Bristow Group Inc (VTOL)

[hondaboost]

Yep, very, very nice spike: from $18.91 to $0.09 !!!

[Doubledown75]

Nice spike

[hondaboost]

All current shares are worthless now and will be canceled soon.

[Doubledown75]

Thanks mdim
Enjoy your weekend

[mdimport]

There were reports of the creditor ad hoc committee led by GVIC threatening to sue $BRS for not considering their plan prior to entering Chapter 11.

There's a point (around $0.01) where it becomes more cost-effective for the bondholders to give a percentage of the company to existing shareholders. Basically the time, cost, and damage of litigation are outweighed by the benefits of settling out of court.

So far $BRS management has not put forth an offer, so the movement in share price has no bearing on anything.

[RJ Trotts]

Lower volume today, hoping the selling pressure is minimal going into next week. Today was a nice day of light accumulation and the PPS moved up a bit. Higher lows were made at .07, that is good. Now lets see if some buyers line up next week and move this PPS up for a Dead Cat Bounce. Best to all here.

[Doubledown75]

What have we learned so far?

[RJ Trotts]

Nice to see some 8's printing. Hoping for a strong accumulation of Power Hour, mixed with a possible short covering. So many shares have been sold under a dime. Let's see if we can see a squeeze in the next day or two. So far so good, glad those 5's and 6's are gone for now. Now time to build on the 8's and higher if we can continue to see the volume.

[stealofadeal]

BRSWQ Well if we want to talk about corrupt and worse screwing than this one look back at WOGI? Put this guy together with corrupt and check out Derrick Lefcoe and Matt Dwyer. None worse than those two scumbags. Do your DD on these two if you want corrupt OTC.

[RJ Trotts]

Agree long term there is no future here. Just a hopeful quick day trade for me. If it bounces. Best to all of us. We need the luck

[RJ Trotts]

Thanks. Hoping for one last bounce. Picked up ,08. Had a sell at .10. Never hit. Now will avg down tomorrow and hope for .08-.09. And make a small gain if it turns up. It is a casino for sure. One thing is certain my timeline is one week. Let’s see if it can bounce. Hoping to see that dead cat bounce.

[mdimport]

$BRS / $BRSWQ shareholders are going to be 100% wiped out post-Chapter 11.

There's no catalyst to bring the share price higher or even stabilize it pre-Chapter 11 exit.

My guess is because of the level of greed exhibited by management and the secured creditors that $BRS will collapse like $TOPS.

[420man]

I use to average down years ago, but learned the hard way. Hope you are able to get out clean, and or with some profits!! Retail has to stick together in this casino where we are the MARK. JMO

[RJ Trotts]

Today was ugly for sure. Guess I will avg down further tomorrow. Hoping for a dead cat bounce. Let’s see what happens.

[420man]

This ones going to be a long drawn out BK process. Surprised it held as it did today. JMO

[RJ Trotts]

Added some 08’s. Now hopefully a bounce. Let’s see. Best to all

[RJ Trotts]

Thanks for the info. Have a great day all.

[420man]

This just goes to show how retail are suckers in this game!! https://ih.advfn.com/stock-market/stock-news/79896803/current-report-filing-8-k

[mdimport]

$BRSWQ is a real POS with a corrupt management team and BOD. Worse than most pinksheet companies to be honest.

[Renee]

BRS changed to BRSWQ, bankruptcy. Delisted from the NYSE to the OTC:

https://otce.finra.org/otce/dailyList?viewType=Additions

[420man]

BRS officially delisted to OTC...

https://otce.finra.org/otce/dailyList

[mdimport]

$BRS is currently in the process of being delisted from NASDAQ to OTC Markets.



https://www.nasdaqtrader.com/trader.aspx?id=TradeHalts#



https://www.nasdaqtrader.com/Trader.aspx?id=TradeHaltCodes

$BRS should be changed to $BRSQ and should show up on the FNIRA Daily List:

https://otce.finra.org/otce/dailyList

[mdimport]

$BRS owns two airlines both of which are losing money: Airnorth (in Australia) and Eastern (in the UK). As far as I know neither have been sold yet. GVIC proposed the disposal of both entities, and the fleet of sixteen H225 helicopters and that may happen in Chapter 11.

[Doubledown75]

Did Bristow just sell it’s airline company?

[SANDRA11]

What is the new symbol?

[mdimport]

$BRS news is out, so the SEC should restore trading status.

When everyone hits the exits, $BRS will be probably see the next low somewhere between $0.14 - 0.07. The real issue is why buy even then? A trader needs someone to sell to, so what's the buying story?

[Doubledown75]

So is this halted this morning or still trading?
Nice call by the way:)

[SANDRA11]

Still has to be approved by the Judge, And bond holders will put up a fight. Should open at a nickel tomorrow.

[mdimport]

It's basically a pre-pack Chapter 11. $BRS received an additional $75M from their lenders + $75M DIP financing.

Everything is more or less agreed already with the creditors to wipe out unsecured bonds and Common shareholders.

[SANDRA11]

They Filed BK!!
Now let the court appointed trustee pick the Corns out of this Sh!t show.
GLTA

[SANDRA11]

They will miss their bond payment next week.
The following week should bring BK News.
The previous CEO was cooking the books
And should go to jail.
The story is not over, I expect single digit and
BRSQ coming by end of the month.
Stay away, If you like money.

[mdimport]

$BRS closed at $0.2861. I am surprised the stock is trading with a $0.2x handle when it should have a $0.1x handle at this stage.

When Chapter 11 hits $BRS Common will be wiped out / $0.00.

[mdimport]

Ariel Investments, LLC. just dumped all their $BRS holdings.

https://www.sec.gov/Archives/edgar/data/73887/000093675319000094/brs.txt

Ariel had 5,227,214 $BRS Common on 02/28/2019

https://www.sec.gov/Archives/edgar/data/73887/000093675319000087/brs.txt

[Doubledown75]

Unless you have touched it earlier and are trying to average down;)
Goodluck

[mdimport]

I suspect $BRS ends the trading day around $0.25. There's no reason to touch this before Chapter 11 is confirmed.

[RJ Trotts]

Sold at .30, this one remains bearish. Good luck to all here.

[RJ Trotts]

So far you are looking correct. I added more here in premarket at .30. Hoping some bargain hunters are shopping today. Could be a pipe dream. Your .20’s could happen. Only .27 on the bid here in early trading. Best to all of us here. We are here for one reason. Profit. Still hopeful. But have a sell order in at .25 in case it drops to quick for me. This is gambling money for sure.

[RJ Trotts]

I agree on the payment if it is made or not. Agree that would give a bounce if payment is made. We shall see .32 held nice on Thursday. Traders are funny on Friday trading days. Some dump and some load for the following week. I am hoping for .35 and a 10 percent gain. It is all a gamble at this moment.

[mdimport]

I'm expecting $0.2x handle tomorrow and lower next week as Chapter 11 draws nearer.

The only bounce is if the 2022 interest is paid, which would signal an intent to postpone Chapter 11 and seek alternate strategies.

Good luck.

[RJ Trotts]

Dead cat bounce. That is all I am wanting. Time will tell.

[mdimport]

$BRS will most likely declare Chapter 11 by 05/15/2019. Why would the share price bounce right before bankruptcy is announced?

[RJ Trotts]

Hoping for a small bounce here. Best to all. Hoping to see it bounce off of .32.

[mdimport]

I agree on $BRS knowing about problems and using the Columbia Helicopters takeover attempt as a way to mask those problems.

Miller will take $BRS into Chapter 11. That's why he was promoted to CEO. Nothing so far has changed my opinion on that.

$BRS cannot even touch $0.50 any more, and the trend is down.

[Doubledown75]

I’m still reading it, but it looks pretty fishy with Miller. That Columbia deal looks like a cover to me. I think they knew about troubles in 2018.

[mdimport]

Yes. Its terrible for $BRS shareholders. I expect Chapter 11 sometime next week.

"... Upon the filing of the Amended 10-K with such going concern qualification or explanation, an event of default would exist under those secured equipment financings, giving those secured equipment lenders the right to accelerate repayment of the applicable debt and triggering cross-default provisions in substantially all of our other debt instruments. As a result of the facts and circumstances discussed above, the Company has concluded that substantially all debt balances should be reclassified from long-term to short-term in the Amended 10-K and the Amended 10-Qs. ..."

"... The Company is working towards filing the Amended Form 10-K, Amended Form 10-Qs and its Quarterly Report on Form 10-Q for the quarter ended December 31, 2018, as soon as possible. The material weakness matter described above and as disclosed in the Company’s Current Report on Form 8-K filed with the SEC on February 11, 2019, has required significant time and effort from management to demonstrate our compliance with non-financial covenants in certain of our debt and lease agreements at March 31, 2018 and subsequent interim periods. In addition to KPMG’s procedures performed arising out of management’s assessment of such compliance, in connection with the anticipated issuance of a revised Report of Independent Registered Public Accounting Firm Regarding Internal Control Over Financial Reporting, KPMG is undertaking certain other procedures it deems necessary in order to issue such a revised report, including a reconsideration of previously concluded upon audit and review matters. Management has devoted significant time and effort since February 2019 to provide additional supporting documentation to KPMG to facilitate the completion of those additional procedures by KPMG, which management does not believe will result in a material change in conclusions from those previously reached. For further discussion, see the Company’s Current Report on Form 8-K filed with the SEC on April 15, 2019. ..."

https://www.sec.gov/Archives/edgar/data/73887/000119312519139790/d739566d8k.htm

This rests on Don Miller, who was CFO before becoming CEO.

[Doubledown75]

You see that 8k?

[mdimport]

Until Miller resigns as CEO, $BRS should continue to trend lower.

$BRS a couple of weeks ago was trading $0.50 and now barely trading $0.40. Tells you that the market feels $BRS management will default and wipe out shareholders.

My broker won't let me short $BRS, otherwise I would have done so.

Management is totally inept.

PS: I read the presentation and all the open letters on the GVIC website.

[Doubledown75]

https://www.prnewswire.com/news-releases/global-value-investment-corp-issues-open-letter-to-bristow-board-requests-meeting-to-present-operational-turnaround-plan-300845604.html

[mdimport]

$BRS management and the BOD were focused on preserving themselves. That was conditioned into them by Jonathan Bailiff (former CEO), and resulted in the appointment of Don Miller (CFO to CEO). This linear thinking led to the idea of walking $BRS into Chapter 11 under Mr. Miller, aka Mr. Enron. Also rewarding Mr. Bailiff with a fat golden parachute when he totally failed as a CEO.

I don't believe $BRS thought through anything, other than wait and see while the cash position of the company became impaired.

What Mr. Miller and the $BRS forgot is that $BRS shareholders own the company. The BOD only operates with the blessing of Common Shareholders. This is basic corporate governance, and applies to any company (OTC though NYSE). Management runs the company at the direction of the BOD, who themselves are empowered by the shareholders at AGM's or EGM's.

In the next AGM, the BOD will be entirely replaced. Which shareholder would vote for a BOD that wants to bankrupt the shareholder?

$BRS assets outweigh liabilities. There are net assets that belong to shareholders.

The best thing shareholders can do now is write to GVIC and express support for the proposed change in BOD, and offer constructive ideas so the new BOD (the GVIC slate) understand what shareholders would like.

Also write to the current $BRS Chairman, Tom Knudson, and express disgust at the way the company is being run, ask for the resignation of Don Miller, and ask the BOD to initiate claw back procedures against Miller and Bailiff.

[Doubledown75]

I like it.
Always appreciate your incite:)

Bristow has already thought out all kinds of scenerios. Are the BOD/big dogs using Miller as a diversion so to say, with his past experience with Enron?
I’m wondering if dropping the pps this low is part of the companies plan. $200m cash and billions of $$$ in assets, of course quite a large liability, but I think assets out weigh debt. GVIC could be in on it. You never know.
Thanks