Cosi Inc fka COSIQ

[Murph32]

You leave here with absolutely nothing. Game over.

[Gigi70]

So need to follow this further

[Renee]

COSIQ BK PLan effective. All shares cancelled at 9:09 A.M.

http://otce.finra.org/DLDeletions

[ChecheCole]

It seems like we will get 0.01¢


First Amended Reorganization Plan Approved for Cosi Inc.
Apr 25 17

The US Bankruptcy Court approved the first amended plan of reorganization of Cosi, Inc. on April 25, 2017. The debtor filed its modified first amended plan in the Court on April 22, 2017. Under the plan, the administrative claims of $0.23 million, US Trustee fees of $0.01 million, Priority tax claims and professional fees of $0.84 will be paid in full in cash. The DIP facility claim of $7.5 million will be paid through debt. The JP Morgan Chase secured claims will be paid in full in cash. The noteholder secured claims of $5 million will be paid through issuance of 100% new equity of the reorganized debtor to noteholders. Continuing Employment claims and customer claims will be paid in full in cash. General unsecured claims of $13.5 million will have an estimated recovery of 15.1% and noteholder general unsecured claims of $2.79 million will have an estimated recovery of 19.2%. Intercompany claims and interests will be reinstated. The existing equity interests will be cancelled. The plan will be funded from cash on hand, issuance of new debt documents, exit facility and new equity of the reorganized debtor.

[ChecheCole]

It seems like YES we will have $$$ (we dont know how much yet)

[JJ24]

http://bankruptcompanynews.com/cosi-plan-approved-04-26-17/

[ChecheCole]

So this is a 50/50 thing: If judge rules in our side, then we may get 2m/48.1M shares = 0.04¢

[ChecheCole]

So the game is not over yet

[ChecheCole]

Cosi Fights Over $2M In Shareholder Claims In Ch. 11

https://www.law360.com/hospitality/articles/915661/cosi-fights-over-2m-in-shareholder-claims-in-ch-11-

[ChecheCole]

Cosi Fights Over $2M In Shareholder Claims In Ch. 11

[wsp102]

b. Holders of Existing Equity Interests. Under the terms of the Plan, the Holders of Interests in Class 8 (Existing Equity Interests) will neither receive nor retain any consideration nor retain any property under the Plan and, accordingly, are (i) conclusively presumed to have rejected the Plan and (ii) not entitled to vote on the Plan on account of such Interests. As such, all issued and outstanding shares of Cosi, Inc. will be cancelled and holders of such shares will receive nothing under the Plan.

[metfan1]

Latest Filing - what does it mean for us, common shareholders?

The legal speak went over my head and I couldn't find any explicit mention of common stock. So, what is pure fate? All lost, pay out, transferred to new private company, or something else?

Thank you!!

[AKAPAK]

OK, no problem. However, I was just a little confused by what you said>

georgie18 Member Level Friday, 03/24/17 04:42:55 PM
Re: Lone Wolf post# 1383
Post # of 1388

Yup...I been adding a little here and there for months...worth the risk to me if that Q goes away and I am very patient...

[georgie18]

I thought you may have come across something else...I read all of what I posted...

[AKAPAK]

Referring to what you previously posted:

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=129820430

Unless something changed from about 2 weeks ago, there is not in there for the commons IMHO.

Contact the law firms mentioned inside the plan for their opinion to be certain of which way the commons are represented.

[georgie18]

What are you referring too...

[AKAPAK]

You should read the latest plan.

[georgie18]

Yup...I been adding a little here and there for months...worth the risk to me if that Q goes away and I am very patient...

[Lone Wolf]

Wow. Higher than normal volume, but red. Oh well. Still worth paying attention to at half-a-penny.

[georgie18]

Cosi, Inc. Provides Notice to Holders of Claims and Interests and Parties in Interest Regarding Plan of Reorganization, Related Deadlines, and Hearing on Plan ConfirmationFont size: A | A | A
undefined undefined | GlobeNewswire
Cosi, Inc., the fast-casual restaurant company, today announced that, on March 21, 2017, the United States Bankruptcy Court for the District of Massachusetts (Eastern Division) entered an Order (i) Approving Disclosure Statement with respect to Joint Plan of Reorganization of the Debtors, (ii) Approving the Certain Balloting, Tabulation, Solicitation, Objection and Notice Procedures, and (iii) Scheduling a Hearing to Consider Confirmation of the Plan and Objection Deadlines [Dkt. No. 780].

[Longshorts]

Sorry to hear that. I really hope it works out and you are able to recover some of your losses.

[metfan1]

Riding it out - I'm down soooo much that I may as well see what develops; so many scenarios - go private and then they put lipstick on this to sell, private and then public, etc.

[Longshorts]

Are people still hanging around this dead stock? I have been temped to flip this lately...before it dies

[georgie18]

Why...what?

[akika]

why?

[georgie18]

Bidding down here...

[Mano2004]

Last nail into coffin

[Gigi70]

Termination of Registration of a Class of Security Under Section 12(g) (15-12g)

http://ih.advfn.com/p.php?pid=nmona&article=73874477

[globalworker]

If they were interested, don't you think they would've made a bid for the company? You are aware that the auction has taken place and that the only bidder was the stalking horse bidder....Panera wasn't interested.

[makinezmoney]

Yup... good assets... looks like it could

[globalworker]

No. You need to read up....

[georgie18]

COSIQ... .0199...Chart linked from 014 alert...

[makinezmoney]

Could Panera-Bread or Corner-Bakery buyout $COSIQ ?

http://www.bizjournals.com/milwaukee/news/2016/10/11/cosi-restaurant-parent-company-seeks-buyer.html



$COSIQ

[Lone Wolf]

Beautiful!

[makinezmoney]

Remember when Crumbs-Cupcakes soared to $0.40?

Ya... it was $CRMB and then it went to $CRMBQ

It dropped as low as $0.03


Read the article.


"Crumbs stock soared from 3 cents to close at 40 cents a share Thursday."


http://www.latimes.com/business/la-fi-crumbs-lemonis-20140711-story.html

[georgie18]

Broke 20ma resistance...Flipped the psar to a bullish buy signal...pushing for an upper bollie breakout...

[georgie18]

COSIQ... 014...Chart...Consolidation breakout setting up here on a tweezer bottom...imo...

[Lone Wolf]

Now look at that purty chart!! Gonna watch this week for any signs of volume.

COSIQ - .014

[Gigi70]

Agree, i need more patience

[metfan1]

"Debtors assert that nothing herein is intended to cancel or alter the rights of shareholders with respect to their stock interests." it goes on to say.

So we will have to wait until Feb 15th-ish to hear the official news on what happens to our shares...soo many potential scenarios.

Good Luck Everyone!!

[Gigi70]

Check latest 8K from today

"..to deregister its common stock..."

[metfan1]

I don't see the debtors wanting to hold this for long...they will put lipstick on this and flip it...and hope we come out good.

[QUANTUM314]

I'm keeping part of my position and might average down, jump back in when some life comes back into this. Looks grim that they want to go private

[metfan1]

You are one of the big supporters here...why give up now when you've been through such hell already

[QUANTUM314]

Sold off at a loss here :( Was a gamble for sure.

[metfan1]

Deregistration is really just a holding pattern.

eventually, the company will have to tender an offer for shares and really go private, or sell the company, or close shop altogether.

it's very expensive for them to relist the company, so the stock is pretty much done until one of the three scenarios above is met.

[wsp102]

Alternatively, there is what's called "Going Dark" so the company can avoid the reporting requirements and costs associated with the stock market listing.

[Longshorts]

http://www.investopedia.com/ask/answers/05/publictoprivate.asp

I would've typed it out but this link says it all...lol

[metfan1]

private in the sense that they don't want to be subject to the SEC reporting requirements and such...if they were truly going private, they would either purchase our stock or do something else to it.

In the doc they filed, they said that "the shareholders of common stock will retain all shareholder interests" , leading me to believe that we will be ok for now - catch is there is 0 liquidity so you couldn't really sell if you wanted to bc there wont be any buyers.

Sooo...this introduces yet another slew of possibilities - one of which is they put lipstick on the company and flip it in the short-to-medium term. at that point, the question would be what happens to our stock? it would spike, BUT that's assuming they don't dilute our current stock.

too bad most folks on this thread only post a few words...a sentence at most lol. doesn't lend itself well to having a discussion.

[Longshorts]

Looks like the new company wants to take it private.