Energy Conversion Devices, Inc. (fka ENERQ)

[pennystockingz]

#31 On The Breakout Board

[barcoded]

Borders group went from .25 to .06 to .14 after first BK announcement for over a 100% gain, second big bounce was .14 to .02 to .06 for 300% gain all with the the knowledge that the common shares were being cancelled. good call about Borders! if this is bottom then we should be hoping for a bounce to .25-.30 in VERY short term

[Ktaft50]

This proves the argument. There is huge upside potential here in the "short" term timeframe.

[Rooster6]

Look bro, this is not the first BK filing that has had that in it. Look at BGPIQ, the posted the same thing and traded for months afterward. With the same pattern as I described, a slight trend upward then a pop, and crash it was over. http://investorshub.advfn.com/boards/read_msg.aspx?message_id=65031363

And another one that is still trading today Evergreen Solar
http://epoverviews.com/articles/visitor.php?keyword=Evergreen%20Solar

Evergreen Solar Seeking Chapter 11 Reorganization (Reg. & Leg.)
Evergreen Solar
Date: 2011-08-17
Evergreen Solar, Inc. (nasdaqcm:ESLR), a manufacturer of String Ribbon7® solar power products with its proprietary silicon wafer technology, has voluntarily filed a petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. In conjunction with the Chapter 11 filing, the Company entered into a restructuring support agreement with certain holders of more than 70% of the outstanding principal amount of the Company's 13% Convertible Senior Secured Notes, or the supporting note holders. Pursuant to the restructuring support agreement, the supporting note holders have agreed, subject to certain terms and conditions, to implement the restructuring to be effected through one or more sales of certain of the Company's assets pursuant to section 363 of the Bankruptcy Code, including the Company's String Ribbon™ wafer technology business assets.
As part of it's reorganization, the Company will reduce its U.S. and European workforce, suspend operations at its Midland, Michigan filament facility, and maintain 50 people supporting development, 10 people in administration, as well as 25 people supporting industry standard wafer development in Wuhan, China. The Company's Wuhan China manufacturing business is expected to continue, depending on market demand, while the Company engages in discussions with its investors in China regarding possible changes to that operation and its sources of financing, including the possibility of transitioning its operations to the Company's new industry standard wafer technology.

Based upon estimated values, the Company's assets are expected to be insufficient to satisfy all its obligations to its creditors. Accordingly, it is expected that no distributions will be made to holders of common stock and the common stock will be extinguished upon consummation of the Chapter 11 plan. The Company says it has the requisite funding to operate in Chapter 11 and will continue to operate but with additional operational changes necessary to continue to reduce expenses. (Source: Evergreen Solar, August, 15, 2011) Contact: Evergreen Solar, Richard G. Chleboski, VP, Strategy and Bus. Dev.,[phone]

I could keep digging and find many more but its not worth my time. These statements are simply formalities. See ya later dude and Good Luck to you

[smokestack]

I'm done here, everything you need to know is in the filing. That i posted, seen it a thousand times before. However in this case the company is telling you up front the commons will be Gone in a ball of fire, which normally don't happen so my hat is off to the company for letting the shareholder's know in advance.

[Rooster6]

Your posts would lead people to believe that the shares could be canceled as early as tomorrow and that is simply not true. "If" that is the companies chosen avenue then they have to first have it approved by the courts. This does not just happen, it takes some time. In the meantime, most people in this stock are just flippers, I doubt there are too many people going "long" on this stock. Any good news will obviously push the stock up, as well as momentum. Who knows what is going to happen at this point, but as I said before, I am not here for more than a couple of weeks tops, or until we make a lower low which would be very bearish imo.

[Rooster6]

Look, I never once denied your DD. I think you are misunderstanding how a BK works though. This doesnt all happen overnight. It is a lengthy process, and shareholders are given advance notice if the company is attempting to reorganize their buisness, to either continue their business or to sell it. Everything they do under chapter 11 has to be approved by the courts first. Read this on chapter 11 bankruptcies.
http://www.sec.gov/investor/pubs/bankrupt.htm

Steps in Development of the Plan:

The debtor company develops a plan with committees.
Company prepares a disclosure statement and reorganization plan and files it with the court.
SEC reviews the disclosure statement to be sure it's complete.
Creditors (and sometimes the stockholders) vote on the plan.
Court confirms the plan, and
Company carries out the plan by distributing the securities or payments called for by the plan.
What is the Role of the U.S. Securities & Exchange Commission in Chapter 11 Bankruptcies?

Generally, the SEC's role is limited. The SEC will:

review the disclosure document to determine if the company is telling investors and creditors the important information they need to know; and
ensure that stockholders are represented by an official committee, if appropriate.
Although the SEC does not negotiate the economic terms of reorganization plans, we may take a position on important legal issues that will affect the rights of public investors in other bankruptcy cases as well. For example, the SEC may step in if we believe that the company's officers and directors are using the bankruptcy laws to shield themselves from lawsuits for securities fraud.

[smokestack]

the Company expects that no distributions will be made to holdersof common stock and the common stock will be extinguished upon confirmationof the Chapter 11 plan.

What part of that is it you don't understand?

[smokestack]

Here you go Mr. Smarty Pants, i'll just copy and paste the filing.

Check out the third paragraph under Case Information. It's telling you the Common's will be canceled.


February 14, 2012 - 9:33 AM EST

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ENERQ 0.159 -0.005

Today 5d 1m 3m 1y 5y 10y



Energy Conversion Devices Files Chapter 11; Seeks Sale of Businesses
Operations Will Continue During Sale Process

Ovonic Battery Company Sold to BASF Corporation

AUBURN HILLS, Mich., Feb. 14, 2012 (GLOBE NEWSWIRE) -- Energy Conversion Devices, Inc. ("ECD" or the "Company") (Nasdaq:ENER), a pioneer in materials science and renewable energy technologies, today voluntarily filed a petition for relief under Chapter 11 in the U.S. Bankruptcy Court for the Eastern District of Michigan ("Court"). As part of its bankruptcy plan, ECD intends to sell through separate sales its wholly owned operating subsidiary United Solar Ovonic LLC ("USO") and other assets, including its minority stake in Ovonyx, Inc. The Company has received support for its operating and divestiture plan pursuant to a formal Plan Support Agreement executed by the Company with holders of approximately 70% of the Company's $263.2 million in outstanding 3% Convertible Senior Notes due 2013.

Sale of United Solar

USO, which will continue to operate during the sale process, has also voluntarily filed a petition for relief under Chapter 11 in the U.S. Bankruptcy Court for the Eastern District of Michigan. USO is the global leader in manufacturing flexible, lightweight thin-film photovoltaic ("PV") products for use in the commercial rooftop and building-integrated markets. USO's Open Solar™ initiative has begun to show traction with new partnerships resulting in an integrated roofing product with Marcegaglia in Italy, and consumer products including the award-winning SolarKindle cover for the Kindle™ e-reader.

"We firmly believe there is a strong and sustainable commercial market for UNI-SOLAR products. USO's next-generation, 12% efficient, flexible PV products build upon 25 years of PV experience and enable highly competitive production costs with a fundamentally differentiated product. However, our current capital structure and legacy costs are preventing USO from making the investments necessary for the future of the business without restructuring through the bankruptcy process," said Julian Hawkins, ECD's President and Chief Executive Officer. "The processes we initiated today will afford greater opportunity for ECD to maximize value for its stakeholders and conduct an orderly sale of USO to ensure it is viable and successful for the long-run."

The Company has retained the investment banking firm Quarton Partners, LLC to manage the sale process, which is expected to be completed in 90 days. To participate in the USO sale process, please contact Andre A. Augier at [phone] or [e-mail]. For general questions about USO or its restructuring, please contact the Company at the numbers below.

Sale of OBC and Other Businesses and Assets

On February 13, ECD sold its majority owned subsidiary, Ovonic Battery Company, Inc. ("OBC"), to BASF Corporation for the gross purchase price of $58 million in cash before transaction fees, minority participations, and working capital and other adjustments. OBC is the inventor and worldwide licensor of nickel-metal hydride ("NiMH") rechargeable battery technology and is pursuing advanced battery technologies, including cathode materials for lithium-ion chemistry batteries. 35 OBC employees have been hired by BASF as part of this transaction. ECD's financial advisors on the transaction were Quarton Partners, LLC and legal advisors were Honigman, Miller, Schwartz and Cohn LLP.

ECD maintains a portfolio of other assets including intellectual property, miscellaneous fixed assets, and an approximately 39% stake in its Ovonyx, Inc. joint venture. Ovonyx holds the patents in, and is pursuing the commercialization of, phase-change random access memory ("PCM" or "PRAM"), also known as Ovonic Universal Memory ("OUM"). Ovonyx is a joint venture with its co-founder Tyler Lowrey and its shareholders include Intel Corporation. Ovonyx's licensees include Micron, Samsung, Hynix, and ST Microelectronics, among others. Quarton Partners, LLC will also manage the sale of these additional assets.

Disposition of Solar Integrated Technologies

Solar Integrated Technologies, Inc. ("SIT"), a U.S.-based wholly owned subsidiary of ECD, has voluntarily filed a petition for relief under Chapter 7 in the U.S. Bankruptcy Court for the Eastern District of Michigan in a separate proceeding. SIT is an engineering, procurement and construction management company with solar installations in the U.S. and Western Europe. As a result of this filing, SIT and its European subsidiary, Solar Integrated Technologies GmbH, will continue to operate, though separately from ECD and USO, during the disposition of the SIT proceeding.

Abbreviated Financial Results

For the quarter ended December 31, 2011, the Company generated consolidated revenues of approximately $20 million and shipped approximately 11 megawatts. The Company continued to operate at unsustainable levels, resulting in substantial losses and a continued decline in cash balances. With the proceeds from the OBC transaction (which closed after quarter-end), ECD presently has approximately $145 million in unrestricted cash and short-term investments. The Company has determined that its current financial position is insufficient to sustain the current operating environment and make the necessary investments for the future of the business, without restructuring through the bankruptcy process. However, current cash is anticipated to be sufficient for expected operations during the Chapter 11 proceeding, and therefore the Company is not expected to require third-party debtor-in-possession financing.

ECD will file with the Securities Exchange Commission a Form 12b-25 today that notifies investors that the Company will not be able to file its quarterly report on Form 10-Q for the quarter ended December 31, 2011. The Company has devoted its limited available financial and accounting resources to prepare for the bankruptcy filing and sale process. The Company intends to make such disclosures as are required in the bankruptcy process, including monthly reports.

Case Information

Information about the ECD and USO cases as well as relevant information for customers, suppliers and partners can be found in the "Restructuring" section of the Company's website at www.energyconversiondevices.com. Media inquiries should be directed to the Company at the contacts listed below. Parties interested in acquiring USO or other ECD assets should contact Andre A. Augier at Quarton Partners, LLC at [phone] or [e-mail].

ECD has retained Honigman Miller Schwartz and Cohn LLP as legal counsel and AlixPartners as financial advisors to assist the company in the Chapter 11 process.

Based upon the estimated value of the Company's assets and forecasted costs and operating losses during the Chapter 11 process, the Company does not expect to generate proceeds sufficient to satisfy all of the Company's pre-existing obligations to its creditors. Accordingly, unless the Company realizes greater-than-expected value from the sales process, the Company expects that no distributions will be made to holders of common stock and the common stock will be extinguished upon confirmation of the Chapter 11 plan.

About Energy Conversion Devices

Energy Conversion Devices ("ECD") (Nasdaq:ENER) has a renowned 51 year history since its formation in Detroit, Michigan and has been a pioneer in materials science and renewable energy technology development. The company has been awarded over 500 U.S. patents and international counterparts for its achievements. ECD's United Solar wholly owned subsidiary has been a global leader in building-integrated and rooftop photovoltaics for over 25 years. The company manufactures, sells and installs thin-film solar laminates that convert sunlight to clean, renewable energy using proprietary technology. UNI-SOLAR® brand products are unique because of their flexibility, light weight, ease of installation, durability, and real-world energy production. ECD's Ovonyx joint venture is the worldwide licensor of phase change memory ("PCM") technology. For more information, please visit ECD on the web at energyconversiondevices.com and on Facebook, and follow ECD on Twitter @ECD_ENER.

Safe Harbor Statement

This release contains forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not constitute guarantees of future performance. Forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future net sales or performance, capital expenditures, financing needs, restructuring, plans or intentions relating to expansions, business trends and other information that is not historical information. For example, forward-looking statements included above are: "We firmly believe there is a strong and sustainable commercial market for UNI-SOLAR products"; "USO's next-generation, 12% efficient, flexible PV products build upon 25 years of PV experience and enable highly competitive production costs with a fundamentally differentiated product"; and, "The processes we initiated today will afford greater opportunity for ECD to maximize value for its stakeholders and conduct an orderly sale of USO to ensure it is viable and successful for the long-run". All forward-looking statements are based upon information available to us on the date of this release and are subject to risks, uncertainties and other factors, many of which are outside of our control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Risks that could cause such results to differ include, but are not limited to:

the potential adverse impact of the bankruptcy proceedings on our businesses and therefore the value of our assets;
our ability to obtain court approval with respect to motions we make in the bankruptcy proceedings from time to time;
our ability to maintain our customer relationships and establish new relationships;
our ability to identify a buyer that is interested in acquiring USO on an on-going basis at a price that will be supported by our creditors;
the worldwide market for solar energy systems;
changes to government incentives related to solar energy;
our customers' ability to access capital to finance the purchase of our products;
our ability to achieve expense reductions and levels of one-time costs, including restructuring charges;
our ability to meet all the terms and conditions of our debt obligations;
our ability through technology improvements to reduce cost and improve the conversion efficiency of our solar products.
The risks and uncertainties and the terms of any reorganization or liquidation plan ultimately confirmed by the Court can affect the value of our various pre-petition liabilities, common stock and other securities. No assurance can be given as to what values, if any, will be ascribed in the bankruptcy proceedings to each of these constituencies. A plan of reorganization or liquidation could result in holders of our liabilities and securities receiving no value for their interests. Because of such possibilities, the value of these liabilities and securities is highly speculative. Accordingly, we urge caution be exercised with respect to existing and future investments in any of these liabilities and securities.

The risk factors identified in the ECD filings with the Securities and Exchange Commission, including the company's most recent Annual Report on Form 10-K and most recent Quarterly Report on Form 10-Q, could impact any forward-looking statements contained in this release. Energy Conversion Devices, Inc. assumes no responsibility to update any forward-looking statements contained herein, except as required by law.

CONTACT: Michael E. Schostak
Director of Business Development & Communications
Energy Conversion Devices, Inc.
[phone]
[e-mail]

Steven Blow
Eisbrenner Public Relations
[phone]
[e-mail]




Source: Globe Newswire (February 14, 2012 - 9:33 AM EST)

News by QuoteMedia

[Rooster6]

Over 2 million shares bought today, and over 6 million traded in the last two days. Im not sure what your incentive is but it is obvious traders arent listening. We all know how to do DD on this board, thanks anyway. Next time check your link to make sure its working before you post one, its a waste of time for us and yourself. I have had my fair share trading BK stocks and they are risky plays, but they typically trend up for a couple of weeks followed by a pop and a crash just like all penny stocks. Thanks for your input, your posts may do well to scare newb's away before the pop, and that is fine by me as long as we continue to make higher lows I am in. Good luck to you

[smokestack]

Read And educate yourself. http://app.quotemedia.com/quotetools/newsStoryPopup.go?storyId=48421073&topic=ENERQ&symbology=null&cp=off&webmasterId=89753 Especially this part under the headingof Case Information. In my privious link. If this is not saying the commons's will be canceled i don't know what does. Based upon the estimated valueof the Company's assets and forecasted costs and operating losses during the Chapter 11 process, the Company does not expect to generate proceeds sufficient to satisfy allof the Company's pre-existing obligations to its creditors. Accordingly, unless the Company realizes greater-than-expected value from the sales process, the Company expects that no distributions will be made to holdersof common stock and the common stock will be extinguished upon confirmationof the Chapter 11 plan. I hope your getting this education.

[Tunisian Trader]

Oh, really???? Then I am holding my 250k shares.

[smokestack]

Do your own DD, i done did mine. I suggest your do your dd before spouting off. Are you familiar with Bk cases? This company did you a favor which most don't, and they said up front the commons will be canceled.

[Tunisian Trader]

The company never said that.
Prove it if you can, bring a link.

[smokestack]

How can shareholder's be protected when the company has already written, that the commmon share's will be Canceled I don't get it.

[Tunisian Trader]

That protects shareholders, great news.

[barcoded]

2/27/12 APPOINTMENT OF COMMITTEE OF UNSECURED CREDITORS

http://www.kccllc.net/documents/1243166/1243166120227000000000003.pdf

[barcoded]

Decent volume all day but last hour(s) very little volume?

[barcoded]

bro I get we all want ECD to pop, run, tooooo the mooooooon! but spamming is not the way to do it and the junk you post on other boards is misleading and most of all annoying. so sit back.. and chill

[pennystockingz]

Come on baby lets close green 4 daddy

[pennystockingz]

POWER HOUR!

[pennystockingz]

i think this can see .26 this week.

[Rooster6]

I just bought more at .16. Come on power hour. If we break .17 then .20 is next.

[pennystockingz]

I just wanna close at a HOD. Cant wait for Power Hour!

[Rooster6]

.166 up =)

[barcoded]

I just added 5k shares

[pennystockingz]

HDSN just knocked out all the 164's..165's back up

[Rooster6]

If we hold these levels at around 2:45 I will load more before power hour

[Tunisian Trader]

We need to advertise this stock in other boards.

[barcoded]

making progress! sweet!

[Tunisian Trader]

CEO of the company is holding 1.5million shares.
That means ENERQ is a hold.

[Ktaft50]

Green

[pennystockingz]

.165 Green from yesterday

[Rooster6]

These bankruptcy stocks are a little nerve racking but I think we are in good hands this week. As long as we keep making higher lows I am in

[pennystockingz]

.1545

[MASTERTRADER]

ENERQ tested the bottom and made higher low...

[Ktaft50]

.15 hit

[pennystockingz]

.1525

[pennystockingz]

.1475 Up

[pennystockingz]

.144 Up

[MASTERTRADER]

Grabbed below $.14. adding now...

[pennystockingz]

Looks like .13 last Fri was truly the bottom. Glad I was able to get 135's...

[pennystockingz]

got some 135's

[pennystockingz]

and how do we know those weren't dumped on Valentines Day?

[Tunisian Trader]

CEO holding 1,599,335 shares of ENERQ.OB    
http://biz.yahoo.com/t/55/6434.html

[Da Ghost]

ENERQ



WEEEEEEEEEEEEEEEEEEEEEEEEEEEEE



eom

[ItalianIceGuy]

Ready to play for a bounce!

[Crazy Money]

weeeeeeeeeeee ENERQ to da MOON!!!!!!!!!!!

[Da Ghost]

ENERQ - Daily Candlesticks







In for da bounce

[3kidsplus1]

Your right, looks like .13's were the bottom and now it should move up. Next time I will sell at BK announcement and buy back at delisting date.