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You'll be receiving warrants "sometime" in the near future.
How much we make off them is the million dollar question.
Thanks for your reply - but I only held commons - and it looks like those were cancelled ...
GLTYA
I only had 5K shares, and this was a small portion of my portfolio- so, deided to ride it out. I still think ethanol has a chance
No idea yet. I can't find anything regarding the IPO date.
Would like to know what I am dealing with.
Any idea when the warrants will be converted, and when we can sell them?
Hopefully the IPO gets a super banker underwriter to da moon pump job .
I feel so dirty lol
PEKIN, Ill., March 16 /PRNewswire-FirstCall/ -- Aventine Renewable Energy Holdings, Inc. (Pink Sheets:AVRN.pk - News), a leading producer of ethanol, announced its successful emergence from its Chapter 11 restructuring on March 15, 2010, naming Thomas Manuel the company's new Chief Executive Officer and Chief Operating Officer. Mr. Manuel was also appointed to serve on the company's board of directors.
"Emerging from bankruptcy with good liquidity, modest debt and lower overhead costs, Aventine is well positioned to be one of the low cost providers of ethanol on a national basis," said Manuel. "I am very optimistic about the ethanol industry and our success going forward. We have put in place a strong leadership team with decades of experience."
In February 2009, Aventine and its subsidiaries filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the District of Delaware. The company had secured debtor-in-possession financing from its pre-petition unsecured noteholders that enabled the company to continue ongoing operations. The ethanol industry had faced recent difficult years with soaring corn prices and lower petroleum costs.
The company's plan of reorganization was confirmed on February 24 by the Hon. Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware.
"The ethanol industry has sound long-term prospects, and we anticipate a strong rebound as the biofuels mandate continues to increase," Manuel said. "Aventine will emerge as a much stronger business with all the key pieces: a restructured balance sheet, excellent liquidity, and a committed group of employees led by a new senior management team."
Manuel has over 40 years of commodity management experience and was a senior executive with ConAgra Foods for 25 years. His career includes experience in grain, meat and poultry processing and commodity and energy merchandising. In 2006, Manuel was named Chief Executive Officer of AS Alliances Biofuels, a multi-plant ethanol start up headquartered in Dallas, Texas. VeraSun acquired ASA in August of 2007. Since 2008, Manuel has been a consultant with CRG Partners, one of the industry's leading restructuring firms and Manuel played a key role in the successful restructuring of Pilgrims Pride Poultry.
Also, the company announced the other members of its new board of directors, which is led by Gene Davis, a highly experienced turnaround executive:
Eugene I. Davis, Chairman of the Board – Mr. Davis has served as Chairman and CEO of Pirinate Consulting Group, L.L.C., a privately held consulting firm specializing in, among other things, crisis and turn-around management and strategic advisory services for public and private business entities, since 1999.
Kurt M. Cellar – Mr. Cellar has served as a partner and Portfolio Manager at Bay Harbour Management, L.C. Prior to Bay Harbour, he was an associate at Remy Investors and Consultants, Inc., where he sourced and analyzed public and private investment opportunities.
Carney Hawks – Mr. Hawks is a partner with Brigade Capital Management, a credit-focused, asset management firm. Prior to joining Brigade, he was a Managing Director in the High Yield Division of MacKay Shields.
Doug Silverman – Mr. Silverman is a Managing Partner and Co-Chief Investment Officer at Senator Investment Group LP. Prior to co-founding Senator in February 2008, Mr. Silverman spent nearly six years at York Global Value Partners, a hedge fund focused on value and event investing in equity and credit opportunities on a global basis, as a Managing Director and Co-Portfolio Manager.
Timothy Bernlohr – Mr. Bernlohr is a Managing Director with TJB Management Consulting, LLC, a firm specializing in providing project specific consulting services to businesses in transformation, strategic planning, and interim executive management. Prior to joining TJB, he was the President and CEO of RBX Industries, Inc.
Aventine's strategy is to be a low-cost, focused ethanol producer. The company also plans to resume as soon as possible the construction of its two partially completed 108 million gallon bio-refineries in Aurora, Neb. and Mt. Vernon, Ind. Both construction projects were within months of completion when work was suspended prior to Aventine's filing for bankruptcy protection.
About Aventine Renewable Holdings, Inc.
Aventine is a leading producer and marketer of ethanol to many leading energy companies in the United States. In addition to ethanol, Aventine also produces distillers grains, corn gluten meal, corn gluten feed, corn germ and brewers' yeast. Aventine's internet address is http://www.aventinerei.com/.
Forward Looking Statements
Certain information included in this press release may be deemed to be "forward looking statements" within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release, are forward looking statements. Any forward looking statements are not guarantees of Aventine's future performance and are subject to risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by such forward looking statements. Aventine disclaims any duty to update any forward looking statements. Some of the factors that may cause Aventine's actual results, developments and business decisions to differ materially from those contemplated by such forward looking statements include the following:
Our ability to obtain and maintain normal terms with vendors and service providers;
Our ability to maintain contracts that are critical to our operations;
Our ability to attract and retain customers;
Our ability to fund and execute our business plan and any ethanol plant expansion projects;
Our ability to receive or renew permits to construct or commence operations of our proposed capacity additions in a timely manner, or at all;
Laws, tariffs, trade or other controls or enforcement practices applicable to Aventine's operations;
Changes in weather and general economic conditions;
Overcapacity within the ethanol, biodiesel and petroleum refining industries;
Availability and costs of products and raw materials, particularly corn, coal and natural gas and the subsequent impact on margins;
Aventine's ability to raise additional capital and secure additional financing, and our ability to service our debt or comply with our debt covenants;
Aventine's ability to attract, motivate and retain key employees;
Liability resulting from actual or potential future litigation;
Plant shutdowns or disruptions at our plant or plants whose products we market; and
Potential decreases in marketing alliance volumes.
Contact:
Aventine Renewable Energy Holdings, Inc.
William J. Brennan CPA, MBA
Chief Accounting & Compliance Officer
Aventine Renewable Energy Holdings, Inc.
Ph: 309-347-9384
Fax: 309-347-8541
Lights out - game over ..
So that was it ?
I was hoping they would save CS so big $ gains could be made!
I think that was the number they settled on.
I guess it depends on the IPO and underwriting. Def not happy about the outcome.
Although if they pump the IPO we may make out OK.
I read something about $20 warrants last week. Did they finalize at that number? Has the stock traded that high in the last 5 years?
Oh well, I tripled my $ out months ago. Had 50% left in case they saved CS.
Guess we get the warrants.
They rammed this through so fast it is pretty much admitting guilt IMO.
03/15/2010 12:39:19|D||AVRNQ||Aventine Renewable Energy Holdings Inc. Common Stock|03/15/2010|Plan of reorganization effective. All shares have been canceled. **|||u|Y|100|Y
00 x 00 Did it stop trading?
ok .25 and going up... Can i ask what LFCM is? lol....i can see this going higher, and then let's see.
My shares are part of my 401k lol, probably doesn't make a difference for me, a warrant to buy one share at 40 dollars? to watch it go go go down to a dollar again...not in a lifetime lol, no taxbreak for me ugh.
pretty much the way I read it. Might get a warrant to buy shares at $40 down the road- so, basically pay $40 to get your shares back.
Hopefully, there will be an appeal, if not a class action lawsuit. I think we have a pretty good chance with either of those options.
I'm hanging on to my shares to see if they gain some worth- if not, I'm willing to take the tax loss later this year
So in simple mans terms we are entitled to nothing huh? In relation of the new entity. Except a vote lol? right?
somebody seems to think the stock is worth 20 cents today
AVENTINE RENEWABLE ENERGY HOLDINGS I
Price: 0.204 +0.044 +27.50%
Bid: 0.196 [+]
Ask: 0.219
Open: 0.16
Volume: 228,912
8-K filed yesterday:
Class 9 — Equity Interests.
1. Treatment and Distributions.
Except as otherwise provided for herein, on the Initial Distribution Date, each holder of an Allowed Class 9(a) Equity Interests shall receive from Reorganized ARE Holdings, in full satisfaction and release of, and in exchange for, its Allowed Class 9(a) Equity Interests, its pro rata share of the Warrants. For the avoidance of doubt, the Allowed Class 9(a) Equity Interests will only include Equity Interests in ARE Holdings as the Equity Interests in ARE LLC will be automatically eliminated as a result of the substantive consolidation and merger of ARE LLC into ARE Holdings pursuant to the Plan.
Notwithstanding the foregoing, if the Court declines to confirm the Plan with the inclusion of the Warrants being distributed to holders of Allowed Class 9(a) Equity Interests, then (i) each holder of an Allowed Class 9(a) Equity Interest shall neither receive distributions nor retain any property under the Plan on account of such Equity Interests, (ii) Class 9(a) shall be
30
--------------------------------------------------------------------------------
deemed to reject the Plan, and (iii) except as otherwise provided herein, the Debtors will request that the Court confirm the Plan notwithstanding the deemed rejection of the Plan by Class 9(a).
The holders of Equity Interests in Classes 9(b) through 9(f) shall neither receive distributions nor retain any property under the Plan on account of such Equity Interests.
2. Impairment and Voting.
Class 9 is impaired under the Plan. The holders of Class 9(a) Equity Interests are entitled to vote to accept or reject the Plan. The holders of Class 9(b) through 9(f) Equity Interests are presumed to reject the Plan and therefore shall not be solicited.
Nice action today on low volume!
Soooo !!! We didn't get far after february 24...anybody have an opinion on the next step? or is the final nail in the coffin for us?? I am wishing that this is just a bad dream, and we the stockholders get some kind of miracle....Is that miracle out there???
IMHO if company is way undervalued in POR, "new" stock will trade up and the warrants will have value. Do some DD on the enterprise value and PPS with 8.55M new shares. The old analysts and institutional investors that bailed in BK are still following this story.
GLTA
I'm willing to do what's necessary to get what we deserve. Looking forward to seeing what happens next.
20100225|AVRNQ|815824|1517528|O
Over half of today's volume was short. I wouldn't write this one off yet.
Trying to incite end of the world panic selling IMO
Just waiting for the final breath, lol. At this point, I've written off my investment, so no need to sell
Maybe I get surrised one day, and this is worth selling.
The warrants are a joke, imo
Still ended up at .19 by eod.
This decision is a definite setback. I still think even the warrants are worth keeping my position... but I do hope there is an appeal and things end up working out better.
What do you guys thing?
20100224|AVRNQ|105730|159500|O
Over 66.6% (grin) of the shares traded today were short.
Voting results for our class:
http://www.aventineinfo.com/808_11214.pd...
Total for Class 9A
----------------------------------------
Total # of Votes Reported: 491
Total # of Votes Accepting: 278 (56.62%)
Total # of Votes Rejecting: 213 (43.38%)
Total Number of Shares on Votes Reported: 9,850,135
Total Number of Shares Voting to Accept: 2,892,706 (29.37%)
Total Number of Shares Voting to Reject: 6,957,429 (70.63%)
Hard to say what the final outcome will be.
The big thing is we will get something and they can't hide the fact of profitability.
Until the POR is accepted/rejected/amended everything would just be speculation now :)
Valero Energy, five-year deal, worth $3.5bn, to buy biodiesel from Mission NewEnergy, an Australia-listed biodiesel refiner.
Mission will begin by supplying biodiesel from palm oil. But it is one of the world’s biggest Jatropha plantation companies by acreage, and it plans eventually to supply the fuel from Jatropha feedstock.
Jatropha is an inedible perennial oil seed plant that grows on marginal soil without displacing agricultural land used for food supply, making it an ecologically responsible source of fuel oil. As Mission’s available stock of Jatropha matures to scale, Mission will supply Valero with palm oil-based biodiesel.
http://www.ft.com/cms/s/0/a2c752ea-e61e-11de-bcbe-00144feab49a.html?nclick_check=1
Hey many thanks !!!! But after reading everthing there, and yes i read it all, looool, what is the reality of my existing shares?? they will be worth nothing? something? $40.94 but a lesser amount of shares? that is the part i didn't understand...Some help out there please !!
FORM 10-K (Yearly report)
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=6781996
I'm still hoping justice prevails, and the POR is thrown out, and shareholders get a 20% stake in the new process
So curiously asking, after feb 24 my shares are worth nothing? or are the opinions of this board that the shareholders could be ok? I am still so damn confused after reading the letter to the board etc etc. or should i just write this on off..lol
another interesting document filed with the SEC
http://www.aventineinfo.com/789_11214.pdf
Alan Betensley filed a motion to dismiss, based on "friendships" between key people in the reorg. process
http://www.aventineinfo.com/788_11214.pdf
Confirmation Hearing
February 24, 2010
at 3:00 p.m. (EST)
Omnibus Hearing
February 24, 2010
at 3:00 p.m. (EST
Omnibus Hearing
March 18, 2010
at 11:00 a.m. (EST)
http://www.aventineinfo.com/hearings.php3
Good Morning All !!!
Just to know, i thought there was to be a decision Feb. 17, or was it the 24th?? As to the fate of AVRNQ stockholders. Anybody know when we might se light? or the final nail in the coffin??
Bonds above par again today even on relatively smaller trades
Issue: AREY.GC Description: AVENTINE RENEWABLE ENERGY HOLDINGS INC Coupon Rate: 10.000 Maturity Date: 04/01/2017
Execution
Date Time Status Quantity Price Yield Comm. Modifier 2nd Modifier Special As Of Reporting Party Side
02/18/2010 13:06:35 T 225000 100.625 0.000 N @ S
02/18/2010 12:56:02 C 225000 100.000 0.000 N @ S
02/18/2010 12:56:02 T 225000 100.000 0.000 N Z D
02/18/2010 12:56:02 T 225000 100.000 0.000 N @ S
GLTA
He should be insulted by that.
That basically reads as they are in on this whole thing also.
Let's hope the judge isn't lol
Response to shareholder objection to Houlihan valuation due to conflict of interest.
"HL Financial Advisors is a separate legal entity from HL Capital, Inc. HL has established an "informational wall" which includes both physical and technological barriers to prevent confidential, non-public information from being shared improperly."
Seriously, will the judge really buy this?
http://www.aventineinfo.com/758_11214.pdf
Usually shares held in the treasury have no voting rights. I wonder why they do have voting rights in this case?
Also, if the three major holders in listed in that, statement vote yes on the POR, it will pass even if all the float shares vote no. It seems like they might have this scam covered from every angle.
This must be it..
Total Shares Outstanding
42,963,158 /2 = 21,481,579
Aventine Renewable Energy Holdings LLC
11,833,495
Morgan Stanley Dean Witter Capital Partners IV, LP
9,837,908
11,833,495 + 9,837,908 = 21,671,403
MS must have those shares as collateral for funding or something.
Seems like they must have pooled shares together with one of the other reporting entities for that treasury amount.
Nothing would make me happier than seeing that POR rejected with extreme prejudice followed by an investigation into this whole thing (wishful thinking).
According to form 13g/a, the 11+ million or roughly 27.5% outstanding shares Aventine holds have voting rights. I knew they had 21+ million shares held in the treasury, so are these 11 million shares in addition to the treasury shares they hold?
50.1% are locked in "treasury" so it is a moot point lol.
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Company Overview
Aventine Renewable Energy, Inc. is a leading producer and marketer of ethanol and related by-products. Through our own production facilities, marketing alliances with other ethanol producers and our purchase and resale operations, we market and distribute ethanol to many of the leading energy companies in the U.S. In fact, last year we supplied almost 696 million gallons of the Country's ethanol needs.
We are proud to be one of the leading innovators in the renewable energy field. The products we sell help reduce our country's dependence on foreign oil, benefit the environment by reducing pollutants and improve automobile performance by increasing octane.
In addition to ethanol, we also produce and market several by-products (both bio-products and co-products), including; corn gluten feed and meal, corn germ, condensed corn distillers solubles, dried distillers grain with solubles, wet distillers grain with solubles, carbon dioxide and brewers' yeast. Aventine is also a marketer and distributor of bio diesel.
WEBSITE
http://www.aventinerei.com/
INVESTOR RELATIONS
Les Nelson
AventineIRInfo@aventinerei.com
http://www.aventinerei.com/investor.html
Share Structure:
OS: 42,970,988
REVENUE:
2008: $ 2,248,300,000.00 (Yes folks thats 2.25 billion dollars)
2007: $ 1,571,610,000.00
LOCATIONS:
PEKIN,Illinois Facility
MT. VERNON,Indiana Facility under Construction
AURORA WEST,Nebraska Facility under Construction
Recent Headlines
Daily Chart Full (6months)
Weekly Chart Full (3 Years)
Short Data (2009-Nov-A)
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