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sure, I'll take it and send him a note too. thanks
Someone from primeclerk ...do u want his email? This is far from being canceled I’ll hold for a reversal we’re in cheap enough imo
morning, who is gabriel mcclearen?
For those wondering I received an email from a Gabriel McLean regarding cvovq and there are no plans set as of today regarding a cancelation or buyout of commons. There are a few options being exploded and a date will be set to decide in the future. Could be months could be years (probably not years)
I spoke to him aswell and he said that class 9 or whatever is one of a few options being looked at, we are still very far away from any shares being canceled
That’s cool enjoy, u might want to state that ur last post is in your opinion if u were you
Good luck hope you make some money, I'm watching from the sidelines
LOL now you’re just being negative On purpose lol nice try
If it doesn't then most likely they will file chapter 7 and everyone gets wiped out
Otclife email me sneekslopes50@icloud.com...Let me know what you think of this email
That being said it’s not for sure yet
Email just received-
Hi,
Thank you for your email. According to Cenveo's Plan and Disclosure Statement, Cenveo's common stock that trades in the market falls under Class 9 of the Plan. If the Plan is approved the stock will be cancelled without any distribution on an Effective Date which is to be determined at this time. I've attached the Plan and Disclosure statement for your convenience and reference (PDF page: 140).
Please let us know if you have any other questions.
Thanks,
Mike
Michael Deboissiere
mdeboissiere@primeclerk.com
U too dude, I think like Boston said, Regardless of what happens there is usually a rally this was at four since last week I don’t think it will have a problem getting back there on momentum
i know they said they were emerging later this month, so I may at the very least sell before september, The $500 i threw in I was ok with being in a very high risk stock so I'll roll the dice a bit longer.
out of my 15 free posts for the day lol.
good luck all
ELECw rallied pretty hard But I can remember That was their warrants that got wiped out and everyone else holding commons got a premium from what I can recollect
They will trade for a few weeks maybe even a couple months
Neither am I, but been in many bankruptcy trades over the years, they usually do a decent rally before the trap door opens leaving you with worthless unsellable shares
yeah, i haven't sold yet either. the ASK is so think we minght be able to sell in the .03's or more this afternoon. clearly the commons aren't wiped out yet
nope, I have a bachelors in Accounting, took a couple business law classes, but by no means am an expert with bankruptcy law
Yup and I’ll hold until I get to the bottom of it, I’m not gonna wack my shares away as we’re moving up that would be stupidity at its highest
gotcha. out of curiosity, are you an attorney? thanks again for sharing
And the fact that no one has panic soold Tells me that this might be incorrect
yeah, that was my understanding too, but Boston79 did point out that paragragh on page 36. I have my concerns now being that I'm not an attorney.
my thoughts now: first off, I only threw $500 in as a start position. I plan to watch the stock today, and may sell. I'm also trying to read more and see if i can find anything else. Did you enter already?
Just Otc hopium traders, I bought some Friday and sold today
All I could find about Chapter 11 is as well is the premium that you were speaking about chapter 7 would be a completely different situation from what I’m told
There's no equity left or value to the old common holders, a new company is being formed privately, only the first and second lien holders will have ownership
yeah, clearly you dug in man! i do appreciate you bringing this to light.
What is the activity today all about would you say? I imagine any day now this will become effective...
i appreciate you pointing this out man. I'm not attorney, but from what i read on investopedia it seemed like anyone with commons after emerging from 11 would get a premium.
I may try to bail today. still sifting through. i still don't entirely understand how shares can be canceled though. that is what established the company to begin with when they formed... i would get them being bought back.
What would the equity section of their balance sheet look like if they wiped out all the shares? from the accounting stand point it just seems weird. only preferred shares on the balance sheet?
thanks
Alright man... Back the truck up and buy more lol, that better?
I was researching the filings all night, only the debt holders get a slice of the new private entity
Still have yet to provide any factual stuff to worry about you are saying because what you sent goes against everything you said
There's no buyout, only the debt holders get a slice of the new private company, commons will be cancelled
This will end up the Same outcome as exide technologies. Emerged from chapter 11 restructuring as a private entity, shares were cancelled and common holders got zilch
man, i thought so too, but now boston pointed out some language buried in the paperwork.
what do you think?
That's what I figured. This company isnt going into Chapter 7. So if anything, we get bought out at premium
"any other certificate, equity security, share, note, bond, indenture, purchase right, option, warrant, or other instrument
or document directly or indirectly evidencing or creating any indebtedness or obligation of or ownership interest in
the Debtors giving rise to any Claim or Interest (except such certificates, notes or other instruments or documents
evidencing indebtedness or obligation of or ownership interest in the Debtors that are reinstated pursuant to the Plan),
shall be cancelled solely as to the Debtors a"
well sh$% man, this seems to say it. wish i was an attorney. we may want to sell today. Not sure why boston would lie to us and he knew right where to point us...
Lol nice find dude
that's what i thought would happen to....bought out at a premium. full disclosure though, I'm an accountant not a bankruptcy attorney lol
so in all this legal talk ? :
Cancellation of Existing Securities
On the later of the Effective Date and the date on which distributions are made pursuant to the Plan (if not
made on the Effective Date), except as otherwise specifically provided for in the Plan or set forth in the Description
of Restructuring Transactions: (a) subject to the satisfaction of the DIP Facilities Claims in accordance with
Article II.B of this Plan, the obligations of the Debtors under the Prepetition ABL Credit Agreement, the First Lien
Notes Indenture, the FILO Notes Indenture, the Second Lien Notes Indenture, the Unsecured Notes Indenture, and
any other certificate, equity security, share, note, bond, indenture, purchase right, option, warrant, or other instrument
or document directly or indirectly evidencing or creating any indebtedness or obligation of or ownership interest in
the Debtors giving rise to any Claim or Interest (except such certificates, notes or other instruments or documents
evidencing indebtedness or obligation of or ownership interest in the Debtors that are reinstated pursuant to the Plan),
shall be cancelled solely as to the Debtors and their Affiliates, and the Reorganized Debtors, the DIP Agents, the ABL
Agent, the First Lien Notes Indenture Trustee, the FILO Notes Indenture Trustee, the Second Lien Notes Indenture
Trustee, and the Unsecured Notes Indenture Trustee shall not have any continuing duties or obligations thereunder;
and (b) the obligations of the Debtors and their Affiliates pursuant, relating, or pertaining to any agreements,
indentures, certificates of designation, bylaws or certificate or articles of incorporation or similar documents governing
the shares, certificates, notes, bonds, indentures, purchase rights, options, or other instruments or documents
evidencing or creating any indebtedness or obligation of or ownership interest in the Debtors (except such agreements,
certificates, notes or other instruments evidencing indebtedness or obligation of or ownership interest in the Debtors
that are specifically reinstated or entered into pursuant to the Plan) shall be released and discharged; except that:
Same dude I know if they were warrants that would be the case but 100% of the time in the past I’ve seen this happen the commons usually end up getting g bought out with a premium
https://cases.primeclerk.com/cenveo/Home-DownloadPDF?id1=OTEzMzQ0&id2=0
Page 36
Cancellation of existing securities
good, maybe boston will reply back and help us pin point that statement, until then I'm holding and reading all i can lol
It’s not there at all lol I just read it all everything down to .08/15
I'm going link by link and looking man. in the mean time .0199 is on the ask...
I just read thru it all and still don’t see it?
Don’t see it either anywhere ...weird
I was just on prime clerk, which motion is it in? thanks!
please link if that's the case
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STAMFORD, Conn., Aug. 16, 2018 /PRNewswire/ -- Cenveo, Inc. (OTCPK: CVOVQ) (the "Company"), a diversified manufacturer of print-related products including envelopes, custom labels, commercial print, and publisher solutions, today announced that the United States Bankruptcy Court for the Southern District of New York has confirmed its plan of reorganization (the "Plan"), paving the way for the Company to emerge from Chapter 11 in the coming weeks.
The terms of the Plan will enable the Company to exit Chapter 11 with a substantially deleveraged balance sheet and increased liquidity, allowing the Company to focus on its operations and grow its businesses. Prior to filing for Chapter 11, the Company's liabilities included approximately $1.1 billion in funded debt. Upon emergence, the Company's funded debt will be reduced by over $800 million to approximately $325 million.
The Company commenced solicitation of votes for approval of its Plan earlier this summer and Cenveo's Plan was approved by an overwhelming majority of its entire creditor body. Approximately 97% of Cenveo's first lien secured noteholders (the "First Lien Holders"), 100% of its second lien noteholders, including the largest holder, Brigade Capital Management, and approximately 91% of general unsecured creditors all voted to approve Cenveo's Plan. These numbers represent overwhelming support from Cenveo's creditors for the Plan.
The Plan was the result of the Company's global settlement with its various creditor groups and the Unsecured Creditors' Committee, including the Pension Benefit Guaranty Corporation, certain unions, and the indenture trustee for the unsecured noteholders.
Upon its emergence from Chapter 11, the Company will be privately held with its largest shareholders comprised of institutional investors with tens of billions of dollars of capital under management. Additionally, the Company has entered into a commitment for a $175 million asset based revolving credit facility and is expected to only have approximately $68 million used upon emergence creating $65 million of liquidity when coupled with the expected cash on hand on the emergence date.
The Company was advised by Kirkland & Ellis LLP as legal counsel, and Greenhill & Co., Rothschild Inc. and Zolfo Cooper, LLC as investment bankers and financial advisors.
Cenveo (OTCPK: CVOVQ), world headquartered in Stamford, Connecticut, is a leading global provider of print and related resources, offering world-class solutions in the areas of custom labels, envelopes, commercial print, content management and publisher solutions. The Company provides a one-stop offering through services ranging from design and content management to fulfillment and distribution. With a worldwide distribution platform, we pride ourselves on delivering quality solutions and service every day to our customers. For more information please visit us at www.cenveo.com.
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