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Bankruptcy filings are triggered when the E&P companies no longer get funding from Wall Street or from their banks to continue with their perennially cash-flow negative operations and service their debts. And this is what is happening now. Wall Street and the banks have started to demand that these companies stick to an entirely new mantra in the fracking business: “live within cash flow.”
The Great American Shale Oil & Gas Bust: Fracking Gushes Bankruptcies, Defaulted Debt, and Worthless Shares
by Wolf Richter • Jan 22, 2020
https://wolfstreet.com/2020/01/22/the-great-american-shale-oil-gas-bust-fracking-gushes-bankruptcies-defaulted-debt-and-worthless-shares/
I think it keeps moving higher into the sale in March... so some time to trade it.
Could be big there $MRRCF
MRRCF .0115 - Just got approval for the sale process, company was at $4 CDN prior to being halted at $0.75. Cannabis Cultivation
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=153281468
BIOAQ case closed.... On the climb to famedom....IMO Look at it
BRCOQ Not seeing anything. zero vol day.
Did seem to have had a pop some days, when had vols. No news other than some Inst Holders mentions 4/21 7/21.
21.2M OS is what I see. No sign of any prior RS. Never know. Maybe a small play if goes back down to 0.0002/0.0003 range.
Some kind of carbon, gas reclamation thing. Check Bloomberg for data.
OK based. or was
BRCOQ? Anybody have anything here?
ESPIQ Volume Picking up! Something_might_be_up_here!
ESP PetroChemicals Completes Successful Restructuring:
https://www.globenewswire.com/news-release/2017/04/04/1188260/0/en/ESP-PetroChemicals-Completes-Successful-Restructuring.html
ok, thanks...
No, I got out on the run to .10... Looks like COMMONS are going to be canceled.
FTDCQ
Filed on or about 06/03/19 stock traded between .04 and .44 since Bankruptcy announced. 28.2 shares outstanding with the float of 15.7 million https://finance.yahoo.com/quote/FTD/key-statistics?p=FTD
$FSNNQ.04 - All time low today- first day trading with the Q - Item 1.03 Bankruptcy or Receivership.
On June 3, 2019, the Company filed voluntary petitions (the “Bankruptcy Petitions,” and the cases commenced thereby, the “Chapter 11 Cases”) under the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York (the “Court”). Consistent with the RSA, the Company intends to file the Plan with the Court within 21 days of commencing the Chapter 11 Cases and will seek to emerge from chapter 11 on an expedited timeframe. The Chapter 11 Cases are being administered under the caption In re Fusion Connect, Inc. (Case No. 19-11811). The Company will continue to operate its businesses as “debtors-in-possession” under the jurisdiction of the Court and in accordance with the applicable provisions of the Bankruptcy Code. The Company intends to continue to operate its businesses in the ordinary course during the pendency of the Chapter 11 Cases. To assure ordinary course operations, the Company is seeking approval from the Court for a variety of “first day” motions seeking various relief, authorizing the Company to maintain their operations in the ordinary course. Court filings and other information related to the Chapter 11 Cases are available at a website administered by the Company’s noticing and claims agent, Prime Clerk LLC, at https://cases.primeclerk.com/Fusion.
In connection with the Chapter 11 Cases, as contemplated by the terms of the RSA and subject to approval of the Court, Fusion has secured the backstop commitments from members of an ad hoc group of first lien lenders to provide a debtor-in-possession financing facility and expects to shortly enter into a Superpriority Secured Debtor-in-Possession Credit and Guaranty Agreement (the “DIP Credit Agreement”), by and among Fusion, as borrower, certain subsidiaries of Fusion, as guarantors, the lenders party thereto and Wilmington Trust, as administrative agent and collateral agent. The DIP Credit Agreement will provide for a superpriority secured debtor-in-possession credit facility in the aggregate principal amount of up to $59,500,000, including $39,500,000 in the aggregate principal amount of new money term loans, subject to the terms and conditions set forth therein.
Nothing going on in that BK
$3-$5 PKDSQ Valuation
First off the investment bank Moelis & Co. has estimated Parker Drilling's current enterprise value at between $365 million and $485 million with a midpoint of approximately $425 million. See page 3 section 8.
https://cases.primeclerk.com/parkerdrilling/Home-DownloadPDF?id1=MTA3MTUxNw==&id2=0
With the current commons receiving 1.65% of the new entity that values these Q shares at:
$425m x 1.65% = $7m / 9.4m OS = $0.75 PPS.
Now Wall St will buy/price on future expectations, get a load of the new company projections below. 4 year sales of $2.5 billion and Net Income of $210 million. Amazing.
If you use a 25 PE ratio for Oil/Gas drilling on 2022E of $65 million and ratio in these Q shares you have:
$65m x 1.65% = $1.1m x 25 PE = $27m / 9.4m OS = $2.70 PPS.
This is just one year. I would no doubt value these Q shares in the $3-$5 easily. This is not the new Parker PPS, just the value of the current Q shares in the end.
Current means anyone who owns the commons. The OS is about 9 million, if you own any of the 9 million you are entitled to the shares.
PKDSQ "current" does that include new buyers? or just old stock holders?
PKDSQ News, Commons survive. $0.23 now, $4 a year ago, $21 2 years ago.$18 book value on the shares.
Parker Drilling Plan of Reorganization Confirmed by Court
Plan Calls For Significant Reduction of Debt, Access to Additional Capital
Company Expects to Emerge from Chapter 11 Later this Month
HOUSTON, March 7, 2019 /PRNewswire/ -- Parker Drilling Company (OTC Pink Marketplace: PKDSQ) ("Parker" or the "Company") today announced that the United States Bankruptcy Court for the Southern District of Texas (the “Court”) has confirmed the Amended Joint Chapter 11 Plan of Reorganization (the “Plan”) of Parker and its debtor affiliates. Parker expects to complete its restructuring and successfully emerge from Chapter 11 protection later this month.
The Plan calls for the issuance of equity and a new $210 million Second-Lien Term Loan due 2024 to holders of Parker’s funded debt and the injection of $95 million of new, fully-committed equity capital through a backstopped rights offering. Current preferred equity holders and common equity holders will also receive equity and warrants for equity in the reorganized company. Holders of claims arising from non-funded debt general unsecured obligations will receive payment in full in cash.
“Confirmation of our Plan is a key step towards putting Parker on the right path for a successful future with a stronger financial position,” said Gary Rich, Chairman, President and Chief Executive Officer. “We appreciate the overwhelming support of the Plan by all voting stakeholder groups, which demonstrates their confidence in Parker’s disciplined strategy to build our enterprise by leveraging our global footprint and diverse suite of products and services.”
“I also want to extend my sincere gratitude to Parker Drilling employees across the world, for their unwavering commitment to serving our customers with operational excellence and integrity during this process. I am excited as I look to the future at what we will be able to achieve as a stronger company,” Rich concluded.
Additional information about the restructuring can be found at https://cases.primeclerk.com/parkerdrilling or toll-free number, +1.855.631.5345, or +1.347.338.6451 internationally.
Kirkland & Ellis LLP is serving as legal advisor to Parker in connection with the restructuring. Moelis & Company is serving as Parker's investment banker, and Alvarez & Marsal is serving as its financial advisor.
$ORNHQ: NEWS.... MTBC Acquiring ORHNQ assets for $10-12Million
Currently at $0.01
https://uk.reuters.com/article/brief-medical-transcription-billing-says/brief-medical-transcription-billing-says-on-may-4-executed-apa-to-buy-assets-of-orion-healthcorp-13-of-its-affiliates-idUKFWN1SE0CQ
*****************************************************************
MTBC (MTBC) to Acquire Assets of Orion Healthcorp
MTBC (NASDAQ: MTBC) (NASDAQ: MTBCP), a leading provider of cloud-based healthcare IT and revenue cycle management solutions, today announced that it has entered into an Asset Purchase Agreement ("APA") to acquire substantially all of the revenue cycle, practice management, and group purchasing organization assets of Orion Healthcorp, Inc. and 13 of its affiliate companies (together "Orion"), as the primary bidder in a Section 363 sale under the U.S. Bankruptcy Code. Upon a successful closing, management expects the transaction would increase MTBC's annualized revenues by at least 50%.
"The Orion acquisition has the potential to be transformative," said Stephen Snyder, MTBC Chief Executive Officer. "Our last major acquisition enabled us to achieve record revenue growth and earnings during 2017 as we helped our acquired customers increase practice collections and leverage our industry leading platform. With Orion, we see an even greater opportunity to add value to Orion's customers, its employees, and our shareholders, as we have done with prior transactions."
"At closing, the Orion transaction would likely expand our service offerings to include long-term practice management services, niche hospital offerings, and a pharmaceutical group purchasing organization that provides discounts to its physician customers," said Snyder. "These new offerings and customer relationships present compelling opportunities for cross-selling our solutions and driving additional growth."
"The opportunity presented by Orion is tailor-made for MTBC," said Bill Korn, MTBC Chief Financial Officer. "Our highly scalable proprietary technology and processes, experienced team, and strong balance sheet have made us the leading consolidator in our space. We are uniquely equipped to succeed with the Orion transaction, having successfully integrated MediGain's business, which faced a similar situation before we purchased their assets 20 months ago. That transaction allowed MTBC to grow revenues by 30% in 2017 and achieve record profitability, and after successful integration of Orion, we expect to be able to grow our annualized revenues by at least another 50%, to achieve a scale which will allow us to further expand our profit margins."
Orion provides revenue cycle management and other services to independent healthcare practices and hospitals throughout the country. Orion maintains offices in 10 states and employs more than 300 team members.
Under the APA, MTBC would acquire most of Orion's assets, including customer contracts, accounts receivable, certain equipment, and goodwill, free and clear of all liabilities except for those that are expressly assumed. The purchase price, which MTBC expects to pay from its available cash balance, is expected to be between $10 and $12 million, but is subject to adjustment or the receipt of higher offers.
Global investment bank, Houlihan Lokey (NYSE: HLI), is advising the sellers in this transaction. The sale process will be administered by the United States Bankruptcy Court for the Eastern District of New York (the "Court") and governed by the United States Bankruptcy Code. Other interested parties will be provided the opportunity to submit bids prior to a deadline set by the Court. If other qualified bids are submitted, an auction process will be conducted, in which case the agreement with MTBC would set the floor value for the auction. Approval of a final sale to either MTBC or a competing bidder is expected to take place shortly after completion of an auction. The transaction is expected to close within 60 to 90 days, subject to customary closing conditions. Additional information regarding this transaction, including a list of the Orion entities from whom MTBC is acquiring assets, can be found in MTBC’s filing on Form 8-K with the Securities and Exchange Commission, dated May 7, 2018
SRSCQ - Sears Canada, dream chart setup. About to bust 50DMA, bollingers about to touch and accumulation through the roof - plus recent runs by Sears Holdings and Sears Hometown.
Someone could tell me if the old Advanta shares cl. b (ADVBQ) and Corus Bankshares (CORSQ) have any hope of returning to value?
DR DO YOU THINK .25 + WILL HAPPEN FOR $INMG IN THE NEAR TERM I aM LONG AND LOVE WHAT TOM IS DOING
THEY HAVE NO DEALS ALL THE FOLLOWERS THEY HAVE ARE BOUGHT OTTV HAS OVER 100k IN FOLLOWERS AND IS SITTING AT .0018 SO WHAT DO YOU HAVE TO SAY FOR THAT ?
When it goes on a run with high volume with respect to a small and tight float, the projection is reasonable. Give it a rest already.
When it’s less the .05 and nowhere near.10 I’ll be right and you wrong
There is no right or wrong to a projection, dumb ass.
Just admit your wrong mark this post .05 won’t happen in November let along .10++++ lol
As I said, you need to learn proper DD. Projecting a price of 0.10 is not unrealistic considering all of the facts provided. That's not pumping. It's projecting a realistic and probable outcome.
Since you're so hell bent on attacking one's credibility, stop following us around and research your own stocks!
You said .10 + in November others had said much more but we have dropped volume has not come im sure there are people that want to sell but can’t do to the little volume I would be careful going forward with you and your pals price targets just don’t want to see people hurt.
If you think after all of this time that I and a few others are pumping this stock, then you haven't learned one thing about proper DD.
LINDA CHECK OUT INMG AND DR IS SAY .20 by November you better hurry I KNOW A LOT OF PEOPLE WHO PUT MONEY IN HERE HOPEFULLY WHERE NOT BEING PUMPED BY DR AND FRIENDS
$ROSG - Breakout with an extremely low float of 3,090K!
$DRYS - Breakout with a short squeeze in progress now!
Thanks - someone already mentioned it
to me in a PM.
I only invest in 1 - 3 stocks at a time and
this one - INMG - is on the decline right now.
Hi Linda. I remember you from NWAV aka PAOG. You might want to check out INMG. This one is a giant in the making.
GLTY!!!
$DGLY - Breakout with a low float of 6940K!
GNLKQ reinstatement Link: http://www.bit.ly/2yPpESa
$SOUPQ: Emergence from Bankruptcy
https://www.prnewswire.com/news-releases/soupman-inc-emerges-from-bankruptcy-300527223.html
$SOUPQ
$LBIX - Breakout buying frenzy taking place now with a low float of 2,800K!
$AEZS - Trending higher with a low float of 16,110K!
$ITUS - Breakout in progress with a low float of 15,320K taking place now!!
Anyone follow the OZON three-day run? This one went into bankruptcy years ago, but remains valid and trades several million in volume every couple of years for a period of one to three days. No explanation or news, it just runs for a few days and then drops off again.
I held shares for what seems like 15 years and finally sold my remaining 700,000 shares in this last run (at 0.0032). It ran to 0.0089 in the last action.
Opti
Low float stocks breakouts now into the close : $NURO $KTOV, $CLSN!!
$ACRX - Breakout in progress awaiting FDA approval !
Biotechs breaking out now : $RNN,$VICL!
$SRAX- Breakout with a low float of 8020K taking place now!
**** BANKRUPTCY PLAYS ****
Q PLAYS ARE ON THE LOOSE!
SENIORITY OF EQUITY IN BANKRUPTCY DISTRIBUTION:
1. TRUST PREFERRED
2. TRADITIONAL PREFERRED
3. COMMON STOCK
TRUST PREFERRED PLAYS:
1. WAHUQ 10M O/S, FACE VALUE $50, FROM .01 TO 8.90
2. LEHKQ 12M O/S, FACE VALUE $25, FROM .0001 TO .13
3. LEHLQ 12M O/S, FACE VALUE $25, FROM .0001 TO .10
4. LHHMQ 16M O/S, FACE VALUE $25, FROM .0001 TO .13
5. LEHNQ 8M O/S, FACE VALUE $25, FROM .0001 TO .16
PREFERRED STOCK PLAYS:
WAMPQ FROM .01 TO 36.50
LEHPQ .005 TO 5.25
BOTH HAVE $1,000 PER SHARE LIQUIDATION VALUE
15 LARGEST CORPORATE BANKRUPTCIES:
1. Lehman Brothers Holdings -- $639B
2. Worldcom Inc -- $103.9B
3. Enron Corp -- $63.4B
4. Conseco Inc -- 61.4B
5. Texaco Inc -- 35.9B
6. Financial Corp of America -- $33.9B
7. Refco Inc -- $33.3B
8. Global Crossing Ltd -- $30.2B
9, Pacific Gas and Electric Co -- $29.8B
10. UAL Corp -- $25.2B
11. Delta Air Lines Inc -- $21.8B
12. Adelphia Communications -- $21.5B
13. Mcorp -- $20.2B
14. Mirant Corporation -- $19.4B
15. Delphi Corporation -- $16.6B
http://www.creditwritedowns.com/2008/09/chart-of-day-largest-bankruptcies-in-us.html
____________________________________________________________________________________________________________________
NOLs - Net Operating Loss http://www.ibfd.org/portal/pdf/Excerpt_MergersandAcquisitions.pdf
4.1.1.3. Preservation of tax losses
All of the tax attributes of the merged corporation, including net operating losses (NOLs),
transfer to the surviving corporation in a tax-free merger (Sec. 381).
Subject to the limitations discussed below, the surviving corporation in a statutory merger or
consolidation of corporations may carry forward the {NOLs} of the absorbed companies to
reduce its taxable income in the 20 subsequent tax years from the tax year in which the loss
was incurred (Sec. 172). NOLs may be carried back 2 years.
Sec. 382, however, limits the use of NOL carry-forward losses, and certain other tax attributes
by the surviving corporation. If the pre-transaction shareholders of the loss corporation do not
own at least 50% of the fully diluted equity (other than non-voting, non-participating preferred
stock) of the surviving entity as applied under the rules of Sec. 382, the use of the NOLs by
the surviving corporation are limited to the fair market value of the merged entity immediately
before the transaction multiplied by the highest long-term tax-exempt bond rate applicable for
any of the 3 months before the transaction.
__________________________________________________________________________________________
CORPORATE BANKRUPTCY http://www.sec.gov/investor/pubs/bankrupt.htm
What happens when a public company files for protection under the federal bankruptcy laws? Who protects the interests of investors? Do the old securities have any value when, and if, the company is reorganized? We hope this information answers these and other frequently asked questions about the lengthy and sometimes uncertain bankruptcy process.
What Happens to the Company?
How Are Assets Divided in Bankruptcy?
Secured Creditors - often a bank, is paid first.
Unsecured Creditors - such as banks, suppliers, and bondholders, have the next claim.
Stockholders - owners of the company, have the last claim on assets and may not receive anything if the Secured and Unsecured Creditors' claims are not fully repaid.
Federal bankruptcy laws govern how companies go out of business or recover from crippling debt. A bankrupt company, the "debtor," might use Chapter 11 of the Bankruptcy Code to "reorganize" its business and try to become profitable again. Management continues to run the day-to-day business operations but all significant business decisions must be approved by a bankruptcy court.
Under Chapter 7, the company stops all operations and goes completely out of business. A trustee is appointed to "liquidate" (sell) the company's assets and the money is used to pay off the debt, which may include debts to creditors and investors.
Why Would a Company Choose Chapter 11?
"Prepackaged Bankruptcy Plans"
Sometimes companies prepare a reorganization plan that is negotiated and voted on by creditors and stockholders before they actually file for bankruptcy. This shortens and simplifies the process, saving the company money. For example, Resorts International and TWA used this method.
If prepackaged plans involve an offer to sell a security, they may have to be registered with the SEC. You will get a prospectus and a ballot, and it's important to vote if you want to have any impact on the process. Under the Bankruptcy Code, two-thirds of the stockholders who vote must accept the plan before it can be implemented, and dissenters will have to go along with the majority.
Most publicly-held companies will file under Chapter 11 rather than Chapter 7 because they can still run their business and control the bankruptcy process. Chapter 11 provides a process for rehabilitating the company's faltering business. Sometimes the company successfully works out a plan to return to profitability; sometimes, in the end, it liquidates. Under a Chapter 11 reorganization, a company usually keeps doing business and its stock and bonds may continue to trade in our securities markets. Since they still trade, the company must continue to file SEC reports with information about significant developments. For example, when a company declares bankruptcy, or has other significant corporate changes, they must report it within 15 days on the SEC's Form 8-K.
NOTE: Investors should be cautious when buying common stock of companies in Chapter 11 bankruptcy. It is extremely risky and is likely to lead to financial loss. Although a company may emerge from bankruptcy as a viable entity, generally, the creditors and the bondholders become the new owners of the shares. In most instances, the company's plan of reorganization will cancel the existing equity shares. This happens in bankruptcy cases because secured and unsecured creditors are paid from the company's assets before common stockholders. And in situations where shareholders do participate in the plan, their shares are usually subject to substantial dilution.
_________________________________________________________________________________________________________________________
DISCLAIMER:
Opinions expressed on this board are just that. Opinions. No moderator on this board is a licenced broker. Trading strategies discussed on this board are often high risk and not suitable for all investors. If you are losing money in the market, you may wish to seek the advice of a licenced securities professional.
NO ONE is responsible for your gains or losses in the market except YOU. If you follow stocks, strategies discussed on this board, you may LOSE ALL YOUR MONEY. Please weigh the strategies discussed here carefully against what you are willing to risk.
Many of the stocks discussed here are high risk and some WILL decline in value. Some are very high risk, and you could potentially lose ALL OF YOUR INVESTMENT.
Please do your own due diligence before buying or selling ANY SECURITY in the open market
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