Ever play that game "Time Bomb" as a kid? Wind up the bomb and pass it around, and whoever is holding it when it goes off loses? This is like that. Once the company has been liquidated and shut down for good, I wouldn't count on this trustee to not follow through to dissolve the corporation and have the stock cancelled like he's supposed to. He already called out the pump and dump during the proceedings.
horrible managements end up where garbage can go!. Bstds get away from their criminal activities wiping out shareholders investments!..
one after another after another after companies get away, lawless stock market!
The company is liquidated and shut down completely.
We don't need Sam for this to understand it ...
It's gonna go to 0.0000000
Too sad some are still buying believing this will rise as a phoenix.
Even more sad to see that some pump this.
Would have liked to see if differently, but Sam did a very bad job on this one.
You mean actual traders making profits? LOL. EOM.
Bottom feeders hoping to flip a dead stock while it still trades.
Once a company goes from Chapter 11 to Chapter 7, it cannot be reversed, it is a one way street. You can start in Chapter 7, and the company or creditors elect to come up with a plan to continue, then transition to Chapter 11, but you cannot go back. Hope that makes sense.
I've seen a couple companies go through Chapter 7 and the Trustee fail to complete that final step to discharge the debt, cancel the equity, and dissolve the corporation. They're more used to dealing with private companies that there are no vultures lurking around to pick at the carcass of the company by hijacking (sometimes) or just make claims about it somehow being alive and running a pump and dump on it. So the trustees just leave a carcass shell with dead stock and debt still attached that the creditors don't expect any further payment.
This trustee is likely to follow through, though, as he already recognized the pump and dump (pretty sure he even used that term in a filing) being run. I'll be very surprised if he leaves a carcass.
Claims are due near the end of February, government claims in June, so this'll just lie lifeless for some time.
Thanks for clarification, trader59.
looks like something is brewing very good here , good to be in iam buying.
Well, you know that Chapter 7 cannot be undone and results in the liquidation and shut down of the company. This trustee already suspects a pump and dump was run, so will likely cancel the stock once he's done.
I think the scam started with the Chapter 11 filing. That followed a period where the toxic lenders who'd tanked the stock to $0.0001 to begin with had converted a lot of their loans into dirt cheap stock. File Chapter 11 with a battle cry of "save the common stock" and sell into it, and they made a mint doing it. Paying the company lawyer to go through the motions in Chapter 11 was a small price to pay, and if he happened to win, yet another toxic lender was set to sell discounted stock in the aftermath.
Why would a company proposing to continue operations lead in with a pumpish headline to their Chapter 11 filing? Why would a company that was dead for 5 years pop up all of a sudden to file bankruptcy in the first place and have to address all the debt with 3B shares in the O/S owning nothing?
I hope you are right, trader59.
Because if this Chapter 7 turns out to have been nothing but a little scheme to get all the little people out of their millions of shares that would be a pretty nasty evil thing. For instance, somewhere else someone asked about whether this Chapter 7 might really be getting reversed/appealed/settled now.
And these days, almost everything and everyone is so corrupt and so evil that nothing is off the table here.
Did those of us who got out get conned out of our shares by some bogus Chapter 7 fraud, since I'm sure that was pretty much the only way many of us could be persuaded to sell? I thought I was done with this forum, but not after just seeing .00039 (and now .0004).
Bottom feeders hoping to turn .0002's into .0004's trading the carcass of this company.
DGTW...0003s clearing here...:partying_face:
Why are people buying when they said chapter 7 now?
lol This one will be shut down and all shares will go bye bye..
We are saddened and disappointed to inform that, despite our best efforts, the Judge has denied the feasibility of our POR and has converted the case to Chapter 7. $DGTW
Talking craft, not speculation
We are talking about a trade here. Every is currently in or out right now, and each trader is in one of the following situations:
1)bought it cheap, flipped it on the big pump, now out clean
2)bought it on or after the big pump, didn't do DD to see the bankruptcy filing last year, to understand "the biggie" was a P&D
3)bought it after the Chapter 7 announcement, now own it at 0003 or under
4)bought it cheap, held through the pump, are still holding
5)on the outside right now, with no position, considering trading it
If you're holding high, you either held through the pump "holding for more" which never came (bad idea), or bought in after the pump and got caught (also a bad idea, since the pump was the golden parachute for insiders to unload, and a savvy trader would know that on the Chapter 11 filing).
Numbers 2), and 4) were basically asleep at the wheel, completely avoidable. For 1), 3), and 5), the only decision there is whether to take a shot at the inevitable small bounce from .0001 before DGTW stops trading. MMs will jiggle it at least once from the bottom, as they always do. Who wouldn't take a 100-300% (or more) gain? They work for bonuses!
Semi-Automated DMMs (Designated Market Makers), who market make and in-house trade all OTCs, let the algos run 90% of the time, but work the spread manually about 10% of the time. They all work on commission and bonuses, a guarantee one of the Citadel or hedge fund guys will take it for "one last spin."
If you grab some 0001s, do it with profits from other trades to keep your primary trading capital safe. I'd wait for 0001s, lowest risk. For an exit, safe play is to dump 90% on the first green rise, hold 10% through "for more" if you want. Blowing out 100% is also safe, but waiting for another "biggie" is well, less than smart...
Good luck to all and...
Seems like some luck would be needed for that already
I think I deserve at least “3” don’t you think so??
Thanks for the advice!! I will sell everything tomorrow. Just kidding kkkkk
Is it really so far fetched for what I just said to be true?
From now on with the answer I believe in Santa Claus!! Give a break.-)))))
Some twitter furu said he loaded 3s so a bunch of people slapped 4s. They all lost cuz of that dick
Because I'm bored and also because it pisses me off to see people trying to pump a worthless trip. Accept the loss, don't pump it on others in hopes they buy your shares. Also people the other day who were trying to flip it just because it dipped so hard
If that's the case I won't make a big profit because I'm not interested in buying any. I believe it is now complete shit
No, his not wrong and you know that!! Honestly I think you buy everything you can, but off course you’ll never say that!! This will be fine in just a few weeks and you and a lot people here will make a big profit.
This guy is just writing bs and trying to sound smart. Waste of time. We know the situation here now
No, the shareholders do not owe the debt. That's completely wrong. And the shareholders did not choose the bankruptcy, that would be monumentally stupid since shareholders always get screwed in a bankruptcy. More often it is the secured creditors who force a company into a bankruptcy if it is forced at all.
You apparently haven't followed this bankruptcy. The judge did indeed put the company into Chapter 7 after reviewing the company's "plan" and its operational history. And it is not any sort of "automatic part" of a chapter 11 bankruptcy, it only happens if the company cannot put forward a "plan" that is viable and that is accepted by the creditors/stakeholders who get to vote on it.
The shareholders didn't borrow the money, the company did. That's why some individuals choose to form LLC's or other corporations when they go into business, it keeps them and their assets from being collateralized by creditors who lend the business money.
Equity is the definition of ownership, so yes, shareholders owe the debt, and by voting for bankruptcy they agree the entire company should be liquidated to pay the creditors, so the shareholders, who OWN the company, can walk away from that debt scott-free.
It's not the shareholders who get screwed here, it's the creditors. The shareholders (OWNERS) chose this route, asked for it, and merely got what they asked the Court to do.
The Judge didn't rule against anyone, since in bankruptcy cases, the Judge doesn't rule or make a "decision," the two sides in the case do (owners and creditors). Under Chapter 11, they can strike a deal or not. If yea, the company is spared, if nay, the company is automatically liquidated under Chapter 7.
There's no such thing as a Chapter 7 vote or decision by a Judge. It's an automatic part of the Chapter 11 process, the next step if no reorganization plan is accepted by the creditors.
It's automatic, the Judge didn't "decide" to do it, they don't have to. Chapter 7 is 100% automatic when reorganization fails.
In corporate bankruptcy, shareholders screw the creditors. They choose to. The shareholders borrowed the money from the creditors, spent it, didn't pay it back, then petitioned the Court for "debt forgiveness." That leaves the creditors high and dry. The shareholders decided giving up their share of the company was a fair trade to not pay the bills.
Shareholders are not the last ones to get paid in the process, they are NOT in the process, they ARE the owners who are the ones liquidating everything, including their own shares. The "preferred shareholders, then common shareholders" applies to dividends, neither has any standing in a bankruptcy case.
Hope this helps you with the U.S. Bankruptcy Code process. Been there, done it.
Retail shareholders nor any shareholders voted for chapter 7. So yes, sure they have a right to be shocked. But its not really a shock,, it's a let down. Traders here were hoping they could emerge from chapter 11, and the company failed at that. The judge made their decision. So now it's chapter 7. Soon the shares will be canceled, leaving nothing to be traded.
Yes, the shareholders own equity in the company, but they are not responsible for the debt. Neither did they file for the bankruptcy, and didn't even get a vote. Know why? Because Sam had the controlling votes of the company.
Shareholders are the last ones in line to be paid out of the proceeds of the liquidation since they took the least risk. Secured creditors (don't recall if there are any) that have collateral in the assets get paid first (but after the lender that funded the operations through the bankruptcy proceedings), then unsecured creditors, then any preferred shareholders, then common shareholders. Considering the debt and the company's statement of near zero asset value, the creditors will get very little and the shareholders will get zero.
And, yes, the creditors usually get screwed in a bankruptcy, and shareholders always get screwed. If a real plan were put forth to reorganize and recapitalize the company, the existing stock would be cancelled or, at best would get a small piece of the new equity issued to fund the reorganized company.
That's just how it works, and to the other poster who asked if I'd bought, absolutely not. It is foolish to invest in a company while it is in bankruptcy proceedings at all, and mindless for one in Chapter 7, nothing more than a game of flipper chicken that ends when the stock typically is cancelled. Even if it were in Chapter 11 and I thought the company was viable, I'd wait until the reorganization of the share structure was complete and the new stock was liquid in the markets.