Exide Technologies fka EXTC

[MasterBlastr]

GLTU . . .

[blue finch]

Im figuring i can get back 12-25 dollars if they are successful
So i'll be around and they have my info

[MasterBlastr]

If you bought after they declared BK I would be very surprised. On the other hands, I have indeed been party of many a class action lawsuit against fraudsters. Terrible way to make money though.

[blue finch]

I'll be waiting to receive a letter regarding a class action lawsuit
This won't surprise me at all

[MasterBlastr]

Yeah. 'Da' Moon. That's important.

[bar1080]

No new symbol (or old symbol for that matter). Exide's assets, post bankruptcy, are held by a private company, I'm pretty sure.

BTW, I was at a huge hardware warehouse store last night and saw quite a few Exide batteries. Other posters around the country have noted the same thing.

[lwc23]

Lol

[bar1080]

They WERE OT. I should have said, "To Da Moon Exide!!!" or something brilliant like that and they'd still be there. LOL.

[goarmy123]

Does any one know what the New ticker will be?

[blue finch]

Correct

[detearing]

Sold sevens after I read someone's post with a link of documents. Sold when it was going up. Then been traveling...at the Wynn as I write this and Boston Wednesday.

I had hope for many reasons but sold on printed no sign of hope. This was a loser in the end. I never watch proceedings as I don't have time.

I have a hundred stocks and sorry for anyone who held down to below a penny.

I did lose some here but not much. Those that spent time doing dd and lost must be in pain.

The winnings from my other winning Q's paid my debt and have a leg up. Q's always have potential, yet I run a corporation and am not currently in any Q's.

[shortorlong]

And don't forget all of pilgrim's pride and general growth properties. Oh yeah, pollo loco, mechtel(mtl) and many casino stocks. lol

I will admit, I lost some on XIDEQ. I am younger and it was my first BK. I will not touch a BK stock again. Logic and law don't apply and they are to hard to stomach. Exide does have a large plant near were I live. I did have a long conversation with a lifetime employee and that conversation partly influenced my decision to hold. Exide also literally has half of the battery display section at the Home Depot's inn my area. Keep in mind, I live in a metro area of 2.5 - 3 million people. Anyway, no more BK's.

I learned a MAJOR lesson. I was able to sell fyi. Still, no more greed and no more bk stocks.

[bar1080]

"Up 22%...nice." Detearing, ya still holding?

[bar1080]

As always, he bought at the exact low and sold at the exact high, don't you know?

[MasterBlastr]

Most of them were just looking at the chart going flippy flippy flippy until they burned alive in the middle of the casino, just like in the MGM Grand back in 1980. At lot of the dead were still seated in front of the slot machines.

[bar1080]

Interesting point about the tax situation. Never thought of it because my investments are night and day different than Exide. I've never had one of mine go BK. I dump my [rare] mistakes at first chance.

But could claiming a hefty BK tax loss trigger an IRS audit? You can bet the IRS won't encounter that sort of writeoff on many returns in 2015 with the broad stock market soaring.
Another reason to dump early, I guess. Consult your tax expert.


"why sec filing is better? with new rules, all trades are reported. when i claim a loss , irs has no record of selling mine."

[pammy]

stockanalyze. Sorry abt your tremendous loss. If anyone blames you shame on them...we're adults here & need to acknowledge such. I bought into Mr. Wandell turning this company around w/o doing my DD re the bankruptcy agreement. Shame on me...LOL. Hang in there Stock.

[willlbone]

Found the link to the FDIC mishap.
http://finance.yahoo.com/news/doral-financial-shares-halted-recalled-213146642.html

[willlbone]

FINRA (non-governmental organization)can halt trading on short notice especially when a publicly traded company is going to release significant news about itself. This seems like very significant news.
The SEC has the authority to suspend the trading of a security at any time it pleases and usually when a company screws up. The government accidentally pre-released DRL bankruptcy filing before the bell before the press release. (It was supposed to be posted the next day.) Once they realized the mistake they quickly suspended trading for the rest of the day.

[bar1080]

Check out Fed Chair Janet Yellen's Exide and the rest of her portfolio of mostly low cost ETFs. Very much like mine. Ya think the Yale Summa Cum Laude PhD knows her stuff? And if Yellen has a question, she can ask her husband who has a Nobel Prize in Economics.

Yes, I'm familiar with the WR Grace troubles but that firm was in much better shape than Exide. Was cancellation ever proposed there?

http://blogs.barrons.com/focusonfunds/2013/10/11/fed-nominee-janet-yellens-cheap-and-effective-vanguard-funds/

[Renee]

The Judge can rule at any time of the day and at that instant the shares would be cancelled. In consideration of the difficulties of ceasing all trades in the middle of a trading day Judges are known to rule after the market closes, even if it is mere minutes before the next trading day commences.

[Renee]

In all instances the Secured Creditors want as much dollar value as they can get, and BK Judges are compelled to grant them as much security as necessary for the reorganized loans. The common share equity prior to BK is considered burdensome to the reorganization because Secured Creditors will not approve the PLAN if the pre-BK share equity survives, unless the chaptered company has enough tangible assets to securitize their loans. New share equity to guarantee the reorganized loans would be subordinate to the pre-BK share equity so the pre-BK share equity is cancelled.

Whenever there is a well-represented Shareholder Equity Committee the Secured Creditors may be more conciliatory to letting a small percentage of the pre-BK equity to survive just to get the PLAN approved by all parties, but those instances are rare because the secured debts usually exceed the entire value of the chaptered company, keeping in mind that all tangible assets lose immense value the instant a company files for BK protection.

Secured Creditors are the drivers of a Chapter 11 reorganization, and if / when they don't get what they want they can ask for the Chapter 11 reorganization to be changed to a Chapter 7 liquidation.....they have power that is superior to the combined interests of the company, unsecured creditors, and all classes of shares.

[stockanalyze]

no two bankruptcies are same. each is different. i don't see any airline bk survive but aamrq did, only reason i mention aamrq as folks tout aamrq here and plunge into every q out there. i can give you many examples where equity survived but in similar industry others didn't. look at wr grace where asbestos claims were huge and still are to date, they also established a trust, and share price rose to $100+, forget about cancellation. there is one example for you with similar environmental issues and industrials. that in fact i may have cited here and even predicted that a trust would be established for tort claims and that did happen but exide equity didn't survive, not due to lack of funds but fraud prevailed in exide and the fraud would not be uncovered as exide now hides under 'private' company.

why sec filing is better? with new rules, all trades are reported. when i claim a loss , irs has no record of selling mine.

[bar1080]

Did any of your long DD turn up any BK industrial company similar to Exide where common stockholders did well enough to offset the high risks... (which you now know about)?

--
"i am shocked that they didn’t even give me a chance to book a loss and have a record that i sold."

You don't need to sell to book the loss. The SEC cancellation filing is even better.

BTW, much of my money is in ETFs because they're damn smart investments, not because I "can't take it."

[willlbone]

Is it mandatory to post deletion event before the bell on the last day? Why not wait 30 minutes and post after the bell? Or is this just a simply a legal maneuver which allows them to sell their shares?

[joevil]

This exactly what I am talking about on a previous post.

[bar1080]

I'm a lawyer, but huge publicly owned BKs such as Exide's are over my head. A very specialized field. Here, too, environmental problems played a big role.

Complexity is no problem for the average "player" who just goes with his gut or chart and somehow figures he's likely to win. And when his investment becomes an "fka," he concludes that assets were hidden by sinister forces he alone is aware of.

GL

[Renee]

The cancellation time was 9:08 A.M. this morning, just before the market opened. Any trades after that time would be reversed.

We are on the same wavelength re- the rest of your post.

[Renee]

The PLAN typically gives lots of notice about all series of shares, eg., survival or cancellation of whichever series of shares. When the Judge makes a ruling of cancellation the shares are cancelled at that exact moment. Any trades after the ruling must be reversed.

I have observed 100's of Chapter 11 (and 7) BK's and message boards can be the scourge to the uneducated, eg., KODAK, where scurrilous individuals pumped the bajeebus out of the stock despite KODAK's PLAN and even a news release stating the common shares would be cancelled imminently. The uneducated bought shares while the scurrilous purveyors of 'going to da moon' sold to them. I could give many dozens of examples of similar scenarios. Quite disgusting, n'est-ce pas (isn't it)?

[bar1080]

Yes, Renee, that's why investors shouldn't play BKs. One guy yesterday was even thinking of averaging down early in the day!

Is that 30 minutes notice typical of recent Delaware BKs? The ones I've watched (I ONLY watch) in recent years have offered more notice. Eastman Kodak for example?

[Renee]

Apparently some people knew of the shares being cancelled today and those persons unloaded as many shares as possible.

[Renee]

XIDEQ: PLAN of Bankruptcy effective as of 9:08 A.M. E.S.T. All shares cancelled.

http://otce.finra.org/DailyList

[jet1968]

should go to .0001 yes?

[bar1080]

Yes, who are those final buyers?

Looking at the latest published numbers from Yahoo:

Shares in float 78 million.
Shares shorted 14 million.
Shares held by institutions, just 1.40% (that should have been a warning).

So I guess most of the buying came from covering shorts if they had orders in during that half hour. Given the broad market decline at the same time, probably many pros even were distracted.

Shutting down trading takes some time. The judge in Delaware can't just pound his gavel and stop trading around the world. 30 minutes would be minimal time. Or should the cancellation occur after the market close, which is common for major announcements? Should the BK judge even care about share trading, when either way there will be winners and losers?

[power_forward]

oops its gone poof!

[MasterBlastr]

It someone who does nothing but look at charts. He eyes light up BOUNCE PLAY!!!

[jet1968]

.0001 today ,i guess they cancel them today at closing

[lwc23]

LMFAO!!! Sounds like you're pointing fingers and blaming your loss on someone else, that's what kids do, no one told you to buy this stock, don't buy if u can't afford to lose

[power_forward]

dropping sharply in pre-market

[BaGr]

That is a good question. What amazed me is about all his is someone had to be buying all those millions of shares the last 30 minutes. About 15m shares changed hands without many bounces at all. The majority wasn't bought at the bottom.

[bar1080]

Should the judge give ANY cancellation warning? He knows the stock is worthless at that point. Why should XIDEQ shareholders (who generally know the score) get 30 additional minutes to find some "greater fool" to unload on?

Interesting question, eh?

[joevil]

I am not blaming anyone for my loss but there are two things that bug me.

One.How close to the chest the court and bankruptcy proceedings (and all the players involved)played their cards for two years. They gave no indication whatsoever that commons will be cancelled until the very last moment.There is something sneaky and unethical about it.I am not too surprised though. The financial industry and sneakiness goes hand in hand.

Two.There was one poster on this board(you know who you are) who was extremely enthusiastic (pumping it all the time)about this stock and he was pretty insulting and sarcastic to anyone who disagreed with him (especially to Big Yank who I thought was always very courteous and logical),only to admit later on that this is his first rodeo.Either you are unethical or so cocksure that you need adult supervision at all times.

Just my two cents

[MasterBlastr]

You finally get to know what corners to cut when you look at these things. I felt like a master of the obvious on this one. I don't have a clue what anyone else around here was looking at (besides the stupid chart). Look what that got them.

[lwc23]

Lotto

[bar1080]

To really follow this complex XIDEQ BK would be a huge amount of work. That's another reason these are ridiculous "plays." At best you might have a 50-50 chance of making some money. Who wants to study 1000s of pages of court docs and keep up with it for 2 years perhaps for that payoff? Not Me!

Of course 95% of those in these long shot BK stocks are just playing hunches or whether they're "feeling lucky". No real research. Some will bet on anything!

[MasterBlastr]

What was shocking was those who were actually still in this to sell out. A fool and his money are soon parted. Good night.

[MasterBlastr]

They pulled the plug.

[bar1080]

Must admit the cancellation today shocked me; I assumed there would be another round of warnings. The rush to the exit in the final 30 minutes shows that most XIDEQ shareholders were caught off guard. Can you imagine how many were away from their computers, unable to sell, when the news was released! And no doubt a few averaged down (there were a couple of very brief upticks at the end). I also wonder how well stop losses worked.

One of my core beliefs with troubled stocks is that shareholders should unload early. What happened today is a textbook example of why that's a great rule: sell early when the price is still high, grab the tax loss, and don't risk being caught in a cancellation like we just witnessed. Selling early CAN backfire, but only very rarely.

Wonder how much warning even insiders close to the courthouse had. Given the decline on Tues and Weds a few must have had an inkling.

Good if you learned something. These are interesting to watch... from afar.

[Bludsucker]

Bar,

I got out with a few pennies. I'm not ruined by this, I'm a tiny bit wiser.

[blue finch]

Nice
With less money you get into less trouble,
Nice indeed

Good luck

A lot of smart people got this wrong months ago