Dana Corporation (fka DCNAQ)

[I- B- N]

High Risk and no reward.Do not enter till they emerge from BR. All those that hold stock will lose it all as is normal when a company goes BR.

[Soapy Bubbles]

Read the news and DD -- At worst, they go private after. Best -- back into the dollars.

[The Tooth Fairy]

Thanks.

[Soapy Bubbles]

Honestly, don't know. I am hoping the BK will end and they consolidate into a good company. I am just here to help w/ info and root a bit for DANA. This company has a solid past and should have an excellent future if they stick to a good mgt and financing.

[The Tooth Fairy]

So whats the risk reward here?
I live about 10 miles from DANA CORP.

[Soapy Bubbles]

Cool thanks! Updated the iBOX.

[I- B- N]

Bankruptcy Court Confirms Dana's Plan of Reorganization, Paves Way for Fundamentally Improved Company to Exit Chapter 11 in Janu





TOLEDO, Ohio, Dec. 26 /PRNewswire-FirstCall/ -- Dana Corporation (OTC:DCNAQ) (BULLETIN BOARD: DCNAQ) announced today that Judge Burton R. Lifland of the U.S. Bankruptcy Court for the Southern District of New York has signed an order confirming the company's Plan of Reorganization. The action paves the way for Dana's emergence from Chapter 11 reorganization, which it expects to occur in January 2008, after the closing of the company's $2.0 billion exit financing facility and satisfaction of other customary closing conditions.

(Logo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA )

"This is a significant milestone for Dana and all of its constituents," said Dana Chairman and CEO Mike Burns. "The approved plan provides a solid foundation for the new Dana. We now look forward to emerging as a focused, solvent company that is positioned to take advantage of its considerable strengths and compete successfully in its global markets."

Dana entered Chapter 11 reorganization on March 3, 2006. During the ensuing 21 months, the company and its constituents identified, agreed upon, and won court approval for approximately $440 million to $475 million in annual cost savings and revenue improvement. These annual savings were derived primarily from enhancing its product profitability, optimizing its manufacturing footprint, reducing labor costs and benefit changes, eliminating ongoing obligations for retiree health and welfare costs, and achieving further reductions in administrative expenses.

"From the outset of this process, we said that fundamental -- not incremental -- change was critical to Dana's future success," Burns said. "I am pleased to say that we have achieved this goal due in large part to the enormous efforts of our resilient employees around the world and the talented team of advisers who have helped bring us to this point. Similarly, we are grateful for the support and partnership demonstrated by many other constituents involved in this very complex process, including our customers, suppliers, and members of the communities in which Dana people live and work."

About Dana Corporation

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 more than 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, please visit: http://www.dana.com/ .

Forward-Looking Statements

Certain statements and projections contained in this news release are, by their nature, forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements and projections are subject to uncertainties relating to the successful emergence of the company from bankruptcy and consummation of the financing transactions contemplated by its exit financing commitments, and a number of other risks, uncertainties and assumptions (including, but not limited to, the debtors' operations and business environment, the effects of the debtors' Chapter 11 reorganization and the conduct, outcome, and costs of the Chapter 11 cases), which are difficult to predict and which are, in many cases, beyond the debtors' control. In light of these risks and uncertainties, the events and circumstances described in the forward-looking statements and projections in the news release may not occur and the debtors' actual financial results could differ materially from those expressed or implied in such forward-looking statements and projections. Dana does not undertake to publicly update or revise any forward-looking statements or projections contained in the news release, whether as a result of new information, future events, or otherwise.

http://www.newscom.com/cgi-bin/prnh/19990903/DANA

[Soapy Bubbles]

Japanese Candlestick Charting Techniques, Second Edition
by Steve Nison

RapidShare Link:

http://rapidshare.com/files/78891035/Japanese_Candlestick_Charting_Techniques__1991_330p_Steve_Nison___Trading_ebook_.pdf.html

Book Description

Japanese Candlestick Charting Techniques, 2nd Edition, provides an in-depth explanation of candlestick plotting and analysis, conveying to the reader, in easy-to-understand language, the author’s years of practical experience in this increasingly popular and dynamic approach to market analysis. It includes hundreds of examples that span the equity, futures, fixed-income, and foreign exchange markets and shows how candlestick charting techniques can be used in almost any market. It has been thoroughly updated to include:
* New techniques and strategies
* The author’s concept of the Convergence (when a series of signals converge at one zone, thus increasing the chances for a market turn from that area)

This new edition broadens the book’s focus and all new updated charts, and information on several new areas such as day trading and how candlestick charting can be used to improve returns and help decrease market risk.

It includes everything from the basics, such as constructing the candlesticks and learning the patterns, to advanced topics, such as the rules of multiple technical techniques.

Whether you are new to candlestick charts or a seasoned pro-the reward will be immediate and long lasting.

[Soapy Bubbles]

Update

Hello everyone and happy holidays. If you have news or ANYTHING for the iBOX, please submit it in forum! I'll be happy to include stuff into the iBOX. Just try to format it so I can dump it into the iBOX :)

Also, there needs to be information on the BK proceedings. If anyone has solid info (just not the SEC stuff), I'll add a section to the iBOX for your DD. If you want to dump into the iBOX yourself, I'll add you to the Mods list.

Also, if you like writing, I'd like and OPINION section in the iBOX so visitors can gauge our thoughts about Dana.

[goldencalf]

"Icahn has shown an interest in auto supply companies in recent years. He has a holding in Toledo-based Dana Corp."

http://www.detnews.com/apps/pbcs.dll/article?AID=/20071219/AUTO01/712190345/1148

[Soapy Bubbles]

I know! It's rather funny. Could be just expectations and technical trading.

Still gathering info for the box.

[morcash]

Well for whatever reason it's made a fairly steady climb from it's low the past few sessions. Hope to see it continue but still I don't understand why it's going up, have to assume there is something more to it.

[Soapy Bubbles]

I don't think that's legal -- I know they have to deal w/ the courts and meet benchmarks and payback schedules. We'll have to wait for the rulings.

[lifegear]

can't they just dismiss the bankruptcy filing now that it's profitable again?

[goldencalf]

escape clauses

[Soapy Bubbles]

Dunno. We'll see what the contracts do in the long term. It may get ugly, but if the contracts remain intact, that's law.

[goldencalf]

I think the BOD has a rude awakening coming, just over the horizon. Gonna knock those rose colored glasses, clear off their noses.

[Soapy Bubbles]

Really think the bank support will dry up?

[goldencalf]

The credit crunch is playing havoc with these BKs. Delphi was forced to sweeten the pot with the old commons, namely tepper and his homie's and that ain't over by a long shot. When the banks eventually refuse to pony up here, dana will be forced to crawl back to tepper with his 22.5 million shares and sweeten his(our) pot. They tried kicking us to the curb and now it's backfiring. IMO

gC

[Soapy Bubbles]

True... it has a large portion of the mechanized world in its hands. That's why I don't think they'll vanish. They may change names, but the company should survive.

[mgregoryh]

Well put it this way, If Dana were to close shop altogether, the US economy would be hurt, BAD. Trash would not get picked up, (Dana PTO and Transfer cases), Fire engines would not spit out water,..., and we would be at the mercy of those little itty bitty trucks they use in Europe to transport our products. It would be like boeing shutting down and not offering vital airplane replacement parts to their customers. Airplanes would stop flying! DANA parts are key components in the US transportation industry. I would bet everything I own that there will be a DANA (or othername) post BK. Our economy depends on it.

[Soapy Bubbles]

Oh, I will be collecting info for the iBOX over the next few nights. If you have anything you want included, drop a line.

[Soapy Bubbles]

Dunno what to tell ya -- we're all waiting.

There's a lot invested into DANA. I don't see it burning. Maybe M&A or bought out, but not dying.

[mgregoryh]

Thanks! I am sure you have done more DD than me on this one. I feel the courts should include the common shareholder in recovery as they have done with dphiq. I just could not find anything specific as I dug thru all the legal jargon. My understanding is/was it was a definite no-value to the common shareholder. Maybe I was wrong, however I admit I need to go back and read the docs more closely.

[Soapy Bubbles]

Well, then you better plan your flips during all the BK hearing. Then re-enter after they emerge.

[mgregoryh]

PS> Given some major run-ups on post BK companies such as Healthsouth, K-mart,... I am looking for a good BK spec play. I am just trying to figure out the details. Not bashing, not shorting..., just looking for a diamond in the rough. There is no question in my mind that this will emerge as a leaner, meaner, viable company and is backed by some big money. My understanding is the old common shareholder will get nothing after emergence?

[Soapy Bubbles]

I'll hold unless the court says no to the restructure. Then I'll think about it.

[mgregoryh]

Agree this has made a nice pop today. A better question is, if they put out a PR that they will exit from BK this friday, would you still be holding your shares on Thursday? ...given all the info we have about the BK plan at this point.

[Soapy Bubbles]

Simple -- just trade it on L2. Easy profit today.

[mgregoryh]

I am not bashing the company with the TP analogy... Under the BK plan, old common shareholders get nothing. No conversion etc... so tell me how the common shareholder will get anything. Its like the hot potato thing. Whoever is left when the buzzer rings (BK emergence) get nothing. You are better off in Delphi if you have any time horizon over a month. Until then, good luck flippin!

[Soapy Bubbles]

Acrually I won't converse much with you given your insightful TP analysis.

Yeah, it's in BK -- no one will fight that. But they are working their way through the court system, secured billions of bank financing (not crap ones either, hit their site), and are trying. Also, if you hit interactive brokers, there are short positions as well -- but they are reducing.

Are shorts bad? Nah. It's just a way to make money on the market. I shorted like mad (as many did) during the inital credit drop a few months ago. (I shorted YGE a bunch.) Did it kill anyone? Nope. Just another way to make money. Perhaps you can try shorting too -- it has it's place.

Also shorting is good for technical trades -- we use shorts as a way to judge the health of a stock.

As for the value of the shares, the open market on L2 has it at a nickle, up 25%.

[mgregoryh]

Shares being worthless after BK emergence is reality, not perception. No gray area, just reality. Please show me any hope, mention,... in the BK plan or elseware that shows any hope otherwise and I will be a strong buyer as this would be a bargain. No shorts left, just long sellers with a boatload of paper that will be worth less than TP in a month. (TP is tangible... you can touch the Charmin) PS> I am not trying to start a debate and my opinion of predatory shorts is just above prisoner and prison guard (2 lowest life forms) Show me any possibility that I could be wrong and I will agree with you.

[Soapy Bubbles]

Thanks for your trading strategies, but try to comment on something about the stock itself, news, or other such things of importance. No one cares about perception...

[mgregoryh]

Don't trust the trading... shares will be worthless and this is tepper and other hedges selling you worthless paper. Tepper may be holding shares, however he is covered in the BK emergence plan... You are not! There is no conversion as is with Dephi... those shares (DPHIQ)will be worth something. I bought 40,000 shares of dana at .019 last week and was happy to get out at .03 after reading the BK docs and realizing how stupid I was to even buy in. Once again, the shares being traded will have no value. Short selling is done... They are just trading this as a head fake to maximize as much profit out of the small guy before these worthless shares stop trading in a few weeks.

[Soapy Bubbles]

Thanks... read on that and am curious to see what crops up.

[morcash]

There is supposed to be some meeting on the 21st regarding the b/k. Trading this week should give an indication which way it's headed IMO. GLTY

[Soapy Bubbles]

Dunno. I need to dig more. But if they get out of BK, there could be a nice reversal after all the shorts bail.

[morcash]

It appears that Dana is definately emerging from BK by Jan 31 08. The existing common may not have value beyond that but I like the way it's holding around .04 fwiw. Maybe there is something else to it.

[Soapy Bubbles]

Hey guys, I'll be updating the iBOX soon but I need to assemble some info. If you have anything you want posted, tell me. If possible, supply the text and the link.

If you want to work a certain angle (legal, finance, etc...) tell me and you'll have that part of the iBOX.

[Soapy Bubbles]

This is the news that caught my attention. For some reason, yet to be announced, large banks think DANA has the goods to get out of BK. 790M USD is a big commitment by these guys and I am sure they won't let the ship go down -- I hope more news comes out on how this is used in the restructuring.

[Soapy Bubbles]

After reading up on this mess, I think Dana has a chance to recover once the BK is put behind them. If they play it right (with a small consolidation and cleanup), I think they have the chance to market solid products.

As for Tep, dunno what to say.If it takes a crash and burn followed by an agressive buyout, so be it. But in a decade we may see a smaller profitable company. All I know is it'll take a long time and a lot of investors to pull it odd.

As for Kirk, yeah, that's an oddball and I have no idea about his role.

[goldencalf]

Tepper still holding onto his 22,500,000 shares, which he paid between .80 and $1.02 He's a smart guy, so why is he holding onto them? Could it be he thinks they're going to be worth something one day? Anytime Kirk Kerkorian's name pops up around a company a funny thing starts to happen to their stock. You guessed it, it GOES UP!!!!! I wouldn't be at all surprised if Dana's financing falls apart just like Delphi and Dura's did. The fat lady hasn't even arrived in the concert hall, let alone begin to sing. Tepper said two years ago he'd do what ever it takes to buy this company. I believe he just may pull it off. Anyone?

gC

[Soapy Bubbles]

That's ok -- maybe cheap pickings if they pull out of BK. We'll see.

[lifegear]

SHO listed now

[Soapy Bubbles]

Or maybe some reports -- all the stuff I found was really old.

[Soapy Bubbles]

This is interesting -- does anyone have more recent info than what's on the site about the filing? If so, I'd love a few links!

[morcash]

Right so they do have to cover. But with possibly 6 weeks left why cover today? The FTD report was shy of 3M and there was 13M - I know some buying selling flipping. Could be the shorts. If that's the case they wouldn't do it all in one day and risk price going up too fast so pherhaps we'll see more in the morning.

I have to admit this one puzzles me. A steady rise to Dec 21st would be great but not expected. lol.

[lifegear]

if you short at a dollar, you have to cover your short position at a lower price to realize a gain

I don't think you'll end up with profits otherwise

[MJAM2020]

Life,,i've never shorted a stock... but lets say you short a stock a dollar...do you get the proceeds from that sale at a dollar right when you sell?...or do you not get it until you cover?... The minute you short sell 1000 shares of xyz at 1$,,,does the 1000$ show in your account then?...or not until you cover lets say at .50cents?....please explain...thanks...I was thinking you get proceeds when you sell from the start..then when you cover you just subtract the price and you get whats left over..profit..I'm guessing i'm wrong...education time.. :)


mj

[lifegear]

short sellers still need to cover to realize profits unless they're nakedshorters