Bankruptcy Q Players (BQP)

[Value_Investor]

NRGXQ is up 43% so far! $50K joke low MV for a unique bio-tech with
the patent NLX-P101 to treat Parkinson and Huntington etc. diseases!

[the cork]

If a guy can time it right, that's where some of the best action is percentage wise. Gotta have guts LoL!

[qstock]

No, there common shares get wiped out. but I'm guessing there will be a nice amount of action due to all the shorts and misinformation out there

[the cork]

I don't know qstock, I always liked those guys but haven't kept up to date with EKDKQ for several months now. Their medical imaging component might be viable but is also the best candidate to sell or be spun off. Do the commons survive in any form? Hard to say if the remaining crumbs are enough to provide much of a bounce but Eastman was a huge company, and there could still be something there to provide that multi bag potential.

[qstock]

The cork, do you see a nice fat cat bounce coming from EKDKQ (kodak). I keep thinking it will go very low then go rogue and end up being a ten bagger.

[the cork]

Welcome qstock!

[qstock]

Hi folks, my first time posting on this board and I will be here quite often. OSH is one stock heading to the Q's and what makes it appealing is the high level of short interest and a float of 4 million or less. The fat cat bounce should be epic

[the cork]

Thanks finbar dammit! I thought that Panayotides guy was going to get a majority stake, senior lenders a minority stake, with a sliver of equity left for the same commons they were bragging about (having been listed) since 1998. Too good to be true.

[BurrTim]

This filing indicates commons to be wiped out. 7th paragraph under "Introduction and Disclaimer". Oh well!?

[finbar99]

I looked at them today....they haven't filed yet...not sure how they had a q already a few days ago....it's going to be a pre-pak with equity getting nothing, at least as it currently appears to be heading.

[the cork]

(.0575) Excell Maritime Carriers - EXMCF - looks like it's coming out of bankruptcy with commons intact. I like the looks of these guys.

Excel Maritime Carriers is an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, such as iron ore, coal and grains, as well as bauxite, fertilizers and steel products. Excel currently owns and operates a fleet of 38 vessels (six Capesize, 14 Kamsarmax, 14 Panamax, two Supramax and two Handymax vessels), one of which, a Capesize vessel, is owned by a joint venture in which Excel holds a 71.4% interest, with a total carrying capacity of approximately 3.6 million DWT.

Excel's Class A common shares have been listed since September 15, 2005 on the New York Stock Exchange (NYSE) under the symbol EXM and, prior to that date, were listed on the American Stock Exchange (AMEX) since 1998.

Website: http://www.excelmaritime.com/

Pinksheets: http://www.otcmarkets.com/stock/EXMCF/quote

IHUB: http://investorshub.advfn.com/Excel-Maritime-Carriers-Ltd-EXMCF-10908/

6-11-13 Excel Maritime Reaches Agreements To Strengthen Its Financial Foundation http://www.otcmarkets.com/stock/EXMCF/news

[ChuckD-MSB]

Thanks, we are getting calls from lawyers all over the country asking how we managed to pull it off, may have a future in consulting. LOL

[AOuvier]

FSNMQ 0.008X0.013, Yesterday close 0.014.

[Da Jazz]

Don't buy now, but keep ORMTQ on watch. Right now not much activity and it is like watching paint dry on the wall. But a few things, if every thing goes right they may get out of the bankruptcy, if they can get the electricity rate to be lower. They already had some debt release and now they have more assets than debt. However, there are two court dates you have to wait and see what happens and I believe the last one is July 27th. Just keep it on watch for now.

[the cork]

CPRKQ Thanks for the heads up Chuck-MSB. Nice work over there too.

Without your time and dedication, the shareholders would have just been screwed again, like in 99% of the bankruptcy cases. Now they got a stake.
That is a major accomplishment!

[ChuckD-MSB]

Copper King (CPRKQ) is emerging from chapter 11 possibly as early as tomorrow with existing shareholders surviving. (quite the rare feat) Once we get the order from the Judge, it goes to the Transfer Agent who will apply with FINRA for a new CUSIP number, I am told this could take up to 30 days.

[Wild Wild West]

PPMIQ .09 on watch for next week.

[the cork]

Hey Carnac, it has been a while! Good to see you!

You caught me over a barrel. As you know, going back to 2008, I have no confidence in Financial Q's of any kind, so I generally don't spend a lot of time with them.

I have a tournament this weekend and don't have any time to dig into it.

You are an experienced Q player, You know what to do!

[TheFinalCD]

Brother, its been a while...


please take a good look at PPMIQ and give me the lowdown

filings: http://www.otcmarkets.com/stock/PPMIQ/filings


Thanks in Advance

appreciate your time


Steve

[the cork]

You bet daleb2130! I have often wondered about the fairly substantial bounces in the final days of public trading.

I have always had nagging suspicions that some of that bouncy-ness is no more than a way for principals (from the Q) to game the system one last time and realize some value for their soon to be worthless stock holdings in the Q.

It would likely require collusion from one or more market makers, and if so, anything is possible. I put nothing past those miserable SOB's LoL!

SOMEBODY always gets those great % bounces, but it's rarely the retail guys like us. Those are the ones we play for though. Only takes one. Good luck with it!

[daleb2130]

Thanks again Cork.

[the cork]

I don't know daleb2130. My guess is message board hype. Take a look at the 12 month chart. http://www.otcmarkets.com/stock/FPFCQ/chart

The Ohio and Michigan branches are currently accepting applications for various positions (Maryland and Indiana are not), so at least they are hiring. That's a good sign.

As you can see below, they were acquired by Talmer Bancorp at the first of the year. https://www.talmerbank.com/about

01/02/2013 - We are excited to announce that the acquisition of First Place Bank by Talmer Bancorp, Inc. has been completed
https://www.firstplacebank.com//News.php?id=45

After looking at both company websites, I saw no reference to Investor Relations and no reference to ticker symbols.

The quick and dirty overview suggests they both are now private.

Could probably be a decent "lottery play" but not one I'd feel comfortable with. Then again, I have steadfastly avoided any financial Q's so that should come as no surprise LoL!

Good luck with it but be careful!

[ChuckD-MSB]

FYI guys, we are getting closer to exiting chapter 11 with CPRKQ

http://secure.campaigner.com/Campaigner/Public/t.show?5i3w0--2sdmf-m1zyr22&_v=2

[daleb2130]

Cork.

Do you have any idea what's going on with FPFCQ. I thought they were toast. But the volume the last 3 days has been rising.

Thanks

Dale

[the cork]

Keep an eye on JC Penny.

Is the End Near for JCPenney? http://finance.yahoo.com/blogs/breakout/end-near-jcpenney-144258981.html

Website: http://www.jcpenney.com/dotcom/index.jsp

Pinksheets: http://www.otcmarkets.com/stock/jcp/quote

IHUB: http://investorshub.advfn.com/J-C-Penney-Corporation-Inc-JCP-6271/

[daleb2130]

BANKRUPTCY COURT DISMISSES INVOLUNTARY PETITION AGAINST LUXEYARD, INC

Los Angeles, CA – April 15, 2012 – LuxeYard, Inc. (LUXR) announces that the United States Bankruptcy Court for the Central District of
California summarily dismissed the involuntary bankruptcy petition filed against it.
Responding to Bankruptcy Judge Barry Russell’s inquiry, LuxeYard, Inc.’s attorney, Steven Fox, Esq., advised that LuxeYard, Inc. will be
seeking actual, compensatory, and punitive damages against the parties that filed and joined in the involuntary petition, pursuant to Bankruptcy
Code Section 303(i) and all other applicable law.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
Dated: April 15, 2013 LUXEYARD, INC.

http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=9225286

[the cork]

WSJ: 2005 BK Code watchdogs article
By Jacqueline Palank
(special thanks to sludgehound)

Interesting piece since lot of small companies file thru owners personal holdings.

(This story has been posted on The Wall Street Journal Online's Bankruptcy Beat blog at http://blogs.wsj.com/bankruptcy.)

When Congress overhauled the Bankruptcy Code in 2005, it directed bankruptcy watchdogs to ferret out fraud by auditing consumer debtors---audits those watchdogs can no longer afford.

The U.S. Trustee Program---the arm of the Justice Department that monitors corporate and consumer bankruptcy filings---last month said it has "indefinitely suspended" the auditing process "due to budgetary constraints." A USTP spokeswoman declined to elaborate, but this isn't the first time that a tight budget has interfered with or halted the audits.

The Bankruptcy Code amendments of 2005 authorized U.S. trustees to randomly designate for audit one out of every 250 consumer bankruptcy cases per federal judicial district. The Code also authorized audits of any cases in which debtors posted statistically unusual income or expenditures. Trustees select the cases but don't perform the audits; instead, that job falls to independent accountants.

The 2007 fiscal year saw random audits of "at least one out of every 250 consumer cases" per judicial district, according to a USTP report. But the following three fiscal years saw that rate reduced to one out every 1,000 consumer cases per district due to "budgetary constraints." The auditing rate was reduced even further in the 2011 fiscal year to one of every 1,700 cases, but the audits were suspended for the last few months of that year and through the first three months of the 2012 fiscal year. While USTP resumed random audits between January and October 2012 , it did so for one out of every 1,450 consumer case per district.

The audits---which review a variety of financial documents like bank statements, paychecks, tax returns, divorce settlements and child support obligations---were among the new Bankruptcy Code provisions that the consumer credit industry lobbied for in a bid to address what its members saw as rampant fraud in the bankruptcy system.

Trade groups such as the Financial Services Roundtable, a group of executives of consumer-focused financial companies, have previously urged Congress to boost USTP's funding to ensure the audits continue. Reached Friday, FSR's Scott Talbot expressed concern about the current suspension.

"The audits are designed to catch and prevent abuse. The absence of the audits could lead to more instances of abuse of the Bankruptcy Code," Mr. Talbot, FSR's senior vice president for public policy, told Bankruptcy Beat Friday.

The audit suspension could also hurt consumers, one consumer credit trade group warned.

"Funding for bankruptcy fraud prevention is critical because it keeps the cost of credit affordable for everyone," American Financial Services Association spokeswoman Karen Klugh said in an email.

Representatives of the American Bankers Association and the Independent Community Bankers of America , two other trade groups that have supported debtor audits in the past, declined to comment.

Consumer bankruptcy attorneys aren't shedding any tears, however. Henry Sommer , an attorney who represents consumer debtors on a pro bono basis and the past president of the National Association of Consumer Bankruptcy Attorneys , said the audits take several months and add expense to a process that's already hard for many individuals to afford.

"It's a real hardship," he said.

Critics of the audits also say that while many audits turn up "material misstatements," it's not clear what that phrase means nor what the consequences are.

"We have tried to get the [U.S. trustee] to tell us what a material misstatement means," Mr. Sommer said. "They find a material misstatement in a significant percentage of the cases, but after they find that, they don't do anything to the debtor in virtually all of those cases."

The USTP doesn't publicly disclose what specifically constitutes a material misstatement but says the term generally refers to an understatement or omission of a debtor's assets, income or pre-bankruptcy property transfer.

When a material misstatement is identified, as in 25% of the 1,351 cases with audit reports filed in the last fiscal year, the bankruptcy court and creditors are notified. The specific U.S. trustee monitoring the case can take such steps as reporting the issue to prosecutors or asking the judge to deny or revoke a release of the person's debts. But the USTP acknowledges it often doesn't.

"In many instances, the United States Trustee may take no action on a material misstatement identified in a report of audit based on a number of factors, including whether the debtor corrected the error (e.g., filed amended schedules) or whether the material misstatement was intentional," according to a February public report on debtor audits.

Write to Jacqueline Palank at [e-mail].
-For continuously updated news from The Wall Street Journal , see WSJ.com at http://wsj.com.

(END) Dow Jones Newswires
04-01-13 1536ET
Copyright (c) 2013 Dow Jones & Company, Inc.

[Juschilln]

Hey Cork, you may not have took a look but if you have, we would love to get your thoughts on UWBKQ.

Thanks!!

[Juschilln]

UWBKQ next to blow. If you're a Q-player, this looks pretty good.

See you over there!

[the cork]

Otelco Files for Chapter 11 Bankruptcy With Restructuring

Otelco - Otelco Income Deposit Securities 1 Share of Class A Common Stock And 7.5% Senior Subordinated Notes Due 2019 (MM)
Today : Monday 25 March 2013
By Melodie Warner and Katy Stech

Telecommunications provider Otelco Inc. (OTT), which installs Internet and phone services in rural homes throughout Missouri, Alabama and New England, filed for bankruptcy protection Sunday to transfer ownership to some lenders--a move that would reduce its debtload by roughly $135 million.

Otelco and several affiliates filed for Chapter 11 protection in Delaware with plans to keep operating while a group of unidentified senior lenders take over the 270-worker company, which has its corporate office in 15,000-resident Oneonta, Ala., about 40 miles northeast of Birmingham.

In court papers filed in U.S. Bankruptcy Court in Wilmington, Del., Chief Executive Michael Weaver said the company sells cable, satellite television and both high-speed and dial-up Internet access throughout rural areas but has lost business to major wireless carriers who've expanded into those regions. It named AT&T Inc. (T), Verizon Communications Inc. (VZ) and FairPoint Communications Inc. (FRP) as major competitors.

Mr. Weaver said that Otelco tried to compete against wireless competitors by offering bundled packages, but Time Warner Cable Inc. (TWC) decided to stop using Otelco's services as of Dec. 31. That contract loss and "recent rulings by the FCC" are expected to hurt its revenue, Mr. Weaver said in court papers without being more specific.

The company's restructuring plans would transfer its ownership to a group of senior lenders that are owed $162 million. Mr. Weaver didn't identify the senior lenders but said that the group was arranged by General Electric Capital Corp. and CoBank ACB. Those lenders were due to be repaid on Oct. 31.

Mr. Weaver said that the company also owes $107.7 million to a group of subordinated noteholders. The company said last month its income deposit security units--which consist of common stock and senior subordinated notes--would be canceled and the existing senior subordinated debt will be converted into equity.

The IDSes, which trade on Nasdaq, closed Friday at $1.62 and rose to about $1.70 mid-morning Monday. They have dropped 88% over the past 12 months.

The company said that the restructuring plan already got the support it needs from certain creditors, who had until March 15 to vote on the plan, according to court papers. All of its senior lenders and holders of more than 96% of its senior subordinated notes outstanding voted in favor of the plan, the company said.

Otelco formed in 1998 to buy smaller telecommunications companies that provided service in rural areas, according to court papers. The company has its own telecommunications infrastructure that major carriers and customers pay to use.

The company expects to complete its financial restructuring at the end of the second quarter, according to a press release. The restructuring plan will need approval from Judge Mary F. Walrath, who has been assigned to the case.

(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection. Go to http://dbr.dowjones.com)

Write to Melodie Warner at [e-mail]. Write to Katy Stech at [e-mail].

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

http://ih.advfn.com/p.php?pid=nmona&article=56895336

[jhnvtjll]

PPMIQ chart

[AOuvier]

FSNMQ 0.002 +100%,

[finbar99]

I like GBGLF more. School Specialty is interesting - but I think moreso via the convertible debt. The ops are valuable, and Bayside clearly wants it for themselves on the cheap. The unsecureds will fight this, and I think they have a great case, most especially as they seem like they might bring the $$$ to the table to take out Bayside. But I think those unsecureds are then going to take it for themselves, and leave equity out. I found this language in docket item #177 not completely reassuring:

14. Prior to the Petition Date, the Debtors engaged an “ad hoc” committee of
Unsecured Noteholders (the “Pre-Petition Ad Hoc Committee”) in work-out and bankruptcyplanning
discussions. As part of those discussions, the Debtors provided the Pre-Petition Ad
Hoc Committee certain analyses, reflecting restructuring scenarios and outcomes anticipated by
the Debtors.3 None of those scenarios reflect zero distribution for unsecured creditors.4 To the
contrary, every one of the Debtors’ scenarios contemplated all of the reorganized company’s
equity being delivered to unsecured creditors.5
15. The Debtors’ proffered “illustrative” valuations ranged from approximately $198
million to $265 million, assuming blended multiples ranging from 4.5x to 6.0x and (what now is
an outdated, low) EBITDA of $43.9 million.6 Based on FY2013 projected EBITDA of $47
million, the Debtors’ “illustrative” model suggests a valuation range of $210 million to $280
million. With only approximately $140 million in alleged pre-petition secured debt7 and
anticipated post-petition borrowings of around $50 million, the Debtors “illustrative” valuation
range implies unsecured creditor recoveries perhaps near $100 million. The Committee may
come to conclude that even this estimate is greatly understated, once it has had an opportunity to
diligence data and model further.
3

[learningthetruth]

Hey Finbar-

Any new thoughts on SCHSQ...or do you like or GBGLF better? I like both but curious as to your thoughts. Thanks and much appreciated.

[Kharybdis]

Really nice volume and price action on Oilsands Quest (OBQI). The market is finally waking up and realizing the value there. Apparently the Monitors office is telling people the distribution will be around $0.02 per share and they have historically been fairly cautious and conservative in their estimates. In prior weeks and months they were saying $0.01 so apparently there have been some favorable settlements with creditors.

[SissyCool]

nevermind i called

[SissyCool]

do u know what is going to happen to the comon shares of pinnacle

[Penny Machine]

*FTUSQ * 0040 * 12M Float * 18M Outstanding

Open Job posting on Monster.com for FTUSQ! Click on link to FTUSQ's website then click on "Click Here for current job postings" in a circle at the bottom right of the screen!
http://www.factory2-u.com/career_opportunities.html

[Deewar25]

SCHSQ first day on pinks today and maybe the best Q play since CEMJQ...profitable, 100m in equity, being bullied into BK and bondholders pissed and going to battle. Certainly has 5 bag potential if not more.

[jhnvtjll]

PPMIQ quadrupled since my alert last Friday.

[jhnvtjll]

PPMIQ chart on alert

[Kharybdis]

Thanks for mentioning these. I think GBGLF and SCHS both look really interesting. I haven't done a lot of investing in Canadian bankruptcies like GBGLF but I have gotten much more comfortable in the last year because AGUNF and OBQI have both been incredible and OBQI definitely has more room to run given the Monitor's estimates of the claims numbers compared to the amount of cash remaining for distribution. That is one you might want to look at.

[swampboots]

I understand...........probably some technical screens to trackdays after certain events ( like delisting notice, auction action etc), and triggers for self fulfilling momoplayers but not really willing to pour over the 200 hours like you.

[finbar99]

I've mostly only traded bk stocks for the last 10 years. 7, 8, 9, 10 years ago, it seems like it was infinitely more possible to do solid dd and sniff out winners. 1, 2, 3 years ago - my non-empircal observation is that you may as well toss darts - I'm not doing that, but I probably should be. Look at K-V Pharma hitting .20 cents today, or ONAVQ over a dime. SATCQ is another great example - I know some very smart people who looked at that and could not see the value - but it ran to what .50ish before coming right back? What method would give you a better chance of hitting that upside run - throwing a dart or spending 200 hours pouring through their docket? 200 hours should have suggested it's worth no more than it trades for now - but it was more than a 4 bagger from when I first looked at it - measured to it's top. I said I bought a placeholder - that just keeps me from forgetting about it. If it goes 4x higher from here - my position won't even matter - except to upset me.

[swampboots]

So you are waiting for it to be tickled before it goes deep under fa good? SATCQ enjoyed a nice 4 bagger before it could not hold its breath, hoping for some savior to support mind tracking share price higher, but do not want to trip on my own glib.

[finbar99]

I took a placeholder in that the other day at .12ish. That's one of those big companies you never heard of - annual revenues in the 700 to 800 mm range....gross profit consistently over 200 million...and up until '10, making nice money. But, yet again, a usurious lender comes in and loans 70 million with almost inevitabl default provisions that trigger a 25 million dollar default premium, so that 95 million can then be credit bid under a DIP loan that requires what looks to be a punitively short marketing runway. Again, I took a placeholder around .12 but I think this one requires either 1) an activist fund on the side of equity who can jump in quickly and lengthen the runway or 2) a strategic buyer who has been watching this and is ready to show up at auction....because the top of their income statement is pretty damn good looking even in the tough environment they've seen the last two years - which isn't likely to improve - but with 250 mm in SG&A, there is room to turn the company around.

[swampboots]

SCHS had the bump and spike to .18 yesterday now down to .10 (after hours)on delisting notice.tock has more assets than liabilities fa now.wonder where next price action takes place?

[finbar99]

It's the same restructuring guys that came in on Chemtura. I didn't follow that case, but do remember equity doing well - though I've heard that had a whole lot to do with the EC keeping the CROs feet to the fire. If this was a restructuring, they would make me more nervous - but since it's headed toward dual auctions, there is a lot less room for flim flam with exit enterprise values, ie getting Kmarted (not saying that did or didn't happen with Chemtura, I did not follow it).

[alfaspider]

yes have seen all that- Hol property was devalued recently. but has read like a cash flow issue- if you believe. CEO and crew now gone, guess its up to receiver? Do you know their track record?

[finbar99]

Have you gone through the ccaa monitor reports for GBG yet? The affidavits are pretty useful, as are the monitor reports. Another quote from the first day affidavit of Von Luuren (sp?) 'the board concluded the value of the Burnstone Mine should be well in excess of the obligations owed to the lenders relative to the Burnstone in any reasonable realization process of customary length' - at that point they had a data point from the unsolicited merger offer in May, no doubt some more data points from the strategic review process and I'd say that in general the market is slightly better now than it was in mid'12....without looking I think May was the low for the last few years.