California Coastal Communities (fka CALCQ)

[Enterprising Investor]

Worthless.

worthless (adj): of no use; without value

i) Class 1K – Interests In CALC

Class 1K consists of all Interests in CALC. On the Effective Date, existing Interests in CALC shall be canceled and Holders of Interests in CALC shall not receive any distribution under the Plan. Class 1K is impaired. Because Class 1K is impaired and Holders of Class 1K Claims do not receive consideration under the Plan, the Holders of Claims in Class 1K are deemed to reject the Plan.

[Enterprising Investor]

Cancelled.

Equity is now controlled by certain lenders, who exchanged bank debt for new equity.

[Rainer]

Are commons shares being canceled? TIA.

[megladon98_2000]

Why the 15-12g Filing today as well?

[Renee]

CALCQ : " Plan of Bankruptcy effective . All shares have been cancelled ; Deletion time of security is 7:59:34 "

http://www.otcbb.com/asp/dailylist_detail.asp?d=03/02/2011&mkt_ctg=NON-OTCBB

[Enterprising Investor]

CALCQ Exits Bankruptcy (3/02/11)

IRVINE, Calif., March 2, 2011 /PRNewswire/ -- California Coastal Communities, Inc. (formerly, OTCQB: CALCQ) announced that it has satisfied the various conditions to the Company's plan of reorganization with respect to its Chapter 11 bankruptcy cases and emerged from bankruptcy on March 1, 2011.

Chief Executive Officer Raymond J. Pacini commented, "I want to once again thank our lenders for their support in helping the Company exit bankruptcy and providing additional capital to fund construction. I also want to thank our homebuyers for their patience and our employees for their persistence over the last 16 months, as we navigated our way through this process. With bankruptcy behind us, we look forward to focusing on building and selling homes. Our attractively-priced, ocean-close homes in an exceptional locale provide an incredible opportunity for today's home buyers. In the first eight weeks of 2011, we generated 11 new sales orders for our coastal homes at Brightwater in Huntington Beach."

The Company is a residential land development and homebuilding company operating in Southern California. The Company's principal subsidiaries are Hearthside Homes which is a homebuilding company, and Signal Landmark which owns 110 acres on the Bolsa Chica mesa where sales commenced in August 2007 at the 356-home Brightwater community. Hearthside Homes has delivered over 2,300 homes to families throughout Southern California since its formation in 1994.

SOURCE California Coastal Communities, Inc

http://www.prnewswire.com/news-releases/california-coastal-communities-exits-bankruptcy-117229913.html

[AKAPAK]

Agree. Just passed along an FYI.

[Enterprising Investor]

I never said anyone had to cover.

It would be one reason why shares would trade.

[56Chevy]

It's not uncommon to see worthless shares trade post cancellation. They can do it for months/years.

It shows how uninformed many are in the stock market. They have no idea what it is but they continue to trade it anyway. Shocking but true. I guess it's like asking why do people buy bonified junk at a garage sale??

If these were still the days when you recieved an actual paper stock certificate you'd be buying wall paper! (or maybe toilet paper).

[AKAPAK]

FYI: Shorts DO NOT have to cover on canceled shares.

Got this from Compliance Dept @ a very conserative brokerage (Salomon Smith Barney).

[Enterprising Investor]

Shares can trade for years.

I have owned RFDS for many years, which sold off its inventory and equipment in 2002.

http://sec.gov/Archives/edgar/data/56871/000092623602000034/ex99-1.txt

It traded 1,369 shares at $.002 on 2/14/11.

One reason: covering short sells.

[Value_Investor]

The common shares has already been canceled by the company! Why hold
over 10M shares? Who bought the worthless shares today? Why trading?

[56Chevy]

I'm resigning as Mod for this board.

Thanx to everyone and Good Luck.

56Chevy

[Ryoko]

Yep. The PR confirmed the shares are now 'extinguished'. So the question now is why didn't the share price drop to 0? I've seen this before where a bk company cancels the shares and they still trade for weeks afterward, sometimes even posting impressive gains. Doesn't make sense.

[Enterprising Investor]

worthless (adj): of no use; without value

i) Class 1K – Interests In CALC

Class 1K consists of all Interests in CALC. On the Effective Date, existing Interests in CALC shall be canceled and Holders of Interests in CALC shall not receive any distribution under the Plan. Class 1K is impaired. Because Class 1K is impaired and Holders of Class 1K Claims do not receive consideration under the Plan, the Holders of Claims in Class 1K are deemed to reject the Plan.

[Ryoko]

So are you saying the existing shares are going to be canceled?

[goldcanyon341]

This company is focused on one project, Brightwater. I just do not see any long term vision of where the company is going beyond this project.

http://www.sellinghuntingtonbeach.com/ocean-view-home/

[Enterprising Investor]

Less than 10 percent.

Why?

Going forward, it will be all about one thing - "show me the money".

Things will suddenly be going so much better than expected back during those doom and gloom hearings. I think there is actually evidence today that the company is no longer running on 6 cylinders but all 8.

Chief Executive Officer Raymond J. Pacini stated, "...we recently started construction of eight new homes at our Brightwater community in Huntington Beach. We are well-positioned to provide unique coastal homes at Brightwater and are extremely encouraged by our recent success in selling ten new homes within the first seven weeks of the year. We plan to build on that success by releasing new prices and floor plans for our homes on March 5th that will enable us to better compete in the Huntington Beach market. We are excited about the future. The market is evolving daily and the combination of low mortgage rates and attractively-priced, ocean-close homes in an exceptional locale provides an incredible opportunity for today's home buyers."

Prediction: IPO within 18 months.

[56Chevy]

How long until the CH 33 filing? any bets?

[Enterprising Investor]

CALCQ Obtains Court Confirmation of Plan of Reorganization (2/24/11)

-- Company expects to exit bankruptcy on March 1, 2011

IRVINE, Calif., Feb. 24, 2011 /PRNewswire/ -- California Coastal Communities, Inc. (OTCQB: CALCQ) announced that the United States Bankruptcy Court for the Central District of California has confirmed the Company's plan of reorganization (the "Plan") with respect to its Chapter 11 bankruptcy cases. The Company expects to satisfy the various conditions to the Plan and emerge from bankruptcy on March 1, 2011.

Chief Executive Officer Raymond J. Pacini commented, "We thank our lenders for their support and look forward to exiting bankruptcy within a week. With the working capital provided by our lenders, we recently started construction of eight new homes at our Brightwater community in Huntington Beach. We are well-positioned to provide unique coastal homes at Brightwater and are extremely encouraged by our recent success in selling ten new homes within the first seven weeks of the year. We plan to build on that success by releasing new prices and floor plans for our homes on March 5th that will enable us to better compete in the Huntington Beach market. We are excited about the future. The market is evolving daily and the combination of low mortgage rates and attractively-priced, ocean-close homes in an exceptional locale provides an incredible opportunity for today's home buyers."

The Company is a residential land development and homebuilding company operating in Southern California. The Company's principal subsidiaries are Hearthside Homes which is a homebuilding company, and Signal Landmark which owns 110 acres on the Bolsa Chica mesa where sales commenced in August 2007 at the 356-home Brightwater community. Hearthside Homes has delivered over 2,300 homes to families throughout Southern California since its formation in 1994.

http://www.prnewswire.com/news-releases/california-coastal-communities-obtains-court-confirmation-of-plan-of-reorganization-116880483.html

[Enterprising Investor]

CALCQ declared dead at 7:34 ET (2/24/11)

Equity now officially worthless.

[Enterprising Investor]

Zero.

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=58883471

[stockmania98732]

whats the chances of a buyout or resurgence of business operations in the near future?

[LouMannheim]

Loser for me. I got out at the end of the year. However, I'm sure it was a bigger loser for you - more than just money.

[56Chevy]

Filing Date # Docket Text

02/16/2011 Hearing Held (RE: related document(s) 525 Amended Chapter 11 Plan filed by Debtor California Coastal Communities, Inc.) - Modifications have been made to the plan; Plan Confirmation; Brief is due by both sides by 5:00 p.m. on 2/18/2011 and court will have decision on this by 2/22/2011 - (cr: Dani) (Ngo, Kim) (Entered: 02/16/2011)

[Enterprising Investor]

Confirmation Hearing begins at 10:00 today (2/16/11)

[Enterprising Investor]

My favorite section from the 2007 10-K:

Prior to obtaining the Coastal Development Permit for our Brightwater project in December 2005, we historically maintained a minimal amount of leverage. In September 2006, we obtained $225 million of debt financing as described in Notes 5 and 6 to the Consolidated Financial Statements, which provided $100 million for Brightwater construction and $125 million to fund the $12.50 special dividend paid to our stockholders in September 2006, as described in Note 12 to the Consolidated Financial Statements. As of December 31, 2007, we had $246.6 million of debt against $101.5 million of book equity.

http://sec.gov/Archives/edgar/data/840216/000104746908002659/a2183618z10-k.htm

[goldcanyon341]

Chapter 22

For anyone interested, this is the second trip through bankruptcy for Bolsa Chica. The LA Times has a fairly good series on the sequence of events that have occurred over time.

http://articles.latimes.com/keyword/signal-bolsa-corp

Originally, Signal Cos(Signal Oil) spun off its real estate holdings to form Bolsa Chica. It included real estate in New England, timberland in Wisconsin and Michigan, and Bolsa Chica in California. The LA Times articles depicts the strong opposition from everyone that did not own the property, and ultimately led to the first bankruptcy of Bolsa Chica. CALCQ was formed out of those ruins from the first bankruptcy. It did OK for a for a few years but their cash flow never impressed. The housing crash and tight credit markets brought CALCQ down.

I am a veteran of the first Bolsa Chica bankruptcy and paid my tuition back then. I know how you guys feel.

Goldcanyon341

[Enterprising Investor]

CALCQ is "worthless".

i) Class 1K – Interests In CALC

Class 1K consists of all Interests in CALC. On the Effective Date, existing Interests in CALC shall be canceled and Holders of Interests in CALC shall not receive any distribution under the Plan. Class 1K is impaired. Because Class 1K is impaired and Holders of Class 1K Claims do not receive consideration under the Plan, the Holders of Claims in Class 1K are deemed to reject the Plan.

[GaryS]

are the shares worthless or will they survive the bk exit?

[BurrTim]

Agreed and THX to you both. As the lights go down anything else worth a look? Burr

[56Chevy]

Only a few of us know about your tireless efforts to actively campaign for and devise a win/win plan with an outside proponent/investor that would have benefit all legacy shareholders. It would have enhanced this company's chances for success going forward far better than the plan management came up with.

Time was the enemy to complete the mission but your efforts are sincerely appreciated and admirable none the less. You define what it means to be an activist Investor EI.

Thanx for all you did!
56Chevy

[Enterprising Investor]

Voting Results (2/11/11)

Classes 1A-11A and 1B-11B
Revolver Loan: 100% accept
Term Loan: 85.70% accept (Preferred Bank with $11,976,000 rejects)

Class 6C (HHI Lancaster I, LLC)
Indymac Secured Claim: 100% reject ($374,228.53)

Source: PACER (Docket 563)

Turn out the lights, the party's over!

[56Chevy]

The focus of any objection would need to be delaying the scheduling of the Confirmation Hearing.

[Enterprising Investor]

Those pesky last-minute filings!

Judge Albert will certainly need to allocate more time for the Confirmation Hearing than used for the Disclosure Hearing.

The State Lands Commission/Regional Board filed a protective claim for $2,404,924.00 for the estimated future costs of remediating certain environmental contamination at the Bolsa Chica Lowlands. The State Lands Commission also asserts a claim for response costs previously incurred in the amount of $105,806.51, which the Commission agreed to reimburse Aera Energy LLC. Aera has also filed a claim.

IndyMac Venture is a secured creditor of debtor HHI Lancaster I, L.L.C. ("HHI Lancaster"), owed approximately $374,000 as of the petition date. The Plan lacks clarity as to treatment of IndyMac Venture's claim.

[56Chevy]

Objection filings coming in-

Filing Date # Docket Text

02/07/2011 549 Objection to Confirmation of Plan INDYMAC VENTURE, LLC'S OBJECTIONS TO CONFIRMATION OF DEBTORS' SEVENTH AMENDED JOINT PLAN OF REORGANIZATION; DECLARATION OF MICHAEL A. WALLIN Filed by Creditor Indymac Venture LLC. (Wallin, Michael) (Entered: 02/07/2011)

02/07/2011 548 Objection (related document(s): 525 Amended Chapter 11 Plan filed by Debtor California Coastal Communities, Inc.) Objection to Confirmation and Joinder of Aera Energy, LLC to California Regional Water Quality Control Board and California State Lands Commission Objections to Debtors Seventh Amended Joint Plan of Reorganization; Declaration of Michael S. McDonough in Support Thereof Filed by Creditor Aera Energy, LLC (Attachments: # 1 Exhibit A# 2 Proof of Service) (Holt, Joshua) (Entered: 02/07/2011)

02/07/2011 547 Objection to Confirmation of Plan of Reorganization Filed by Creditor State lands commission (RE: related document(s) 525 Amended Chapter 11 Plan / Debtors' Seventh Amended Joint Plan of Reorganization Dated January 12, 2011 Filed by Debtor California Coastal Communities, Inc.). (Miramontes, Rosana) (Entered: 02/07/2011)

[56Chevy]

LM- According to PACER doc # 538

Please take notice that pursuant to the terms of the Seventh Amended Joint Plan of Reorganization dated Janunary 12, 2011 [doc 525] as may be amended, modified or supllemented from time to time, (the "Plan"), the Plan Supplement as amended, modified or supplemented from time to time, is to be filed with the Bankruptcy Court no later the five (5) days prior to the Voting Deadline, which is February 4, 2011, and at least 10 days prior to the Objection Deadline, which is February 7, 2011.

Confirmation Hearing

Date: February 16, 2011
Time: 11:00 AM
Place: Courtroom "5B"
411 West Fourth Street
Santa Ana, CA 92701-4593

[LouMannheim]

Looking for a couple of dates. When is the deadline to file objections to confirmation? When does the hearing begin?

[Enterprising Investor]

Patient is comatose.

I wish I could have done more, but there was very limited support from other shareholders. No one's fault but my own.

[insomniac]

Is any thing happening here,or is everyone just waiting for the coroner to sign off on the death certificate?

[Da Stock Alpaca]

Hmmh...I wonder what next week is going to bring for this one?

[LouMannheim]

If you could find it, I bet you could do something creative to save shareholders. I'm also sure you are still fighting the fight.

Hate to admit it - sold out before year end.

[Enterprising Investor]

Got $200 million?

That is what it is going to take to create "value" here.

Anything else is just "speculation".

[unevilfavouredness]

Well, that is why I think this market will always prevail. Because somewhere between the "investor" like you with tens or hundreds of thousands of dollars invested in 5,000 or more shares of CALC, and the "trader" like me who bought 5,000 shares worth for $60.00 at less than a penny a share we create value and indentity in this imaginery thing called "stock".

Like the "Buffets" both Wrren Buffet and Jimmy Buffet, are like you and I; a millioniare and a minstral alike can rest assure, that the market will always win. And it's because in this race, the turtle and the hair, you and I, are racing with each other, not against each other. Our forces of "worth" and "value" are an ammalgomation of specie backing the bid and ask. This is our playground and our baseball game; now let's play ball.

[unevilfavouredness]

$0.05 this week?

[56Chevy]

I cannot advise. I'm more of an investor as opposed to a trader...from that point of view proceed at your own risk.

[unevilfavouredness]

So what's the best course of action? Will this do a dead cat bounce? I mean it looks like it dropped and could swing back to a nickel with people trying to sell out and recover something. Quick play, I mean someone bought shares last week at $0.0057 and the bid is twice that now. Perfect for sharks and vulture penny-flipper traders.

[ALERTS100%to10000%GAIN]

CALCQ~~at .013~~up 62%~~~~http://stockcharts.com/h-sc/ui?s=calcq&p=D&yr=0&mn=6&dy=0&id=p46634481126

m1999

[56Chevy]

Several filings were made late last night and they included a 7th Amended Plan from the Debtor(s)... but unfortunately my home computer decided to have power supply issues just as I was trying to open them to see what we had and it was a no go. So here they are today.

Yes there is a new Plan out however this 7th Plan DOES NOT call for any different treatment of common shares. The Plan calls for them to be canceled upon approval and confirmation.

Source: PACER Doc # 525

Filing Date # Docket Text

01/13/2011 528 Supplemental / Summary of Amended Disclosure Statement for Seventh Amended Plan of Reorganization Dated January 12, 2011 Filed by Debtor California Coastal Communities, Inc.. (Mester, Joshua) (Entered: 01/13/2011)

01/13/2011 527 Supplemental / Debtors' Submission of Blacklines Reflecting Changes to Disclosure Statement and Plan Filed by Debtor California Coastal Communities, Inc.. (Attachments: # 1 Exhibit A# 2 Exhibit B# 3 Proof of Service) (Mester, Joshua) (Entered: 01/13/2011)

01/13/2011 526 Amended Disclosure Statement / Amended Disclosure Statement for Seventh Amended Plan of Reorganization Dated January 12, 2011 Filed by Debtor California Coastal Communities, Inc. (RE: related document(s) 222 Disclosure Statement for Joint Plan of Reorganization Filed by Debtor California Coastal Communities, Inc.). (Attachments: # 1 Exhibits A-E# 2 Proof of Service)(Mester, Joshua) (Entered: 01/13/2011)

01/13/2011 525 Amended Chapter 11 Plan / Debtors' Seventh Amended Joint Plan of Reorganization Dated January 12, 2011 Filed by Debtor California Coastal Communities, Inc. (RE: related document(s) 221 Chapter 11 Plan of Reorganization Filed by Debtor California Coastal Communities, Inc., 268 Amended Chapter 11 Plan / Debtors' Amended Joint Plan of Reorganization Dated May 7, 2010 Filed by Debtor California Coastal Communities, Inc., 280 Amended Chapter 11 Plan / Debtors' Second Amended Joint Plan of Reorganization Dated May 19, 2010 Filed by Debtor California Coastal Communities, Inc., 337 Amended Chapter 11 Plan / Debtors' Third Amended Joint Plan of Reorganization Dated June 24, 2010 Filed by Debtor California Coastal Communities, Inc., 347 Amended Chapter 11 Plan / Debtors' Fourth Amended Joint Plan of Reorganization Dated July 2, 2010 Filed by Debtor California Coastal Communities, Inc., 389 Amended Chapter 11 Plan / Debtors' Fifth Amended Joint Plan of Reorganization Dated July 28, 2010 Filed by Debtor California Coastal Communities, Inc., 496 Amended Chapter 11 Plan / Debtors' Sixth Amended Joint Plan of Reorganization Dated December 20, 2010 Filed by Debtor California Coastal Communities, Inc.). (Mester, Joshua) (Entered: 01/13/2011)

01/13/2011 524 Declaration re: non opposition / Declaration Regarding Entry of Order Without Hearing Pursuant to Local Bankruptcy Rule 9013-1(o) on Application for Order to Employ Keightly & Ashner LLP as Special Pension Benefits Counsel for the Debtors and Debtors in Possession Filed by Debtor California Coastal Communities, Inc. (RE: related document(s) 518 Application to Employ Keightly & Ashner LLP as Special Pension Benefits Counsel for the Debtors and Debtors in Possession (This Application is being re-filed to correct the event code only. It does not alter the effective notice date or service of D). (Mester, Joshua) (Entered: 01/13/2011)

01/13/2011 523 Transfer of Claim Transfer Agreement 3001 (e) 1 Transferor: FENCE WORKS INC To DACA 2010L, LP Filed by Creditor DACA 2010L, LP. (Whatnall, Andrew) (Entered: 01/13/2011)

01/13/2011 Hearing Set (RE: related document(s) 512 Application for Compensation filed by Financial Advisor Imperial Capital, LLC) The Hearing date is set for 1/26/2011 at 10:00 AM at Crtrm 5B, 411 W Fourth St., Santa Ana, CA 92701. The case judge is Theodor Albert (Steinberg, Elizabeth) (Entered: 01/13/2011)

01/13/2011 Hearing Set (RE: related document(s) 511 Application for Compensation filed by Other Professional Grant Thornton, LLP) The Hearing date is set for 1/26/2011 at 10:00 AM at Crtrm 5B, 411 W Fourth St., Santa Ana, CA 92701. The case judge is Theodor Albert (Steinberg, Elizabeth) (Entered: 01/13/2011)

01/13/2011 Hearing Set (RE: related document(s) 510 Application for Compensation filed by Special Counsel Corporate Law Solutions, P.C.) The Hearing date is set for 1/26/2011 at 10:00 AM at Crtrm 5B, 411 W Fourth St., Santa Ana, CA 92701. The case judge is Theodor Albert (Steinberg, Elizabeth) (Entered: 01/13/2011)

01/13/2011 Hearing Set (RE: related document(s) 509 Application for Compensation filed by Attorney Hennigan, Bennett & Dorman LLP) The Hearing date is set for 1/26/2011 at 10:00 AM at Crtrm 5B, 411 W Fourth St., Santa Ana, CA 92701. The case judge is Theodor Albert (Steinberg, Elizabeth) (Entered: 01/13/2011)

[unevilfavouredness]

Me too, they have fire pits on the beach, and I grilled out there just a few months ago with my church's small group fellowship. Check out my facebook page, there are pictures of my friends and I playing acoustic guitars in front of a giant cement ring fire pit. That property isn't going anywhere unless there is a Tsunami. Look north towards LA and you will see absolute congestion from homes and infrastructure up the coast. CALC is right at the edge of where the ONLY natural progression and development of the community can go, save off the continental shelf and into the Pacific Ocean or inland. The only way that area can be developed is south. And CALC's land there is the next box in the hop-scotch.