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here is the link to the executive team
http://www.etelos.com/about/about.espx?show=13308&tab3=on
Good point...I hadn't noticed him until you mentioned it.
just look into the Exec. Team of Etelos and see who also was officer of Tripath....digging....IMO
Yep saw that.
today's daily list:
http://www.otcbb.com/asp/dailylist_detail.asp?d=04/24/2008&mkt_ctg=ALL
looks like no changes here for another day at least...
ticker, deletion, or otherwise
Neither have I and that's why I'm still watching with interest too...always learning.
it makes no sense, and its the only reason I'm still watching this thing
it makes no sense if you plan to cancel the shares currently trading. so this is a strange deal to me. guess I'm going to learn something here. i've never seen a deal structure like this one.
right. exactly. but you can go public with a form 10 without a reverse merger...
so why the reverse merger at all?
You did notice these lines in the 8k right?
"As disclosed elsewhere in this report, on April 22, 2008, Etelos merged with and into Tripath in a reverse merger transaction. Item 2.01(f) of Form 8-K states that if the registrant was a shell company, like Tripath was immediately before the merger, then the registrant must disclose the information that would be required if the registrant were filing a general form for registration of securities on Form 10-SB.
Accordingly, Tripath is providing below the information that would be included in a Form 10-SB if Tripath were to file a Form 10-SB"
maybe this is the longest day ever. 1,000,000 volume today
not much cash raised on that dollar volume. assuming 5,000,000 shares unloaded at an average price of .01 = $50k?
hard to figure its worth going through all the legal trouble, and expense to maybe raise $50k if you get lucky and get a 1000% run,
when you can just file a form 10 and get on the market clean and simple.
so I guess I'm not buying it.
anyone else have a better reason?
I think I already answered that one, too: #msg-28732474
Posted by: The Cap'm
In reply to: dejavu alloveragain who wrote msg# 157 Date:4/23/2008 2:26:56 PM
Post #of 280
these are good questions. the basic idea of a RM with a bankrupt co with current liabilities, this is not a blank check shell here.
i wonder if the whole idea was to generate a one day wonder -- for some old debt holder (who got shares of the soon-to-be-cancelled shares in exchange for wiping their debt) -- to sell into?
my break is almost over. i'm sure you're a good guy, and chances are you are probably right in the end.
if it hits the daily list, as a deletion,
then you'll be vindicated.
but can anyone tell me why on earth anyone would do a reverse merger with a bankrupt company in ch 11, facilitate the elimination of all debts, and then cancel all the shares?
truly that is a new one on me.
I've never seen it, and I'm older than your ancestors from the bering strait.
Of course they're trading and will continue to do so until Finra/Naz make the changes. Watch the daily list.
so since the plan went into effect on 4/22, then these shares aren't trading any more. I would have sworn I saw this stock moving yesterday. I've been drinking too much apparently.
sorry, I flip burgers and only get a chance to check the boards on 5 minute breaks
11
>>
Before the effective date of the merger, and since February 8, 2007, Tripath was in a Chapter 11 bankruptcy proceeding in the United States Bankruptcy Court for the Northern District of California, Case No. 07-50358. As a “debtor in possession,” Tripath remained in possession of its assets and properties and continued to operate its business pursuant to Section 1107(a) and 1108 of the Bankruptcy Code. On December 20, 2007, Tripath and Enable Growth Partners LP filed with the bankruptcy court the Third Amended Disclosure Statement Accompanying Third Amended Plan of Reorganization dated December 20, 2007 Proposed by Tripath Technology Inc. and Enable Growth Partners LP, for itself and as agent for the Secured Parties (the “ Plan of Reorganization ”), which contemplated the merger of Etelos with and into Tripath. On February 1, 2008, the bankruptcy court issued an order confirming approval of the Plan of Reorganization, including the merger and the transfer of all of Tripath’s existing assets into a separate bankruptcy estate and the discharge of all of Tripath’s liabilities. As a result of the foregoing, on April •, 2008, Tripath entered into an agreement and plan of merger with Etelos (the “ Merger Agreement ”), pursuant to which Etelos merged with and into Tripath, at which time the separate corporate existence of Etelos ceased and Tripath continued after the merger as the surviving corporation and changed its name to Etelos, Inc. The surviving corporation will conduct the business that was previously conducted by Etelos.
Ddog, that should be "all shares WILL BE extinguished." They're not extinguished/canceled yet. You can still buy TRPH and you can still sell it.
JJ
Posted by: Ddog
In reply to: None
Date:4/24/2008 12:39:14 PM
Post #of 270
Just got a call from Leslie green. All shares are extinquished(wrong spelling?). She said she would not advise buying more. Obviously. Sorry about the bad news. Leslie's number is 650-312-9060.
Roger. Wrong spelling. Did someone cut the word out of your dictionary?
Looks like a good exit point.
Just got a call from Leslie green. All shares are extinquished(wrong spelling?). She said she would not advise buying more. Obviously. Sorry about the bad news. Leslie's number is 650-312-9060.
a little education is a dangerous thing.
a lot of education is downright criminal.
thanks jim.
lol
On August 8, 2007, Tripath Technology, Inc. (the "Company") filed a Disclosure Statement and proposed Plan of Reorganization in its voluntary chapter 11 bankruptcy case, Case No. 076-50358, pending in the United States Bankruptcy Court for the Northern District of California, San Jose Division (the "Court"), located at 280 South First Street, San Jose, California. The Disclosure Statement and Plan were filed pursuant to Section 11 of the United States Bankruptcy Code (11 U.S.C. Sec. 1121, et seq.) and a hearing on the Disclosure Statement is scheduled for September 20, 2007. If the Disclosure Statement is approved by the Court, the creditors of the Company will be asked to vote on acceptance of the Plan. Among many other provisions, the proposed Plan provides that all existing shares of stock, including warrants, options and all other forms of equity interest in the Company will be canceled upon the effective date of the Plan, and that equity interest holders will receive nothing in exchange. Complete copies of the filed Disclosure Statement and proposed Plan are available from the Court clerk's office at United States Bankruptcy Court for the Northern District of California, San Jose Division ,280 South First Street, San Jose, California, on line for a fee through PACER at www.canb.uscourts.gov or upon written request for free to Perkins Coie LLP, 1201 Third Avenue, Suite 4000, Seattle, WA 98101, ATTN: Mary Lou Maag, or mlmaag@perkinscoie.com.
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=5106900
Anybody know if TRPH is Ch 7, 11 or 13? Not that it matters, because all that matters at this point is The Daily List:
http://www.otcbb.com/asp/dailylist_search.asp?SearchSymbolForm=TRUE&OTCBB=ALL&searchby=symbol&searchfor=trph&searchwith=Starting
What happens to a company's stocks and bonds when it declares chapter 11 bankruptcy protection?
Filing for chapter 11 bankruptcy protection simply means that a company is on the verge of bankruptcy, but believes that it can once again become successful if it is given an opportunity to reorganize its assets, debts and business affairs. Although the chapter 11 reorganization process is complex and expensive, most companies, if given the choice, prefer chapter 11 to other bankruptcy provisions such as chapter 7 and chapter 13, which cease company operations and lead to the total liquidation of assets to creditors. Filing for chapter 11 gives companies one last opportunity to be successful.
While chapter 11 can spare a company from declaring total bankruptcy, the company's bondholders and shareholders are usually in for a rough ride. When a company files for chapter 11 protection, its share value typically drops significantly as investors sell their positions. Furthermore, filing for bankruptcy protection means that the company is in such rough shape that it would probably be delisted from the major exchanges such as the Nasdaq or the New York Stock Exchange and relisted on the pink sheets or the Over-The-Counter Bulletin Board (OTCBB). When a company that is going through bankruptcy proceedings is listed on the pink sheets or OTCBB, the letter "Q" is added to the end of the company's ticker symbol to differentiate it from other companies. For example, if a company with the ticker symbol ABC was placed on the OTCBB due to chapter 11, its new ticker symbol would be ABCQ.
Sometimes after a reorganization, a company will issue new stock that is considered different from the pre-reorganization stock. If this occurs, investors will need to know whether the company has given its shareholders the opportunity to exchange the old stock for new stock, because the old stock will usually be considered useless when the new stock is issued.
Throughout the duration of the reorganization, bondholders will stop receiving coupon payments and/or principal repayments. Furthermore, the company's bonds will also be downgraded to speculative-grade bonds, or junk bonds. Since most investors are wary of buying junk bonds, investors that want to sell their bonds will need to do so at a substantial discount. After the reorganization process and depending on the terms dictated by the debt restructuring plan, the company may require investors to exchange their old bonds for shares and/or new bonds. These new issues of stock and bonds represent the company's attempt to create a more manageable level of debt. (For more on this, see What Is A Corporate Credit Rating? and Junk Bonds: Everything You Need To Know.)
For further reading on this topic, see An Overview Of Corporate Bankruptcy.
http://www.investopedia.com/ask/answers/06/chapter11stocksbonds.asp
What happens if I maintain a short position in a stock that is delisted and declares bankruptcy?
The short seller owes nada. Nil. Zip. Zero.
When you short sell you borrow the shares, sell them on the market, and then collect the proceeds as cash. If you wanted to get out of the position, you would have to buy back the same number of shares to repay the person (or brokerage) from whom you borrowed them. If you buy back the shares at a price lower than the price at which you originally sold them, you collect the difference - so short selling is a way to profit from a falling stock. But if the company is delisted and bankrupt, you don't have to pay back anyone because the shares are worthless.
Note: This is the best possible scenario for a short seller.
http://www.investopedia.com/ask/answers/03/082803.asp
You figure whatever rookie trader they got working TRPH is spending time reading filings and news and trying to decide what it's happening, while he works a pile of other stuff at the same time?
I think not. He sits in front of the monitors and watches the numbers, that's it and tries to pick up order flow.
Why would they even bother to cover, if it's going to zilch?...z
One last response to you..ask yourself this if you are so sure of yourself - if Leslie has said shares will be or were canceled, and you all assume they were canceled on the 21st, and new shares were issued on the 22nd, then why is it not on the daily list?? hmmmmm
of course, because the shares aren't yet canceled! End of story, end of speculation...unless you think Leslie is lying, or Kewlman was lying (someone who was obviously a believer)...
on that...enjoy your trolling....
Not today. The way I read the filings, it's going to be toasted. Just waiting and watching for interest sake to see what pops up on the Other OTC-Portal Daily List as to the timing of the change and whether TRPH is going to be deleted or if it just goes through a name/symbol change.
I guess that could be said about most of the shares of these POS we trade.......lololol........z
So you don't own any of this?
I decided to get back into HFBV with news coming out. GL
GLTY...I probably would have held longer for a quick run back to the .01 range. It think it will happen soon enough.
I could probably move him to .0046 right now if I wanted to....what does he care, he'd just be buying them on my behalf...I'd show you, but I'm afraid someone might hit my bid and I sure don't want any of this.
MM's will quote whatever their customers ask them to quote....that's their job. I doubt any of them have long positions in their own accounts. I'm sure lots had short positions yesterday but those would all be covered now.
Other than 352k that traded under .009 early yesterday, pretty well all the buys were over a penny and right up to .019, MM's would have been covering all the way down.
I'm out. I've lost enough. GLTA
So he is pushing a stock he is going to lose his a$$ over? Remember the mms buy these shares to resell. He has no idea if his fellow mms are going to tank this thing so why would he push the price up unless he has the intentions of dumping when he gets the price to his liking.
Very true...I still think this has value but MM's do trade worthless stocks as well.
Sure they would...what makes you think he's trading his own account. AUTO is used by both TDWaterhouse Canada and TDAmeritrade. Could be anyone here on the bid there.
Over a stock that is "Poof"? The mms wouldn't touch this thing if it was worthless. Just my opinion.
you don't know that much about reverse mergers.
let me share an example or two about how they work.
sure you may be right and the shares here go POOF.
ultimately you don't know, and I don't know. this scenario is unusual enough, and lots of smart people here can't agree how to interpret the filings or the pr.
however, I've been in hundreds of reverse merger plays.
and lots of them didn't go poof. and its the ones that don't that make up for all the rest that eventually do reverse splits and take all your position away.
here is an example I'm sure you've never seen
explain this one to me:
WSDT.pk
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=wsdt&sid=0&o_symb=wsdt&freq=2&time=12
I saw the first pr hit when it was .04 per share, and I bought shares at the very bottom. a new business folded into the pinksheet ticker. I thought I was smart, and sold with a nice gain somewhere in the .30 area. it went to 9.95 and a valuation of over 700 million. and it never reverse split. it had a ticker change later, which never affected share count.
now its planning to move to a bigger exchange like the nasdaq.
the only reason reverse mergers are of interest to private companies is that there are public shares in the float already being traded. that remain in the float after the merger. period. otherwise, you just do a form 10, and forget the hassle of negotiating with some pinksheet worthless company, and giving them cash and a percentage of your company. what for? because there is already a market for the shares. no other reason to do it. it all about liquidity.
when you launch a new company and use form 10, you have to find market makers willing to trade your shares. and then you have to create a market for your shares which will probably come on the OTC market at 4 or 5 bucks a shares, with a huge wide bid/ask spread. and as a result, no volume. thus no liquidity.
Why wait 8 hours to post this info??
I'm reading it the way I 'know' of bankruptcy, AND merger scenarios (the fact that first day post merger is always traded very thin because the shares are trickling in to the MM's).
Yes, I am here to save people and the people that know me, would know that - as it is, the first person I warned, sold, lost $100, instead of now being down $400...so at least I helped someone! At this point thou, people still holding..beats me, not much left in it for you, so you may be best to just ride it out or look for one last pump, unless you were holding a million shares!
The point is you are reading the pr the way you want to. This whole idea of shares going "Poof" after a merger is only if you loose shares based on a post merger R/S. So you would still have some shares left. Etleos is saying they may never be otc which is not the same as pinks.
I'm not going to get into this with anyone else. You seem to want gloom and doom to take place in peoples minds. You aren't here to save anyone or help them accept reality! We should find out today what the bottom line is. We all may have lost but we will get confirmation by making calls and sending e-mails to the right people.
and for the 5th time here is what is in the filing:
>
On April 22 , 2008, Etelos merged with and into Tripath, and the surviving corporation changed its name to Etelos, Inc., a Delaware corporation. <
>As a result of the foregoing, on April •, 2008, Tripath entered into an agreement and plan of merger with Etelos (the “ Merger Agreement ”), pursuant to which Etelos merged with and into Tripath, at which time the separate corporate existence of Etelos ceased and Tripath continued after the merger as the surviving corporation and changed its name to Etelos, Inc. The surviving corporation will conduct the business that was previously conducted by Etelos.
It looks like the MM's are trying to scare out the weak hands with 5,000 sells. I don't think they would be doing that if these shares were to be cancelled!!!!!!!
Well, for the 5th time, please read below
<<In connection with the merger, a market maker has filed an application to have our common stock quoted on the OTC Bulletin Board, which is pending as of April 22, 2008. The shares of Etelos, Incorporated have been privately held and never traded publicly. We cannot give any assurances as to when, if ever, our common stock will be quoted on the OTC Bulletin Board.>>
- these ARE NOT Etelos shares you are trading - the statement below says they have applied for the otcbb, and they have never traded publicly. Do you really think this statement would have been made based on the 22nd, if the shares were 'golden' the next day? All the new shares issues will be relating to the new shares they are trying to approve for the otcbb.
As bankruptcy statements go, I have seen very similar - the PR comes out saying new shares will be issued, old shares will be worthless - the old shares STILL trade a few days beyond, then boom, they're gone. I am sure if yesterdays shares were good to go, Leslie would have asked kewlman when he bought and cleared that up. Quit being stubborn old goats - it isn't worth the risk. Even if you were to get the 'new shares', your share price isn't suddenly going to skyrocket to match the value of Etelos - it would have already skyrocketed at the time of the initial merger news and you'd be pretty much doing straight conversion with no premium - whats the point???
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