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Final decision as of now is some time in June so hoping for the best! I have felt fairly confident that shareholders will receive some type of compensation on this one but we will see in the end.
Even though the stock registration was revoked you still own all of your FEED(Q) shares. Only if or when a BK Judge cancels all series of equity would shareholders no longer own shares.
So, I hope there is residual money after all claims have been paid off. It rarely happens, but it can happen....I've seen it.
I still owned a decent amount of shares for this one so hopefully shareholders do get something. I read somewhere that they still have around 64M cash on hand. Bankruptcy cases, most of the time, are unfair though.
From the Admin Proceeding this morning it shows that AgFeed is in liquidation bankruptcy. In Chapter 7 cases the shareholders may or may not receive any proceeds IF there is any money remaining after all creditors and claimants have been paid, but the stock is cancelled once the liquidation becomes effective.
Since FEEDQ was sorely delinquent in filing Financials the company offered to let the SEC Admin Law Judge revoke the stock registration. That will not necessarily exclude shareholders from the BK proceedings, but it certainly suggests that shareholders will get nothing.
2. AgFeed filed for bankruptcy protection on July 15, 2013 in the United States Bankruptcy Court for the District of Delaware and is currently in liquidation.
The bankruptcy case is still in tact correct? This is for the trading only?
FEEDQ revoked registration:
http://www.sec.gov/litigation/admin/2014/34-71929.pdf
Trying to flip it for a quick buck, but could be shut down any time then you lose everything.
not sure why people are still buying this one
It was to be shut down in January. Surprised it is still trading, but not for long.
Acctg fraud listed on SEC web site - stock price to decline from here IMO
I said the exact thing you said several posts back.
You are a worthless mm liar seeking to soften up investors into playing money on feedq.
As I shared before, sell as fast as you can and never look back. Do not allow Indian1 or his boyfriend Indian II fool you.
I talked to the bankruptcy attorney and he said its a load of crap "pray" is spewing on here.....there will be no new stock issuance and no new company....being bought and the proceeds will be distributed to the remaining shareholders.....very simple and not what Pray was saying at all....how do u sleep at night doing things like that Pray?
Got rid of everything in early January. I believe MM making one last ditch "suck investor" dry till sell off. Who would sell $4.30 worth of stock just to drop it to .15 cents. Hope that is not the case. Sold all nine at .23 cents. Bought into mstx. Already doubled and is to do so 2 more times. Good luck .......
Noticing large blocks changing hands. Something up? I still have about $1k stuck in this turd. Would love to get some back.
One day at a time
If and when FEED stops trading will there be a message board?
When you get a message in I hub, a message window pops up. My posts are done here unless someone asks a question as yourself.
I hope the bankruptcy advisors are wrong but not worth losing all your cash. I put everything from feed into mstx. Went from forty cents to .50 cents in last 10 days. Heading to dollar by spring so I was betting on something in question to something for sure.
If you continue best of luck. By chance if I was given the wrong info I can jump back in before .35 cents.
Like I said they will tell you ahead when trading will cease but not worth the pre\post market losses.
But I you are selling, why you are here?
I sold all shares last week at .23.
Hate to tell anyone what to do but after calling the bankruptcy office handling feedq felt best before big drop.
Would think it will drop .01 cent a day till shutdown to get investors out.
It means that I should sell my shares in the market, since there will be no distribution after bankruptcy?
Difficult to explain but in a nutshell new owner will not offer share transfer. This will be a simple shell.
There will be a warning in January I was told.
Call the number given. After the sell they are independent. No shares offered and share owners will be no good.
A stock called KADR did the same last year I was to get out but never listened. Dropped from .03 cents to .0007.
BMCGroup -
Does anyone know if these claims that are being filed are going to be paid out?
Found here: http://www.bmcgroup.com/restructuring/Claims.aspx?ClientID=323
$45 million from China sale and an original estimate of about $17m from excluded US assets that they planned to sell. About $60m left for shareholders to be reimbursed. Am I missing something? Please advise.
The bankruptcy firms number is #302 384-9400
I believe guys name was Ralpheil.
That was not the same website as last week.
Last week it was a bankruptcy site with all clients with Agfeed as one of them. I email and I received a reply number. That's what I called.
Told me trading stops in mid January but date unknown. May be early or late.
He also said he viewed boards weekly.
If you are viewing my info please give out phone # to all investors.
Excuses me, but I dont find the agfeed website..
Click on agfeed web sight.
Then email group presently holding shares. Email and request update.
They will immediately send you update with phone numbers.
Call numbers, the guy shared sometime in January all trading will stop.
All shares will be transferred to new owner.
Legally they do not have to honor shares and 99% of time this is the case. If they do not honor you lose all value.
Call the number, guy will thoroughly explain situation.
Who are the auditors for this mess?
Hey Disco,
Just my take, but there's $45M from the sale of China. There were extra monies after the final sale of hogs on the US side that were put into the kitty. No idea as to how much but lets say $2M. So we have $47M
I don't believe they would have put that $2M into the acct unless all valid claims against the US side had been paid. I'm very confident all of the big one's have already been paid off.
I'm guessing apprx $30M left after paying rest of claims, attorneys, etc. Divided by 64M shares gives apprx .47 a share.
Now you throw in what is received thru insurance claims and any other suits, hopefully getting monies back from the criminals. At only $5M that would be another .07-.10 cents per share. Maybe it's $10M, 15M, $20M. Just don't know cause no idea as to how much their policies were.
But these are just my guesses, may be high, may be low. I'm hoping the latter of course.
Slam away WS.
Anyways, that's how I'm getting the .50-.60. It's a freaken long way from the $3-$4 that this company was really worth. What a shame.
Great day to all.
Pray,
I was always hoping this would be the case as well, but it is not going to happen. We as shareholders owned the "stock" which was the ownership in the company. This "stock" was sold, so we no longer own anything relating to the company. All we have is the money that was put into an acct from the sale of the stock. That is all that is left. Plus whatever extra they received from the US sale. Now they are working on clearing the good claims from the bad, dealing with and coming to an amicable agreement with the class action, and then the dividing up of whats left over. And of course anything that is gained from Insurance & suits against mgt and bod.
If somewhere down the line, you seed FEED come back as a company, we will have no ownership at all in it. Maybe the new owner might try to relist it as a new company but that would be it.
Sorry, but it is what it is. I 100% wish it wasn't so. But this is a dead company now. All that's left is clearing up the details and distribution of monies. Again, not including future suits against Insurance and Mgt & BOD.
Ps ... Look at the trades today. At opening mm took trade for 5 shares at .21 cents. Every day they drop this at opening to scare investors.
Call the number listed on feedq website. You will get a Omni feedq recording to go to Omni feedq bankruptcy website.
Now check into what the company specializes in. Getting delisted companies back on the docket to get settlement to be re listed.
Not saying this will happen, only they are paying the bucks to have it done. Why pay extra money for no purpose.
Again do your own research. I have shared this is a gamble from the beginning. I am waiting from reply from Omni attorney.
I want to know what the game plan is. When and if they reply I will post but for now I would also email. The more emails they receive the greater the chances of a reply.
Evening Money man!
Thanks for your post. Why do you think we're going to at least double in value before all is said and done?
Thanks - appreciate your posting.
Hey Gramps ,
Sorry to say I got antsy and sold today....hey I got a quarter. I hope and pray you guys get that 50 to 75 cents.I have some other companys I'm looking at and I wanted to free up all the cash I could to do a little buying.The thing that bothers me most about Feed is the wait.I guess I just don't have the patience anymore.I didn't want to wait and then be surprised with nothing. Again , Good Luck and Merry Christmas. I hope we all have great year in 14.
You can hint all you want, I don't own a single share of this. It's not worth the risk at this point. If they give the class action a 'small negotiated claim' as you are referring to, it will take a large recovery from the stockholders since there is only a small pile of money left over to begin with.
Nobody is trying to shake. The MM's aren't conspiring and manipulating computer trading programs for this junk.
Maybe the writing is finally on the wall? You ever thought of that?
Big boys or not, that doesn't mean squat. Go research Litespeed and their 25-30% or so of buying up Dynegy while in BK. They were paying a cost basis of around 55 cents and after the re-org, they realized about 30 cents on their investment. It was only around a 12-15 million loss.
I didn't own a share of it either.
Furthermore, you should probably do some research concerning the indemnification clauses in the articles of incorporation that former management will be using to shield themselves from liability. In other words, if the company sues them and wins, the company has to pay for their liability, which means the company gets a net goose egg.
Disco & Pray,
This is one time I agree with Wall Street.
This is all said and done. There will be no relisting, and there is no additional income coming in. The US sale of all the US assets was completed in Sept, and the China sale which included all of the China assets finished up on Dec 6th.
Basically now all that's left is for the monies to be collected from the sales. There was actually extra on the US side for some extra lil hogs they had, no idea as to how much. They have been and will continue to figure out which of the claims are valid and which are not. Pay the good one's, pay the attorneys, give the class action a "small" negotiated handout, and then the rest will be divided amongst the shareholders.
Once this has all been completed, then if it is decided, they will then go after the insurance and BOD and past mgt, or anyone that could possibly bring monies back in. Which would then be split amongst the shareholders and probably class action group as well.
It's a simple assessment, but overall pretty accurate.
I'm sure someone hint hint will come on and bash the above, but I could care less. As someone else stated, he is just trying to scare you out of your shares. And it seems to be working since shares are trading. I have no idea as to why anyone would sell now. Were a month or two from collecting most likely at least a 100% move from here, why not wait?
Anyone really think small investors are picking up this 350,000 share count today. Nope, it's the bigger boys. And why are they doing it, cause they are smarter than us. At least smarter than those who are selling.
Hold tight, don't give in to their tactics.
They sold both their US and China operations. Once these deals are done and they basically are the only question left is how much are the liabilities, is there a class action amount due, etc?
What does everybody else think? Not saying for one second I don't appreciate Wall Street and Pray's views, but it would be good to get thoughts from everybody really.
Cheers!
Thanks Pray - quite a timely reminder actually. I would agree with you, but I was under the impression that all assets had now gone.
I think I remember reading somewhere that the Hormel contract would continue until 31 Dec.
So, what do you think they have left in terms of assets and revenue streams?
http://www.businessweek.com/news/2013-07-15/hog-supplier-agfeed-seeks-bankruptcy-after-hormel-dispute-1
From my understanding they still have pig farms and income.
In the article re-organize does not mean close the stock.
“Hog Supplier AgFeed Seeks Bankruptcy on Hormel Dispute (Correct)
By Tiffany Kary July 16, 2013
________________________________________
AgFeed USA LLC (FEED:US), a producer of hogs and supplier of hog feed to China, filed for bankruptcy protection, citing a dispute with Hormel Foods Corp. that led to a default on its debt.
The Chapter 11 petition filed in Wilmington, Delaware, today listed as much as $500 million in assets (FEED:US) and debt as high as $100 million. The company had a disagreement with Hormel, which led to arbitration and a default under one of its loan agreements, according to the filing. Also filing was parent AgFeed Industries Inc.
“A sale of all or substantially all of the assets of AgFeed USA” is the best way to reorganize, and the company already has an offer for $79 million, Chief Restructuring Officer Keith Maib said in court papers. It plans to hold an auction to test for higher offers in bankruptcy.
AgFeed operates through units in China and the British Virgin Islands and has 21 commercial farms and five feed mills that produce more than a quarter-million hogs a year, according to the filing.”
They are in the process of dissolving the company now. There will be no re-listing, as there is nothing to re-list. They will file a 15-12G and it will stop trading.
Couldn't they just dissolve the company? My knowledge of US bankruptcy is too sketchy to say the least! Are you based in the US?
Because there are certain standards that must be accepted. Anyone can trade on penny or gray.
This gives people more security about buying a stock. Right now little volume of what feed had at one time.
I do not have a list but I know it must be above a certain price and financials must be up to date. That is just two ... Both that feedq has not met.
Thanks Pray - excuse my ignorance, but why would they look to re-list? Haven't they sold everything?!
I went back, can not find where I thought it would be .05. I have always thought this was valued around .5 or .50 cents. May not have added the 0 after 5 therefore I see how I may have confused you.
There has been a pattern that it will not fall below .22 and not above .28.
I have had this several years and sold at dollar before big drop and bought back at .07 cents.
I had spoken to management in spring and they shared seeking to clear sale buy end of year and re list. On negative I ask if possible bankruptcy and he said no which was false.
I have shared several times this is a gamble stock. Although I am keeping my shares until .40-50 which I feel is value, they could shut this down at any time.
IMO MM seeking to scare investors to sell and they are buying up shares.
This is my own option and they have been very deceptive therefore use extreme caution here. Chiness stocks are hard to discern because you do not know the truth. In Feeds case they had bought American investments and was selling to Hormel which was legit.
The management has killed this but now have new, which points to hopeful re listing.
I don't give advice, but my thoughts are whether you need a tax write off this year or next?
The debtor reviews the claims in detail. Since the claims are nothing more than an extension of the creditor's committee, you won't see the CC trying to get claims denied, unless they have no merit at all. That's who they are supposed to be representing.
I don't count any stockholder filed claims. I do count the class action claim.
I use a combination of the claims that the debtor recognizes in their petitions and I add the claims that may have been a result of a 'trigger' because of the filing.
When you use the BK petitions, you have to look at every last subsidiary and look at the top 30 claims listed. Some large claims may not be filed against the parent/us assets.
You are correct, it will come down to how certain claims are treated. I have my doubts whether those highly paid professionals will resolve the class action claim correctly. Even if they do it right, the payout is still only in the high twenty cents. Wrong, around a nickel.
There's a couple of things that may happen that would change that range of recovery, but I'm not going to make a public statement about what they are.
As you can tell, I'm not that confident about how and who is pulling the levers.
Pray, post 1803 you wrote 0.5 - 0.7. That is then what I wrote in post 1810. You have then written that you never suggested 0.05 - 0.07, but I never suggested that you did. You have in your later post divided your value by 10 times.
So, is there practically no value here?
Let's stop talking in decimals. We're currently on 24 cents. How many cents are we thinking this is going to get to max?
Should we sell up NOW?
All thoughts greatly appreciated. Means losing $10K if I sell now, which would be a bit of a bummer!!! Life goes on.
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Run by US management after Chinese management was removed.
2011 forecasted revenue 320 mln
Overall:
-Alltime high prices for hog meat in china 2H 2011
-Chinese pork consumption still rising very fast, biggest pork market in the world allready
-Very strong sector outlook by big companies in this sector like Smithfield (SFD) , also SFD sees insider buys Q3 2011.
Company specific:
-New western style hog plants in china populated in Q1 2011, expected to yield from Q1 2012 onwards
-USA vertical integrated planned with meat processors Kansas Saucage and Pine ridge, mostly intended for chinese exports.
Recent events:
Mid 2010: Chinese company merged with US based M2P2 hog production expertise company
In the past very rapid growth but no corresponding profitability
Q4 2010 : old chinese management was fired and restructuring including chinese layoffs started
Q1 2011 : New american management appointed, including some top ex mcdonalds managers (meat industry background)
-Q1-Q3 2011 Writeoffs in book value for some 2007 and 2008 acquisitions which were overpayed for by old management
-Q1-Q3-2011 Writeoffs in accounts receivable for some the 2007-2008 farms and part of the chinese nutritional operations.
-Q1-Q2 2011 Some 80-85% of those allready written off on book value
July 2011: Company CEO Stadler presented outlook for 2011 and 2012. Projected 2012 Revenue > 700 million US dollar.
(as they also filed with the SEC, be sure to see the last slide on revenue projections)
http://www.sec.gov/Archives/edgar/data/1331427/000114420411040991/v228787_ex99-1.htm
Q4 2011: Intended vertical integration in the US: As communicated by the company in summer 2011:
"The Company also announces that it has entered into separate non-binding letters of intent to acquire Pine Ridge
Farms, LLC ("PRF") and Kansas City Sausage Company, LLC ("KCS"). It is expected that the combined businesses will
add over $180 million of annualized revenue and over $13 million of EBITDA to the Company's results.
" ( http://finance.yahoo.com/news/AgFeed-Industries-Inc-prnews-2175526133.html?x=0&.v=1)
Sept 2011 : Company announced Kansas City CEO to join the board of directors of Agfeed.
Before closing of the transaction there will be a final check and clean up of the chinese accounting books.
Deadline for the exclusivity letter of intent set at december 1st.
(this did not go through due to the chinese accounting irregularities)
Sept 2011: Agfeed reaches agreement with Iowa state to allow it to pursue vertical integrated company.
http://www.state.ia.us/government/ag/latest_news/releases/sept_2011/AgFeed.html
Sept 2011 : 50k Insider at the market buy:
http://www.insidercow.com/history/company.jsp?company=feed
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