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45 days is fast
To implement this restructuring plan, the Company has voluntarily initiated a "pre-packaged" Chapter 11 case in U.S. Bankruptcy Court in the Southern District of New York, in which it is requesting that the Court confirm a pre-packaged Plan of Reorganization to implement the restructuring. The Company filed a proposed Disclosure Statement and Plan of Reorganization with the Court and anticipates completing the restructuring process in approximately 45 days.
Like bankruptcy stocks but...
Not this one, because of the below filing.
In addition to the restructuring of long-term debt, the claims of Ener1's general unsecured creditors will be unimpaired and paid by the Company under the restructuring plan. Under the plan, all of the Company's existing common stock will be canceled, the long-term debt holders will be receiving a combination of cash, a new term loan and new common stock in exchange for their claims, and new preferred stock will be issued to the provider of the post-petition and exit funding. Suppliers to the Company will be paid under normal terms for goods and services provided after the Chapter 11 filing date. Payments for goods and services provided directly to the Company prior to the filing date have been previously settled or will be paid pursuant to the restructuring plan when it is approved by the Court.
"Thanks Obama" LMAO. I guess they weren't "too big to fail," like the banks and auto industries that failed under W's watch.
True. Sometimes people are such crazy --- buy a soon-be-canceled Q?
Just be glad there are crazy people out there to buy it from us that want out. I'm glad someone bought mine. Even at a loss. Better than $0.
Huge difference: many companies didn't say when to cancel! But HEVVQ
will be canceled within 30 ~ 45 days per the CH11 court document!
All BKs have cancelled shares clause in BK documents. No difference from TRIDQ, AAMRQ and BLOAQ yet those all ran 200%+
The court document means all the common shares will be canceled in a
month or within 45 days...
You could day trade it for a bounce. Or maybe since the company is real and in an up and coming market, hope there is a recovery for the common.
Unlimited risk? What does that even mean? The risk is you lost all your money you put in to HEVVQ. Why do people buy options then? Same deal there.
Of course BK stocks are risky. But that's the appeal. This board is full of grade schoolers today.
I have no position.
The symbol change is neither here nor there. They just started the chapter 11, from what I saw. Common was expected to be worthless according to the PR but that could change in theory after due process. This has months of trading left.
Edit: I just read they hope for 45 day BK process, so I guess that's why the huge dump. Chances are common worthless.
Agreed. Serious overreaction here.
HEVVQ ready for the lawsuits to hit... they owe the common shareholder much more then .03 a share. Bounce ready now that worst case was clearly written
Check the court document by yourself! HEVV will be HEVVQ tomorrow...
Where is your source that the judge will rule on the Chp. 11 case by tomorrow?
HEVV 1 left at .026, then .0298!
I feel a new hod comming!!
Moving Strong now weeeeeeeeeeeeeeeeeeee
HEVV Don't miss this BOUNCE, time to bank $$$$!
HEVV going to rip it hard soon!!! BOUNCE ALERT!!!!!!!! Momo is coming in Baby!!!
Symbol change tomorrow HEVVQ! All the common shares will be canceled
I agree. HEVV is a classic bounce trade.
It is clear that someone posting on this board is taking a short position. I wish them luck.
In the meantime, I have bought over 1 million shares in anticpation of what is building to be a perfect bounce play.
Best of luck to all.
Why people would buy a soon-be-canceled worthless CH11-Q? Unlimited risks!
HEVV has heavy volume at this level and a lot of buying interest. I am in this as a bounce play.
With the volume at mega-levels and so much buying interest, I think I am not the only one who anticipates this.
75% decrease is begging for a bounce.
Tomorrow HEVV will be on a lot of radars and the retail sellers will be cleared off.
The float is 15 million shares.
If we see even half the buying interest as we see today, HEVV will pay dividends.
Today's news: Ener1 filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, case number 12-10299. The Company, which is a holding company for entities engaged in the research, development and production of rechargeable batteries and battery packs, is represented by Michael J. Venditto of Reed Smith. Concurrent with its petition, the Company also filed with the Court a Joint Prepackaged Plan of Reorganization and related Disclosure Statement. The Company explains that its plan has been unanimously accepted by all impaired creditors. According to the Company, "The keystone of the Plan is the infusion of up to $81 million of new capital, which will reorganize the existing capital structure and support the continued operation of the Debtor's subsidiaries. Aside from the restructured long-term debt held by the parties that have voted to accept the Plan, the claims of general unsecured creditors are unimpaired and will be paid by the Debtor in full pursuant to the Plan. All of the Debtor's existing common stock will be cancelled and new equity will be issued to the provider of the postpetition and exit funding and to the long-term debt holders."
HEVV is a mega-bounce play.
New 52-week low 0.011 was created so far after the CH11 bankruptcy!
All the common shares will soon be canceled per the court documents!
15 million float for HEVV:
Information OTCMARKETS:
http://www.otcmarkets.com/stock/HEVV/company-info
What a bunch of crap. All the big money players get to keep their money, while all the small investors are screwed. Typical BS.
New 8-K out today... It's another extension...
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8348355
I think you're spot on. The potential for tremendous momentum is very real. I think getting back over a $1.00 is realistic. They need to get the pps up in order to start consider getting listed on different exchange... So much is possible by the end of the month. I'm optimistic for some very real gains. When you people like Boris, Zoi and the Chinese govt investing in you and needing you to succeed, I don't see how that can disadvantage the shareholders in the long run...
ener1 has to be trading at fear of bk prices.if news was to come out that they will avoid bk, restructure,out of court, long term loan,start up production with the new thinkk global(electric mobility solutions)anything positive and it will take off.take a look at (ener) energy conversion devices
it went from .20 to 1.27 in 2 weeks just on news they made a payment on an old loan and that company had stopped production 4 months ago.now don't take this as me trying to pump another company ,just a comparison.so hopefully we can get something positive this week it will be interesting
Indulge me!! Define "explode"... Do you think it is plausible that shorts will be scrambling to cover, causing an even great explosion?
if any news comes out looking like there will be no bankruptcy this thing will explode
Agreed. What will the share price do this week?
recent 8k shows investor increasing shares and willing to fund the company without going into BK. imo this one will be saved.
Yeah!! I kinda have a knot in my stomach. What do you think the outcome will be?
should get a big pr here this week
It does sound very encouraging. I'm hoping to load in this morning before the news gets too widespread. They have some monster contracts. Getting back up near $2.00 is a very real possibility in my opinion.
i just wonder why it took them so long to release this if it was filed on 1-4-12.i hope this goes through at least pay off goldman and get the debt off there back the jv should be o.k and get everything back on track.this sounds like a good deal
BIG NEWS!!!!!!!
Mike Zoi is stepping up and has submitted the following filing to the SEC. There are great people with deep pockets working to keep Ener1 out of bankruptcy.
Friday is going to be a VERY interesting day of trading for HEVV!!
Good luck to all!!
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8343997
Mr. Tom Snyder
Chairman of the Board of Directors
Ener1, Inc.
1540 Broadway, Suite 40
New York, NY 10036
Subject:
CONFIDENTIAL Proposal to Avoid Chapter 11 Bankruptcy
Dear Mr. Snyder:
As you know, I am both a co-founder of Ener1 and a significant shareholder with approximately 16 million shares of Ener1 stock. Like others, I have watched with dismay as Ener1 has struggled over the last year. I am concerned that without immediate action by the Board of Directors, Ener1 will be forced into Chapter 11 Bankruptcy and this is clearly not in the best interests of its unaffiliated shareholders.
I continue to believe in the long term viability and potential of Ener1; therefore, I would ask the board to appoint a special committee and promptly reply with a proposal for my acquisition of an interest in Ener1 that will result in my holding a majority controlling ownership stake for an amount that is fair value to Ener1 and that will provide sufficient financing for Ener1 to avoid being forced to file for Chapter 11 protection.
Working together, we can assure Ener1 a bright future and the opportunity to realize its full value while maintaining the operations, facilities and personnel in Indianapolis.
Best regards,
Mike Zoi
The language in the 8K is extremely tedious to decipher. I wish there was a plain-speak version. However, the key takeaways for me are: Wanxiang keeps adding money into the mix; Boris is solidying his position with more shares; Ener1 keeps expanding its base of business partners.
They are partnered and backed by the deepest pockets in the world. I think BIG things are coming...
I'm highly encouraged by the steady gains we have seen over the last week. I'm at 230K shares averaged around $.20. I am hopeful it can get back over a $1.00 without substantial dilution. I can live with a 15-20% dilution if it keeps them rolling...
What are your thoughts??
mabman8 what are your thoughts on this jv with wanxiang and those few choice statements in the 8k.i feel if they can restructure the debt on their own this thing will take off like no other
I hope they are in the mix!!
i see it states they are testing batteries that have twice the energy per pound than the batteries they are using now i wonder if those are ener 1 batteries
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http://www.enerdel.com/ | http://www.enerfuel.com/ | http://www.nanoener.com/ |
Sec Link: http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000895642
Transfer Agent: Registrar and Transfer Co.,10 Commerce Dr. P.O. Box 1010 Cranford, NJ 07016-1010 Phone: 908-497-2300
Short Interest: http://www.shortsqueeze.com/?symbol=hev&submit=Short+Quote
Yahoo: http://finance.yahoo.com/q?s=HEV
3 Month and 1 Year Charts
News Link: http://www.surfwax.com/servlet/com.surfwax.FrontEnd.home?cmd=frames&search=Ener1&max=100&sort=date
Quick Links
Company Technical Presentation: http://enerdel.com/pdfs/EnerDelTechnicalPresentation.pdf
http://www.sec.gov/Archives/edgar/data/895642/000114420408027972/v113842_ex99-1.htm
$6.5 million contract from the U.S. Advanced Battery Consortium http://www.uscar.org/guest/view_team.php?teams_id=12
Lithium-ion battery wikipedia http://en.wikipedia.org/wiki/Lithium_ion_battery
News about: http://www.surfwax.com/servlet/com.surfwax.FrontEnd.home?cmd=frames&search=Lithium-Ion&max=100&sort=relevance
The Opportunity
http://en.think.no/
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The Math
http://www.ccds.charlotte.nc.us/~jarrett/EV/cost.php
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