is one of the world's largest recyclers of newspapers and magazines. AbitibiBowater manages or owns about 55 million acres of forestland in North America. In April 2009 the company filed for bankruptcy protection in the US and Canada
http://www.panoramio.com/photos/original/987203.jpg" style="border-bottom: 1px solid; border-left: 1px solid; width: 255px; height: 230px; border-top: 1px solid; border-right: 1px solid" alt="">http://www.ericweitzel.com/files/greenpeace_boreal_report.jpg" style="border-bottom: 1px solid; border-left: 1px solid; width: 244px; height: 231px; border-top: 1px solid; border-right: 1px solid" alt="">http://farm4.static.flickr.com/3573/3317169335_82090fb07b.jpg" style="border-bottom: 1px solid; border-left: 1px solid; width: 245px; height: 229px; border-top: 1px solid; border-right: 1px solid" alt="">http://www.montrealgazette.com/newsprint/1021375/1021375.bin%3Fsize%3D620x400" style="border-bottom: 1px solid; border-left: 1px solid; width: 237px; height: 232px; border-top: 1px solid; border-right: 1px solid" alt="">
“Canada is one of the “have” nations of the world, with more than half of the planet's fresh water by area, and 15 to 20 per cent by volume. The Great Lakes alone… contain nearly 20 per cent of all the fresh water on Earth...” (Dr. David Suzuki 1997)
With its abundance of fresh water, Canada is extremely fortunate. At AbitibiBowater we don’t take this abundance for granted.
The entire production of forest products is a water-dependent process—from the water needed to grow the forests to the water used to manufacture paper and kraft pulp.
Our Thunder Bay mills are among the largest users of fresh water in Canada. Also, thousands of our staff live and work here. So protecting our fresh water supply is a major priority for the company.
Well before harvesting, AbitibiBowater foresters plan harvesting operations leaving a buffer of trees around lakes and rivers. During manufacturing, AbitibiBowater staff ensures that the huge volume of mill water taken from the river is treated and returned to the river.
Organic material, chemicals and solid wastes are removed using sophisticated water treatment systems. The remaining waste is reused in the manufacturing process, for fuel to generate electricity, or sent out as harmless, and sometimes beneficial, landfill.
Federal and provincial government regulations monitor our water quality program. At AbitibiBowater, we’re committed to meeting, and exceeding, these stringent requirements.
All of our operations in Northern Ontario have water quality programs in place.
Pulp and paper manufacturing can be characterized as simply cooking on a giant scale. Ingredients are prepared, mixed, cooked and dried into sheets of kraft pulp—or rolls of newsprint.
That also means that there are enormous efforts made to reduce and reuse waste materials.
We begin with a huge recycling plant that feeds consumer waste paper, like your discarded newspaper or magazine, into our papermaking process.
The majority of woodchips used are waste from sawmills. The residual wood from making dimensional lumber is chipped and sent to the mill to be used.
We use bark as fuel in our power boilers to generate electricity. We remove solids from our wastewater before it is returned back to the environment and we scrub solids out of our exhaust air.
Over the past 5 years AbitibiBowater has spent millions to reduce our solid waste. We recover and reuse our kraft pulp chemicals. Even our regular garbage is collected and sent off for recycling.
The remaining solid wastes are sent off to landfill sites. But even this material is considered valuable for lining pits and for covering household garbage.
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Court Dockets:
http://chapter11.epiqsystems.com/clientdefault.aspx?pk=48d1467a-24fd-43d8-b9d0-0d00e8229671&l=1
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