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NO Steady, there are all sorts of financial reorganizations and financing deals that can occur. This particular one actually considers ALL shareholders and protects them and bondholders, whereas most in pass simply do not.
I remember GM's Fed bailout and all those shareholders wiped out then and Obama didn't care (He protected higher-up Insiders who bought him his Presidency)... Then there was CIT's "pre-packaged BK" which I was investor in and they wiped out all preferred & common then. There are many others. United Airlines, K-Mart, et. al.
But just as Friday proved, anything can or will occur, as I am sure many shortsellers were getting margin calls from brokerages as Millions of shares are being bought up. Unelss something changes now with what was already established in the business reorg, there will be far fewer shares left with , much higher PPS as I see it, so 6% of the new share breakout is nothing to sneeze at, when the share amount will be greatly reduced as will be the float itself...
But deals change all the time, and again, look at what happened Friday with 36 million shares surprising everyone. During premarket friday, many thought this was going to "0"...
Expecting upside based on what?
Agree... Expecting upside.....
Agreed. IMO share holders will burn. Sad, but true. They are always the first to get screwed. Look at pcx. The actually became profitable and still wiped out share holders. GLTA
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...shareholders will be protected by the warrants when process starts in next few weeks.
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I have real trouble understanding how shareholders are being protected when they are going from owning 100% of the company down to 6% of the company.
If you mean they aren't being totally wiped out, yeah that's true. They are only being 94% wiped out.
Not the sort of "protection" I want.
Circuit breakers went into effect on this. The world news outlets talking about it in fact. Many caught by surprise when the Friday open came, after pre-market was done over 30cents... Lots of stops wiped out and MANY shorts/naked shorts caught off guard en masse... Brokerages like crooked TDA sh%t bricks trying to find shares to cover their arses IMO allowing naked shortselling to occur which is supposed to be very illegal.
But, seeing almost 37 MILLION share volume to upside entire day, even after halt lifted, should tell all of you what is going on and already there are a few major firms who are accumulating all the shares they can BECAUSE this is not like most C11 filings, and shareholders will be protected by the warrants when process starts in next few weeks.
So many cry "this corp is going BK" or such, so what! It is a financial process to cleanse debt issue. BUT this structuring considers shareholders' value too whereas most in past have not.
This is far more than some retail shorts trying to get out of their positions- if so, why didn't they stay in until "0" which is what they are bashing everywhere on every internet board for weeks about GNK...
What this a short squeeze?
Genco’s 38 percent short float and Eagle Bulk Shipping, the day’s other biggest mover, at 33 percent.
Thanks... Who alerted you to this trade?
Living to play another day! Glty!!!!
And today they went up another to $1.94
Hope you are out now..
Congrats!
I am missing you.... Look at these profits
Genco Says Pact Reached With Lenders,Chapter 11 Filing
By Lauren Coleman-Lochner and Mary Childs April 03, 2014
http://www.businessweek.com/news/2014-04-03/genco-says-pact-reached-with-lenders-for-chapter-11-filing-1
Genco Shipping & Trading Ltd. (GNK:US), the operator of dry-bulk cargo ships, said it’s reached a restructuring agreement with a majority of lenders that gives it a road map for a Chapter 11 bankruptcy reorganization.
The pact includes converting a 2007 credit line into 81.1 percent of the equity in the restructured company, according to a Genco regulatory filing today. About $1.1 billion was outstanding on that loan on Sept. 30, data compiled by Bloomberg show. The company’s $125 million of convertible securities would be swapped for 8.4 percent of the equity according to the filing. Current equity holders will receive seven-year warrants for a 6 percent stake.
The shipper said yesterday in a filing it needed to reach a “definitive agreement” by April 4 to keep new accords with lenders in place. New York-based Genco hired Blackstone Group LP in February to advise it on a possible restructuring after its industry suffered from a supply glut that pushed rates down.
Glad I jumped on this on the dip last week. NIce news and pps so far. Lets rocknroll GNK.
Makes no sense. Shareholders just lost 945 of the value of the stock and it's up so much a circuit breaker caused a trading halt.
WTF?
And many more today
I completely agree....waiting game for sure!
I think there is some manipulation going on with this stock by certain broker(s) and brokerages who are market makers...
Over 5 million today..... Way to go gnk buyers..... Making serious cash!
Yes.... Assume insiders know something.... Since there is no news!
1.36 Million volume first 10 minutes after open ! Something definitely UP here.
Just sorry I did not add more at 1.29 area when it retested lows last week...
Good luck in all your trades...... Watch those birdies... Lol
Thanks intheknow
Why are we not seeing any buyers on GNK when the market is up 110 already this am?
IT was close though. I think I saw a flash of green towards the end. All my begging didn't work either.
TODAY IS ANOTHER DAY>>> I SAY GREEN~~~!
Sorry you lost that prediction glta
Gmorning..Looks like a move up coming.
See ya'll tomorrow for more fun!
Come on guys help me out...PUSH!!!! WE CAN DO IT~!
About to close GREEN..JUST LIKE I SAID!
whole new group of eyes at 1.51 believe it or not.
I see us close in the GREEN! We shall see!
I see down 6 from the close at 1:48
Pitty those that sold on that shake. LOL
Not negative but deal in reality..... No one can time the market......if you have info???? private-message me
You little negative nellie. How do you think I bought in hours prior to 1.17-1.85 AH bounce. My little BIRDIE never lies~NEVER!
I will buy your dinner when that happens!
Not for long. I told you, we will bounce 4.00+
Churning of stock prior to move up~ Check bounce history.
We have 3-400% to go yet. Hang in there for nice returns.
1 yr chart.. Each bounce off 1.20 area ran to almost 5 bucks. Hmmmmmmmmm
1.66 looks like something headed our way. Heehee
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http://www.gencoshipping.com/index.html
Genco Shipping & Trading Limited engages in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels. It transports iron ore, coal, grain, steel products, and other drybulk cargoes. The company principally charters its vessels to trading houses, including commodities traders; producers; and government-owned entities. As of December 31, 2007, Genco Shipping owned a fleet of 28 drybulk carriers consisting of 5 Capesize, 6 Panamax, 3 Supramax, 6 Handymax, and 8 Handysize drybulk carriers, with an aggregate carrying capacity of approximately 2,020,000 deadweight tons. The company was founded in 2004 and is based in New York, New York.
At Genco Shipping & Trading Limited our Chairman and board of directors have substantial experience in the shipping industry.
Our management team is based in New York City and includes several executives with extensive experience in the shipping industry who have demonstrated substantial ability in managing the commercial, technical and financial aspects of our business.
We believe that we possess a number of strengths that provide us with a competitive advantage in the drybulk shipping industry.
We own a modern, high-quality fleet of drybulk carriers. We have a modern fleet consisting of vessels with an average age of 6.42 years as of June 30, 2008 as compared to the average age of approximately 15 years for the world fleet. We believe that owning a modern, high-quality fleet: reduces operating costs and fuel consumption; allows us to secure favorable financing terms by enabling lenders to feel secure with their collateral; makes our fleet more reliable by reducing the likelihood of breakdowns and off-hire; provides us with a competitive advantage in securing favorable time charters from charterers who prefer vessels that have greater fuel efficiency than older vessels and can serve with fewer interruptions due to breakdowns.
Our fleet includes six groups of sister ships. Sister ships can use similar spare parts, and their crews are interchangeable. We believe that maintaining a fleet that includes sister ships increases our revenue generating potential by improving our operational and scheduling flexibility and reduces costs by creating economies of scale in the maintenance, supply and crewing of our vessels. We also believe that having sister ships makes our fleet more attractive to time charterers because they can interchange cargoes among the sister ships.
We benefit from strong relationships with members of the shipping and financial industries. We have developed strong relationships with major international charterers, shipbuilders and financial institutions that we believe are the direct result of the quality and experience of our management team. In addition, we have developed a strong relationship with Wallem, an international vessel management company with over 35 years of experience that currently manages 211 vessels with a carrying capacity totaling in excess of 16 million dwt while meeting strict quality control standards. We currently contract with Wallem for the technical management of the vessels in our fleet. We believe that these relationships will lead to greater charter opportunities for our vessels.
We maintain commercial management of our fleet in-house, thereby benefiting from the substantial experience of our management team in the shipping industry while avoiding brokerage commissions to related parties. It also serves to prevent conflicts of interest because, unlike transactions involving brokers, our employees do not have a personal financial interest in the charter contracts.
Our Business Strategy
Our strategy is to manage and expand our fleet in a manner that enables us to pay dividends to our shareholders. To accomplish this objective, we intend to maintain a modern, high-quality fleet that meets or exceeds stringent industry standards and complies with charterer requirements that are required before a vessel owner can secure employment for its vessels. In addition, we intend to maintain the high quality of our existing fleet and subsequent acquisitions by maintaining, through our technical manager, a rigorous and comprehensive maintenance program, including supervision of our independent third party technical manager by our own staff. Additionally, our technical managers maintain the quality of our vessels by carrying out regular inspections, both while in port and at sea. We believe that this ongoing maintenance program can ultimately reduce periods of off-hire and increase revenues.
Pursue an appropriate balance of time and spot charters.
Maintain low-cost, highly efficient operations.
Capitalize on our management team's reputation for high standards of performance, reliability and safety.
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