Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
It's time for prayers ...
http://www.sfgate.com/business/bloomberg/article/California-Mayor-Asks-for-Prayers-as-Her-City-s-3896446.php
http://www.bloomberg.com/news/2012-10-04/california-mayor-asks-for-prayers-as-bankruptcy-looms.html
Be long and you'll be wrong ...
Get out while the getting is good ...
Good luck to all.
It's as good as it gets ...
The real opportunity is to sell your real property in CA as this is as good as it gets.
The dominoes have just begun to fall. Kinda like the June 2007 Bear Stearns sub prime hedge fund that blew up which was the worst but only the first. The CA Conga line is clearly in place and the worst have filed BK and they are only the first. The City of LA will file BK within two years. Severe pain ahead.
There will be OUTMIGRATION occurring where millionaires and billionaires and well to do and not so well to do move OUT of CA.
You do not want to be long REAL ESTATE in CA.
BTW, speaking about opportunities has anyone looked at my long recommendation. It's the only stock I plan to own in the next several years and a 2 bagger is easy and it may just turn into a 3 bagger or home run. I've mentioned the name several times here and highly recommend you take a good hard look at it. The shareholder meeting went extremely well. Up and away it'll go.
Good luck to all!
Cities going Bk -we read that all the time:
Where is the opportunity?
That's what is more interesting....
As Paul Harvey teased " And the rest of the story..."
The Conga Line ...
A California CONGA LINE dance into BK ....
as city after city and school district after school district begin filing BK.
Inglewood school district was taken over two weeks ago by the state with $55 million rescue loan. WTH? California's bank account was overdrawn on August 31, 2012 by $20 BILLION. The state loaned money they didn't have to a BK school district that was the only school district to post LOWER scores on statewide tests. OIC. Only in California. Too friggin ridiculous to even believe...
The city of Atwater will file BK today and fire 25% of city employees and next is Victorville as will as Lyndsay soon thereafter. The City of Los Angeles is dancing in the CONGA line. Believe me when I say it.
Reminds me of when the first subprime loans from Bear Stearns went bad in June 2007. Do you remember that? Low hanging fruit is ripe and falling to the ground rotten to the core.
The state of CA has $617 BILLION in debt which is twice as large as the next largest state NY.
Watch out folks.
Sold more of my dogs today. Yes that would be EVOQ.
VIVA TAX FREE MUNIS AND VIVA SOUTHERN CALIFORNIA...
the only region in the country the Romans would envy.
By the way...how long are dividends going to be taxed at long capital gain levels. Short term gain=income=dividends.
Evoq could use help...but sometimes its better to be lucky than...
Its not what you know...
Some real dogs .....
Had a nice visit with EI this weekend where we had the chance to talk about some real dogs and yes we discussed MMPI aka EVOQ.
Some dogs don't bark and some dogs become real winners.
IMO EVOQ is a dog that can't bark with little chance of becoming a winner (except for the new insiders as they peel away the assets of evoq).
There is a real possibility the City of Los Angeles will file a formal BK within the next few years and 90% of all municipalities in Cali are technically BK even though currently solvent. Serious issues ahead in Cali with no viable solutions short of chaos.
Shared a name and idea with EI that has the real potential for at least a double or even a triple in the next couple of years as it sits on a pile of cash, is debt free, is growing in double digits, national and international footprint, is profitable and cash flow positive and is buying back shares adding value to every share remaining (anti-dilutive) and no it's not APPL. :)
IMO, the deck is stacked against you with EVOQ. Avoid or sell the shares of EVOQ while you can.
See you in Texas ...
Hope all is well.
I will connect with you when I get to Texas and maybe we can plan on another Sunday breakfast ...
Still alive and well.
Family Weekend at the Hilltop?
Headed to Texas ....
I'm headed to Texas and would like to connect with Enterprising Investor while I'm there ....
Please pass the word ...
Hope all is well with everyone ...
Where is drsandcrs.. and what have you done with him?
I know his posts and this isn't one of them!
You almost sound optimistic dnc. Do tell.
Was any of this due to the supposed demand by MPG to sell their assets? If true this may prove to be a repricing of some of EVOQs properties or maybe a bidding war by some losers.
DRS Did I read you right? Are you becoming a bit more optimistic? Would you mind sharing some of the outstanding points of the meeting? Thanks in Advance
The meeting ...
Did anyone else make it to the annual stockholder's meeting?
I did and found iti interesting and am glad I went. Iti will be an interesting year ahead .......
Good luck to all ....
The Books are Cooked ....
Anyone going to the EVOQ annual meeting? Take the annual financials with you and see if any of the board members can explain them.
The City of Los Angeles has cooked its books and will need to file it's own BK within the next couple of years. Once Villaraigosa gets out of town the fit will hit the shan and the city will stop repairing the potholes in the streets of L.A. Wait ... they already have stopped the pothole repairs and I have a couple of tires to prove it.
The c(r)ooks will be long gone by the time the fit hits the shan.
Anyways, if you go to the meeting be sure to say hi to the new boys in charge of this fine mess of a company. Wish them Good Luck as they'll need it.
Someone has failed in their fiduciary duties and time is not going to cure the deficiency.
The books that are cooked may just burn someone.
SOME THINGS MONEY JUST CAN'T BUY!
But glad to see Kasten and the other usurious scoundrels are trying. Seems like the battle for baseball in LA is defiantely on. No matter who wins, its good for LA and the region.
That being said, the Dodgers most recent trade seems very shortsighted...almost desperate. AGonz is extremely overpaid, especially when compared to JHamilton and APujols. JBeck throws a hard, flat, hittable fastball. I don't know enough about Punto to comment. Seems like a sign of the times...everybody wants to invest/acquire and no none wants to work! What happened to oraganic growth? How easily we forget there are...
In need of a facelift
No real lift in FB so I'm calling it a trade @ 19.20.
Talking about facelifts, EVOQ will need a few to stem the negative cash flows or they will need to continue their liquidation to simply pay the utility bills.
7TH AND ALAMEDA
Who knows who really owns MMPI/EVOQ...never have and never will. But everyone knows who really should. They can't make the shareholder meeting. They must be working at...
Unresolved issue...think thats being nice. I'm sure you will see the real owners at the sharholders meeting. Ha!
Book em DANO!
Taking another trading position in FB @ 18.80. Have successully traded this 3 1/2 times. It's good until it's not.
Anyone take a look at the books of EVOQ? There is a material unresolved issue. It's big too.
Has anyone read the Proxy stmt? Who really owns EVOQ?
Was is HelLA yesterday. Wow could that place use some help. What a disaster. It will probably get worse before it gets better. EVOQ/MMPI keep finding the money...makes you wonder where it comes from...
Thanks God LA is a city blessed by Angels!
Faceplant .....
No faceplant here. Am long 4,000 FB @ 20.86 and will look to exit near the close today.
Now that we're talking about a faceplant ..... anyone read the financials of EVOQ yet?
How about the Taylor Fund Investors - how ya feeling with your EVOQ holdings now .... have your read the financials? ... still wanna be long this name ... feels/looks like a disappearing act to me ... with lots of debt ... and a mgmt team thats ??? ...
Not fun to do a faceplant that's for sure ....
Call me crazy ...
Will double down my FB position at $20.91 to add to my $21.65 paid yesterday near the close.
Re EVOQ - did everyone get a copy of the financial statements? Anyone care to share their opinion? .... EVOQ still not investable, imo.
and of course buying more ITI today to add to my long term position .... have put MMPI (EVOQ) proceeds into ITI :)
Playing with fire ....
Did anyone read the annual financial statements for EVOQ and would like to share their analysis .... feel free to do so ..
IMO, EVOQ is still not investable ... insiders will likely burn EVOQ of what remains of its assets ...
not looking to get burned by FB but ...
will likely take a trading position in FB today before the market closes near $21.70 and will hold for a few hours or days but not much longer ... have sucessfully (luckily) traded it three times now ...
IMO, FB is too hot to touch for almost everyone ... will find out shortly
and can't wait for a fire to be lit under ITI as ...
have been a buyer of ITI this week and paid prices > $1.50 ....
IMO, ITI is a hot idea
Who knew and knows ....
Who knew ...
So did I time this shareholder meeting announcement from pure LUCK or is there a leaky ship at EVOQ .....
They probably need to plug the leaks lest they allow others an unfair advantage with information ....
FYI ....
I'm calling my winning FB trade this week LUCKY .....
Bot more ITI today at current levels as they reported a nice quarter yesterday with revs up 17%, $18 million in the bank and no debt and the company has repurchased 882,000 shares for $1.2 million ... looking for a double or triple in the next few years ...
who knows ....
EVOQ to Host Annual Shareholders Meeting (7/26/12)
LOS ANGELES--(BUSINESS WIRE)--EVOQ Properties, Inc. (“EVOQ” or the “Company”) (OTC: EVOQ.PK), a real estate company owning properties primarily in downtown Los Angeles, today announced that it will hold its Annual Meeting of Shareholders at 11:00 a.m. (PDT) on Wednesday, September 12, 2012 at 515 S. Figueroa St., 9th Floor, Los Angeles, Calif.
The matters to be considered at the meeting will include election of directors, adoption of an equity incentive plan and ratification of auditors. These matters will be described in the notice of meeting and information circular expected to be mailed to shareholders on August 13, 2012.
The Company’s recently completed financial statements for fiscal 2010 and 2011 are available at www.evoqproperties.com.
About EVOQ Properties
EVOQ is one of the largest non-government property owners in downtown Los Angeles, with holdings in industrial, office, retail, residential and mixed-use real estate. For additional information on EVOQ and its properties, please visit the Company’s website at www.evoqproperties.com.
Forward Looking Statements
This release contains forward-looking statements that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are generally accompanied by words such as "anticipate," "continues," "expect," "forecast," "outlook," "believe," "estimate," "should" and "will" and words of similar effect that convey future meaning, concerning the Company's operations, economic performance and management's best judgment as to what may occur in the future. Future events involve risks and uncertainties that may cause actual results to differ materially from those we currently anticipate. The actual results for the current and future periods and other corporate developments will depend upon a number of economic, competitive and other influences. Many of these risks and uncertainties are beyond the control of the Company, and any one of which, or a combination of which, could materially and adversely affect the results of the Company's operations and its financial condition. We undertake no obligation to update information contained in this release.
Contacts
Grayling for EVOQ Properties
Christie Ly
christie.ly@grayling.com
Mobile: 213-268-1136
http://www.businesswire.com/news/home/20120726006605/en/EVOQ-Properties-Host-Annual-Shareholders-Meeting
Rumors ....
You must not live in LA as that doesn't even make a good rumor .... Angel fans are not Dodger fans and vice versa ..... Angel fans would never drive to downtown LA and true Dodger fans would not go to Angel games just because they are in downtown LA ... besides the Angel ballpark is very nice ...
BTW, sold my FB trading position @ 29.30 today for a decent one week gain as I do not want be long any stocks other than my favorite sleeper ITI for which I added to my long position yesterday just below current levels.
Here's a good rumor ....
Anyone hear that Richard Meruelo still has someone on the inside of EVOQ (a mole) providing him with detailed info on new management and plans on using the info to his advantage?
IMO, EVOQ is not investable.
Hasn't it been over a year that new mgmt has been in place. I wonder if new mgmt (BOD) will even hold a shareholders mtg.
Any truth to the rumors of a downtown LA ballpark for the Los Angeles Angels? Dodgers are probably only worth half of what they were purchased for...
What's going on with EVOQ
Nuttin. Not investable in my opinion. Big Q's re mgmt. New mgmt may be worse than old. YIKES!
Time for new ideas.
How about this ..... I'm buying FB at $27.40 for a trade into the $30s.
Good time to also take a serious long term look at ITI.
I have a buy order in for more ITI shares near current levels. I'm averaging up on ITI which is very unusual for my trading style. Take it for what it's worth. I really like ITI.
Today is a day I say BANK ...
BANC to pay $9.21 per share in cash for BBBC plus warrants for BANC. BBBC is a nice position I accumulated near $4 in spring and summer of 2009 and made the top LA performers list with MMPI for 2011.
As for any new ideas (other than EVOQ) ..... i guess no one has any or are afraid to share ..... so guess what ... here's one for you to take a serious look at ... with commentary from good ole me ..
ITI - Iteris ....
A traffic management consulting company located right here in So Cal but with offices throughout the US and also establishing international business ....
It does $60 million per year in revenues and has plans to grow in double digits over the coming years. It has $18 million in cash and no debt and is cash flow positive. Read their most recent 10K.
I know the management team at the top and they are simply top notch business executives.
The largest shareholder of ITI owns a lil less than 20% of the company and was the largest shareholder of STMP (another 2011 LA top performer). His name is LLoyd Miller III. Very smart money IMO. Please be sure to review his Form 4 filings for both ITI and STMP over the last 12 to 18 months where he's sold a big piece of his STMP position (smart move) and has been a buyer of ITI (smart move).
ITI has a $3 million stock repurchase plan in place and has repurchased approx $1 million through May.
My personal view is the stock will trade north of $5 within the next three years and with it's strong balance sheet and top notch management it's a sleeper. A sleeper is a company you can own and sleep at night knowing you own it.
Personal disclosure - I own or control a lil more than 2% of ITI and reserve the right to sell or buy shares of ITI at any time
w/o any further disclosure to this board.
Finally - today I am banking my BBBC cash. Nice!
Maybe investors/speculators out of Chicago should put their money to work closer to home. Give your city the attention it needs. Los Angeles will be fine without you.
One week to a nice payday ....
It took a lil longer to close the deal but the feds always move slower than usual .....
Deal set to close July 2. All cash plus warrants. A lil shout out to Andy Murray.
As to EVOQ. EVOQ is now essentially a private real estate company embroilded in one legal duel after another located in the City of Angels that will file it's own BK petition soon after Tony Valar leaves town.
Anyone have any other names that look attractive. I'm open to new ideas.
Censorship does not make problems go away...
The price action makes me wonder if that posters heresay is coming to fruition???? Has anyone spoken to the company? It seems to me there should have been some filings by now..
Ohio REIT Heads Upscale (5/08/12)
By DAWN WOTAPKA
A rental apartment-building company that owns properties in cities like Indianapolis and Columbus, Ohio, is pushing into the upscale Los Angeles market despite some investor concerns.
Associated Estates Realty Corp. has purchased land along Los Angeles' well-known Wilshire Boulevard, a deal that marks its entry into Southern California. The company Tuesday paid $37 million for the site and plans to spend about $70 million to develop about 175 upscale apartments with views of the iconic "Hollywood" sign.
This is "the highest-profile deal we've done, probably in the history of the company," said Chief Executive Jeffrey Friedman. Formed in 1965, Associated is based near Cleveland and owns nearly 14,000 apartments. About seven years ago, it started whittling its exposure to sleepier—but profitable—markets to buy and develop in markets like Washington and Dallas, where the company can charge higher rents.
But investors haven't been crazy about the strategy. Since Mr. Friedman discussed plans to enter Southern California at an industry conference in mid-November, shares of Associated Estates have gained 4.2%, trailing the MSCI U.S. REIT Index's 19% return, according to Sandler O'Neill + Partners LP.
Associated recently reported a first-quarter loss of a nickel a share, narrowed slightly from a seven-cent loss a year ago. Funds from operations, a key profit metric, increased.
Investors are wondering "is this the highest and best use of management's time and the company's capital versus doing something closer to home were they might have more of a competitive advantage," said Paula Poskon, a REIT analyst with Robert W. Baird.
Mr. Friedman said the Los Angeles deal will benefit shareholders. Because the site at 5500 Wilshire Blvd. wasn't marketed, Associated Estates avoided a bidding war with competitors that would have increased the purchase price, he said.
Mr. Friedman also points out that the development already has received government approvals for construction. As a result, Associated can skip California's notoriously long and complicated approval process.
Still, Mr. Friedman said he realizes the Los Angeles transaction will be closely watched and that "execution is absolutely critical." Associated plans to begin construction early next year, with the first units finished in early 2014. Mr. Friedman predicts an initial yield of about 5.7%, above the 4% or so currently seen on purchases of apartment buildings in that market.
Rents at the development, to be named the "Desmond on Wilshire" are expected to start around $2,600 a month for one-bedroom units, and $3,300 a month for two-bedroom apartments. That is well above the company's second-quarter average rent of about $1,000, according to securities filings.
While Los Angeles currently has few apartments available—the 4.4% vacancy rate for high-end apartments is the lowest since 2006—developers are racing to deliver new units to meet demand. In the Los Angeles area where Associated purchased, about 1,700 units were under way in the first quarter, with another 2,400 in planning, according to brokerage Marcus & Millichap. Should too many apartments hit the market at the same time, competition could force developers to cut rents to fill units.
On the other hand, some analysts predict that the Los Angeles apartment market will stay strong because the city's median home price remains well above the national median. That makes it harder for renters to switch to homeownership than in other parts of the country.
"For people who want to live in that lifestyle but can't afford the cost of a home, it's huge to be able to rent an apartment," said Alexander Goldfarb, an analyst with Sandler O'Neill.
Associated's purchase of the site includes an office and retail building that currently houses an art gallery, which has an option to buy the 79,000-square-foot building for $20 million.
The seller, Desmond's 5500 Wilshire LLC, acquired the site in 2005 and planned to develop condos before the market turned.
http://professional.wsj.com/article/SB10001424052702303630404577390701514831044.html?mg=reno64-wsj
Looks like it may be time for a ....
treasure hunt ... get the P.I. on it right away.
I hear the skeletons of this bk are hidden in the basement of the 7th Street Produce Market. Always been curious as to why there is such tight security there. I know there are many undocumented workers to protect, but I'm starting to think it might be something else... What a dirty deal!
A four bagger on your way when you find it. The only stock I need to own.
Do some work boys and girls.
Not a single one of you could get it. The selling that is.
I referred to 2011 LA's best movers and one was STMP. Do not go near it. Heavy Heavy insider selling.
On another happy note for holders of EVOKE.
EVOKE was an inside job by a crooked lawyer hired by a smart MMPI owner and the lawyer's rumored girlfriend the judge. Jan needs to investigate this lil deed.
Anyone still following or owning EVOKE has got to be an idiot. This is a private company being raided by the new owners.
BTW, the guy selling STMP made a killing and will make another. Do the work and follow his lead in his other holdings is my little advice.
Mr. Campbell,
You seem like a special guy...wish we could meet.
But I think you are forgetting Americas most usurious
and scoundrel filled city...Washington D.C.!
San Diego is 'America's Finest City'...because its owned by the people.
Los Angeles/New York are 'America's Dirtiest Cities'...because they are owned by usurious scoundrels.
Signing off...hopefully for good this time!
http://finance.yahoo.com/echarts?s=EVOQ.PK+Interactive#symbol=evoq.pk;range=1m;compare=;indicator=ke_sd+volume;charttype=area;crosshair=on;ohlcvalues=0;logscale=off;source=undefined;
"Yesterday, after remaining static for awhile, Evoq’s (formerly Meruelo Maddux Properties, Inc.) stock price fell from $4.50 to $4.15. As I’ve been following this company, and the de facto (as opposed to de jure) people in authority of Evoq which comes from Mount Kellett Capital Management, this little piece of the puzzle I’ve been working out just put things into perspective. That the stock price dropped was reminiscent of leveraged buyout (LBO) strategies that I’ve seen play out before with my labor union clients when their members became innocent victims of corporate chess-masters."
That's what I'm referring to specifically from that guy's blog.
I must apologize I had a typo, I sold from $5.00 to $5.10. Basically, had a sell at $5 in place and some went over.
Anyway, I know you're not the PI and didn't mean you, just that Jan Tucker guy. I appreciate your effort to see LA cleaned up, coming from the East Coast I'd like to come to Cali. sometime and visit the state of a few of my holdings (ask Chevy haha). I also have family in San Diego I never get to see.
Look at the chart...it was more than a .15 move and more than 14k moved
on another note
income=short-term capital gains
short-term capital gains= income
By the way...i'm no PI just an observer who wants to see LA cleaned up. If you sold at 5.50 I think that should be reviewed...it would be very interesting to see who bought your shares
That guy thinks the $.15 move on a $14k total trade was manipulation? I'm a nobody and even I could have dumped shares and done that on such an illiquid stock. Not saying he isn't credible, but unless he proves those actions, it's just a conspiracy theory and should be treated as thus.
And he's a PI, so he would be a little biased towards anything that could get him some business:
"If you are a shareholder in Evoq and/or a stakeholder like the tenants and licensees that are already under attack, please contact me immediately to join the others who are uniting to fight against this economic attack."
The new management are horrible people. Raiders of the highest quality. Just saw some fascinating blogs.
Go to: www.janbtucker.com look at the blog spot.
Google: Mount Kellet, see the blogs. Mount Kellet bought Evoq and kicked everyone out.
Go to:
http://janbtucker.com/blog/2012/04/06/will-mount-kellett-ever-learn/
Evoq is evicting long term tenants, who can not fight back, creating huge contingent liabilities.
Help them if you can. Beware of the fact that Management has not complied with SEC filing requirements. They will show the dearth and lack of cash, and will sell everything at rock botton prices.
The new management is bad. Very bad. What can we do to return the previous management into place, which made this company a winner.????
Need dirt on new management to kick them all out, and bring in the old troop.
Mutiny at EVOQ!!!!
Meruelo Maddux Successor Plans Upgrade of South Park Office Building (3/09/12)
by Ryan Vaillancourt, Staff Writer Los Angeles Downtown News | 1 comment
DOWNTOWN LOS ANGELES – Evoq Properties, the newly branded successor of Meruelo Maddux Properties, is in negotiations with potential tenants to occupy a long vacant South Park building that the firm plans to renovate later this year.
The plan to revitalize the five-story Desmond’s Building at Hope and 11th streets marks one of the first clear development plays under the reincarnated firm, which still controls dozens of commercial and industrial properties throughout Downtown.
Just three days after announcing its new name, officials with Evoq (sounds like “evoke”) on Thursday hosted an open house at the Desmond Building — complete with a DJ and several luxury sports cars on display — for Downtown business players. It was both an introduction to the firm and to their plans to fill the 78,500-square-foot brick building with tenants looking for non-traditional office space, said Max J. Fowles-Pazdro, Evoq senior vice president.
Plans for the Desmond include a rooftop restaurant and a renovation of the 15,700-square-foot ground-floor space to suit an array of neighborhood-serving retail, said broker Will S. Adams, senior vice president at CB Richard Ellis.
The firm is in early discussions with potential tenants and is in the process of seeking building permits for an array of improvements, Adams said. Occupancy is expected by late 2012 or early next year, he said.
©Los Angeles Downtown News.
http://www.ladowntownnews.com/news/meruelo-maddux-successor-plans-upgrade-of-south-park-office-building/article_9fe845b4-6a2b-11e1-b1ae-0019bb2963f4.html
Sagin, I didn't refer to your posting at all so I'm not quite sure what you mean. I was simply opening up the conversation to some of those with more experience in this space than me (Chevy, EI, Plan) and the investment merits of EVOQ going forward. I sold all my shares between $5 and $5.50, so seeing if it's worth another look.
Followers
|
35
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
3162
|
Created
|
04/08/09
|
Type
|
Free
|
Moderators |
EVOQ Properties, Inc. ("EVOQ Properties" or "EVOQ") is a publicly owned real estate private equity firm headquartered in Downtown Los Angeles. EVOQ's existing portfolio of 35 assets includes approximately 3.5 million square feet in the greater Los Angeles area with a focus on industrial, creative office and multifamily residential assets. Properties include a mix of operating, redevelopment and land assets, with significant value-add opportunities across the portfolio.
The firm has a current market capitalization of approximately $40 - $50 million and is backed by strong institutional sponsorship. EVOQ is well capitalized and positioned to deliver superior risk adjusted returns to investors through the management and redevelopment of core assets within the acquired portfolio, the strategic disposition of select non-core assets, and the execution of joint venture development partnerships to build best-in-class properties.
In March 2009, the company, then know as Meruelo Maddux Properties Inc, and numerous of its subsidiaries have filed for voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in California. The company exited Chapter 11 on July 25, 2011.EVOQ Properties is the successor business to Meruelo Maddux Properties, Inc. ("MMPI"). MMPI was a full service real estate company that developed and owned commercial properties in downtown Los Angeles - the company owned 55 assets at its peak and was reported to be the largest non-government land owner in LA County. MMPI was originally sponsored with a $150 million revolving credit facility from CalPERS that was repaid in full in early 2007 following the company's IPO.
A series of management missteps and a deteriorating commercial real estate market forced MMPI to petition for relief under Chapter 11 of the U.S. Bankruptcy Code approximately two years later on March 26, 2009. In addition to reorganization plans filed by secured creditors and the Debtor, a third, competing plan was filed by independent equity holders unaffiliated with management. This plan, known as the "Charlestown Plan," was confirmed by the Bankruptcy Court in early 2011 and capitalized by EVOQ's current sponsorship group which purchased 55% of the outstanding shares of common stock in MMPI. Sponsorship replaced former management and the company's Board of Directors entirely, and the company emerged from bankruptcy protection on July 25, 2011 with new capital and a new management team already in place.
Filing Date Forward Chart (3/27/09):
Effective Date Forward Chart (7/25/11):
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |