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attention volumes in strong increase
bid-ask
0.021-0.038 ....
Chemist, I can sympathize and relate with your feeling of being endlessly tied up in this. So difficult to see what the end game might be for this stock. I did big bids at the 1.2 cents level this week hoping they would fill, but no one is selling, either. It's like watching paint dry. I don't know why, but I had assumed that either through the inventory/asset sales, long term lease breaking removing some liabilities from the books, and/or tax loss carryovers they would have found a way to turn a profit in 2021 and pay the shareholders. I did expect to be resolved by March and here we are a month later and feels like hardly anything has happened.
This play is just exhausting!
If nothing happens in May, I might need to start selling some shares. Been holding some shares for about 16 months.
Getting pretty long in the tooth! LOL
Three quick buys today and all of a sudden, the ask was sitting at 0.04.
I am not sure what this means, because on such low volume it seems unlikely that anyone would bite. I suppose the market makers are hoping someone places a market order and gets trapped.
I would really love 4 cents if I could get anything close to that. I went ahead and listed half my shares for sale at 3.5 cents at the end of the trading day. (But the ask was still showing as 0.04 as of the time of this writing.)
The quieter it gets, the more I like it.
If we get a positive POR by the next deadline, DESTQ could go up substantially. Another bankruptcy play that I follow had positive POR news this week and went up about 100%. In all, its up almost 300% from its intermediate low.
If DESTQ puts out a positive POR I guess it could go up at least as much from here. It may even turn out to be a decent long term play with Marquee Brands at the helm.
Disclaimer: However, all is just "speculation" at this point.
Zero volume on Wednesday and Friday this week. Thursday had only a handful of buyers.
Over 2 weeks since last court docket was filed.
This quiet period (i.e. no further issues that need to be settled) bodes well for some "action" in May when 2 key documents are due again.
just for options by looks of it
The DTCC has changed its rules on shorting. mm’s are about to be toast starting from March 19th, 2021.
Basically in layman’s terms due to the incidents and MM manipulation surrounding GameStop. The way short sellers like Citadel (CDEL) can now play the game is about to change. Most will be covering very quickly before the rules come into effect. Hold all your Shares , and buy in major dips and support before March 19th, 2021
Do ur dd
https://www.dtcc.com/-/media/Files/pdf/2021/3/5/a8974.pdf
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=162570237
Man, thanks very much for the heads up!
Now if DESTQ could come through with a POR in May, 2021 could be a hell of a great time.
2 months and 3 days until next POR deadline.
Starting the countdown a bit earlier this time.
Here you go. 8K shares bought at the market.
DESTQ now up 100% today. lol
;) I've been accumulating more ...
There is hardly ASK up to 0.0300, this with some catalyst will easily go back to 0.1, $DESTQ has only 14 million shares in circulation, what will happen if we go afloat? the MMS will have to buy back ;)
Can we make a new rule? Anyone who plagiarizes and paraphrases Warren Buffet has to buy 10k shares at market.
Trading sideways until May or next round of court hearings and POR extensions... shares have been ultra cheap. May use this opportunity to average down again. We'll see.
I was really hoping the broken leases getting off the balance sheet could have gotten us to solvent by now but they spent a lot of funds on legal stuff and the liquidation process so who knows?
Warren Buffet "the stock market is about impatient people selling their shares to patient people"
Thanks for your explanation, the funny thing is that every time there is a bigger GAP, we hope to have news soon $DESTQ !
lets go $DESTQ Good news? today was the audience ??
I have picked up around 100k shares average cost 0.013 but if opportunities pop up to average down I might nibble a little more. Gl my friend
Time to load the boat
Hi chemist72 thanks for the explanation that answers a lot. Will take a look at the article and I appreciate your time. Gl also too you and thanks a bunch
Let me try to explain as best I can.
1. Omnibus Hearings are generally for the bankrupt company to discuss matters with the Judge. In this case, since there were no matters that needed to be discussed, the company (DESTQ) asked the Judge to cancel the Hearing that was scheduled for tomorrow.
In this case, its really not a big deal. Sometimes Hearings do decide on matters of importance, but since there were no such matters a Hearing was not necessary.
This is actually positive news for this BK case, as it indicates that all issues up to this point have been resolved.
2. The all important Plan of Reorganization (POR) deadline was already delayed by order of the Court to May 17. DESTQ has already had 5 delays for this deadline. And once again, we will not know until May 17 whether DESTQ will ask for another delay or will actually file a POR this time on 5/17.
You might want to read the article linked below to get an understanding of the basics of a Chapter 11 bankruptcy case.
https://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-11-bankruptcy-basics
Good luck.
OMNIBUS HEARING CANCELLED. There were no issues needing discussion.
Docket #1070
I wonder what now? Sorry real rookie with these bk plays and also not that court friendly either. Does this mean more delays or no one knows? Thanks
OMNIBUS HEARING CANCELLED. There were no issues needing discussion.
Docket #1070
What you describe happens quite frequently with low volume stocks.
And its not due to some mysterious force. Its very simply due to the way market makers (MMs) try to keep the market liquid for low volume stocks.
For a simple explanation of how this works, follow the link below:
https://www.thebalance.com/what-is-a-market-maker-and-how-do-they-make-money-4053753
With so many shares printing above .03 lately, can anyone explain why these often very small volume trades still occur at 0.02 and less? Is there a force trying to dump shares to keep it artificially low, and for how long before it is allowed to really run up? It has been a roller coaster lately, very thrilling to see some price action after 6 months or more of next to no volume!
There's an Omnibus Hearing scheduled for 3/3/21.
Check the link below for an agenda document:
https://cases.primeclerk.com/DestinationMaternity/Home-DocketInfo
Might be posted late on Tuesday. Sometimes they post after the Hearing date though. So I'm not certain when agenda will be known.
Nice buying today. From $.027 to $.0399
what happens in $DESTQ ? Does someone update me ?
thanks Chemist72,
I am very confident for Tuesday 2 March.
we are at 0.12 only with cash. if they raise with the POR, we easily go into the 0.30-0.40 area ...
DESTQ cash down to $1.6M -
See Monthly Operating Report for Jan. 2021. Docket #1064
The good news is that their cash decreased by only $52,000 in January.
Cash remaining works out to about $.12 per share.
Waiting for upcoming Omnibus Hearing agenda. Should be published on or around March 2 (next Tuesday).
As for the talk of shorts covering, that's a theory I'd like to explore with some real data instead of anecdotally.
Are you guys kidding me? Last post from that permabull tea leaf reader was half a cent incoming. And then he just retired from the board while the stock is finally up at these one year high levels that he has been calling would surely happen for a year. What a bizarre scenario.
I know the short position in destq. It is HUGE. It’s on the same magnitude as GAMESTOP. There are more shorts positions in destq than there are actual shares of destq. The shortvsellers were selling short share that don’t even exist... I hope those evil doers die like maggots on tar on a hot summer day. Burn shorts burn!!!
symbol change coming my guess MRQE
Thanks. Figured it was probably small.
It's minuscule, 16,700 shares short.
https://www.marketbeat.com/stocks/OTCMKTS/DESTQ/short-interest/
I have no idea what the short position is.
If you have a link to that info, it would be very helpful.
tia
Ohhhhh yesss. There is still very large short interest in destq that was never covered.. if there is a forced short covering this can go to overca bucknacshare
with the NOLS we have DESTQ will be fine Maybe a symbol charge to MRQE but thats speculation and were good at that....thats why were here
Actually depends more on what's in the POR* than anything else.
*Plan of Reorganization
Remember this is a Chapter 11 bankruptcy not a Chapter 7. Although many Chapter 11 bankruptcy's end up with common shares being cancelled, the chances of not being cancelled are much greater than with a Chapter 7 BK, imho.
You are lucky your shares were not cancellled and thevtivjer symbol destq revoked.... cause once a judge approves a bankruptcy plan... then the clock starts ticking for the revocation of thevtivker symbol. So these court delays are working in destq shareholders favor
Destination Maternit (DESTQ)
0.02 ? 0.0043 (27.39%)
Volume: 193,697 @02/19/21 2:14:11 PM EST
Bid Ask Day's Range
0.016 0.0624 0.016 - 0.02
DESTQ Detailed Quote
When the entire order book below $0.07 costs about $60, market manipulators are able to "paint" whatever share price they'd like to see to get their jollies. While it is absolutely thrilling to see this penny stock report upwards of 100% to 500% gains intraday, and paper gains appearing in our portfolios, the fact of the matter is there is still only very light volume, so we are not in real life gains territory until we can proceed forward with a volume shifting event. I am confident that as we proceed closer to settlements and emergence from bankruptcy, there could still be such a vested interest in this security. Now as for the question of "shorts" the reports I am seeing say only 16,000 shares are outstanding? If that's a real number. I don't know if all shorts and options holders were reported to that number or if it's an old number because it has hardly even changed in a long while. I wouldn't even know where to short an OTC. Is there still a market for shorts or shouldn't they have covered their shares long ago at 0.01 or below?
THE SHORTS OF DESTQ?
Maybe the weak sellers are out of shares? $DESTQ will SOAR on positive news! ??????
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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!
The Super Tiny OS --- 14,226,121 shares!
Huge Insider's Ownership: 34% of Entire OS!
The Super Tiny AS --- 20,000,000 shares!
Case No. 19-12256 06/29/2020
OptionsDaily at 05:00 for Destination Maternity Corporation Case sent to
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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 |
https://www.otcmarkets.com/stock/DESTQ/disclosure
https://www.otcmarkets.com/stock/DESTQ/news
https://www.otcmarkets.com/stock/DESTQ/security
https://www.otcmarkets.com/stock/DESTQ/profile
https://www.otcmarkets.com/stock/DESTQ/quote
https://www.otcmarkets.com/stock/DESTQ/overview
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