Celadon Group Inc. (CGIP)

[bruce lee53]

Hopefully you’re right. I’ve been lucky and unlucky in Q plays before. Pure lottery for me at this point.

[RJ Trotts]

I added some 21, so lets hope we see a nice turn around. I doubled position there, from my 24 additions yesterday. I think once this one has volume, it will turn quickly. Only missing volume. Yesterday was the sell off. Today is the bargain shoppers. The momo traders should be around tomorrow and Thursday! That is what I am hoping for. We shall see. Best to all of us.

[bruce lee53]

It’s quiet everywhere on this including volume. I expected a lot more volume than it has.

[RJ Trotts]

Quiet around here, I really thought this would be at .03 or better by now. Ole well, I will keep holding.

[bruce lee53]

CEO acquired over 500k shares @ 1.5 in August. Sucks to be him.

[RJ Trotts]

Nice bid support, hope they move it up over the trading day.

[Spikedog]

Over 2mil on bid .02.

[Spikedog]

someone is trying to bring the price down. Could be a buyout. Just saying IMO

[halbroke1]

CGIPQ $$$ HUGE BOUNCE COMING !!!! SO UNDERVALUED.

[WHITTENHALLJR]

Are we trading today? What’s the deal when the Q comes on?

[Spikedog]

.

[Renee]

CGIPQ: SEC Charges Trucking Executives with Accounting Fraud

https://www.sec.gov/litigation/litreleases/2019/lr24683.htm

SEC complaint:

https://www.sec.gov/litigation/complaints/2019/comp24683.pdf

The Securities and Exchange Commission charged two former top executives of Indiana-based trucking company Celadon Group, Inc. for their participation in an accounting fraud that inflated the company's income and earnings per share. Celadon previously agreed to settle accounting fraud charges brought by the SEC in April.

The SEC's complaint against former Celadon president and chief operating officer William Eric Meek and former chief financial officer Bobby Peavler alleges that they sought to conceal losses by engaging in a scheme to buy and sell trucks at inflated prices, in some cases double or triple their fair market value. The complaint alleges that as a result of the transactions with third-party dealers, Celadon materially overstated its pre-tax income, net income, and earnings per share in its annual report for the period ending June 30, 2016, and in its subsequent public filings through the period ending December 31, 2016. The complaint also alleges that Meek and Peavler lied to Celadon's auditor by claiming that the pricing in the transactions was "determined and evaluated independently," and by concealing their roles in negotiating and approving the transactions. Meek resigned from Celadon in 2017 and Peavler resigned in 2018.

The SEC's complaint, filed in federal court in Indianapolis, charges the defendants with violating various antifraud provisions of the federal securities laws, lying to auditors, and aiding and abetting Celadon's books and records and reporting violations. The SEC seeks permanent injunctions, monetary penalties, and officer-and-director bars against both Meek and Peavler.

The U.S. Attorney's Office for the Southern District of Indiana and the Department of Justice, Fraud Section, Criminal Division, today filed criminal charges against the defendants for related misconduct.

The SEC's investigation, which is continuing, is being conducted by Jaclyn Janssen, Trevor Schumacher, Jonathan Polish, Thomas E. Vincus, and Amy S. Cotter of the Chicago Regional Office.

The SEC appreciates the assistance of the U.S. Attorney's Office for the Southern District of Indiana, the Department of Justice, Fraud Section, Criminal Division, the Federal Bureau of Investigation's Indianapolis Division, and the U.S. Postal Inspection Service.

[barnyarddog]

CGIP filed for bankruptcy under Chapter 11

[Renee]

CGIP changed to CGIPQ, bankruptcy:

https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes

[barnyarddog]

Chapter 11 Liquidation

[barnyarddog]

I was with dick Simon Trucking with 2500 tractors. They had a 40m insurance claim, the company could not buy insurance. They laid off 500 trucks weekly. Then SWIFT offered a buyout courts accepted and Simon trucking operation still on the road 15 years later.

But this is debt that needs to be worked out.

earlier this year...
NEMF Chapter 11 Liquidation Plan

[eageleye]

A fair chance someone will acquire them.

[eageleye]

I did

[RJ Trotts]

Glad to see it. Hoping to see some positive news going into tomorrow's trading day, or a rumor or two! Time will tell. Hope they profit off their cheapies, and I am hopeful for my shares.

[Spikedog]

who bought the 100K at closing?

[RJ Trotts]

Holding over night. Always scary on these plays! Hoping tomorrow for a bounce. Time will tell. Enjoy your evening all.

[WHITTENHALLJR]

They overstated the value of trucks which depreciate quickly and the trucks are still there the fraud is in the overvaluation.... I bet they’ll be back at the table with these guys >>>>Celadon entered the week with scant cash in its accounts to continue operations, but was negotiating with creditors Luminis and Blue Torch to secure further financing. Those talks fell through Thursday morning, December 4, when talks between Blue Torch and Luminis broke down over collateral issues. Blue Torch owned 70% of the debt and Luminus owned 30%.

[T4KingOff]

lmao. They hid some liabilities, doesn't mean their billions in hard-tangible assets is fake. Good lord lol.

[1manband]

Those assets were fake. That is why the CEO and CFO were just busted by the Feds.

Perhaps you missed this?

"In May 2017 Celadon announced its financial statements for fiscal year 2016 and the following two quarters could no longer be relied on, nor could reports from its independent auditor for those time periods."

The company is insolvent. There are no net assets. Shareholders will get nothing, and the common stock is worthless.

[T4KingOff]

$400 mil net assets in 2016, I'll take my chances. Thanks for your unwanted advice though lmao

[WHITTENHALLJR]

Maybe Trump will bail them out

[Spikedog]

Well, I am not going to hold that LONG. This baby is gonna POP is my guess. But it is a gamble.

[1manband]

LMAO - they are insolvent. They haven't filed financial statements in almost 3 YEARS, and we know the old statements were fraudulent and hid massive liabilities.

They have also added hundreds of millions in new debt in an attempt to stay afloat. They will get paid first.

The common stock is worthless. Shareholders will receive nothing in the bankruptcy.

[WHITTENHALLJR]

The drama of the filing and the news story’s help them negotiate... seen it over and over>>> But don’t risk what you can’t lose and this is probably the riskiest play out there but a good one

[T4KingOff]

lmao we shall see. $400 mil net assets from my last count.

[RJ Trotts]

I am looking forward to the next couple of days. Should be some big swings. Today's was down with the news, I am expecting some swings to the positive. Time will tell. I will add on any further dips.

[1manband]

Except it is not.

The stock is worthless - there will almost certainly be ZERO recovery for common shareholders.

[WHITTENHALLJR]

Opportunity … I don’t think the stories over yet stay tuned

[T4KingOff]

already priced in kind sir.

[waterchaser]

Whew! Sure glad I didn’t listen to the hype... BK city.

[1manband]

Celadon Group files for Chapter 11 bankruptcy, will go out of business

https://www.usatoday.com/story/money/2019/12/09/celadon-files-chapter-11-bankruptcy/2632318001/

[T4KingOff]

added some cheapies

[WHITTENHALLJR]

Why is this so under the radar?

[RJ Trotts]

added 24, lets see what happens

[WHITTENHALLJR]

Added 26, 27....I love these bottom plays

[Spikedog]

picked up some earlier. Let's see where this will go

[halbroke1]

$$$$ CGIP SO GROSSLY UNDERVALUED, THIS SELLING WAS WAY OVERDONE TODAY..WATCH EOD BUYING RUSH, HUGE PRICE CORRECTION COMING, AND A PRIME BUYOUT CANDIDATE !!!

[barnyarddog]

https://celadontrucking.com/

https://celadontrucking.com/terminal-network/

On April 25th, 2019, it was announced that Celadon Group Inc. had agreed to pay total restitution of $42.2 million as a part of its deferred prosecution agreement (DPA) for filing materially false and misleading statements to investors and falsifying books, records and accounts.[3]

On December 5, 2019, the Securities and Exchange Commission (SEC) charged two former top executives of Celadon with accounting fraud.[4]

On December 8, 2019, Celadon Group, Inc. and 25 affiliates filed bankruptcy in the United States District Court for the District of Delaware. The primary case is identified as case number 19-12606.[5]
https://en.wikipedia.org/wiki/Celadon_Group

Latest News http://investors.celadontrucking.com/

Celadon Group Engages Former Swift Transportation Company CEO, Richard Stocking, as Celadon Trucking's Chief Transformation Office...

Celadon Group Completes $165 Million in New Long-Term Financing

Celadon Group Announces Bank Amendment to Extend Maturity Date and Provide Additional Liquidity

Celadon Group Announces Update Concerning Refinancing Efforts and Bank Amendment

Celadon Group Announces Executive Title Changes

[WHITTENHALLJR]

Some company will pick them up

[T4KingOff]

I took some here for lotto as well. Looks very interesting. $400 mil net assets over liabilities based on last financials.

That is $14+ per share.

[barnyarddog]

WOW...Amazon possible bid to take over.

I can believe that, that sounds awesome.

[WHITTENHALLJR]

GRabbED some for the lotto

[WHITTENHALLJR]

GRabbED some for the lotto

[AAAAMHIM]

$CGIP down 92% BOUNCING! TINY FLOAT!?? Looks like Theres about 1.25 a share in positive equity value that shareholders should recieve in bankrupcy court. Watch for the adhoc equity group Amazon possible bid to take over.

[Imarket13]

Isnt it bankrupt?