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Im hoping something like that happens here again too. Just hope that the company can make it through the recession this time around. Its worth a small gamble IMO. What happens in July?
You know what happen the last time, from .02 to over $5.00. Great chance to move up, not likely 5.00 again but a good move up. As long as the stock survives that is the key. It will take several months, probably not going to see much happening until July
bid/ask is .01 x .015 I wonder if this will ever come back? There was no mention that the common would be canceled so that is good.
Two of my stocks filed BK today. Crazy huh! Good thing I didn't have much in either Foamex or Bearingpoint. :)
Wow ! I am sorry if your holdings get bruised because of that, but hope you have been able to trade it profitably so far.
Foamex files Chapter 11 again:
Feb 18 (Reuters) - Foamex International Inc (FMXL.PK), which makes foam for bedding and cushions, filed for Chapter 11 bankruptcy protection for the second time in four years to restructure its debt.
The company is also seeking bankruptcy court approval of up to $95 million in debtor-in-possession (DIP) financing provided by MatlinPatterson Global Opportunities Partners III LP and Bank of America (BAC.N).
Companies rely on DIP financing to fund operations, including payroll and paying suppliers, while restructuring under bankruptcy protection.
The Media, Pennsylvania-based company first filed for Chapter 11 in September 2005 and emerged from bankruptcy protection in February 2007, with a reorganization plan that repaid creditors in full and allowed equity holders to retain their interests in the company.
In documents filed with the court, Foamex listed assets of about $364 million and liabilities of about $380 million.
"Although we have reduced debt by about $240 million to $380 million over the past two years, we cannot support the existing heavy debt load in the current operating environment," Chief Executive Jack Johnson said in a statement.
The slowdown in the U.S. economy has resulted in consumers delaying purchases of big-ticket items like mattresses and furniture as they pull back on spending.
The case is In re: Foamex International Inc, U.S. Bankruptcy Court, District of Delaware No.09-10560. (Reporting by Santosh Nadgir in Bangalore; Editing by Amitha Rajan)
I agree! I think the sellers are done so FMXL should continue to move up. Chart looks better every day! I still don't see Foamex going under.
I think this is getting ready to pop soon. I have a great feeling about tomorrow.
really nice move
FMXL...the rebound continues from the .009 low. I think a .05 break would send this much higher IMO
yes indeed... maybe i was too greedy with my bid. nice to see her rebound for you aquaspi9n ;o)
That sucks since FMXL is trading at .03 right now.
TDA - I put mine in Friday morning and 1m shs traded at .01 on fri and skipped my .011 bid.
What service do you use? I use Scottrade and I put in an order for 100,000 at .01 the night before and it filled.
Canceled after no fill last week. Should have left it LOL !
I'm surprised it didn't fill when this hit .01 twice yesterday. Or did you cancel your order?
so annoyed my .011 didn't fill that day this hit .01
Looks like you may get a second chance at getting your order filled. .014 x .015 now.
Yup - just annoying that they managed to skip over my bid and sell some at .01 when I already had my bid in higher
That would have been a nice fill! Its back to .02 now.
this went to .01 and my .011 bid didnt fill - so annoying
hmmm - on watch
The only thing that didn't bother me about the OS was that insiders own over 79% of the OS. DE Shaw group owns over 191 million shares. If insiders owned only, lets say, only 20% of the OS then I would be worried about the high OS count. Maybe the insiders are selling?
ARCA just started bidding - has he been bidding much at all?
The trouble is the os increase as i pointed out in my pm to you. I have had this on watch for a while
.016 x .019 How low can this possibly go? I didn't ever think that it would drop this low. The stock is trading as if there is a BK filing coming.
Foamex Names Brandon Baer and Sarah Johnson to Board of Directors
Friday January 30, 9:47 am ET
MEDIA, Pa.--(BUSINESS WIRE)--Foamex International Inc. (OTC: FMXL - News), a leading producer of polyurethane foam-based solutions and specialty comfort products, today announced the election of Brandon Baer and Sarah Johnson to the Company’s Board of Directors.
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Jack Johnson, President and Chief Executive Officer, said, “We are pleased to welcome Brandon and Sarah to the Foamex Board. They both have impressive backgrounds and experience and we believe they will make significant contributions in the areas we need in the current environment. I would like to acknowledge the advice, insights and experience that were provided by Seth Charnow and David Lyon as they leave the Board. We appreciate the continued strong support of the D. E. Shaw group. They have been a needed pillar of strength for our Company.”
Brandon Baer is a senior vice president of D. E. Shaw & Co., L.P. and a member of the D. E. Shaw group’s credit-related opportunities unit, where he leads the deal structuring and execution team. Mr. Baer serves on the boards of directors of Brick Power Holdings, LLC, Oasis Legal Finance, LLC, Direct Group, Inc., and Warranty Finance, LLC. Prior to joining the D. E. Shaw group in 2002, he was an associate at Willkie Farr & Gallagher LLP, where he focused on venture capital and private equity projects. Mr. Baer received his J.D., cum laude, from Harvard University and his A.B., summa cum laude, from Princeton University.
Sarah Johnson is a vice president of D. E. Shaw & Co., L.P. and a member of the D. E. Shaw group’s credit-related opportunities unit. Ms. Johnson joined D. E. Shaw & Co., L.P. in 2006 as a member of the D. E. Shaw group’s credit group. Prior to joining the firm, from 2003 to 2006, Ms. Johnson was an associate in the restructuring and finance group of the law firm of Wachtell, Lipton, Rosen & Katz. She began her career as an investment banking analyst at Salomon Smith Barney, Inc. Ms. Johnson graduated cum laude from Duke University with a B.A. in economics and received her J.D. from Columbia Law School.
About Foamex International Inc.
Foamex, headquartered in Media, PA, is a leading producer of polyurethane foam-based solutions and specialty comfort products. The Company services the bedding, furniture, carpet cushion and automotive markets and also manufactures high-performance polymers for diverse applications in the industrial, aerospace, defense, electronics and computer industries. For more information visit the Foamex web site at http://www.foamex.com.
Foamex in Negotiations with Lenders
Friday January 23, 9:30 am ET
Expects No Effect On Business Operations
MEDIA, Pa.--(BUSINESS WIRE)--Foamex International Inc. (OTC: FMXL - News), a leading producer of polyurethane foam-based solutions and specialty comfort products, today announced several significant developments in its efforts to restructure its balance sheet and enhance long term value while continuing normal business operations.
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Foamex is engaged in discussions with certain lenders holding more than a majority of its First Lien Term Loans regarding restructuring options including, without limitation, a possible amendment to the Company’s First Lien Term Loan facility.
In addition, in order to continue the process for a restructuring of its balance sheet and in consideration of its best long-term interest, Foamex has not made the $7.3 million interest payment on its First Lien and Second Lien Loans that was due by January 21, 2009, upon expiration of the applicable grace period.
To facilitate these discussions with its lenders, Foamex anticipates entering into a forbearance agreement with each of its Revolving Credit facility lenders and its First Lien lenders shortly.
“Today’s actions are consistent with our number one priority over the past two years to deleverage,” said Jack Johnson, President and Chief Executive Officer. “We will continue to negotiate with our First Lien lenders to strengthen our business by restructuring our debt. We have reduced debt by approximately $240 million in the last two years.”
“Importantly, these steps and our ongoing negotiations should have no effect on Foamex’s day-to-day operations. We continue to have enough cash to support our daily operations and Bank of America, the agent for our Revolving Credit facility, continues to work constructively with us during these discussions. We remain committed to continuing to provide our loyal customers with the high level of service and products to which they are accustomed and to maintaining strong supplier relationships,” Johnson continued.
About Foamex International Inc.
Foamex, headquartered in Media, PA, is a leading producer of polyurethane foam-based solutions and specialty comfort products. The Company services the bedding, furniture, carpet cushion and automotive markets and also manufactures high-performance polymers for diverse applications in the industrial, aerospace, defense, electronics and computer industries. For more information visit the Foamex web site at http://www.foamex.com.
Given the track record for disasters in the United States for the past five years I think another big one will come along soon. Even if it does not the home building market should start to turn around in the beginning of 2010. I used to work for a major carpet company and Foamex is still a very big player in the industry. There is also legislation that I have heard is coming into effect soon that is going to outlaw any products that contain formaldehyde and I know that the synthetic foam market in the United States is suffering from padding and furniture being made in China. This would eliminate that competition. In my opinion FMXL should rise to $1.00 minimum in the coming year if not substantially more.
D.E. Shaw group has invested millions of dollars into Foamex so I don't think they will let this go under IMO. The company continues to pay down its debt and has $379 million left which isn't too bad for a $1 billion company in my opinion. It looks like you can probably get some .038's My average is .05 right now. If we were to get another hurricane Katrina then this could go back up to dollars per share in a hurry like it did back then!
I bought some at .14, then I averaged down to .045, now I am trying to average to .038. I think this is a hold. I am going to keep reloading and hope for the best, but Foamex is a major corporation and I don't think it is going anywhere.
Foamex has been hiring lately:
http://www.careerbuilder.com/Jobs/Company/C8A7KT5YDPK9N178Q1Y/Foamex-Jobs/
7 new jobs have been posted in the last week or so.
I've been buying FMXL ever since it dropped to $2 recently. Anyone else here holding this? I think we will see $20 again. The company coninues to make a profit and is reducing its debt.
Wow! Y'all should've stayed in this one. I'm personally kicking myself (and have been since late March) at not at least plunking down a grand on this one.
I heard about them at .065/share. Could've been near a 10,000 bagger now!
http://finance.yahoo.com/q?s=FMXIQ.PK
Ugh.
lns
Trust me, Youre way off base. .40 by EOM Count on it. EM
No I got out at .13 the day it was announced. I did buy more at .06 and sold them at .08.
At least you got out.
YOUR SHARES ARE WORTH NOTHING
Thanks God I got out at .04; I can still get a writeoff...
http://bankrupt.com/foamex.txt
In pertinent part:
Under the agreement in principle, there would be no recovery for holders of equity interests in the Company.
Good luck, and I hope you get out before the shares are cancelled.
After the company reemerges from Chapter 11, they will issue new shares. Common stockholders are last to get paid, and there will be no money for any equity holders. The stock may still trade after the new shares come out; but you would have no claim on the assets. You would essentially own shares of a non-existent company. Not sure who would invest in such a company, so all odds point to this thing going southward til it's 0 soon.
FMXI now FMXIQ
I managed to get out before this but I believe it will go up from here.
Buying more tomorrow. All I can at .09
DJ Foamex Files For Chapter 11 To Implement Restructuring; Co And Senior Debt Holders Agree In Principle On Key Terms Of Reorganization Plan; Co Seeks $240 M Revolving Credit Debtor-in-Possession Financing>FMXI
09/19/2005
Fibonacci buy signal. Retraced 61.8034% from resistance (0.15) back to support (0.13). Started 4 hours 35 minutes ago.
I bought a few weeks ago at .28 and sold at .38. I would feel good buying at .33 or lower.
Good luck with it. Witth Delta going under soon FLYI will do good I believe.
OT:Mr Kringle take a look at FLYI and tell me what you think,I will take a small position in the morning,this stock was at $4.00 less than twelve months ago,now $.30 cents.....joker
I believe that is right. The biggest problem with this stock is that 2m of the 24m outstanding is being shorted. FMXI needs to come up with some great news cause the shorts to cover and this will go back to $4.
Mr kringle on the outstanding share count, do you see it like this,9% of of the 24 million as being the float since the major holders own 91%,according to the info below,which came from yahoo web site......thanks
Major Holders Get Major Holders for:
BREAKDOWN
% of Shares Held by All Insider and 5% Owners: 10%
% of Shares Held by Institutional & Mutual Fund Owners: 38%
% of Float Held by Institutional & Mutual Fund Owners: 43%
Number of Institutions Holding Shares: 24
MAJOR DIRECT HOLDERS (FORMS 3 & 4)
Holder Shares Reported
BANK OF NOVA SCOTIA 10B5-1 SALES PLN (CALDER&CO) 5,475,526 4-Feb-05
CHORMAN, THOMAS E. 76,296 8-Mar-04
ECHARTE, LUIS 44,173 22-Jan-04
MABUS, RAYMOND 41,656 3-Jan-05
MABUS, RAYMOND E. 34,899 22-Jan-04
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TOP INSTITUTIONAL HOLDERS
Holder Shares % Out Value* Reported
GAM USA, INC. 1,021,000 4.17 $2,031,790 31-Mar-05
VANGUARD GROUP, INC. (THE) 769,737 3.14 $1,531,776 31-Mar-05
WITTER, WILLIAM D. INC 742,584 3.03 $1,477,742 31-Mar-05
GOLDMAN SACHS GROUP INC 688,133 2.81 $1,369,384 31-Mar-05
KENNEDY CAPITAL MANAGEMENT, INC. 4,765,403 19.44 $9,483,151 31-Mar-05
DSC Advisors, L.P. 443,199 1.81 $881,966 31-Mar-05
DIMENSIONAL FUND ADVISORS INC 359,725 1.47 $715,852 31-Mar-05
BARCLAYS BANK PLC 261,777 1.07 $520,936 31-Mar-05
WELLS FARGO & COMPANY 188,813 .77 $375,737 31-Mar-05
CALPERS (CALIFORNIA-PUBLIC EMPLOYEES RETIREMENT SYSTEM) 71,300 .29 $141,887 31-Mar-05
TOP MUTUAL FUND HOLDERS
Holder Shares % Out Value* Reported
GAMERICA CAPITAL FUND 288,560 1.18 $1,084,985 31-Dec-04
DFA U.S. MICRO CAP PORTFOLIO 151,509 .62 $612,096 30-Nov-04
DFA U.S. SMALL CAP SERIES 56,123 .23 $226,736 30-Nov-04
DFA TAX-MANAGED U.S. SMALL CAP VALUE SERIES 21,568 .09 $87,134 30-Nov-04
DFA TAX-MANAGED U.S. SMALL CAP PORTFOLIO 21,568 .09 $87,134 30-Nov-04
VANGUARD BALANCED INDEX FUND 14,300 .06 $53,768 31-Dec-04
SPARTAN EXTENDED MARKET INDEX FUND 8,514 .03 $21,625 28-Feb-05
SPARTAN TOTAL MARKET INDEX FUND 5,300 .02 $13,462 28-Feb-05
QUANTITATIVE MASTER SERIES TR-EXTENDED MARKET INDEX SERI 5,100 .02 $18,360 30-Sep-04
VANGUARD INSTITUTIONAL INDEX-INST TOTAL STOCK MARKET IND 4,519 .02 $16,991 31-Dec-04
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Foamex International Inc. (Foamex), a $1 billion manufacturing company, has been a market leader for over twenty years. Foamex is the leading producer of flexible polyurethane foam for the bedding, furniture, carpet cushion and automotive markets as well as technical foams for diverse applications in industrial, consumer, electronics and transportation industries.
You will find Foamex foams inside, around and under thousands of products from hundreds of manufacturers. They protect automobile passengers on the highway and fragile electronic components in shipment. They help consumers sleep sounder and furniture manufacturers create more comfortable products. They add to the luxury and performance of home and commercial carpeting. They are used in filters, dispensers, gaskets and seals in everything from blood oxygenators to computer disk drives.
If you need a polyurethane foam or polymer product off the shelf, Foamex makes the finest quality and greatest variety available from any manufacturer. To discover where we really shine, bring your wish list to our design and technical teams and imagine the possibilities. Everyday, we meet the challenge of shaping things to come.
[chart]www.stockcharts.com/c-sc/sc?chart=fmxlq,uu[h,a]whclyiay[dj][pc50!c100!c200!f][iuf!!lk120!ll60!lah20,60,40!uc60!lp60,60][j20444984,y]&r=3555[/chart]
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