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Thanks. Was a very long ride for me. Almost 2 years.
Although there were a few "pops" above $.02 (not long lasting). DESTQ was mostly pretty flat, trading between $.01 to $.02.
The biggest drop came recently when DESTQ was moved from Pink No Info to the so-called "expert market" and real-time quotes became unavailable.
Best of luck to you in the future.
@Chemist72 - I would hope everyone knew it was a 'gamble' stock. I know I did but thought this one might have a better outcome then what it appears like will happen in November. One small silver lining is that the loss can be used as a write-off on your taxes. Thank you for all the helpful information you provided along the way during this bumpy ride.
Sorry to say its almost all over.
DESTQ has asked the judge to dismiss its BK case. If that happens in November when the hearing is scheduled, DESTQ will then proceed to dissolve the company and have all its equity cancelled (all outstanding common shares and any outstanding preferred shares).
This will make DESTQ shares "worthless" and likely untradeable.
I would like to apologize to any of my followers who may still own DESTQ shares. This stock was always a gamble for me, and I lost everything in the end.
Was hoping for a different outcome, but that is the chance you take when buying shares in a company that is in bankruptcy proceedings.
c'est la vie
I have/had to read legislation as part of my job and can try to breakdown what is being said.
Essentially, DESTQ started their bankruptcy proceedings as a way to identify and liquidate the various assets the company managed. Now they are saying that they have liquidated EVERYTHING that can be liquidated (Even bonds with Customs/Border orgs. for importing.) Due to this they cannot put together a PoR as there is nothing to reorganize (<$5M afaik.) compared to the claims.
From my understanding they would like to dismiss the case instead of moving to chapter 7 proceedings mainly due to the costs associated with chap. 7 being too high:
"After considering all potential alternatives, the Debtors have determined that a
dismissal of these chapter 11 cases is the most expeditious and cost-effective process to wind down ... Secured Claims and
Administrative Claims. A dismissal will result in greater recoveries for such holders by ensuring
a faster and less costly completion of these chapter 11 cases as compared to a conversion to
chapter 7. The fees and commissions incurred by a chapter 7 trustee and its professionals alone
justify dismissal of these cases. Moreover, conversion to chapter 7 would further delay distributions to holders of allowed Secured Claims and Administrative Claims, as a chapter 7
trustee and its professionals would need to spend time familiarizing themselves with these cases.
(emphasis mine)
Also, there was this little nugget:
"Because the Debtors have sold substantially all of their assets and ceased
operations, the Debtors intend for their corporate entities to be dissolved as soon as reasonably
practicable upon entry of the Dismissal Order."
Chemist72 thanks brother for all the post you bring to the board. Now if you could dumb it done to a 5-6 year old comprehensive iq it would be perfect lol sorry man it’s like I read it and read it and I’m like what does it mean lol wow I’m beyond lost
Some edits to previous post:
Looked more closely at docket 1139. Below is a more accurate breakdown of the various sections of this docket.
1) The first 14 pages contain technical lawyer stuff that I can't interpret easily.
2) The first section of claims is called, "RECLASSIFIED CLAIMS" and is 4 pages long.
3) The second section of claims is called, "NO LIABILITY CLAIMS" and is 50 pages long.
4) The third section is called "REDUCED/MODIFIED CLAIMS" and is 57 pages long.
5) Fourth section is lawyer justification stuff. (4 pages)
6) The last section seems to be a repeat of the first part of this docket, and seems to be part of the order that they are asking the judge to sign.
Holy cow. DESTQ just submitted a list of modified claims that runs 230 pages long!
See Docket #1140, just filed on Friday.
THIS MATTER IS DUE TO BE HEARD IN COURT ON NOVEMBER 22, 2021.
The judge has already signed an order approving the date of this hearing (see docket #1138).
DESTQ has also submitted an order to the Court, to have their case DISMISSED!!!!
See Docket #1142 (haven't looked this one over yet).
More to come.
POR deadline extension basically a foregone conclusion.
That is because DESTQ announced that some sort of agreement was reached (though not yet specified) between DESTQ and the objector to this extension.
This raises the following questions in my mind:
1) Will DESTQ finally present a POR to the Court by this latest deadline?
2) Did the judge have anything to say about all the deadline extensions and if so, what did he say??
3) If DESTQ asks for another deadline extension, will Pan Pacific or another party object to another POR deadline extension?
4) Will the Court release any info regarding what went on at the Hearing today?
I don't have any answers right now. But the answer to the most important question (#1) will be known by Nov. 13, 2021.
Nothing to do now, but wait another month :(
"the Debtors’ Exclusive Plan Period is extended through and including November 13,
2021 and the Debtors’ Solicitation Period is extended through and including January 15, 2022"
See #1132
Omnibus Hearing agenda published. See Docket 1129.
My comment: Appears Hearing will be held via ZOOM. Docket 1129 states the following -
So you're telling me the entire market cap of this company/shell is less than the retail price of a laptop computer? I'll buy the whole thing.
Is there any shred of hope left that they're putting some efforts into emerging from this BK? I don't know, but would think some insider would be incentives to get it back into compliance.
There is always a risk that a bankrupt stock will go to ZERO.
In this case, it is almost there already, even before the company has filed a POR.
Seems a bit "unusual", but heck, what do I know.
Sears has been in bankruptcy for about 3 years and still trades in the pennies. They filed their POR about 2 years ago.
The motivating factor behind new SEC rule concerning other stocks like DESTQ seems to have been to avoid any opportunity to take on any risk. Unfortunately for existing shareholders, we are left with 100% of said risk. This is awfulness.
it happened that if you had entered SIRI in December 2008, you would be a millionaire ...
at least ten Lamborghinis you would have bought ...
in 2008 SIRI had practically gone bankrupt, then came a debt loan, and a great relaunch of the company ...
Hi corvatsch if you don’t mind what happened to Sirius radio back then? Not to familiar and looked around can’t seem to find any articles maybe because I’m in Canada which is weird thanks
Gonna be long, cold, volatile winter for DESTQ longs.
Probably going to bounce between .0001 and .01 several times. Market is very thin obviously and bids above .0001 will be scarce as well as buyers at .01. So up sometimes maybe as much as 10,000% and down 99% some days (like today).
Good luck to all the brave souls left here.
Try not to look too frequently at the trading. It will generally be meaningless until DESTQ files a POR with the Court.
$DESTQ 0.0001 ? -0.0119 (-99.17%) Volume: 20,000 ???
Well look at that. 30,000 shares bought at $.01-.012!
UPDATE: Can now see bid and ask prices at 2 brokerages.
While the 2 ASK prices quoted are identical, the 2 BID prices quoted are NOT the same. Will see if this changes in the future.
One trade posted today so far.
I can see NO posted bid or ask prices, but I can see ONE trade today at $.009 (10,000 shares). I can see this trade posted on iHub and also at my 2 brokerages.
So the good news is that we can see trades that are executed on the Expert Market (in real time as far as I can tell). The bad news is that I can't see any bid or ask quotations.
DESTQ moved to the OTC "Expert Market".
https://www.otcmarkets.com/stock/DESTQ/overview
For info on the Expert Market, see the link below.
https://blog.otcmarkets.com/2021/03/25/understanding-the-expert-market/
That sounds about right. My broker wasn't clear about how it will be handled at their firm.
Guess I'll just have to wait until tomorrow. Maybe put in a "test" order later in the week.
See what happens. lol
As long as shares aren't officially cancelled, I'm okay with whatever they can do for me. I'm pretty much "locked in" with my current shares. Nothing really to do until a POR is filed.
I called TD - They told me I can still sell my stocks through them with a limit order but they may not be able to provide up-to-date quotes.
You probably need to talk to your broker.
Once upon a time I had a stock move to the grey market. It was only temporary for about a month. But I was still able to buy some cheap shares. You have to be somewhat lucky as a trade usually can't be made unless there are 2 exactly matching orders on the bid and ask.
At least that's how I recall it working. TDA was able to give me a bid and ask price which helped a bit at least.
They probably won't do that anymore for grey market stocks. jmo
If we are reduced to selling on the grey market, how do we prove we own the shares? Is there something we need to do now? A transfer?
Still believe my reason for buying DESTQ is valid.
My primary reason for buying DESTQ shares almost 2 years ago was that I believed once the bankruptcy case was resolved (by having a POR submitted and approved by the BK court), that Marquee Brands would eventually merge with the debt-free shell that remained with its ~$200M in tax assets still intact (NOLs).
I believe that is still a possibility today, almost 2 years later.
Even though DESTQ shares will probably be moved to the grey market tomorrow and will be difficult to either be bought or sold, unless those shares are CANCELLED after the POR is made effective, those shares are still "real" and could be "resurrected" by Marquee Brands with a name and or ticker change by merging with the remaining DESTQ shell.
As it did from the beginning of this BK, it all depends on what is proposed in a POR. If the court finally pushes DESTQ to submit a POR after the upcoming Omnibus Hearing, then we will probably know the final fate of DESTQ shares.
All the above are just my own opinions.
I too have decided to hold until the bitter end on this one. I am certainly still hoping that this ends with a positive and we make a little.
My position is small. Not that anyone wants to lose money, but I can afford to lose it and take the tax write-off. I guess it will depend on the POR. With the new SEC Rules, it would seem that they could provide the information needed to allow the shares to be traded, but I also think they would have done so by now if they intended to keep DESTQ a viable stock.
Unfortunately, before 10/13 comes, DESTQ will likely not be publicly quoted and thus will be difficult (if not impossible) to trade.
OTC Markets has not announced what will happen to stocks/tickers that are in bankruptcy proceedings. Besides DESTQ, I'm also looking at SHLDQ, another ticker that has been in bankruptcy for about 3 years now. Whatever happens to Sear's stock will likely happen to DESTQ. I expect all tickers in bankruptcy will either be moved to the grey market or to the so-called expert market. Either way, it will be very difficult to trade any of these stocks.
The only hope left at that point for revival of DESTQ will lie with the POR that will have to be submitted to the Court eventually and approved. If the POR says that DESTQ shares will be cancelled, that is basically the end of the road for these shares.
On the other hand, if the POR proposes a reorganization of DESTQ and basically a reverse merger with Marquee Brands, then DESTQ shares could be exchanged for shares with a new ticker and new name essentially owned by Marquee.
For those willing to wait for a POR to be filed with the court, the fate of DESTQ shares should finally be known at that time.
At this point, I've decided to hold most of DESTQ shares until a POR is filed, no matter how long that might take. When all hope is gone, I will try to sell these shares for a tax write-off when I can.
Too bad someone didn't object to previous extensions.
But better late than never, I suppose.
Judge will have to impose some sort of deadline though or DESTQ might never file a POR. Just have to wait and see what happens on October 13.
Judge signed order for Omnibus Hearing on 10/13/21.
See docket 1114.
https://cases.primeclerk.com/DestinationMaternity/Home-DocketInfo
My hope is that the judge will reach a fair and equitable resolution of this issue with the 2 parties.
I have a feeling that the judge may have been waiting for someone to object to one of the deadline extensions that DEST has asked for. I agree with the arguments against another extension presented by the objectors.
I hope the judge in his infinite wisdom, will be able to at least get the 2 parties to agree to some kind of compromise. After all, he may be tired as well of all the extensions he has granted to DEST.
If you check the dockets, you will see there has been very minimal movement in the case during the past 6-8 months or so.
Its in the judge's hands now.
Thanks for the update on the October hearing. I agree with everything you just said in your last 2 posts. This has been dragging out entirely too long. I am continuing to hope that we get the increase in value over canceled shares. I knew it was a risky play but also has huge upside potential. Again, many thanks for your diligence and sharing on this board.
GLTA
No matter how you look at it, DESTQ shares are still a HUGE gamble.
If you believe DESTQ will be reorganized by merging with Marquee Brands (a reverse merger with MB having all the assets except for the NOL tax assets which DESTQ still holds), then longs could be greatly rewarded with a HUGE increase in share price once the BK case is closed and MB takes over the DESTQ "shell".
Otherwise, DESTQ shares will die and current longs will get nothing for their shares.
Like I said, a big gamble.
BK court has scheduled an Omnibus Hearing for 10/13/21.
My guess is that the main agenda item will be the objection that was raised by Pan Pacific to the requested extension for filing a POR.
Great news imho. We'll see if the Judge will finally hold DEST's feet to the fire and will not automatically give DEST another filing extension.
We'll see what happens on the 13th.
P.S. Btw, kudos to Pan Pacific. Its about time someone called out DEST on their stalling tactics. Hope the judge reminds them that they have had 7 extensions already from the original deadline for filing a POR.
Just to remind everyone, the original deadline for the POR submission was Feb. 18, 2020.
DESTQ will do as Sirius Satellite Radio in 2008-09 ....
I'm not clear to me how a POR / bankruptcy is going to be handled either. I knew this was a gamble when I bought it, but now I am considering taking the loss for tax purposes.
https://www.sec.gov/rules/final/2020/33-10842.pdf
Think you will find that most brokers have gone to close-out only mode for this stock.
This is in anticipation of the new SEC rule regarding current information that goes into effect on Sept. 28. I still don't know exactly how tickers that are in the midst of bankruptcy proceedings will be affected by this rule.
I have stated previously that I am expecting this ticker will likely become untradeable after Sept. 28. If that happens then the only way you will be able to sell these shares is if and when the bankruptcy cased is closed and this ticker is then merged with a real company (like Marquee Brands for example) and can then apply for a new listing on either a real exchange (e.g. NYSE or NASDAQ) or on the OTC Markets trading site.
I have no idea whether or not this will happen in the near future with DESTQ shares. If this company does not get reorganized and emerge from bankruptcy it will never be worth anything. You may not even be able to realize a loss for tax purposes if you cannot sell these shares in any forum.
Its all a crap shoot now as I expect the share price to go near ZERO after Sept. 28, unless some exception is made to the new SEC rule for companies in bankruptcy.
Its all a big unknown for me right now.
Theoretically, where does one buy pink sheets such as DESTQ? My broker went to close-out only mode for this ticker, and I'm not ready to sell mine until we have news. In the past, this board has been able to point me toward brokers that are still available in the OTC environment. Any help in that regard is appreciated.
No way DESTQ restarts immediately.
Even after they file a POR, it will still be another 6 months or more until this BK case is resolved/closed.
Sad.
it would also be right to put an end to this constant postponement of the DESTQ question ...
over two years of postponement ... a scandal.
DESTQ make it fail, or they have to restart it immediately ...
Pan Pacific objects to DESTQ's request for a 7th delay in filing a POR!
Pan Pacific's reason are stated in docket #1103 filed on 8/27/2021. I just finished reading the entire docket (8 pages long) and I tend to agree with Pan Pacific's arguments.
Below are a few specific quotes from that docket:
Martha's brand was taken private before purchased by Marquee. So I guess we just hurry-up and wait some more. At this point, no reason to sell. I am going to keep holding and dreaming big
Think most of these brands were privately owned.
The only one that I know was publicly traded was Martha Stewarts. As far as I can tell her company was traded on the NYSE until 2015 when it was bought out by another company. Marquee Brands acquired Martha Stewart® and Emeril Lagasse® brands in 2019.
That's about all I know.
According to their website they also own:
BCBGMAXAZRIA
Ben-Sherman
Body-Glove
Bruno-Magli
Dakine
Emeril-Lagasse
Martha-Stewart
I can't figure out what happened to share holders for the other brands. Anyone have any insight?
Do you know that Marquee Brands already owns two brands that were formerly associated with Destination Maternity?
Motherhood Maternity and A Pea in the Pod Maternity can both be found on Marquee Brands web homepage:
https://www.marqueebrands.com/
This is in addition to the 9 other brands that are associated with Marquee Brands.
It wouldn't surprise met at all if Marquee Brands decided to merge with DESTQ once the bankruptcy case is closed.
That hope is the ENTIRE reason why I still own DESTQ shares. Might take 2-3 years for this to come together (similar to the example I gave in my previous post), but believe me, IF Marquee Brands does decide to go public with DESTQ then that newly merged company will be worth a LOT MORE than just a few pennies.
Waiting for the dream to come true!
Yes. Look at P10 Holdings Inc.
Share price went from the $.20's to $.30's during bankruptcy proceedings early in 2017. Currently trading near its all-time high of $8 per share.
The story with this company is very long and I will not go into all the details now. Suffice it to say that this company was basically broke after emerging from bankruptcy but received about $4M in cash when it sold approximately the same number of shares as retail shareholders owned, thus reducing the company's ownership to just over 50%. The original company retained their NOLs and merged with a ~$4B private equity company that was looking to go public.
They issued shares in the newly reorganized company to their original shareholders on a 1 for 1 basis. Took about 4 years of slow price increases, but like I said earlier, their sp went from the $.30's to around $8 currently.
Link to their chart is below:
https://www.barchart.com/stocks/quotes/PIOE/technical-chart?plot=BAR&volume=total&data=WO&density=X&pricesOn=1&asPctChange=0&logscale=0&sym=PIOE&grid=1&height=500&studyheight=100
Does anyone know of an example of a company that has gone public like Marquee Brands and that has stayed with a DESTQ type company?
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The Sought-After FIXED Super Tiny SS alone worth $0.0703 a share!
The Super Tiny Float --- 9,427,195 shares!
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Huge Insider's Ownership: 34% of Entire OS!
The Super Tiny AS --- 20,000,000 shares!
Case No. 19-12256 06/29/2020
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The nation’s largest retailer of maternity wear has filed for Chapter 11 bankruptcy protection amid sagging sales, increased competition and changing customer tastes.
Destination Maternity listed $260.2 million in assets and $240 million in debts in its filing with the U.S. Bankruptcy Court in Delaware.
The company, which in August announced it was reviewing strategic alternatives,
including a possible sale, said the process has “already yielded indications of interest from several credible bidders.”
To fund its operations during the Chapter 11 process, Destination Maternity obtained consent to use cash collateral from all of its prepetition secured lenders.
In connection with the agreement, binding bids for the company must be submitted by December 5, 2019, with an auction to be held on December 9, 2019.
The bankruptcy court must approve the sale by December 12, 2019.
Destination Maternity said it intends to use the Chapter 11 process to optimize operations, including right-sizing its brick-and-mortar store footprint.
“In a challenging retail environment, we have had to make some very tough choices, but we are confident that the steps taken today provide an opportunity
to continue a marketing process that provides the most efficient means of maximizing value to our stakeholders,” said Lisa Gavales, chair of the Office of the CEO,
which was created in June to oversee the chain during its search for a CEO.
“Throughout this process we will be focused on developing the promising interest already shown by potential bidders, and maintaining operational momentum toward a stronger business.”
As of August 3, 2019, Destination Maternity operated 446 stores in the U.S., Canada and Puerto Rico under three banners: Motherhood Maternity,
A Pea in the Pod and Destination Maternity, along with 491 leased departments in department stores and baby specialty stores throughout the U.S. and Canada.
It also operates international stores via franchising. Net sales for the first six months of fiscal 2019 decreased 10.3% to $179.1 million.
It reported a net loss of $14.3 million in fiscal 2018. Kirkland & Ellis LLP is acting as the company’s legal counsel, Greenhill & Co is acting as investment
banker and Berkeley Research Group is serving as Destination Maternity’s restructuring advisor. BRG’s Robert J. Duffy has been appointed as the company’s chief restructuring officer.
Nov. 30, 2019 8:04 pm ET
Bankrupt retailer Destination Maternity Corp. will shut down its remaining 235 retail stores under a deal
that would see a licensing firm buy the company’s brand name and other assets for $50 million.
A licensing platform backed by Neuberger Berman Group LLC has agreed to acquire the e-commerce business,
brand name and intellectual property of bankrupt retailer, according to a filing in U.S. Bankruptcy Court in Wilmington, Del.
Case No. 19-12256
Attachments: Related: 890email | 06/27/2020 | |
909 | Attachments: Related:email | 06/26/2020 |
908 | Attachments: 1, 2, 3 Related:email | 06/26/2020 |
907 | Motion to Appear pro hac vice OF WILLIAM M. BUCHANAN. Receipt Number 3020943, Filed by Invata, Inc.. Attachments:Related:email | 06/26/2020 |
906 | Motion to Appear pro hac vice OF GILDA M. ARROYO. Receipt Number 3020943, Filed by Invata, Inc.. Attachments:Related:email | 06/26/2020 |
905 | Attachments: Related: 896email | 06/25/2020 |
904 | Notice of Appearance. Filed by Invata, Inc.. Attachments:Related:email | 06/25/2020 |
903 | Attachments: Related: 891email | 06/25/2020 |
902 | Attachments: 1 Related: 879email | 06/25/2020 |
901 | Attachments: Related:email | 06/24/2020 |
900 | Attachments: 1 Related:email | 06/23/2020 |
899 | Attachments: 1, 2 Related:email | 06/23/2020 |
898 | Attachments: Related: 774email | 06/23/2020 |
897 | Attachments: Related:email | 06/22/2020 |
896 | Attachments: Related: 23, 285email | 06/22/2020 |
895 | Attachments: Related:email | 06/22/2020 |
894 | Attachments: Related: 856email | 06/22/2020 |
893 | Attachments: Related: 855email | 06/22/2020 |
892 | Attachments: Related: 854email | 06/22/2020 |
891 | Attachments: 1 Related: 285, 852, 889 |
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