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...under the current restructuring plan...that was before the $100M. There is no reason why they now can't change their mind and leave the share structure as it is. After all, the shares are still trading, haven't been cancelled yet.
how do you figure this is worth a dollar? and how much do you actually figure this is worth?
WARNING SELLING UNDER A DOLLAR COULD BE BAD FOR YOUR FINANCIAL HEALTH..LOL http://www.profitspi.com/stock-chart.aspx?id=CGMCQ
Added more CGMCQ at .15 on the basher poo poo!!!! WEEEEEEEEEEEEEEE!!!!!!!!
158,000 BUYS AND 141,000 SELLS ..LOL CHECK THIS OUT WE ARE DOWN 50% BUT BUYS ARE OVER SELLS .. JUST TAPE PAINT JOB. CHECK THIS LINK http://www.profitspi.com/stock-quote/cgmcq.aspx
lol.. that's what everyone was saying when I was buying at .015 really this one is a buy at any price under a dollar.. Looking for 1.50 this week... THIS IS THE SHAKE OF THE WEAK SISTERS... HAPPENS EVERY TIME..
I wouldn't compare this to a stock like VRMLQ. Be nice if it would run back up that high, but they're not the same.
I agree - same thing happened with VRMLQ, so I can be patient. :)
Posted by: jobynimble Date: Monday, February 01, 2010 9:25:37 AM
In reply to: U_got_Stocks who wrote msg# 168127 Post # of 168204
Spoke to CGMCQ's finance dept. and under the current restructuring plan, the equity holders will be wiped out. The news Friday of the settlement changes nothing, since the money goes to bondholders and asbestos claims...
I'll be selling what little I have left from Friday...
Hello profit takers. Feel free to leave now
Me too evenpar - holding my breath as well. Big moves either way. Float gone and only 8M os.
Hope so!!! holding my breath here.........
in at .18 fri. could go ether way fast.
PM Looking good thin .51 Should Fly with any Volume
I didnt buy in Mr. B. I found it at 03 x 05. Had to leave for an hour or so, didnt want to buy a Q and not be here in case it went south.
learning, were u in this before the big explosion?
it will go up and it will go down - the moves will be violent and I dont which will happen first and where it will end up. I hope that helps LOL
Posted by: FORDGT Date: Monday, September 21, 2009 10:54:18 AM
In reply to: aliangel who wrote msg# 376981 Post # of 396759
((( CGMC )))) I think the share price is giving us your answer.. The stock is moving up almost everyday and look the float only about 8 million shares ... This thing could go higher than LEHJQ... Best of luck.. I'm looking for 4 dollars.. http://stockcharts.com/h-sc/ui?s=CGMC&p=D&yr=0&mn=0&dy=8&id=p27284706214
http://americanbulls.com/StockPage.asp?CompanyTicker=CGMCQ&MarketTicker=OTC&TYP=S
is this thing a dangerous buy now? is it one of those could go either way stocks?
wow ! Nice move in 3 hours of trading !
Should be fun to watch tomorrow.
Chris
Here's the last 10Q for the period ending Sept 30/09.
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=6602310
Outstanding at October 31, 2009
Class A Common Stock 3,663,390
Class B Common Stock 4,608,945
---------
Total 8,272,335
Net loss for the 9 months, $6,979,000 or .84/share.
Sales $106,815,000 for the 9 months.
Filings will give you lots of info
I like your thinking! I'm in come Monday!
Is the float 3.5 million? That is really small for this play!
What are the revs and profits? Anyone know?
Wow, this could be even bigger!!!??? Amazing return for just one day!
remember I own what?
So what are we looking at Mon. This is like sitting at a blackjack
table! Your up, you tell your self " get up and walk away or your
going to give it all back" I mean how long do you sit on this? this could go to a dollar or back down to .06 in the first hour
Mon. What a ride!!!! good luck everybody.
Hah, you'll only be gone Monday if you remember you own some.
lol i dont do stock specific boatrd mods and rarely post on them except to bash. Natural cynic I am long riding free and will likely bo gone by Monday
I nominate buckey for CGMCQ mod!!!!!!!!!!!
$12 is a dream BUT the $100 MM may keep the commons something better than shithouse wall paper which is waht there were until Friday. Lots of liabilities. BUTTTTTTTTT the company has revs and profits possibly. add all that together and mix it around and we know little more than before my post
VRMLQ is $25 and MESAQ is .054... I would not say that VRMLQ is very "distressed" at this point. lol
are the shares here getting cancelled or is everyone getting paid?
I posted yesterday I was in "cpn" (Calpine) they also did a BK. Shares got cancelled but we made some great money on the ride. Playing a BK stock can be great but I would never make the bet of holding all the way through, 99% of them get cancelled.
I had a Chem company do the same thing and they honored the shares at a Great price.
The stock didn't take off until later in the morning Friday. With the volume being only just over 3 million for the day it doesn't look like anyone picked up large amounts of shares before it happened. I think everyone got caught with their pants down on this one. It's one of those woulda shoulda coulda deals. But.. Monday is a new day and I can see this easily hitting a dollar.
The shares will most likely be canceled but that's not why most are here. Money is to be made in the next few months. The shares won't be canceled for a while yet, good luck.
The bet here is that the creditors can use the infusion of 100 million as a starting point to getting return.
If this company can put an acceptable plan in front of their creditors, using both the 100 million and profits on future revs then the share structure should stay mostly in tact maybe with some tweaking.
Remember, in a bad business climate this company still approaches 200 million a year in revs.
Never mind. I see this was answered by another poster.
Question: where do you get $12 per share?
What the heck is going on here? How did i miss this one??????
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Congoleum Corporation is a leading manufacturer of resilient flooring, serving both residential and commercial markets. Its sheet, tile and plank products are available in a wide variety of designs and colors, and are used in remodeling, manufactured housing, new construction and commercial applications. The Congoleum brand name is recognized and trusted by consumers as representing a company that has been supplying attractive and durable flooring products for over a century.
RECENT NEWS!!!!
Congoleum Corporation Announces Insurance Litigation Settlement
MERCERVILLE, NJ, Jan 29, 2010 (MARKETWIRE via COMTEX) -- Congoleum Corporation (PINKSHEETS: CGMCQ) reported today that it has reached a settlement with nine insurance groups and the New Jersey insurance guaranty associations. Under the terms of the agreements, the insurance companies and the guaranty associations will pay $100 million to settle certain policies issued to Congoleum. The settlement is subject to court approval and other conditions.
Roger S. Marcus, Chairman of the Board, commented, "I am absolutely thrilled to have finally resolved our disputes with the principal insurance companies that have been opposing our reorganization efforts. Their opposition has been far and away the greatest obstacle in getting a plan confirmed. With the conclusion of this substantial insurance settlement and the support for the plan that we have from all creditor committees, we expect a much smoother road ahead. While our plan still requires a formal creditor vote and other procedural steps, we fully expect to see it confirmed and have Congoleum emerge from bankruptcy in the second quarter of 2010."
Congoleum Corporation is a leading manufacturer of resilient flooring, serving both residential and commercial markets. Its sheet, tile and plank products are available in a wide variety of designs and colors, and are used in remodeling, manufactured housing, new construction and commercial applications. The Congoleum brand name is recognized and trusted by consumers as representing a company that has been supplying attractive and durable flooring products for over a century.
The above news release contains certain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve risks, uncertainties and assumptions. These statements can be identified by the use of the words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "project" and other words of similar meaning. In particular, these include statements relating to intentions, beliefs or current expectations concerning, among other things, future performance, results of operations, the outcome of contingencies such as bankruptcy and other legal proceedings, and financial conditions. These statements do not relate strictly to historical or current facts. These forward-looking statements are based on Congoleum's expectations, as of the date of this release, of future events, and Congoleum undertakes no obligation to update any of these forward-looking statements.
Although Congoleum believes that these expectations are based on reasonable assumptions, within the bounds of its knowledge of its business and operations, there can be no assurance that actual results will not differ materially from its expectations. Readers are cautioned not to place undue reliance on any forward-looking statements. Any or all of these statements may turn out to be incorrect. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Any forward-looking statements made in this press release speak only as of the date of such statement. It is not possible to predict or identify all factors that could potentially cause actual results to differ materially from expected and historical results. Factors that could cause actual results to differ from expectations include: (i) the future cost and timing of estimated asbestos liabilities and payments, (ii) the availability of insurance coverage and reimbursement from insurance companies that underwrote the applicable insurance policies for the Company for asbestos-related claims, (iii) the costs relating to the execution and implementation of any plan of reorganization pursued by Congoleum, (iv) timely reaching agreement with other creditors, or classes of creditors, that exist or may emerge, (v) satisfaction of the conditions and obligations under Congoleum's outstanding debt instruments, (vi) the response from time to time of Congoleum's and its controlling shareholder's, American Biltrite Inc.'s, lenders, customers, suppliers and other constituencies to the ongoing process arising from Congoleum's strategy to settle its asbestos liability, (vii) Congoleum's ability to maintain debtor-in-possession financing sufficient to provide it with funding that may be needed during the pendency of its Chapter 11 case and to obtain exit financing sufficient to provide it with funding that may be needed for its operations after emerging from the bankruptcy process, in each case, on reasonable terms, (viii) timely obtaining sufficient creditor and court approval of any reorganization plan pursued by Congoleum (including the results of any relevant appeals), (ix) compliance with the United States Bankruptcy Code, including Section 524(g), (x) costs of, developments in, and the outcome of insurance coverage litigation pending in New Jersey state court involving Congoleum and certain insurers, (xi) the possible adoption of another party's plan of reorganization which may prove to be unfeasible, (xii) increases in raw material and energy prices or disruption in supply, (xiii) increased competitive activity from companies in the flooring industry, some of which have greater resources and broader distribution channels than Congoleum, (xiv) increases in the costs of environmental compliance and remediation or the exhaustion of insurance coverage for such expenses, (xv) unfavorable developments in the national economy or in the housing industry in general, including developments arising from the war in Iraq and Afghanistan and from the tightening of credit availability, (xvi) shipment delays, depletion of inventory and increased production costs resulting from unforeseen disruptions of operations at any of Congoleum's facilities or distributors, (xvii) product warranty costs, (xviii) changes in distributors of Congoleum's products, and (xix) Congoleum's interests may not be the same as its controlling shareholder, American Biltrite Inc. In any event, if Congoleum is not successful in obtaining sufficient creditor and court approval of a plan of reorganization, such failure would have a material adverse effect upon its business, results of operations and financial condition. Actual results could differ significantly as a result of these and other factors discussed in Congoleum's annual report on Form 10-K for the year ended December 31, 2008 and subsequent filings made by Congoleum with the Securities and Exchange Commission.
SOURCE: Congoleum Corporation
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