Dynegy Inc fka DYN

[Enterprising Investor]

Notice of Occurrence of Effective Date of the Plan (10/01/12)

Statement /Notice of (A) Entry of Order Confirming the Joint Chapter 11 Plan of Reorganization for Dynegy Holdings, LLC and Dynegy Inc.; (B) Occurrence of Effective Date; and (C) Bar Date for Administrative Claims, Fee Claims and Rejection Damage Claims (related document(s)[1029], [861]) filed by Brian J. Lohan on behalf of Dynegy Holdings, LLC. (Lohan, Brian)

Source: Epiq Systems [Docket 1102]

[Enterprising Investor]

Securities to be Issued under the Plan

Assuming implementation of the Plan, as of the Effective Date, Dynegy estimates that:

· approximately 100 million shares of Reorganized Dynegy Common Stock will be issued and outstanding;

· approximately 15.6 million shares of Reorganized Dynegy Common Stock will be reserved for issuance upon exercise of the Warrants; and

· approximately 6.1 million shares of Reorganized Dynegy Common Stock will be reserved for issuance under the LTIP.

[dayneyus]

'56Chevy' Has anyone done the math on what the one percent to shareholders represents in share price. What are the warrants strike price? TIA

[QualityStocks]

DYNIQ Video Chart 9/14/2012

http://www.qualitystocks.net/videocharts.php

[Enterprising Investor]

Litespeed Management LLC owns 32,995,401 shares (8/28/12)

http://sec.gov/Archives/edgar/data/1292975/000091957412005298/xslF345X03/p1316835.xml

[56Chevy]

Judge Confirms Dynegy's Plan to Exit Bankruptcy

September 5, 2012, 1:20 p.m. ET
By JOSEPH CHECKLER

A judge Wednesday cleared Dynegy Inc. DYNIQ -12.77% to exit bankruptcy mostly in the hands of its unsecured creditors, an anticlimactic but important step toward the exit door of a tumultuous Chapter 11.

Judge Cecelia G. Morris of the U.S. Bankruptcy Court in Poughkeepsie, N.Y., confirmed the plan after forcing Dynegy's lawyers to put witnesses on the stand to satisfy her concerns that the energy company wasn't providing enough details about its plan.

"Let's make a real record here," Judge Morris said at one point in the hearing. Her biggest concern, as is common in bankruptcy cases, was whether elements of the plan improperly released Dynegy and its executives and directors from legal action being taken against them later.

White & Case LLP's J. Christopher Shore, a lawyer for Dynegy, told Judge Morris that while the Dynegy bankruptcy wasn't the hardest he has ever worked on, it was near the top of the list.

"There were some dark periods," Mr. Shore said, alluding to the independent examiner's report that nearly threw the case into chaos, as well as an "essentially unprecedented collapse in natural gas prices" that hurt the company's core coal business.

Dynegy spokeswoman Katy Sullivan said, "The plan confirmation marks a significant milestone in Dynegy's restructuring." She added, "The plan provides the foundation for the company's future success."

Dynegy hopes to emerge from bankruptcy on or before Oct. 1, Ms. Sullivan said.

Susheel Kirpalani, whose report denounced Dynegy's prebankruptcy-filing transfer of coal assets toward equity holders and away from bondholders, was also in the courtroom Wednesday. His March report led to mediation—with himself as the mediator—that resulted in Dynegy's latest plan, which gives the company's unsecured creditors a 99% stake in Dynegy. Current Dynegy Inc. shareholders initially would receive 1%, plus warrants to potentially boost their stake to 13.5% over five years.

It includes a deal with a unit of U.S. Bancorp, USB -0.14% the representative of holders of bonds secured by leases of two Dynegy power plants. U.S. Bancorp had previously sued over the asset transfers but has agreed to drop the lawsuit in exchange for a $540 million claim plus as much as $31 million more if the two plants, called Roseton and Danskammer, are sold.

A group of subordinated note holders, who say they are owed more than $220 million, will divide among themselves about $55 million, good for about 25 cents on the dollar. As part of that settlement, two hedge funds that hold those notes will get their legal fees paid by Dynegy Holdings LLC's estate.

Dynegy's main operating subsidiary, Dynegy Holdings, filed for Chapter 11 protection in November 2011 to restructure billions of dollars in debt in bankruptcy court and get out of the two burdensome power-plant leases. The transfer of the coal-powered plants from Dynegy Holdings to Dynegy Inc. in September 2011 had left the subsidiary's bondholders owed roughly $4 billion without a claim on those plant assets.

When it put Dynegy Holdings and related subsidiaries into bankruptcy, the move hurt bondholders without affecting the parent's shareholders, eventually leading to the appointment of Mr. Kirpalani as examiner. Those shareholders include Carl Icahn, who has two seats on the company's board.

To facilitate its plan, Dynegy Inc. decided to put itself into bankruptcy in July and merged itself with Dynegy Holdings LLC. Dynegy Inc., the company said, will be the "surviving entity."

http://online.wsj.com/article/SB10000872396390444273704577633563593447268.html

[Enterprising Investor]

Litespeed Management LLC owns 32,890,461 shares (8/22/12)

http://www.sec.gov/Archives/edgar/data/1292975/000091957412005187/xslF345X03/p1315911.xml

[Enterprising Investor]

Dynegy Creditors Vote Overwhelmingly in Support of the Company’s Plan of Reorganization, Dynegy Announces Proposed Post-Emergence Board of Directors (8/27/12)

HOUSTON--(BUSINESS WIRE)--Dynegy Inc. (OTC: DYNIQ) and Dynegy Holdings, LLC announced that their creditors voted in support of their Joint Plan of Reorganization, with creditors holding approximately $3.5 billion of claims, or over 99% of the value of claims that voted, approving the Plan (this reflects approval by approximately 87% of the number of creditors who voted). A hearing to consider confirmation of the plan of reorganization is scheduled for September 5, 2012. Dynegy and Dynegy Holdings, LLC expect to emerge from bankruptcy shortly after confirmation of the plan.

Upon emergence, the Company proposes to have a seven member Board of Directors. The proposed new directors have been named by a selection committee appointed by the Company’s creditors. The Board appointments will be effective upon the Company’s emergence from chapter 11. Dynegy President and Chief Executive Officer Robert C. Flexon is proposed to remain on the Board. The remaining slate of proposed directors consists of Pat Wood III (Chairman), Hilary E. Ackermann, Paul Barbas, Richard Kuersteiner, Jeffrey S. Stein, and John R. Sult.

Pat Wood, III has served as a principal of Wood3 Resources, an energy infrastructure developer, since July 2005. Known for his leadership in the development of competitive energy markets, Mr. Wood served as chairman of the Federal Energy Regulatory Commission from 2001 to 2005. From 1995 until 2001, he chaired the Public Utility Commission of Texas. Prior to 1995, Mr. Wood was an attorney with Baker & Botts and an engineer with ARCO Indonesia.

Hilary E. Ackermann served as Chief Risk Officer with Goldman Sachs Bank USA from 2008 to 2011. Her responsibilities included managing credit, market and operational risk for Goldman Sach’s commercial bank; developing the bank’s risk management infrastructure including policies and procedures and processes; and maintaining relationships with bank regulators. Ms. Ackermann began her career at Goldman, Sachs & Co. in 1985 and served in roles of increasing responsibility.

Paul M. Barbas was President and Chief Executive Officer of DPL Inc. and its principal subsidiary, The Dayton Power and Light Company (DP&L) until 2011. He also served on the Board of Directors of DPL Inc. and DP&L. Mr. Barbas joined DPL in October 2006 as President and CEO. Prior to joining DPL he held various executive roles at Dover, Delaware-based Chesapeake Utilities Corporation. Mr. Barbas began his career in 1981 at General Electric, where he served in a variety of operations and financial positions until 1998.

Robert C. Flexon serves as President and Chief Executive Officer. Prior to joining Dynegy in July 2011, he served as the Chief Financial Officer of UGI Corporation from February to June 2011. He was the Chief Executive Officer of Foster Wheeler AG from June 2010 until October 2010 and the President and Chief Executive Officer of Foster Wheeler USA from November 2009 until May 2010. Prior to joining Foster Wheeler, Mr. Flexon was an Executive Vice President at NRG Energy, Inc. from 2004 to 2009 serving as Chief Financial Officer and Chief Operating Officer. Prior to joining NRG Energy, Mr. Flexon held various key executive positions with Hercules, Inc. and Atlantic Richfield Company. He has served as a Dynegy Director since June 2011.

Richard Kuersteiner served as a member of the Franklin Templeton Investments legal department from 1990 until May 2012 in various roles including Managing Corporate Counsel, Director of Restructuring, and Associate General Counsel . He also was an officer of virtually all of the Franklin, Templeton, and Mutual Series Funds and a member of the Stanford Institutional Investors' Forum. Mr. Kuersteiner has helped restructure over 100 major corporations and has served on or chaired numerous official creditors’ committees. Prior to joining Franklin Templeton Investments, Mr. Kuersteiner clerked for a United States District Court Judge, was in the Navy Judge Advocate General's Corp, served as an Assistant Florida Attorney General, a managing attorney in the Navy Office of the General Counsel, a NASA attorney, and a Special Assistant United States Attorney for the Northern and Southern Districts of California.

Jeffrey S. Stein is a Co-Founder and Managing Partner of Power Capital Partners LLC. Mr. Stein is an investment professional with over 19 years of experience in the high yield, distressed debt and special situations asset class who has substantial experience investing in the merchant power and regulated electric utility industries. From January 2003 through December 2009, Mr. Stein served as the Co-Director of Research at Durham Asset Management LLC. From July 1997 to December 2002, Mr. Stein was a Director at The Delaware Bay Company, Inc. From September 1991 to August 1995, Mr. Stein was an Associate at Shearson Lehman Brothers in the Capital Preservation & Restructuring Group.

John R. Sult served as Chief Financial Officer of El Paso Corporation from November 2009 until May 2012. Prior to his role as Chief Financial Officer, Mr. Sult served as El Paso’s Chief Accounting Officer and Controller since November 2005. During his tenure at El Paso, Mr. Sult also held the position of Chief Financial Officer for El Paso’s publicly traded master limited partnership, El Paso Pipeline Partners, L. P., from August 2007 until May 2012, in addition to serving on the board of directors of the general partner. Prior to joining El Paso, he served as Vice President and Controller for Halliburton Energy Services. Before joining Halliburton, he spent over 20 years with Arthur Andersen ultimately serving as an Audit and Business Advisory Partner.

About Dynegy Inc.

Dynegy Inc.’s subsidiaries produce and sell electric energy, capacity and ancillary services in key U.S. markets. The Dynegy Power, LLC power generation portfolio consists of approximately 6,771 megawatts of primarily natural gas-fired intermediate and peaking power generation facilities, the Dynegy Midwest Generation, LLC portfolio consists of approximately 3,132 megawatts of primarily coal-fired baseload power plants, and a separate portfolio consists of approximately 1,693 megawatts from two power plants which are primarily natural gas-fired peaking and baseload coal generation facilities.

This press release contains statements reflecting assumptions, expectations, projections, intentions or beliefs about future events that are intended as "forward-looking statements," particularly those statements concerning the timing of emergence from the Dynegy and Dynegy Holdings Chapter 11 cases and the anticipated appointment of the proposed new Board of Directors, and the progress of the Chapter 11 proceedings. Discussion of risks and uncertainties that could cause actual results to differ materially from current projections, forecasts, estimates and expectations of Dynegy is contained in Dynegy's filings with the Securities and Exchange Commission (the "SEC"). Specifically, Dynegy makes reference to, and incorporates herein by reference, the section entitled "Risk Factors" in its most recent Form 10-K, as amended, and subsequent reports on Form 10-Q. In addition to the risks and uncertainties set forth in Dynegy's SEC filings, the forward-looking statements described in this press release could be affected by, among other things, (i) beliefs and assumptions regarding our ability to continue as a going concern; (ii) ability to obtain approval of the Bankruptcy Court with respect to the debtors’ motions in the Chapter 11 cases and to develop, prosecute, confirm and consummate one or more plans of reorganization with respect to the Chapter 11 cases, including the Joint Plan of Reorganization, and to consummate all the transactions contemplated by the Amended and Restated Settlement and Plan Support Agreements, as may be further amended; (iii) Dynegy’s ability to sell the Roseton and Danskammer power generation facilities to one or more third parties as set forth in the Amended and Restated Settlement Agreement; (iv) the anticipated effectiveness of the overall restructuring activities and any additional strategies to address our liquidity and our capital resources including accessing the capital markets; (v) limitations on our ability to utilize previously incurred federal net operating losses or alternative minimum tax credits; (vi) the timing and anticipated benefits to be achieved through Dynegy's company-wide cost savings programs, including its PRIDE initiative; (vii) beliefs and assumptions relating to liquidity, available borrowing capacity and capital resources generally, including the extent to which such liquidity could be affected by poor economic and financial market conditions or new regulations and any resulting impacts on financial institutions and other current and potential counterparties; (viii) our ability to consummate the Merger; (ix) expectations regarding compliance with Dynegy’s new credit agreements, including collateral demands, interest expense and other payments; (x) expectations regarding environmental matters, including costs of compliance, availability and adequacy of emission credits, and the impact of ongoing proceedings and potential regulations or changes to current regulations, including those relating to climate change, air emissions, cooling water intake structures, coal combustion byproducts, and other laws and regulations to which Dynegy is, or could become, subject; (xi) beliefs, assumptions and projections regarding the demand for power, generation volumes and commodity pricing, including natural gas prices and the impact on such prices from shale gas proliferation and the timing of a recovery in natural gas prices, if any; (xii) sufficiency of, access to and costs associated with coal, fuel oil and natural gas inventories and transportation thereof; (xiii) beliefs and assumptions about market competition, generation capacity and regional supply and demand characteristics of the wholesale power generation market, including the anticipation of higher market pricing over the longer term; (xiv) our ability to obtain the acceptance of the requisite number and amount of holders of claims in the Chapter 11 cases; (xv) the effectiveness of Dynegy's strategies to capture opportunities presented by changes in commodity prices and to manage its exposure to energy price volatility; (xvi) beliefs and assumptions about weather and general economic conditions; (xvii) projected operating or financial results, including anticipated cash flows from operations, revenues and profitability; (xviii) beliefs about the outcome of legal, administrative, legislative and regulatory matters, including the impact of the CFTC under the Dodd Frank Act; (xix) expectations regarding performance standards and estimates regarding capital and maintenance expenditures, including the Consent Decree and its associated costs and performance standards; (xx) expectations regarding our compliance with the DMG and DPC Credit Agreements, including collateral demands, interest expense and other payments; and (xxi) our focus on safety and our ability to efficiently operate our assets so as to capture revenue generating opportunities and operating margins. Any or all of Dynegy's forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks, uncertainties and other factors, many of which are beyond Dynegy's control.

Contacts
Dynegy Inc.
Media: 713-767-5800
or
Analysts: 713-507-6466

http://www.businesswire.com/news/home/20120827005569/en/Dynegy-Creditors-Vote-Overwhelmingly-Support-Company%E2%80%99s-Plan

[Enterprising Investor]

Agreed.

It will be interesting to see how this works out going forward. Initially, I thought Litespeed was anticipating that the market value of New DYN would mimic ACW after its exit. Then again, if this is the case, we should see additional purchases shortly.

It would be interesting to see Litespeed buy a super-majority of DYNIQ.

[wall_street61]

No surprise. Their arrogance overloaded their arse and they went about it the wrong way.

[Enterprising Investor]

Order Denying Motion of Litespeed Management, LLC for an Order Directing the Appointment of an Official Committee of Non-Insider Equity Holders of Dynegy Inc. (8/23/12)

Source: Epiq Systems [Docket 112]

[56Chevy]

Dynegy Administrative Claim is a "settlement currency".

The DAC "is not a distribution to shareholders on acount of their equity, a distribution of based on enterprise value or a distribution under the plan".

It is paid by the DH estate to the DI estate in order to settle any holdup value that DI would have in prosecuting potential claims and causes of action againts DI in connection with pre-petition restructurings.

Equity is completely out of the money by a hundreds of millions...so this offer is more of an "un-merited gift" and should not be ignored.

The saying - Don't look a gift horse in the mouth ..comes to mind!

Is that fair to say?

[Enterprising Investor]

OEC Hearing scheduled for 8/20/12 at 10:00.

[Enterprising Investor]

Dynegy Administrative Claim is a "settlement currency".

The DAC "is not a distribution to shareholders on acount of their equity, a distribution of based on enterprise value or a distribution under the plan".

It is paid by the DH estate to the DI estate in order to settle any holdup value that DI would have in prosecuting potential claims and causes of action againts DI in connection with pre-petition restructurings.

[Enterprising Investor]

Order Pursuant to Section 1121(d) of the Bankruptcy Code to Extend the Exclusive Periods for the Filing of a Chapter 11 Plan and Solicitation of Acceptance Thereof (8/13/12)

Exclusive Filing Period extended to 11/13/12.

Exclusive Solicitation Period extended through 12/31/12.

Source: Epiq Systems [Docket 912]

[Enterprising Investor]

Motion to Shorten Time / Litespeed Management, LLCs Motion Pursuant to Fed. R. Bankr. P. 9006(c)(1) and Local Bankruptcy Rule 9077-1(a) to Shorten the Notice Period with Respect to Motion of Litespeed Management, LLC for an Order Directing the Appointment of an Official Committee of Non-Insider Equity Holders of Dynegy Inc. (8/07/12)

RELIEF REQUESTED

14. Through the Motion to Shorten, Litespeed respectfully requests an order, pursuant to Bankruptcy Rule 9006(c)(1) and Rule 9077-1(a) of the Local Rules for the United States Bankruptcy Court for the Southern District of New York, shortening the notice period to allow the Motion to be heard on August 20, 2012.

Source: Epiq Systems [Docket 66]

[Enterprising Investor]

Motion to Appoint Committee / Motion of Litespeed Management, LLC for an Order Directing the Appointment of an Official Committee of Non-Insider Equity Holders of Dynegy Inc (8/07/12)

Litespeed Management, LLC (“Litespeed”), a holder of 26% of the common shares of Dynegy Inc. (“DI” or the “Debtor”), by and through its undersigned counsel, hereby files this motion (the “Motion”) for entry of an order directing the United States Trustee for the Southern District of New York (the “U.S. Trustee”) to appoint an official committee of non-insider equity holders (the “Equity Committee”) in the above-captioned chapter 11 case of DI pursuant to section 1102(a) of chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”).

Source: Epiq Systems [Docket 65]

[WallStreetMyWay]

Buy Confirmed...American Bullsss
http://www.americanbulls.com/StockPage.asp?CompanyTicker=DYNIQ&MarketTicker=OTC&Typ=S

[tshel]

class 5 and class 6 , equity , will be cancelled

[deadjim]

Huge insider buy yesterday . Form 4

[parabolicplease]

long some shares here at close..


big bounce coming

[Enterprising Investor]

Litespeed Management LLC owns 32,009,145 shares (7/03/12)

Controls 26.04 percent.

http://www.sec.gov/Archives/edgar/data/1292975/000091957412004259/d1304472_13d-a.htm

[narvo0]

All is quiet on the western front/nice day 4 u guys and gals here.

[narvo0]

So this co. is merging into another so these shares will be worthless. Now in the meantime how you guys playing this?
Any bounce players think this is going to go? tia

[Renee]

Effective 9:48 A.M. E.S.T. today, DYN delisted from NYSE and moved to the OTC, ticker DYNIQ.

http://www.otcbb.com/asp/dailylist_detail.asp?d=07/06/2012&mkt_ctg=NON-OTCBB

[wall_street61]

I don't know....they may be selling, lol. There was absolutely no reason to buy that position pre-bk.

[DAD2]

Might open near .10 imo, lightspeed will be buying up more early.

[canestsal]

Delisted 10am

[Enterprising Investor]

DYN Voluntary Petition to Reorganize Under Chapter 11; Sets Stage for Merger with Dynegy Holdings, LLC (7/06/12)

HOUSTON--(BUSINESS WIRE)--Dynegy Inc. (Dynegy) (NYSE:DYN) today filed a voluntary petition to reorganize under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York, Poughkeepsie Division. The Chapter 11 case of Dynegy’s wholly-owned subsidiary, Dynegy Holdings, LLC (Dynegy Holdings) is pending in the same court. The filing was made to facilitate the implementation of the transactions contemplated under the Amended and Restated Settlement Agreement entered into, by and among Dynegy, Dynegy Holdings, and certain Dynegy Holdings Debtors and the primary creditor constituencies in the Dynegy Holdings Chapter 11 case. Among other things, the settlement, which has already been approved by the court, provides for Dynegy and Dynegy Holdings to merge and for the administrative claim granted to Dynegy in the Dynegy Holdings Chapter 11 case to be transferred out of Dynegy for the benefit of its shareholders. Both of these matters are the subject of a pending motion in Dynegy Holdings’ case. Subject to obtaining additional relief from the court in Dynegy’s case, the filing will also permit the solicitation of votes on the Companies’ joint Chapter 11 plan to commence. It is contemplated that upon completion of the merger, Dynegy Inc. will be the surviving entity. All assets will then be held under a single holding company, thus eliminating a layer from the corporate structure.

Dynegy subsidiaries that own and operate the Company’s coal-fired and gas-fired businesses were separately financed during 2011 and are therefore not included in today’s Chapter 11 filing. They will continue to operate their businesses in the ordinary course. Dynegy has sought customary first-day relief designed to ensure a smooth transition into Chapter 11 administration. Among other things, this relief, if granted by the Bankruptcy Court, will ensure that the Company has sufficient cash and liquidity to fund its continuing operations and all administrative obligations incurred during the Chapter 11 process.

Dynegy is represented by White & Case LLP and advised by Lazard Frères & Co. LLC.

Court documents, frequently asked questions (FAQs), claims forms and other updates for the Dynegy and Dynegy Holdings LLC Chapter 11 cases can be found at http://dm.epiq11.com/dynegyholdingsllc.

ABOUT DYNEGY

Dynegy's subsidiaries produce and sell electric energy, capacity and ancillary services in key U.S. markets. The Dynegy Power, LLC power generation portfolio consists of approximately 6,771 megawatts of primarily natural gas-fired intermediate and peaking power generation facilities. The Dynegy Midwest Generation, LLC portfolio consists of approximately 3,132 megawatts of primarily coal-fired baseload power plants. The DNE portfolio consists of approximately 1,693 megawatts from two power plants which are primarily natural gas-fired peaking and baseload coal generation facilities.

FORWARD LOOKING STATEMENTS

This press release contains statements reflecting assumptions, expectations, projections, intentions or beliefs about future events that are intended as "forward-looking statements," particularly those statements concerning the Chapter 11 proceedings for Dynegy Inc., the merger between Dynegy Inc. and Dynegy Holdings, LLC, and the Amended and Restated Settlement Agreement. Discussion of risks and uncertainties that could cause actual results to differ materially from current projections, forecasts, estimates and expectations of Dynegy is contained in Dynegy's filings with the Securities and Exchange Commission (the "SEC"). Specifically, Dynegy makes reference to, and incorporates herein by reference, the section entitled "Risk Factors" in its most recent Form 10-K, as amended, and subsequent reports on Form 10-Q. In addition to the risks and uncertainties set forth in Dynegy's SEC filings, the forward-looking statements described in this press release could be affected by, among other things, (i) beliefs and assumptions regarding our ability to continue as a going concern; (ii) ability to obtain approval of the Bankruptcy Court with respect to the debtors’ motions in the Chapter 11 cases and to develop, prosecute, confirm and consummate one or more plans of reorganization with respect to the Chapter 11 cases and to consummate all the transactions contemplated by the restructuring support agreement; (iii) Dynegy’s ability to sell the operations associated with the Roseton and Danskammer facilities to one or more third parties in connection with the rejection of the related leases under the Chapter 11 cases;

(iv) the anticipated effectiveness of the overall restructuring activities and any additional strategies to address our liquidity and our capital resources including accessing the capital markets (v) limitations on our ability to utilize previously incurred net operating losses or alternative minimum tax credits; (vi) the timing and anticipated benefits to be achieved through Dynegy's company-wide cost savings programs, including its PRIDE initiative; (vii) beliefs and assumptions relating to liquidity, available borrowing capacity and capital resources generally, including the extent to which such liquidity could be affected by poor economic and financial market conditions or new regulations and any resulting impacts on financial institutions and other current and potential counterparties; (viii) beliefs that control over Dynegy Holdings and its consolidated subsidiaries will likely revert to Dynegy upon emergence of Dynegy Holdings from bankruptcy with Dynegy assuming the obligations of Dynegy Holdings, resulting in reconsolidation; (ix) expectations regarding compliance with Dynegy’s new credit agreements, including collateral demands, interest expense and other payments; (x) expectations regarding environmental matters, including costs of compliance, availability and adequacy of emission credits, and the impact of ongoing proceedings and potential regulations or changes to current regulations, including those relating to climate change, air emissions, cooling water intake structures, coal combustion byproducts, and other laws and regulations to which Dynegy is, or could become, subject; (xi) beliefs, assumptions and projections regarding the demand for power, generation volumes and commodity pricing, including natural gas prices and the impact on such prices from shale gas proliferation and the timing of a recovery in natural gas prices, if any; (xii) sufficiency of, access to and costs associated with coal, fuel oil and natural gas inventories and transportation thereof; (xiii) beliefs and assumptions about market competition, generation capacity and regional supply and demand characteristics of the wholesale power generation market, including the anticipation of higher market pricing over the longer term; (xiv) beliefs and assumptions regarding our ability to enhance or protect long-term value for stockholders; (xv) the effectiveness of Dynegy's strategies to capture opportunities presented by changes in commodity prices and to manage its exposure to energy price volatility; (xvi) beliefs and assumptions about weather and general economic conditions; (xvii) projected operating or financial results, including anticipated cash flows from operations, revenues and profitability, Dynegy's focus on safety and its ability to efficiently operate its assets so as to capture revenue generating opportunities and operating margins; (xviii) beliefs about the outcome of legal, regulatory, administrative and legislative matters; and (xix) expectations regarding performance standards and estimates regarding capital and maintenance expenditures, including the Consent Decree and its associated costs and performance standards. Any or all of Dynegy's forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks, uncertainties and other factors, many of which are beyond Dynegy's control.

Contacts

Dynegy Inc.
Media: 713-767-5800
or
Analysts: 713-507-6466

http://www.businesswire.com/news/home/20120706005101/en/Dynegy-Files-Voluntary-Petition-Reorganize-Chapter-11

[DAD2]

OTC here we come !!!

http://www.bloomberg.com/news/2012-07-06/dynegy-inc-files-for-bankruptcy-protection-to-merge-with-unit.html

[Enterprising Investor]

WAC for latest 16,278,698 shares is $.49.

[Enterprising Investor]

Litespeed Management LLC owns 28,507,291 shares (7/03/12)

Controls 23.19 percent.

http://sec.gov/Archives/edgar/data/1292975/000091957412004194/d1303415_13d-a.htm

[Enterprising Investor]

Dynegy Holdings Disclosure Statement Approved (7/05/12)

HOUSTON, TX (July 5, 2012) —The U.S. Bankruptcy Court for the Southern District of New York, Poughkeepsie Division, has approved the disclosure statement for Dynegy Holdings LLC’s (DH) modified third amended plan of reorganization proposed by DH and Dynegy Inc. (Dynegy) (NYSE: DYN), as well as the procedures for soliciting formal creditor votes on the amended plan of reorganization. Approval of the disclosure statement allows DH to begin soliciting formal creditor votes on the amended plan of reorganization. The deadline for voting on and for objecting to the modified third amended plan of reorganization is August 24, 2012. The plan is subject to confirmation by the U.S. Bankruptcy Court and the confirmation hearing is scheduled for September 5, 2012.

“This approval is a significant step forward for the Company and firmly places us on track for a fall emergence. We are looking forward to completing the restructuring work and dedicating our focus exclusively to running the business, executing on our strategy and building value for all our stakeholders,” said Robert C. Flexon, President and Chief Executive Officer of both Dynegy and DH.

Court documents are available on the docket section of DH’s reorganization website, http://dm.epiq11.com/dynegyholdingsllc.

ABOUT DYNEGY

Dynegy’s subsidiaries produce and sell electric energy, capacity and ancillary services in key U.S. markets. The Dynegy Power, LLC power generation portfolio consists of approximately 6,771 megawatts of primarily natural gas-fired intermediate and peaking power generation facilities. The Dynegy Midwest Generation, LLC portfolio consists of approximately 3,132 megawatts of primarily coal-fired baseload power plants. The DNE portfolio consists of approximately 1,693 megawatts from two power plants which are primarily natural gas-fired peaking and baseload coal generation facilities.

FORWARD LOOKING STATEMENTS

This press release contains statements reflecting assumptions, expectations, projections, intentions or beliefs about future events that are intended as “forward-looking statements,” particularly those statements concerning the Modified Third Amended Plan of Reorganization, its impact on the Chapter 11 proceedings going forward, including the resolution of all disputes, claims and causes of action and DH’s ability to exit the Chapter 11 proceedings during the fall of 2012, soliciting formal creditor votes, completion of the restructuring work and dedicating focus to running the business, executing on Dynegy’s strategy and building stockholder value. Discussion of risks and uncertainties that could cause actual results to differ materially from current projections, forecasts, estimates and expectations of Dynegy is contained in Dynegy’s filings with the Securities and Exchange Commission (the “SEC”). Specifically, Dynegy makes reference to, and incorporates herein by reference, the section entitled “Risk Factors” in its most recent Form 10-K, as amended, and subsequent reports on Form 10-Q. In addition to the risks and uncertainties set forth in Dynegy’s SEC filings, the forward-looking statements described in this press release could be affected by, among other things, (i) beliefs and assumptions regarding our ability to continue as a going concern; (ii) ability to obtain approval of the Bankruptcy Court with respect to the debtors’ motions in the Chapter 11 cases and to develop, prosecute, confirm and consummate one or more plans of reorganization with respect to the Chapter 11 cases and to consummate all the transactions contemplated by the restructuring support agreement; (iii) Dynegy’s ability to sell the operations associated with the Roseton and Danskammer facilities to one or more third parties in connection with the rejection of the related leases under the Chapter 11 cases; (iv) the anticipated effectiveness of the overall restructuring activities and any additional strategies to address our liquidity and our capital resources including accessing the capital markets; (v) limitations on our ability to utilize previously incurred net operating losses or alternative minimum tax credits; (vi) the timing and anticipated benefits to be achieved through Dynegy’s company-wide cost savings programs, including its PRIDE initiative; (vii) beliefs and assumptions relating to liquidity, available borrowing capacity and capital resources generally, including the extent to which such liquidity could be affected by poor economic and financial market conditions or new regulations and any resulting impacts on financial institutions and other current and potential counterparties; (viii) beliefs that control over Dynegy Holdings, LLC (“Dynegy Holdings”) and its consolidated subsidiaries will likely revert to Dynegy upon emergence of Dynegy Holdings from bankruptcy with Dynegy assuming the obligations of Dynegy Holdings, resulting in reconsolidation; (ix) expectations regarding compliance with Dynegy’s new credit agreements, including collateral demands, interest expense and other payments; (x) expectations regarding environmental matters, including costs of compliance, availability and adequacy of emission credits, and the impact of ongoing proceedings and potential regulations or changes to current regulations, including those relating to climate change, air emissions, cooling water intake structures, coal combustion byproducts, and other laws and regulations to which Dynegy is, or could become, subject; (xi) beliefs, assumptions and projections regarding the demand for power, generation volumes and commodity pricing, including natural gas prices and the impact on such prices from shale gas proliferation and the timing of a recovery in natural gas prices, if any; (xii) sufficiency of, access to and costs associated with coal, fuel oil and natural gas inventories and transportation thereof; (xiii) beliefs and assumptions about market competition, generation capacity and regional supply and demand characteristics of the wholesale power generation market, including the anticipation of higher market pricing over the longer term; (xiv) beliefs and assumptions regarding our ability to enhance or protect long-term value for stockholders; (xv) the effectiveness of Dynegy’s strategies to capture opportunities presented by changes in commodity prices and to manage its exposure to energy price volatility; (xvi) beliefs and assumptions about weather and general economic conditions; (xvii) projected operating or financial results, including anticipated cash flows from operations, revenues and profitability, Dynegy’s focus on safety and its ability to efficiently operate its assets so as to capture revenue generating opportunities and operating margins; (xviii) beliefs about the outcome of legal, regulatory, administrative and legislative matters; and (xix) expectations regarding performance standards and estimates regarding capital and maintenance expenditures, including the Consent Decree and its associated costs and performance standards. Any or all of Dynegy’s forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks, uncertainties and other factors, many of which are beyond Dynegy’s control.

Media:
713-767-5800

Analysts:
713-507-6466

http://sec.gov/Archives/edgar/data/1105055/000110465912047645/a12-15925_1ex99d1.htm

[Enterprising Investor]

Lightspeed ROI might take five years.

Current stockholders will receive one percent of the stock plus warrants. The warrants can exercised prior to the fifth anniversary of the Effective Date, shares of Reorganized Dynegy Common Stock equal to the aggregate of 13.5% multiplied by the sum of the Class 3 Stock Pool and Settlement Stock Pool, for an exercise price determined based on a net equity value of Reorganized Dynegy of $4 billion subject to customary anti-dilution adjustments.

It is not uncommon for equity to be valued higher by the market upon exiting Chapter 11 than was projected in the plan. Zimmerman must believe this will occur in the DYN case. As a bondholder, I hope so.

What is not known is if Lighspeed also has a stake in DYN bonds?

[Enterprising Investor]

Litespeed Management LLC owns 27,243,040 shares (6/28/12)

Controls 22.17 percent.

http://sec.gov/Archives/edgar/data/1292975/000091957412004168/d1302892_13d-a.htm

[Enterprising Investor]

Happy Days in Distress (2/25/12)

By ERIN ARVEDLUND

As a sign of her competitiveness, Litespeed Partners founder Jamie Zimmerman named her hedge fund after her favorite model of racing bike. The fund has managed to maintain a pretty good pace of its own: It has averaged an 11.3% annual return since its founding in 2000 and has grown to just over $1.1 billion in assets.

Because of its event-driven style, Litespeed's portfolio seems as current as today's business pages, as it seeks out distressed debt and stocks, particularly companies that are filing for bankruptcy, undergoing restructuring or being targeted for possible acquisition or merger. "We're value investors with an event overlay. Stocks can stay cheap, unless you buy something that monetizes of its own accord, say through a tender offer, a bond with a coupon in a takeout, or a distressed situation with a package of cash and bonds. To us, plain stock is the most questionable -- you have to sell it to someone else for more, unless someone buys the company."

Among its holdings, Litespeed owns distressed debt of AMR, the parent of American Airlines (AAMRQ.OTC) and Eastman Kodak (EKDKQ.OTC), as well as bank debt of MF Global, the failed brokerage run by New Jersey's former governor Jon Corzine. Litespeed is also a holder of preferred stock of Strategic Hotels & Resorts (BEE) and shares of Tronox (TROX.OTC), a former unit of Kerr-McGee that got saddled with much of its environmental liability.

Before founding Litespeed, Zimmerman was head of research for the risk-arbitrage situations portfolio at Toronto-Dominion Bank. Zimmerman received a B.A. from Amherst, where she played soccer, basketball and softball, and a J.D. from the University of Michigan Law School. She began her career as an attorney clerking for a federal bankruptcy-court judge in the Southern District of New York, but then jumped into finance as a Wall Street risk-arbitrage analyst. She ran an Oppenheimer proprietary account that invested in post-reorganization equities. She also was a member of a Dillon Read risk-arbitrage group responsible for distressed securities and research on merger-arbitrage opportunities. Today she oversees Litespeed's 16-person staff in midtown Manhattan.

A marathoner and bicyclist who's ridden across the country, Zimmerman still works out at 6:30 a.m. daily. A torn Achilles tendon has ended her basketball career, but she remains a big fan of the New York Knicks.

ZIMMERMAN'S FUND WILL TRADE some positions, though it holds others for years, waiting for a company's fortunes to improve. For instance, once it comes out of bankruptcy, American Airlines, she believes, eventually will mimic carriers like Northwest, United and Delta, which emerged in much stronger financial shape. "They've all come out with labor costs significantly lower. Northwest's labor costs were 33% of revenue, and after bankruptcy they were 21%. United Airlines was even higher; salaries as a percent of revenue were cut in half."

American's labor costs when it filed for Chapter 11 in November came to 30.9% of 2010 revenue. "We figure if they can take out enough to bring that number down to 22%, Ebitda [earnings before interest, taxes, depreciation and amortization] will fly, perhaps more than double," says Zimmerman.

Litespeed bought unsecured bonds issued by American at 19 cents on the dollar, and they currently trade at 30 cents. American is also repositioning its plane fleet and could be bought or re-emerge from bankruptcy in a year and a half, she adds.

"It's a pattern bankruptcy, in which they cut the pensions and renegotiate the collective bargaining agreement, etc.," she explains. "You make the assumption that the airline saves $1.6 billion in costs per year and turns that into Ebitda," Zimmerman says. When American emerges from bankruptcy, she expects Litespeed's bonds to convert into more valuable equity in a new company. She anticipates more consolidation in the U.S. airline business once American completes its restructuring.

The pioneering camera and film maker Eastman Kodak filed for bankruptcy in January, and Litespeed invested in secured bonds at 71 cents on the dollar. "There's enough value between the information technology and other Kodak businesses to make money. There's over $2.3 billion of value to pay us off at par," or 100 cents on the dollar.

Kodak has three business segments, some of whose elements are cash-flow positive, and some not. The Rochester, N.Y., outfit is shutting down its digital-photography business, while its online photo-printing unit, Kodak Gallery, and other components like ink-jet printers could be sold, Zimmerman believes. Kodak's commercial-printing business makes money, while a scanner business could also be bought up by a competitor. However, "I don't think Kodak emerges as a business again, like American Airlines. Lots of little pieces will be sold off," she contends.

STRATEGIC HOTELS & RESORTS is a real-estate investment trust that owns and manages luxury hotels like the Four Seasons in Jackson Hole, Wyo., the Ritz-Carlton in Half Moon Bay, Calif., and the Fairmont Hotel in Chicago, among others. After the financial crisis of 2008, Strategic stopped paying dividends on its common and preferred shares, but Litespeed stepped in to scoop up the preferred about two years ago. They now trade at $29, up from $18.50 when the fund started buying.

"The properties are fantastic, and are recovering occupancy rates, although they're not back to the peak in 2007 yet," she says.

This summer the company will pay hefty back dividends owed on the shares, Zimmerman adds. Unpaid dividends payable on June 29, 2012, will be $7.22 per share, which works out to about an 8% return for the firm. If the preferreds trade at par once dividends are reinstated, the shares will be worth $32.22, Zimmerman estimates.

There are companies even an expert distressed investor avoids. Zimmerman says a low interest-rate environment is protecting many weak companies with heavy bank debts like Harrah's, Univision Communications, Clear Channel and Rite Aid (RAD). "They have heavy debt loads benefiting from low rates; when interest rates go up, the whole system goes."

ZIMMERMAN, A WIDOW for more than a decade, devotes her time to her two high-school-age daughters and her firm. She's considering opening a Litespeed office in Europe, depending upon the opportunities that emerge from the euro zone's debt turmoil and possible defaults.

Litespeed bought some Bank of Ireland (IRE) bonds as the country's real-estate problems worsened, but the investment underscored for her the risks of government ownership. "We the bondholders should have wound up with full equity; we got a fraction," notes Zimmerman. The fund still holds the stock into which the bonds converted. The bank's chief financial officer assured Litespeed that it was the best deal the government would allow. The Irish government still owns about 15% of the lender and therefore is expected to support it. Yet, "you don't really know the outcome. The opportunity in the crisis in sovereign debt is tricky. It's just a different risk; you can take it but you have to understand it's a political calculus rather than just straight payoff."

Zimmerman has more clarity on industrials like Tronox, the Kerr-McGee spinoff. The maker of titanium dioxide declared bankruptcy in 2009 to get clear of environmental problems its parent encountered in the former subsidiary. Litespeed purchased Tronox bonds, which then converted into stock at an average price of $47 a share.

Without the environmental liabilities, Tronox has a promising future. It's the fifth-largest producer of the paint chemical. Zimmerman estimates 2012 Ebitda will more than double to $400 million. The market is dominated by a few players that reduced capacity during 2008 and 2009 and are now operating at nearly full bore. As demand recovers, Tronox and its rivals are raising prices, she says.

Tronox now trades at $155 a share, and Zimmerman has a target price north of $200. A little more legwork, and it could push across that line.

http://online.barrons.com/article/SB50001424052748703754104577237252101458664.html

[Enterprising Investor]

Actually, Ms. Zimmerman.

Her first name is Jamie.

[Sorry for not bringing this to anyone's attention earlier]

[Enterprising Investor]

Judge Sends Dynegy Holdings Bankruptcy Plan for Creditor Vote (7/02/12)

A judge on Monday said Dynegy Holdings LLC can send its latest restructuring plan to creditors for a vote, a major step toward exiting an eventful and often contentious Chapter 11 proceeding for the power provider.

Judge Cecelia G. Morris of U.S. Bankruptcy Court in Poughkeepsie, N.Y., approved Dynegy Holdings' disclosure statement, a plain-language outline of a company's bankruptcy proposal on which creditors must vote. The plan gives unsecured creditors most of the equity of Dynegy parent company Dynegy Inc. (DYN), a deal reached earlier this year after an independent examiner's report all but forced the company to scrap a deal that would have been kinder to the parent company's equity holders.

Judge Morris asked both Dynegy Holdings and Dynegy Inc. lawyers for details about plans to merge the two entities eventually, which a lawyer for Dynegy Inc. strongly indicated would include a bankruptcy filing by Dynegy Inc. The judge was adamant that she wasn't ruling on Dynegy Inc. matters at Monday's hearing. A hearing discussing a merger of the two, with Dynegy Inc. being the "surviving entity," is set for July 9.

"I can't approve what's not here," Judge Morris said of the parts of the disclosure statement that mentioned Dynegy Inc. The judge didn't want to approve anything that could be construed as signing off on any terms related to a still-unfiled bankruptcy by Dynegy Inc.

Judge Morris was worried that "this is an attempt to make [Dynegy Inc.] a [prepackaged bankruptcy]," adding that she didn't think that was appropriate. A prepackaged bankruptcy is filed with substantially all the support of creditors from the beginning of the case. Her chief concern was that her approval Monday would be construed as sending Dynegy Inc.'s bankruptcy plan to creditors for a vote before it's even filed.

"I'm not trying to be cranky about this," Judge Morris said. The U.S. trustee's office, a Justice Department bankruptcy watchdog, also had issues with the Dynegy Inc. involvement but worked them out with Dynegy before the hearing.

Independent examiner Susheel Kirpalani's March report, which bashed Dynegy Holdings' pre-bankruptcy transfer of coal assets to Dynegy Inc., threw Dynegy's already contentious case into more disarray. But after Judge Morris ordered mediation sessions with Mr. Kirpalani himself, the company in April disclosed a deal with most objecting groups to shift the coal assets back to creditors.

In all, the holding company's unsecured creditors will get a 99% stake in the parent company. Current Dynegy Inc. shareholders initially would receive 1%, plus warrants to potentially boost their stake to 13.5% over five years.

It includes a deal with a unit of U.S. Bancorp (USB), the representative of holders of bonds secured by leases of two Dynegy's power plants. U.S. Bank had previously sued over the asset transfers but has agreed to drop the lawsuit in exchange for a $540 million claim plus as much as $31 million more if the two plants, called Roseton and Danskammer, are sold.

A group of subordinated noteholders, who say they are owed more than $220 million, will divvy among themselves about $55 million, good for about 25 cents on the dollar. As part of that settlement, two hedge funds that hold those notes will get their legal fees paid by Dynegy Holdings LLC's estate.

Dynegy Holdings filed for Chapter 11 protection in November 2011 to restructure billions of dollars in debt in bankruptcy court and get out of the two burdensome power-plant leases. The transfer of the coal-powered plants from Dynegy Holdings to Dynegy Inc. in September left the subsidiary's bondholders owed roughly $4 billion without a claim on those plant assets.

Dynegy Inc. then put Dynegy Holdings and related subsidiaries in bankruptcy, a move that hurt bondholders without affecting the parent's shareholders, leading to the examiner being appointed. Those shareholders include Carl Icahn, with two seats on the company's board.

(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection. Go to http://dbr.dowjones.com)

[DAD2]

News:

http://www.bloomberg.com/news/2012-07-02/dynegy-unit-judge-to-allow-bankruptcy-plan-vote.html?cmpid=yhoo

[DAD2]

Agree coal and natural gas costs are down should bring up the profit margin in power generation but will not matter as far as the share price here.


http://www.dynegy.com/about_dynegy/about_dynegy.asp

[blulotus]

other coal trades are up,, this goes know where,, red flag..imo

[DAD2]

Looks like Mr Zimmerman will not like the 25,673,503 shares he bought the last chunk on 6/11.

He owns more than Carl Icahn.

Must be some kind of tax loss write off or really dumb imo.

[Enterprising Investor]

DYN closer to filing for Chapter 11 (6/18/12)

Supplemental Motion to Approve /Supplement to Motion of Dynegy Holdings, LLC for an Order (I) Approving the Disclosure Statement; (II) Approving Solicitation and Voting Procedures; (III) Scheduling the Plan Confirmation Process; and (IV) Granting Related Relief, Including with Respect to Dynegy Inc.

As contemplated by the Plan, DH will merge with and into Dynegy on or prior to the effective date of the Plan (the “Merger”), with Dynegy as the surviving entity (the “Surviving Entity”). As such, the Plan provides for the treatment of Claims against and Equity Interests in the Surviving Entity. To effectuate the Merger, it is anticipated that Dynegy will file a petition with this Court for chapter 11 relief. However, Dynegy has not yet made any determination, and has not been authorized by its board of directors, to file for chapter 11 protection.

Source: Epiq Systems [Docket 801]

[parabolicplease]

considering i sold today.. i dont really care

[DAD2]

Not smart imo shares will be worth zero after the filing gets approved be careful shares will be terminated.

http://www.sec.gov/Archives/edgar/data/1105055/000110465912044477/a12-14963_18k.htm

http://www.sec.gov/Archives/edgar/data/1379895/000110465912042606/a12-14224_11512b.htm

[parabolicplease]

ppl better get in now before fireworks start

[blulotus]

nice buys today,, somethings up ?

[parabolicplease]

long some here .59

[wall_street61]

They'll be asking themselves the same question within a week. Ignorance and optimism I suppose.

[Enterprising Investor]

None of this makes sense to me especially when the unsecured bonds are still trading in the low to mid 60's.