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That does not make a difference cause every thing has to go through the issuer as far as buying and selling goes and the issuer just happens to be the ones who hold the lease on the ships, the leaser if you like.
So in other words for every seller or buyer there needs a market maker hired by the company for the company it is then the company through its market maker sells the shares for a profit or buys the shares for a depreciated price relative to the asking price the companies bid price.
The bid is always lower then the asking except when the company is selling were there is no bid.
The rules is buy on the bid and sell on the ask when there is no bid as long as there is a spread. Now should there be no takers and the company puts out a bid again then sell your loss and pick up the lower bid always working the spread on both the down side and up side cause don't forget you have a tax advantage on your loss against the up side expense.
Well because there shares were restricted the company had to buy them or what they could buy and what they couldn't buy they went in to debt paying them out.
When you think about it those folks had to eat as well and if they are restricted then there is only one buyer but what the company can do is turn around and sell them to Joe public at a profit against the debt and that can be used to pay the high lease to purchase agreement set up do to this money generating, oh call it what you like but the problem is when investors won't pay the extra money due to first being to many shares out in the secondary market place driving down the price.
I will believe it when I see it. Were is the cash going to come from unless they eliminate the common shareholders and the public sector cost associated to having a public company.
Historically, the company has paid 60 percent of employee annual bonuses in stock compensation and 40 percent in cash. Beginning in 2014, the company will accrue the entire bonus compensation within SG&A as cash compensation. Had the company made this change in 2013, there would have been an increase in cash compensation expense within SG&A of $59 million, offset by an equal decrease in non-cash compensation expense, and Adjusted EBITDA would have been $1.565 billion, pro forma for the change.
Nice chart Eddie, they have been putting these out the last 30+ years.
Ptoday, and under this Administrtaion, maybe 10% of the total working population in America will even have anything close to this....
They were cheap, what do you expect. Nothing a little paint and a billion man hours can't fix. It is paying for the expensive hired guns that put this all together for the shareholders that is hard to recover capital from and there not going to fire them selves or family members from the gravy boat while work is being performed.
Double dipping into two cookie jars that is full of shareholders cookies but hey good hired help is hard to come by. To many chiefs and not enough workers to watch over is another problem and the process and administration cost gets drawn out.
The courts looking into the mater of the chapter 11 could request new people to look at what is taking place so I would watch for new people to come in and then wait to see what they have to say about what is taking place there with share holders capital that was spent.
http://canada.findlegalforms.com/product/residential-lease-agreement-with-option-to-purchase-canada/partner/google/?gclid=CMnU3JKIhL4CFcURMwodX1sAsQ
Could be a lease to purchase and that is why the high rates. The warrants is to speed the process along maybe.
Then what's the point of your post? They answer the phone? I believe what they have put in writing and filed with the SEC.
No details to pass on just call NY office.....a lengthy conversation
They can't force you to buy equity that is extortion but what you can do is sell the warrants but there will be a time limit as to how much time you will have to do that. it is called having first rights to new shares at a discount to the strike price in other words interest payment for the borrowing of equity as well as a way to avoid dilution due too fractional shares cause of the huge number of shares sold of late and into the future.
They are giving shareholders an option of dilution or no dilution I would opt for the later my self of those two options or better yet stay clear of the whole thing and trade the stock.
She can be a dirty game. Insiders wrack up personal debt on up grading equipment as revenue drops when equipment is taken out of service and equipment under a private ownership takes the place of the old equipment at crazy lease prices but hey they all do it these guys are just a little nicer then most letting you still have the chance to stay in the game with new up dated equipment coming on line.
They are taking a risk as well the collateral in homes and cars they must of put up to secure the loans is crazy so be thankful for small miracles I would say.
Please share what they said. What I posted was taken from the filings.
If I got it wrong, please correct me.
I called Genco's office and that was not the info given to me.
Don't try to argue with eddy. No point! His posts make no sense. He was doing the same thing with EXMCQ.
That has NOTHING to do with the present situation that gnkoQ is in.
The present shareholders, including institutions, will be wiped out.
They will get very high strike priced warrants in return.
So lets review.....
Present shareholders stock will go to ZERO value. Presently valued at $1.78 per share.
In return for the value going to ZERO, present shareholders will warrants representing 6% of the stock that they presently own 100% of, that may or may not have ANY VALUE. Of course the good news is, you may have to wait up to 7 years to find out if those warrants ever have any value.
Sounds like a solid investment in hopium.
https://communities.sas.com/thread/47506
Better explained in a language we can all understand.
Why I finally sold my entire position prior the delisting news reading the BK structure mroe deeply...
Genco Shipping & Tra (GNKOQ)
Surprised DRYS is not here yet with GNK...
sure I can't agree more with what you said granted we have a way to go until we get to that point of no return
Tutes caught with shares trying to horn in on the restructure? Good luck with that dudes! Dumped my remaining shares today @ $1.85, better than nothing, which is what bagholders are going to get if they don't sell. SA article opened my eyes, didn't catch that estimated common share value of just 87 cents in the 10-K, wanted to get out before other dummies realize the stock is trading a buck over what it's worth and try to dump theirs enmasse.
From sc 13G filing this morning
" In furtherance of the foregoing, on April 23, 2014, the Reporting Persons sent a letter to the United States Trustee appointed in connection with In re Genco Shipping & Trading Limited, Case No. 14-11108 (SHL), requesting the formation of a formal Equity Security Holders Committee. If the request is granted, the Reporting Persons intend to seek to participate on the Committee. The Reporting Persons and their advisors may consult with other holders of the Issuer’s securities and their respective advisors regarding the Restructuring Process."
Buy on the low of the gap. Let me tell you how that works. The float is large and what I mean there is that there is lots of product for sale by the company in the way of shares. They can pump up the price by offering more shares but at a premium prize to the debt as well as the collateral for that debt.
So who offered the credit well both the bank as well as share holders you can say they hold the debt as well, both being liability but the shareholders being of a greater liability then the other do to default.
Buy now before she becomes a pinkie and you will hold the collateral and will be allowed to trade after the warrants who will have first rights to dividends the pinkie holders will have to wait until they are 65 by law before they can trade again.
Come on guys lets keep an up beat momentum going here and make some money.
I think Ziff has more pull than small time investor posting on SA
Who has the opportunity to get these shares at shortstop before the market opens? It's actually going to $ 1 .... what a pity (((
It looks like a very large gap down ... $ -0.12 and another 1.5 hours before opening.
http://seekingalpha.com/article/2158283-genco-shipping-estimates-its-shares-worth-0_89
All this sounds like something that soon this action will be PINK. Welcome to $ 1 or less.
And then on top of the $50 warrant value you have to pay $19/sh to convert to the new common! Get out while you can before this goes to court on June 4, you can sell GNKOQ on the OTC pinkies as long as it exists - who is buying and why is what I wonder?
Read the 8K. If you can see something in there that suggests a better outcome, please post it and explain how it works.
It does,t always go like that now does it.
and when is the last time you have been to a library?
plus regardless that you haven't read it the company is far from bankrubt when you take in all the entities but but the ROI is twenty plus years and growing and that is the problem with public companies in general and that is why they are set up the way they are to protect all who invest in them. The capex requirement are huge or they wouldn't be here if banks had such a sense of humor about what they are doing.
Insiders buy high take advantage of loop holes were they don't get shelved a perk you could say along with fractional shares from dumping millions and millions of shares onto the market.
When your broker starts to tell you no to buy after the first thousand you pick up or tells you to sell after your now holding millions of shares take notice they are trying to tell you something that they know but don't really want to explain for some reason to you.
Many a investor will find an investor close to 65 years old and strike a deal to buy shares for that person giving them selves a 4 to 5 % of the take cause they only have to wait five years but you got to pick the ones with the slowing capex expenditure and that can be tough to find.
Thanks Yoda. Still pondering if/when to dump it - hit $2.14 today - but who the heck is buying stock in a company that's going under? Common stock is going to be near worthless, the debtors will own almost all of the company:
Class 11 – Equity Interests in Genco.
(a) Classification: Class 11 consists of Equity Interests in Genco.
(b) Treatment: On the Effective Date, Equity Interests in Genco shall be cancelled and discharged and shall be of no further force and effect, whether surrendered for cancellation or otherwise and holders of Equity Interests shall not receive or retain any property under the Plan on account of such Equity Interests in Genco. Notwithstanding the foregoing, on or as soon as practicable after the Effective Date, holders of Equity Interests in Genco shall receive, in exchange for the surrender or cancellation of their Equity Interests in Genco, their Pro Rata share of the New Genco Equity Warrants, which warrants shall come from amounts which holders of Prepetition 2007 Facility Claims and Convertible Note Claims would otherwise be entitled to under the Plan.
Retailers get some tiny pro-rata number of warrants, which graciously allow you to have to spend even MORE money if you want to convert to the new GNK shares:
Subscription Ratio. Each holder of a Prepetition 2007 Facility Claim that is a Rights Offering Record Date Holder will receive its Pro Rata share of the Lender Rights to purchase shares of New Genco Common Stock, and each Eligible Noteholder will receive its Pro Rata share of the Noteholder Rights to purchase shares of New Genco Common Stock. Each Right will entitle its holder to purchase one share of New Genco Common Stock at a subscription price of $18.62537.
Good explanation of how Chapter 11 works here:
http://www.sec.gov/investor/pubs/bankrupt.htm
Found another PDF from:
http://www.gencorestructuring.com/plan.php
Looks like bailout time comes by June 2nd, 2014 or thereabouts:
The deadline for the Company and other Supporting Creditors to reply to objections, if any, (the “Reply Deadline”) for June 2, 2014 at 4:00 p.m. (prevailing New York time); and
? The Combined Hearing at a time convenient for the Court on or about June 4, 2014.
You won't find it on line but at a library
Baloney. The entire contents of the National Library of Congress has been scanned and is available on the internet, and Britannica ceased paper encyclopedia publishing because EVERYTHING can be found online (and everyone, for that matter).
Every stock is different but on avg 6-12 months. Prepackaged like this one might be quicker. AAMRQ lasted several years. They will let us know when the symbol is going to change but it isnt going to be anytime soon. My guess this moves up from here if you are in. But I wouldnt quote me on that. I am only saying that because of OSGIQ ( formerly OSG )
Good Luck !
Fwiw I dont know any as of right now but I will be trading it most likely
You won't find it on line but at a library or through information provided by a mutual fund institution or broker if they are good but reading sec rules online you won,t find a thing about it.
revenue is revenue as well as equity is the amount of capital share holders have invested. You can't have negative earnings you can have a negative cash flow.
You have to break down the capital surplus into its components that make up the capital surplus goodwill, cash, and then there is the debt, common stock, retained earnings and other equity plus your retained earnings that is the reflection of the amount of goodwill that the intrinsic value represents.
The question is time and debt once the shares are converted and of course dilution should you try to get greedy but because it is debt there is interest that will be kept as well in the capital surplus that can be figured out on the amount of unsecured debt owed.
Is this a good company well she is no Coke and personally one would be better putting it a term deposit but we are not here for that but to give hope that things will be better as when there are less ships and more demand but the bottom is now is that a lot of countries that were never in shipping are now in it running old ships that should be diving reefs but they are keeping prices low.
Not sure where you get this but the shares will be canceled when the bk is over and a new symbol is appointed to it. Thats how a bk works, It has nothing to do with you me or anyone's age lol
Glad you said it - I thought that "age clause" was rather odd Your explanation makes much more sense. Question I have is how long do the Ch 11 proceedings take normally, and when does GNKOQ stop trading on the pinks? I was determined do dump it this morning, but it's up AGAIN - hate to bail too early and unnecessarily increase my losses, but don't want to gamble and risk losing every penny either!
It is noted in the sec rules but can be found in other places as well but hey there is no for sure,for sure your going to get your money back sometimes you only end up with a fraction of the dollar you spend take Kodak recipients of yesterday and who knows about tomorrow. Now those individuals could reinvest having first rights and all but if they are at 65 and who knows what another five years may bring so as you can see it is a crap shoot for sure.
Best to stay aloof and trade her but thank god for the pensioners who keep these stocks alive for us traders along with the institutions who manage there money for them.
The sad thing is the majority of them just get caught in the cycle. They reinvest wait five years and there again below there investment input unless things really turns around for the company they invested in and of course there are many factors one major one is fractional shares buying stock when there are billions being traded and buying to many at the low.
Buy a few thousand for a hundred bucks and so what the cost is more then what you have invested on that 100 dollars in what ever year you retire can be worth a 1000 times that but buy millions of millions of shares and you will be diluted to were that same capital you invested could be worth maybe a 100% in that same time period and if that is twenty years for someone 45 years old well inflation has taken all your 100% up side never mine the tax's that has to be paid on those small gains going back some 20 years.
Not sure where you get this but the shares will be canceled when the bk is over and a new symbol is appointed to it. Thats how a bk works, It has nothing to do with you me or anyone's age lol
Thanks for the info - where did you get it? In the SEC filing or elsewhere? Screw waiting almost 15 yrs to get shares back, I'm dumping them on the OTC market at -80% loss as soon as I can verify what you've written is true - don't have enough money tied up in it to make waiting worth it. TIA
The shares do get cancelled until you reach the age of 65 or if your over 65 then you must wait 5 years then you get them back.
Now should you not reach 65 or the min 5 year wait requirement your next of kin will get them when they reach 65 or the 5 year wait requirement if over 65
Buy buy when she is low low but not to many due too fractional shares dilution.
Common shareholders now have the right to buy back 6% of what they previously owned.
What does that mean? I just stumbled upon this bankruptcy news 15 mins ago - did retail get totally wiped out? TDA shows GNKOQ symbol and the supposed value of the shares I hadn't dumped yet, but that can't be right. CRAP!!!
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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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