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I think something is up..Big volumn up on the last day of the year...Numbers due next week...Looks like someone is in on some good news..IMO
I agree totally...It may be down but not out....I keep a few shares to stay in the game..
DESC.....Time will come for this one. Never thought we'd see what has happened here. best of luck to all.
Northern Power Systems seeks bankruptcy protection
June 9, 2008
By DAVID DELCORE Times Argus Staff
WAITSFIELD — Northern Power Systems could soon be changing hands.
Last week the Waitsfield-based wind turbine manufacturer and its parent company, Distributed Energy Systems Corp. of Connecticut, sought bankruptcy protection in a move they claim will facilitate the sale of both Northern Power and another wholly owned subsidiary of Distributed Energy, Proton Energy Systems Inc.
Officials from Distributed Energy said Wednesday's voluntary filings of the Chapter 11 petitions in U.S. Bankruptcy Court in Delaware were necessary to complete "going-concern sales" of Northern Power and Proton Energy, while maximizing the value of the two subsidiaries and minimizing potential disruption in the interim.
Bernard Cherry, chief executive officer of Distributed Energy, said he expects the company to function normally during the Chapter 11 process.
"We intend to use the Chapter 11 process as a strategic vehicle to obtain the time and legal protection necessary to complete a structured sale of our two primary operating units (Northern Power and Proton Energy), and to maintain the going concern value of both business units," Cherry said.
"Our dedication to providing our customers with the highest quality products and services will remain strong during this strategic process," he added.
Distributed Energy, which came into being following the 2003 merger of Northern Power and Proton Energy, has reportedly secured a $2 million line of credit that will help it meet payroll, pay vendors and provide uninterrupted service to its customers during the Chapter 11 process.
Contacted for comment Friday, employees at Northern Power referred all questions to spokeswoman Maureen McCracken. Attempts to reach McCracken were unsuccessful.
Northern Power's financial difficulties, including a decline in both the growth and volume of its business, were cited as driving factors in the bankruptcy filings. Proton Energy, which designs, develops, sells and manufactures on-site hydrogen gas delivery systems, did not seek bankruptcy protection.
Founded in 1974, Northern Power was a growing business, boasting more than 200 employees following the 2003 merger. Those numbers have since dropped sharply and most of the 175 people employed by Distributed Energy Systems are employed at Proton Energy.
According to at least one published report, a venture capital firm New Enterprises Associates Inc. is said to be interested in acquiring Northern Power.
WALLINGFORD, Conn., June 12 /PRNewswire-FirstCall/ -- On June 6, 2008, Distributed Energy Systems Corp. NASDAQ: DESC received a Staff Determination Letter from The Nasdaq Stock Market ("Nasdaq") indicating that, as a result of Distributed Energy Systems' filing for protection under Chapter 11 of the U.S. Bankruptcy Code, Nasdaq has determined that Distributed Energy Systems' securities will be delisted from Nasdaq in accordance with the discretionary authority granted to Nasdaq under Marketplace Rules 4300 and IM-4300.
Distributed Energy Systems does not intend to appeal this determination, and, as a result, trading of Distributed Energy Systems' common stock will be suspended at the opening of business on June 17, 2008, and a Form 25-NSE will be filed with the Securities Exchange Commission to remove Distributed Energy Systems' securities from listing and registration on Nasdaq.
Is this stock history???I cant find it listed anywhere
Will be waiting and watching here. As soon as I can, I'll be posting some better info along with chart info in the I-box.
Thanks for all your support...lol
De-listing is the only reason I can see for the drop from .50.....
I'm still having a hard time believing this was @ around 12 bucks 1-2 years ago.
I'm going to slowly start my DESC position. A few shares at a time here.
Didn't realize until after close it had a low of .055. Holy. To think It was stable @ .50 3 days ago.
7 cents is looking like the short term bounce area.
This is a real shame...A good company just a little ahead of the product market cycle...
Ouch, this one is taking a beating today.
Distributed Energy Services-DESC files voluntary Chapter 11 petitions
Fly On The Wall "All News "
Distributed Energy Systems announced that the corporation and its wholly-owned subsidiary, Northern Power Systems, Inc., have filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code. The company determined today's voluntary filings were necessary to complete going-concern sales of the Northern Power unit and another wholly-owned subsidiary, Proton Energy Systems, Inc., and was the best course of action to maximize the value of the company's assets for all stakeholders including its 175 employees.
R u still watchin his thing, 2morrow should be good!
Prob some shorts covering cause they don't think it will go lower
If we can break .51 should se a nice push but someone is taking there time
Should see a nice push for the close
Seeing some accum at this level that is nice someone entering in slowly and smart
Looks like we are about to break .51 then we should see a nice little jump to next level
Yes well at this point, as is always the case. I sell and it goes up!!!!! Buy and it goes down!!!! However never, never look back..take the hit and move forward. Good Luck...
thanks capt hope all turms out well i am also in some other things as well
Don estaban: I bailed out..Took a 7K loss and got real lucky and got into SIRI, just before the justice department announcement, at an average price of 2.97...I just did not like the 10K report...Had 10,000 shares of DESC. Hope they make it. I think it is not a matter of product at this point, but a poor management problem...I did not like all the re-financing going on. Good luck to all...
This is just like the tortoise and the hare..Slow and steady will do the trick...Hang in there all!
The best thing that could happen now is some more orders on the books.....I do like the fact that Honda's new FCX Hydrogen car for 2008 is getting good ratings, and the fact that Honda is committed to the Hydrogen Car....As I stated before, this is a good "long" stock.
Up in afterhours something is going on BUT WHAT????????
Something is going on...Lots of volumn and up over the last few days...????
Giff...Thanks for the information...Do not know why no Mods here...However, just hold on to DESC, it will take some time for the good news to catch up with the technology and the Company and when it does we may see a big buyout offer by someone larger. Just IMO... Still see $3.50+ within a year.
SEC Link: http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001261482&owner=include&count=40
My friend at Honda says this technology appears to be the company thinking over EV cars....
Humm.... Hydrogen Fueling Stations
http://www.kepware.com/Solution_Chronicles/EVermont_Solution_Chronicle.html
Don Estaban: Now I am at a total loss as to why they did not report earnings today as they said would happen today. Now they don't even list when it will happen!...Not a good sign for the short run, or there may be a buyout in the works! Hold on and don't let it get too you...Now is not the time to sell...Lot of shares still in institution hands, which is good and some insider buying going on. I am still very positive on the long run..Article in this months Smart Money magazine about wind power demand increasing 28% by the year 2010...Have a good weekend.
Lets hope capt!!!
No news yet...Looks like everyone is just holding steady until the numbers come out this week...Sure will be nice if they get close or beat the estimate for the Quarter..
What's the good word? Waiting on those earnings?
That's the plan....
ok so it's a buy and wait lets see how the numbers come out then move from there
The only thing that I am slightly concerned about is the Q4 release date has been moved out twice, now on for the week of Feb 4th...And don't forget that a Reverse Split has been voted on and authorized. If the Q4 numbers are good it should push the stock up past $1.00. If the numbers are far off the mark then we will most likely see a reverse split to get it up over $1.00. They have to get over a $1.00 for at least 90 days to keep their NASDAQ listing...All that said, it is still a good LONG stock. I have been this way before and they can weather a R/S and still come back strong, contrary to most stock after a R/S. Good luck to all.
Thanks Capt. just keep the information flowing and not going anywhere
Hang in there...Honker down and weather it out...You will be OK! Have been down this path many times! Still waiting for the Q4 numbers...
been holding up thru this storm!
Your Welcome Don...
Thanks capt I will keep some cash on hand for a possible 50's buy if not hold for the future
Earning report due this week....anything close to estimated will push it up over a dollar...If they beat estimates it will fly well past that..If they miss the estimates, a good buying time because it will most likely drop back into the .30's...This stock is a good long play for the big money. With a few more contracts and good product news, in the coming months and quarters, I think $3.50 is not out of the question by Q4 2008..Short plays are ok, but the long run, if you can get in below .50 will payback bigtime...IMO
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