Apex Silver Mines (fka APXSQ)

[CNOEVL]

Could someone please shed some light on the subject? Does this mean that current shareholders are coming along for the ride, or are we getting wiped out in the fine print?

[Come1Kamal]

Judge Approves APEX plan for Bankruptcy...

SOURCE: Daily Bankruptcy Review

This happened late this afternoon after the close.

Let this thing fly!!!

[the cork]

Don't know, but I bit that same bullet Monday. Sort of a buckshot breakfast!

Hated to, but Apex was good to me, so I can't complain.

I think they will ultimately reemerge, but I'm not confident about the future of the current situation, hence the 12 gauge omelet. Good luck guys. Best regards.

GLTA !!

[lazyeye]

hey, nothin personal...it is what it is. The 10 day early Feb momo ended abruptly, and those of us smart enough to get out, did!

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=35559501

But the freepenny "news" posts should have tipped him off as to the direction this was going to go.

[shakerzzz]

lmao too funny

[CNOEVL]

Ive got a question. Was wondering if anyone noticed or checked out the link http://reports.finance.yahoo.com/w0?r=44582481:1&p=5 is this worth the read to find out if there is any hope for us bag holders. Or should I just bite the bullet and get out while I can if i can?

[lazyeye]

You shoulda gotten all out when shakerzzz disappeared and especially when freepenny911 appeared.

imo

[the cork]

The ax man may have got it right the other day, hard to say what's what.

Sold bulk of shares in the "good old days" in the land of .06 but kept a token number of shares for a wild card.

Token or taken. Could be the classic misdirection,... or not!

Guess we'll find out.

GLTA !!

[jcJet12]

I know the feeling.....

[locotrini]

Im still in i dont know why but my money is practically gone now might as well watch it vanish lol

[ik2490]

So did all yall who use to post with me when we first got into the stock... did all yall sell all your shares already?

[the cork]

Thanks axe, that is certainly superior to the typical "overripe tomato" fare is sometimes served up in situations like his.

The common shareholders are not doing too well in the spate of nation wide bankruptcies of late.

Sounds like the way to get anything is to have APEX owe us money somehow, thus becoming an unsecured creditor.

I think I'll send them a bill and see what happens LoL !

GLTA !!

[misteraxe]

Here is a portion of the transcript that led me to my conclusion. READ THE COURT DOCS!
I got out at a substantial loss fri.

4 hearing.
5 Just to quickly summarize, I don't want to take too
6 much of your time but under this plan the senior executives
7 would be eligible to receive incentive bonuses in the amounts
8 that are set forth in Exhibit to the motion and also described
9 therein upon the satisfaction of one or more objectives.
10 THE COURT: I'm perfectly satisfied. I've read the
11 papers.
12 MR. O'NEAL: Okay.
13 THE COURT: I think the one problem you have with
14 this, frankly, not that it's a problem which gets in the way of
15 approval, is that Mr. Clevenger, who has given the declaration
16 in support of the proposed incentive bonus program is the
17 individual who is receiving the lion's share of those payments,
18 at least it's the largest bonus amount.
19 Ordinarily, a person who is so interested in the
20 outcome would not be a particularly credible source of
21 supporting documentation for the approval of the request.
22 MR. O'NEAL: Understood.

and This

By Patrick Fitzgerald
Of DOW JONES NEWSWIRES
In Manhattan on Wednesday Apex Silver Mines Ltd. (APZSQ) will ask U.S. Bankruptcy Judge James Peck to sign off on its reorganization plan, which the company intends to fund by selling its stake in a Bolivian mining venture to Sumitomo Corp.

Apex is selling its 65% stake in the San Cristobal mine in southwestern Bolivia to Sumitomo, which owns a minority stake in the mine, in a deal valued at $354 million.

The sale and a debt-for-equity swap with noteholders form the cornerstone of Apex's plan to exit Chapter 11. The company says it intends to reorganize its business around its other mining operations in Latin America. Under the Chapter 11 plan, noteholders -- owed some $290 million -- who voted to accept the plan will receive $45 million in cash and stock in a reorganized Apex. Unsecured creditors will receive shares in the reorganized Apex. Shares in Apex will be canceled, and existing shareholders will see no recovery under the plan.

[lazyeye]

Just an fyi...fairness to current shareholders is not part of the equation in most of these 11's. Who knows what will happen here...big risk, but possible big reward, though not likely?? The answer lies with the company and Pablo. Short term swings in s/p is possible, and may even rise somewhat. The trick is to know when to bail ha ha.

Interstate Bakeries emerges from bankruptcy

Business Courier of Cincinnati

Wednesday, February 4, 2009

Interstate Bakeries Corp. on Tuesday emerged from four-and-a-half years of Chapter 11 bankruptcy.

This was just days before the Feb. 9 deadline when Kansas City-based IBC’s debtor-in-possession financing was to mature and its exit financing commitments were to expire.

The maker of Twinkies and Wonder Bread said in a release after the market closed on Tuesday that it had wrapped up financing to emerge from bankruptcy as a stand-alone company.

Interstate’s Butternut Breads division operates a bakery plant in Queensgate, as well as 16 Butternut and Wonder Bread/Hostess outlet stores in the Tri-State.

IBC had financing commitments from IBC Investors I LLC, an affiliate of private equity firm Ripplewood Holdings LLC, which was to provide $130 million of capital — $44.2 million for 4.42 million shares and $85.8 million in new fourth-lien convertible secured notes. Other commitments were for a $125 million revolving loan with General Electric Capital Corp. and GE Capital Markets Inc. and a $344 million term loan-secured credit facility with Silver Point Finance LLC and Monarch Master Funding Ltd.

“Today marks a new beginning for Interstate Bakeries,” CEO Craig Jung said in the release. “We are now a stronger and more competitive company. With this period behind us, we can now unleash and empower 22,000 IBC employees to better serve our consumers and customers, revitalize our core brands and launch product innovation that will profitably grow our business.”

All of IBC’s 423 union locals ratified revised labor agreements that allowed IBC the flexibility to adjust to the changing market, IBC said in the release. In addition, all of IBC’s secured lenders voted in favor of the reorganization plan, which a Kansas City bankruptcy court approved on Dec. 5 .

“I want to thank IBC’s employees for the sacrifices they have made and our union leaders for their commitment to our company and saving jobs,” Jung said in the release. “Their actions made possible the financing required to execute a business plan that will build competitive advantage and secure our company’s future.”

Although employees kept their jobs, shareholders wound up empty-handed as part of the emergence plan. In Tuesday filings with the Securities and Exchange Commission, IBC canceled all its publicly traded shares.

Ripplewood officials said they were glad to see the deal close and hope to use IBC’s main bread and snack cake brands to position it for future success. As part of the exit financing deal, two industrial partners of Ripplewood — John Cahill and Greg Murphy — get seats on IBC’s board. Cahill is former CEO of The Pepsi Bottling Group Inc. (NYSE: PBG); Murphy is former CEO of Kraft Food Bakery Cos.

[e-mail] | 816-777-2203

[stock2windaily]

Good Morning all!

Have a great day - only 25 hours until market opens!

FiremanDave - thanks for you service on the boards - I too have been very busy with work and trying to survive in this disastrous economy.

[ashy2classy]

Thanks and good luck, Dave!

[jcJet12]

I had always thought this to be the case for fair consideration, one would think for current shareholders pre-reorganization. But, nothing is always ever fair when it has to do with corporate decisions and shareholders.

[7779311]

The article says that Apex will ask the bankruptsy judge to sign off on it's reorganization plan. How likly is it that the judge will sign off on this plan which includes no recovery for current shareholders and is it a possibility that he (or she) will object to any part of the plan and request changes to the plan before signing off on it? Are such requests usually signed off as written? I'm hoping there is a chance that the judge will want the current shareholders to be included in the new company. They should in my opinion.

[jcJet12]

Any way we can contact or verify that this is the case for the present shareholders? What if this is still trading on Monday?

[FiremanDave]

Hey gang. I resigned as asst moderator here it is in no way due to bear or bull feelings about the future of this stock or company. I am not trading much anymore, as I took a very lucrative part time job on my days off and am just putting money in the bank until all of this baloney in the stock market goes away in however many months or years it takes. Good luck hope all of you do well with whatever postion you hold or trade.

[the cork]

So how do you know that? A substantiating link is always preferable to an unsubstantiated stink.

That "info" is important, with proof.

Without proof it's just mongering.

Which is it?

[misteraxe]

All of the old sil shares were converted to apxsq...they will all be cancelled, Cleavenger has written into the reorganization plan a huge salary and bonuses for himself while screwing all of the shareholders.

[locotrini]

BANKRUPTCY WEEK AHEAD:Apex Silver To Ask Crt To Back Exit Plan
Friday 02/27/2009 3:08 PM ET - Dow Jones News

Related Companies
Symbol Last %Chg
APXSQ 0.025 -16.67%
SSUMY 8.48 3.92%
As of 3:57 PM ET 2/27/09



By Patrick Fitzgerald
Of DOW JONES NEWSWIRES

In Manhattan on Wednesday Apex Silver Mines Ltd. (APZSQ) will ask U.S. Bankruptcy Judge James Peck to sign off on its reorganization plan, which the company intends to fund by selling its stake in a Bolivian mining venture to Sumitomo Corp.
Apex is selling its 65% stake in the San Cristobal mine in southwestern Bolivia to Sumitomo, which owns a minority stake in the mine, in a deal valued at $354 million.
The sale and a debt-for-equity swap with noteholders form the cornerstone of Apex's plan to exit Chapter 11. The company says it intends to reorganize its business around its other mining operations in Latin America. Under the Chapter 11 plan, noteholders -- owed some $290 million -- who voted to accept the plan will receive $45 million in cash and stock in a reorganized Apex. Unsecured creditors will receive shares in the reorganized Apex. Shares in Apex will be canceled, and existing shareholders will see no recovery under the plan.
Denver-based Apex Silver Mines, registered in the Cayman Islands, was founded in 1993. In addition to the San Cristobal mine, the company's assets include mining claims and concessions in Argentina, Bolivia, Mexico and Peru. The bankruptcy filing was prompted by Apex's wrong-way bets on derivative contracts, which the company used as hedges against fluctuations in silver, lead and zinc prices. A run-up in prices for silver, lead and zinc left Apex Silver on the hook for $210 million under its hedge positions.

So, anyone who owns shares in this new reorganized company is going to lose everything or is it just those who were a part of the original apex silver that traded as SIL?? Because they mention that unsecured creditors will receive shares in the "reorganized apex" could that mean the apxsq that was recently created? Why were people still buying this stock after this news came out that is what has me confused.

[lazyeye]

Looks to me, according to that email(assuming it's real), like common shareholders will lose everything in a liquidation.

"The plan we have proposed does not provide any recovery to shareholders because creditors, who rank senior to equity in the priority scheme, are not being paid in full. Current Apex shareholders would have a zero percent (0%) recovery in a liquidation."

[locotrini]

When they state that apex shares could get cancelled in the new plan on wednesday are they talking about the new apxsq as well? I just read the news about the hearing taking place next week

[lazyeye]

http://www.powerlineblog.com/media/archives/fat_lady.jpg

Yup. It's over imo.

[Helter Skelter]

I don't know, misteraxe. I was informed that the common shares were going to be cancelled {don't know when}. If you have much money on the table I would go here:

http://www.nuveen.com/tradewinds/contact/default.aspx

And here:

Pablo Castanos = [e-mail]

GLTY

[misteraxe]

I refer to the holdings listed here...
Am I reading it wrong?

[Helter Skelter]

*Reflects the reporting person's ownership as of December 31, 2008 including
shares of the issuer which may be issued upon conversion of 2.78% Convertible
Senior Subordinated Notes due 3/15/24.

http://idea.sec.gov/Archives/edgar/data/1011509/000090901209000268/t304989.txt

[misteraxe]

I wish I knew what Tradewinds knows that we dont. They are holding 20% of the common shares.....why

[RISK-TAKER]

not many sellers .......
but not many buyers either....
with volume less than 400,000 per day ....
makes you wonder why some aren't selling for whatever you could get......
UNLESS...........
its worth the RISK

[digitick]

He already did. Look at Post #958

[copleybmt]

please post your email. TIA

[RISK-TAKER]

well., we shall see ....

[snapped]

nothing new really,

From: Pablo Castanos [mailto:[e-mail]]
Sent: Tuesday, February 24, 2009 10:01 AM
To: DXXXX
Subject: - shareholder


Mr. XXXXXXX:

The plan we have proposed does not provide any recovery to shareholders because creditors, who rank senior to equity in the priority scheme, are not being paid in full. Current Apex shareholders would have a zero percent (0%) recovery in a liquidation. Such Holders would also receive nothing under the Plan.



If you have additional questions you can access our website (www.apexsilver.com) where we have updated information about the Chapter 11 filing. On our home page, under “Chapter 11 Information Updates” you will find a link to the Claims Agent and to Court documents, as well as a link to Investor frequent asked questions.



Regards,

Pablo Castanos

[RISK-TAKER]

that said?

[snapped]

I recieved an email from them this morning

[digitick]

The sooner the better. Perhaps 0.07+ by Friday? I can dream, right? ;)

[RISK-TAKER]

UP 25% Today..or at least right now...she's going to pop 1 day....

[copleybmt]

Tried calling Investors relations again and no return call. Anyone able to talk to anyone from the company? When is there going to be a meeting or news on the progess or plans?

Would love to load up here at below 4 and ride a 10 bagger.

Any possibility they get money to get the mineback into their control?

[misteraxe]

I hope so.... I averaged down to .08 from my original buy at over 10.00.

[the cork]

Upwards pressure on the prices of precious metals should bolster confidence in the rest of the Apex portfolio of leases.

What ever they were worth before, the same ones are worth a heck of a lot more right now, the way I see it.

I hope the remaining common shareholders can ride the coat tails of that institutional confidence, if that's what it is, and catch a break for once. Best regards.

GLTA !!

[misteraxe]

I cant speak for them, but its my opinion that they believe it will come back, many of them have very high pps and if they thought it was all going to disolve, they would certainly try to get something rather than nothing....IMHO

[ik2490]

is that good or bad

[misteraxe]

72% held by institutional investors....they're not selling.

[Helter Skelter]

Careful here, sooner or later they are going to cancel the common shares...

[RISK-TAKER]

does the Soros family still own shares?
i was told to buy a few shares for there may something worked out with the other co. Sumitoxxx???? that may buy the mine..
but No-one else has heard that so.....
but @ 3-4 cents a share its worth the risk...

[copleybmt]

No news that I know of, but you would think in the next few weeks there would be a press release of some sort.

GLTA

[ik2490]

is there any scheduled news coming up or any indication that new news will be released?

[copleybmt]

Once there is solid news this thing takes off. Until then I think we float around at the MM's whim...

SOmeone could pull a rabbit out of the hat and we go much higher than anyone imagines. Who could be accumulating cheap shares for the long haul at .04? Slow accumulation until the news could be a signal that someone is in this for the long haul. Look for this on the charts and if you see it look out above!