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That's what I think as well. Maybe it was just a reaction/correction to the heavy selling yesterday? It doesn't make sense to cover a short that is in a downtrend, besides the short positon was under 3mil, volume was over 13mil fwiw.
if you were short would you have to cover???... couldn't you just ride it till they cancel and never cover...??
mj
DANA CORPORATION (OTC: DCNAQ) "Up 52.38% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/DCNAQ.php
Dana is a world leader in the supply of axles, driveshafts and structural, sealing, and thermal management products, as well as genuine service parts. The company's customer base includes virtually every major vehicle and engine manufacturer in the global automotive, commercial vehicle, and off-highway markets, which collectively produce nearly 70 million vehicles annually. Based in Toledo, Ohio, the company's continuing operations employ approximately 35,000 people in 26 countries and reported 2006 sales of $8.5 billion, with more than half of this revenue derived from outside the United States. For more information, visit www.dana.com.
DCNAQ News:
December 12 - Bankruptcy Court Asks Dana to Submit Order Confirming Plan of Reorganization
During a confirmation hearing today for Dana Corporation's (OTC: DCNAQ) Chapter 11 case, Judge Burton R. Lifland of the U.S. Bankruptcy Court for the Southern District of New York announced that he will "entertain an appropriate order of confirmation" with respect to the company's Plan of Reorganization. The judge ruled that all Chapter 11 requirements for confirmation have been satisfied. The company is expected to submit the order of confirmation by Dec. 21, 2007. As previously announced, the company is positioned to emerge from bankruptcy by the end of January 2008.
"This is another important step toward our emergence as a financially stable company that is positioned to compete vigorously in our global markets," said Dana Chairman and CEO Mike Burns.
Court Confirms Dana Corp's Plan To Exit Bankruptcy
Wednesday 12/12/2007 1:35 PM ET - Dow Jones News
By Christopher Witkowsky Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--A federal court Wednesday confirmed Dana Corp.'s (DCNAQ) Chapter 11 reorganization plan, paving the way for the auto-parts supplier to emerge from bankruptcy by the end of January.
After more than two days of hearings, Judge Burton Lifland of the U.S. Bankruptcy Court in Manhattan approved the plan, which will repay Dana's unsecured creditors between 72 cents and 86 cents for every dollar of the $3 billion they're owed.
The company said 96% of its unsecured creditors voted in favor of the reorganization plan.
"The plan is feasible, fair and equitable," Lifland said.
(This article also appears in Daily Bankruptcy Review, a publication from Dow Jones & Co.)
Dana, based in Toledo, Ohio, will emerge from bankruptcy a leaner company after having shed about 8,000 of its 44,000 employees and shut down non-core businesses. Much of the workforce reduction was the result of the sale of various Dana businesses.
Dana said its bankruptcy-reorganization has resulted in annual savings of between $440 million and $475 million. In court papers, the company said it managed to squeeze about $180 million in annual price increases from its customers.
Dana plans to borrow $2 billion from Citigroup Global Markets Inc., Lehman Brothers (LEH), and Barclays Capital to supplement $790 million in new equity to fund its exit from bankruptcy protection. Dana plans to sell as much as $540 million of new preferred stock to qualified unsecured creditors through a rights offering.
Private-equity firm Centerbridge Capital Partners, which has agreed to purchase $250 million in new Series A preferred shares, will backstop $250 million of the $540 million rights offering. A group of Dana bondholders will backstop the sale of the remaining $290 million in Series B preferred shares.
The reorganized Dana will have a nine-member board of directors consisting of some of the biggest names in the automotive industry, including John Devine, former chief financial officer of General Motors Corp. (GM), Jerome York, former chief financial officer of Chrysler Corp. and Richard Gephardt, a former U.S. representative with strong ties to organized labor. Dana's chief executive, Michael Burns, will retain his post.
Dana, which makes axles, driveshafts and other parts, entered bankruptcy in March 2006 amid a downturn in the U.S. auto industry. Other parts suppliers also fell into bankruptcy, including Delphi Corp. (DPHIQ), GM's former parts unit, and Dura Automotive Systems (DRRAQ).
-Christopher Witkowsky, Dow Jones Newswires; 201-938-4296; christopher.witkowsky@dowjones.com
Have to keep up some hope, can't explain today but hope it continues. lol
who knows what's going on...maybe traders will run this til judgment day in jan...lots of time
The other stock in that article is down 29% fwiw, DCNAQ holding.
No, picked up a lotto position on todays rise along with the daily chart looking up - then decided to figure out what I bought lol. There must something going on here but I don't know what the heck it could be.
not sure...did you try to call IR?
Billionaire Investor Kirk Kerkorian's Adviser Named To Dana Board
http://www.detnews.com/apps/pbcs.dll/article?AID=/20071206/UPDATE/712060478/1361
Report: Dana Corp. names Jerome York, others to board
Detroit News Wire Services
Dana Corp. plans to name former Chrysler Corp. Chief Financial Officer Jerome York and three other former auto executives to its board, Bloomberg News reported today.
York, 69, has been an adviser to billionaire investor Kirk Kerkorian. He is among nine people picked by creditors and new investors, the Toledo-based company said in a statement today. Dana also said it expects Chief Executive Officer Mike Burns will give up the chairman post, while staying on the board.
The director choices also include John Devine, 63, who was chief financial officer of General Motors Corp.; Mark Schulz, 55, a former Ford Motor Co. international chief; and Gary Convis, 65, a retired Toyota Motor Corp. U.S. manufacturing executive.
My thoughts exactly! : ) LOL
So it's just short covering?
BUYINS.NET: OXIHF, DCNAQ Have Also Been Added To Naked Short List Today
Thursday , December 13, 2007 09:15ET
Dec 13, 2007 (M2 PRESSWIRE via COMTEX) -- BUYINS.NET, www.buyins.net, announced today that these select companies have been added to the NASDAQ, AMEX and NYSE naked short threshold list: Oxford Investments Holdings Inc. (OTCBB: OXIHF), Dana Corp. (OTC: DCNAQ). For a complete list of companies on the naked short list please visit our web site. To find the SqueezeTrigger Price before a short squeeze starts in any stock, go to www.buyins.net.
Oxford Investments Holdings Inc. (OTCBB: OXIHF) is now establishing itself as a leading online payment solutions Company. The Company is concentrating its business around its "FocusKard" suite of products. The FocusKard suite provides a comprehensive card payment solution meshed with a user-friendly e-wallet for e-commerce businesses. With 34.83 million shares outstanding and an undisclosed short position, there is a failure to deliver in shares of OXIHF.
Dana Corp. (OTC: DCNAQ) engages in the engineering, manufacture, and distribution of original equipment systems and components in North America, South America, Europe, and Asia Pacific. It operates in two segments, Automotive Systems Group (ASG), and Heavy Vehicle Technologies and Systems Group (HVTSG). The ASG segment offers light axles, driveshafts, structural products, chassis, steering, suspension components, engine sealing products, thermal management products, and related service parts for light trucks, such as pick-up trucks, sport utility vehicles, vans, and cross-over vehicles, as well as passenger cars. The HVTSG segment provides axles; driveshafts; brakes; chassis and suspension modules; ride controls, and related modules and systems; engine sealing products; thermal management products; and related service parts for medium and heavy duty trucks, buses, and other commercial vehicles. This segment also offers axles, transaxles, driveshafts, brakes, suspension components, transmissions, electronic controls, related modules and systems, engine sealing products, and related service parts for construction machinery and leisure/utility vehicles; outdoor power, agricultural, mining, forestry, and material handling equipment; and various non-vehicular, industrial applications. The company offers its products under Spicer, Victor Reinz, and Long trademarks. Dana Corporation has strategic alliances with various companies, including Bendix Commercial Vehicle Systems LLC, Eaton Corporation, GETRAG GmbH & Cie KG, and GKN plc. The company, formerly known as Spicer Universal Joint Manufacturing Company, was founded in 1904 and changed its name to Spicer Manufacturing Company in 1909. Further, it changed its name to Dana Corporation in 1946. The company is headquartered in Toledo, Ohio. On March 3, 2006 Dana Corp. along with its affiliates filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the Southern District of New York. With 149.82 million shares outstanding and 2.8 million shares declared short as of November 2007, there is a failure to deliver in shares of DCNAQ.
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Public Companies Associated with this story:
DCNAQ OXIHF
Next Scheduled Hearing:
January 9, 2008
10:00 A.M. EST
United States Bankruptcy Court for
the Southern District of New York
Alexander Hamilton Custom House
One Bowling Green, Room 623
New York, NY 10004-1408
we'll know by Dec 21st I guess
Why would that cause +57% of the common today? Volume approaching 12M - is there more to it?
some unsecured creditors are to receive prorated new shares and/or cash, why can't they do it to shareholders those bastages
Strange one here, emerging from B/K likely cancelling shares and up 57% on high volume. Can't find the reason for it but hoping to see it continue lol.
I don't know what is going on? But the stock is going wild right now :)!!!!!!!!!!!
are they selling the shell?
I cannot believe this stock is up today! going crazy!
Is this people buying it without a clue or what!
I know the bankruptcy emergence plan was approved, but that also means the common stock will be re-issued right?
Because I saw your post I was able to get out with a $4.00 profit. Thanks.
I read that a few minutes ago!
That sucks!!!!!
I sold out yesterday when all the selling started and price was dropping!
I was amazed today to see it go up and down like it did!
Watching tomorrow just for fun.
Good luck with your other stocks and thanks for the DD
looks like they're cancelling existing shares and issuing new ones
looks like DOMS per delayed Lev II
who's that bidding with a big order?
Sounds like they are!
CEO gets big money to bring them out of Chapter 11!
Insiders selling stock!
And it looks like retirees will get the shaft!
DANA is a POS!!!!!!!!!!!!!!!
Since filing Chapter 11, Dana has cut 8,000 of its 44,000 employees and lopped off $2.5 billion of its $11 billion in revenues through plant closings and asset sales.
When the plan is effective, up to 100 million new shares of stock will be paid to creditors to satisfy debt.
Existing shares, now trading at about 5 cents on the over-the-counter market, are expected to become worthless.
The company said it expects the new shares to trade on the New York Stock Exchange but isn't sure when trading will begin, Dana spokesman Chuck Hartlage said.
The CEO, who is also chairman of the board of directors, will retain a board seat.
But Mr. Burns will be replaced as chairman of that body. A new nine-member board will include retired U.S. Rep. Richard Gephardt (D., Mo.) and Jerome York, an adviser to investor Kirk Kerkorian.
Judge Lifland has authorized the company to pay up to $6.75 million in cash and stock to Mr. Burns when the company exits bankruptcy.
Five other executives will share in up to $4.77 million for their roles in steering the firm through the reorganization.
At some point after emergence, the company no longer will provide health benefits for retirees. The program will be taken over by a union-supervised trust fund.
Unionized retirees, including about 800 in the Toledo area, are uncertain about how their benefits will change.
"Of course, they're apprehensive," said Dick Rombkowski, a former Dana worker in Toledo who writes a column on retiree issues for a local UAW newspaper. "They don't know what will or won't be covered."
But company executives said they needed deep cuts to return the company to profitability.
And cost-cutting efforts are beginning to pay off.
After billions of dollars in losses, including $276 million through Oct. 31, company officials reported to Judge Lifland that Dana had a profit of $18 million in October.
http://www.pinksheets.com/pink/quote/quote.jsp?symbol=dcnaq#getNews
Has anyone read the news clip on Pinksheets.com from " The Blade-McClatchy-Tribune Information Service? Whoever they are, its dated 12/9. Check it out- states old shares are going to be worthless and new shares issued. Any comments!!!!!!
did they end up cancelling the shares?
I agree, This is a real Balzy play! I only invest what I expect to lose :)
But then again, you never know!
Look at what Owens Corning did, and they even announced the common shares would be cancelled!
everything's uncertain on this one---I don't even know what kind of plan 98% of creditors approved of
they could cancel the old shares and issue new shares while mgmt misrepresented that they won't accept less than $8.50 buyout
Thank you lifegear, I appreciate your DD. I think I may buy some more today! I might as well try averaging down?
they're not disclosing anything at all at the moment
got anymore info on the vote or common shares?
have you ever contacted the company regarding the fate of the common shares? -- looks like Dec 10th is the voting process
I noticed that they've elected representation for the equity interest similar to what STBP did lately
Dana Corp Reports October Net Income Of $18M
4:20 PM ET - Dow Jones News
DOW JONES NEWSWIRES
Auto-parts supplier Dana Corp. (DCNAQ), which has been in bankruptcy proceedings for more than a year and a half, on Friday reported net income of $18 million for October.
The Toledo, Ohio, company had net sales of $799 million for the month, according to a filing with the Securities and Exchange Commission.
Dana filed for Chapter 11 protection from creditors in March 2006, one of several U.S. auto-parts companies in reorganization. This week Dana secured $2 billion to finance its planned exit from bankruptcy in early 2008, pending court approval.
-Yogita Patel, Dow Jones Newswires; 202-862-1343; yogita.patel@dowjones.com
> Dow Jones Newswires
11-30-07 1620ET
Copyright (c) 2007 Dow Jones & Company, Inc.
it's interesting...this company could buyback all the shares with no problem having billions in revenues
with the activity and close today, money flow index is rising and it could continue to move up steadily from here.
This one is definiitely worth watching. Will be huge in due time.
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