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General Maritime Corporation is a provider of international seaborne crude oil transportation services. The Company also provides transportation services for refined petroleum products. As of March 25, 2011, the Company's fleet consists of 31 wholly owned vessels, including 11 Suezmax vessels, 10 Aframax vessels, two Panamax vessels and one Handymax vessels. These vessels have a total of 5.1 million deadweight (dwt) carrying capacity on a combined basis and all are double-hulled. Many of the vessels in its fleet are sister ships, which provide the Company with operational and scheduling flexibility, as well as economies of scale in their operation and maintenance. Its customers include international oil companies and vessel owners, such as Chevron Corporation, CITGO Petroleum Corp., ConocoPhillips, Exxon Mobil Corporation, Hess Corporation, Lukoil Oil Company, Stena AB and Sun International Ltd.
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable and accrued expenses....$20,448,752
Current portion of long-term debt.....$1,051,166,841
Deferred voyage revenue.....................$937,500
Due to affiliated companies...............$4,428,109
Derivative liability......................$6,036,145
Total current liabilities.............$1,083,017,347
NONCURRENT LIABILITIES:
Other noncurrent liabilities .............$4,330,101
Derivative liability and Warrants.........$2,135,815
Liabilities subject to compromise.......$332,991,014 A
Total noncurrent liabilities............$339,456,930
TOTAL LIABILITIES.....................$1,422,474,277
SHAREHOLDERS' EQUITY....................$248,770,295
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
......................................$1,671,244,572
GLTA..
GO GMRRQ..
DrR..
http://www.gmrrestructuring.com/pdflib/266_15285.pdf
Monthly operation report just filed.
Read pg. 14
According to this their is $248 million left over in shareholder equity. Their is 1.5 billion in assets such as vessels alone. If shares remain intact it should trade near $2 a share based on current OS imo.
Im in ...whats going on...?
GMRRQ referenced: Rueters News..
http://www.reuters.com/article/2012/01/25/lloyds-banking-shipping-idUSL5E8CP3KZ20120125?feedType=RSS&feedName=mergersNews&rpc=43
The news must have triggered trading.
GLTA..
GO GMRRQ..
DrR..
I cant find anything either - Hope it keeps going!
Any reason behind this move? Can't find anything new on the court docs.
Speaking the of the devil...breaking 0.02ss lol
Yea...this may be a longer then expected BK. The current POR states commons are toast along with the 12% bond holders. Makes sense on why the stock and bonds are trading pennies on the dollar.
Maybe...need to break 0.02 to get this moving. I am in for the long term but may sell half at the right price. Very unlikely but I believe shareholders may stay intact here.
Might have to wait a while ...
"General Maritime’s $300 million in 12 percent notes due in 2017 traded at less than 2 cents on the dollar today, a 66 percent decline from 6 cents on Dec. 8, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. The notes traded at about 10 cents when the company filed for bankruptcy on Nov. 17."
http://www.bloomberg.com/news/2011-12-15/general-maritime-reaches-agreement-with-creditors-on-75-million-loan.html
The Dates and Times for Additional Omnibus Hearings are as Follows:
February 28, 2012 at 11:00 AM (prevailing Eastern Time);
March 15, 2012 at 10:00 AM (prevailing Eastern Time);
March 29, 2012 at 10:00 AM (prevailing Eastern Time);
April 18, 2012 at 9:00 AM (prevailing Eastern Time); and
April 19, 2012 at 9:00 AM (prevailing Eastern Time).
GLTA..
DrR..
New up Trend starting..
GLTA..
GO GMRRQ..
DrR..
Nice...looking forward to see what plays out here.Pretty nice action so far today. Maybe it will run like ESLRQ just did but really hoping shareholders stay intact and it does a PGPDQ.
http://investorshub.advfn.com/boards/post_reply.aspx?message_id=71029993
General Maritime, which listed total assets of $1.72 billion and liabilities of $1.41 billion as of September end, said private equity firm Oaktree Capital Management will provide it with $175 million in equity.
The company's lenders have also agreed to defer cash payments of about $140 million to June 2014.
This is the current news released Post Date BK.
GLTA..
DrR..
Also, did you hear anything new about the examiner that was appointed to the case?
Thanks for all the help and info. Makes sense, probably why the company stated that it was to early to tell if shares would remain or not. We all know the current plan calls for no recovery but looking forward to seeing the new POR later today. Lets hope shares remain and that their is something left here.
http://dmdlaw.com/UploadedDocuments/Articles/GriffinLevTaxAspectsMergersAcquisitionsUpdated.pdf
Tax M&A explained..
Check it out..
GLTA..
DrR..
BK, This is what I understand..
GMR had holding companies in different countries, Greece, Russia, UK and Singapore.
The holding companies were offices that provided crews and ships supplies.
Greece office was closed.
GMR attny's should write off the Stock of these companies. And take the stock loss on taxes.
Again the NOL can only be used if Equity stays intact.
Shares in reorged GMR will happen from what I see.
GMRRQ will end its BK early next year 2013 to take full use of the NOL value.
GLTA..
GO GMRRQ..
DrR..
Doc out..... # 201
http://www.gmrrestructuring.com/pdflib/201_15285.pdf
It appears two of the subs have money left over for shareholders but hard to understand imo...anyone else want to take a shot at it?
Hi drrugby, picked up myself 300k of this stock about a 2 weeks ago (avg. of about .016). Looking for a nice multi-day bounce (.05-.10cents) on this bk stock, as all these bk stocks do bounce at one point. After reading your posts, it seems you're knowledgable in the NOL's and etc. What are you looking to see out of this puppy? Cheers:)
Bullrun2004
Debtor to issue asset schedule 1/17/2012..
12/28/2011 156 So Ordered Stipulation signed on 12/28/2011 Further Extending the Time to File Schedules and Statements of Financial Affairs. (Tetzlaff, Deanna) (Entered: 12/28/2011)
http://www.gmrrestructuring.com/pdflib/156_15285.pdf
Debtor to prove they are Solvent.. And NOL's have value..
GLTA..
DrR..
GMRRQ is a solvent debtor.
Debtor to pay employees bonuses..
http://www.gmrrestructuring.com/pdflib/192_15285.pdf
If company was insolvent.. Judge Glenn would have never allowed it..
Place your bets.. GMRRQ rockets next week when it declares it asset schedule..
GLTA..
GO GMRRQ..
DrR..
12/28/2011 156 So Ordered Stipulation signed on 12/28/2011 Further Extending the Time to File Schedules and Statements of Financial Affairs. (Tetzlaff, Deanna) (Entered: 12/28/2011)
http://www.gmrrestructuring.com/pdflib/156_15285.pdf
Debtor to release asset schedule 1/17/2012..
NOL's have value..
GLTA..
DrR..
GMRRQ BK Website..
http://www.gmrrestructuring.com/maincase.php
GLTA..
DrR..
It used to be GMR, declared bk got delisted came back as GMRRQ and it dumped, I guess that's a very simple way of putting it. Good luck!
why the drop from $ any RS?
Thanks
Another new 52-week low 0.01 was created today! Canceling very soon!
Anyone think this will make a good day trade tomorrow? My father and sister in law we're invested in this a long time ago before the first dump years ago
AS OF NOV 17,2011 the company was moving the stock to the OTCBB for trading.
FROM 8K
"The Company's common stock commenced trading on the over-the-counter (“OTC”) market on November 17, 2011. The Company is currently seeking to have its common stock qualified for trading on the OTC Bulletin Board."
on the effective date of the Plan, own 100% of the equity of the reorganized Company, subject to dilution in specified instances in accordance with the terms of the Plan, including warrants, equity issued in the reorganized Company in connection with a management incentive plan (the “MIP”
The Stock is still trading, can you or anybody explain why the SEC has not closed GMR down if they don't have any stock in the company?
The Plan consists of, among other things, (i) a new $175 million equity investment (the “Equity Investment”) in the reorganized Company by the Oaktree Supporting Lender or its affiliates, and potentially one or more investors not affiliated with the Oaktree Supporting Lender identified by the Oaktree Supporting Lender in its sole discretion (the “Plan Sponsor”), $75 million of which Equity Investment would be used to pay down the Prepetition Senior Facilities, on terms and conditions to be specified in the Equity Commitment Agreement
See post #333 for the detail! No R/S! It is the shares cancellation!
Can you post a link to the R/S or cancellation of shares? Thanks
The CH11 was filed after the AS increasing! The shares cancellation is after the CH11 filing!
You said "All the common shares will soon be canceled! Why this CH11 pos scam worths $2M MV now? Who are buying the soon-to-be worthless shares?"
Why would they bother increase shares just to cancel out the shareholders???
GMR CURRENT SHARE STRUCTURE
O/S 121.53M
FLOAT 115.63M
A/S 390,000,000
On May 12, 2011, at the 2011 Annual Meeting of Shareholders (the "Annual Meeting") of General Maritime Corporation (the "Company"), the Company's shareholders approved an amendment to the Company's Amended and Restated Articles of Incorporation to increase the number of authorized shares of the Company's common stock (the "Common Stock") from 140,000,000 shares to 390,000,000 shares. The increase in the number of authorized shares of the Common Stock was effected pursuant to an Articles of Amendment of Amended and Restated Articles of Incorporation (the "Articles of Amendment") filed with the Secretary of State of the State of Delaware on May 12, 2011 and was effective as of such date.
Another new 52-week low 0.0112 was created so far! Canceling soon...
New 52-week low 0.014 was created today! More new lows will kick in!
GMRRQ- New 52w low created today @ .014
Looks like sub penny coming here soon......
All the common shares will soon be canceled! Why this CH11 pos scam worths $2M MV now? Who are buying the soon-to-be worthless shares?
The CH11 pos scam will be canceled very soon! What a crap fraud CEO!
The pos scam dropped to 0.018 again! Will it break down 0.015 soon?
Another new 52-week low 0.015 was created yesterday! More new lows come soon...
Yikes! Stick a fork in GMRRQ cause this POS is done.imo
The new 52-week low 0.0187 was created so far! More new lows come...
Not sure the day, but if i find out the exact date I'll post it on the board
Yeah. I knew it will be 04/2012. But I don't know which day of April
At the moment i do not know if or when the commons will be cancelled.
I agree. Do you know exact date the company cancels the common stock?
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