HH Gregg Inc. (HGGG)

[saj]

mtfbw/us

[keekee]

I believe folks will look back here and see one big missed opportunity. But it will require some patience. The largest shareholder is still here to my knowledge. And these are very smart folks. Good luck to all.

[saj]

Nice move today inch by inch

[oich]

Equity value really depends on how the sale of inventory is going. They listed $169m in inventory that they are selling. Anyone have any idea how that is going? Or even have any guesses at what percentage they can sell the inventory?

My guess is presumed on the cap on rejection of leases mentioned by keekee earlier. They shd be able to get out at 15% or more of their lease obligations. If there are long term leases of 10 years then that number would improve. I saw one doc listing $145m in past due rent and lease obligations (hopefully not too much past due rent as that would not be subject to the cap). I also noticed that they were even able to sell their Towson lease for $1.1m so some of the leases may actually have value versus being a liability.

[keekee]

Great move. I have a lot more. Been doing a lot of research on the numbers and believe there's a good amount of meat based on the nature of the debts and bankruptcy court actions. Remember: No Risk No Gain!

[harbs]

50k shares or $50k worth?

i nibbled 100k shares yday just to force me to watch..see if i can ride your coattails on this one ha..

[harbs]

i always assume they're going to zero, but then again over the last 20 years most of my most profitable trades of all time have been the "q"uality stocks : )

[Seminole Red]

beware....'Q' has a purpose

[harbs]

did they fill you? they like to whack bids on this, make it look bad..i might start bidding small myself..my dd sucks on these, is there a court date specifically that you are watching for that will get the buyers coming into this one? tia

[keekee]

Bidding to buy more here at $0.0124 now but it is not filling. Waiting and hoping

[Seminole Red]

good luck

[keekee]

Doesn't look like there are buyers here. I am still holding over 50k here. We will see how it ends but I see money coming to patient holders. Meaningful money.

[Seminole Red]

HHGregg, the electronics and appliances retailer, will close all of its 220 stores — including three in the Jacksonville area — after failing to find a buyer by its Friday deadline.
The company will begin liquidation on Saturday. Terms of the store closing sale will be that all sales are final, except in the case of defective merchandise. Such returns must be made within seven days. All stores should be closed by the end of May.
Employees were told of the shutterings on Friday, but there was no more information on workers. Before store-closing-related job cuts — 88 store closings were announced earlier this year — the company employed more than 5,000 workers.
Bob Riesbeck, president and chief executive officer for HHGregg, said in the email: “Since filing for financial protection under Chapter 11 of the Bankruptcy code on March 6, 2017, we have continued to fight for the future of our company. While we had discussions with more than 50 private equity firms, strategic buyers, and other investors, unfortunately, we were unsuccessful in our plan to secure a viable buyer of the business on a going-concern basis within the expedited timeline set by our creditors. We have, however, received and accepted a bid for liquidation of our assets.”
The liquidation ends a 62-year run for HHGregg, which is headquartered in Indianapolis.
The company does not anticipate any value will remain from the bankruptcy estate for stockholders, although this will be determined in the continuing bankruptcy proceedings, the statement said.
Jacksonville’s stores are at 651-100 Commerce Center Drive, Unit 100 in the Regency area; 10320 Shops Lane Suite 200 near The Avenues mall; and 8380 Merchants Way at Oakleaf Plaza.

[MrSparks]

Predictions on close pps today? Thinking .10 at best..

[MrSparks]

Thats pretty much what did it for me. I sold all my holdings... This is really pretty sad HHG has been an icon for so many years... Sucks that they screwed it up after going public.

[Sleepy2016]

Considering this sentence from the 8K it's a wonder the price is even .12:

Based on the terms of the Consulting Agreement, the Company does not anticipate any value will remain from the bankruptcy estate for the holders of the Company’s common stock, although this will be determined in the continuing bankruptcy proceedings.

[MrSparks]

Damn... Back to the .12's after the recent 8k

[mobupin2]

HERE COMES CHAPTER 7

[MrSparks]

Zacks has upgraded to Hold from Strong Sell:

https://www.thecerbatgem.com/2017/03/28/hhgregg-inc-hgggq-raised-to-hold-at-zacks-investment-research.html


https://www.zacks.com/stock/quote/HGGGQ

[MrSparks]

19K total volume today... Looks like the selling has pretty much dried up.

Looking forward to hitting .20+ soon

[MrSparks]

***NEWS***

https://globenewswire.com/news-release/2017/03/23/943533/0/en/Great-American-Capital-Partners-Provides-30-Million-to-hhgregg-Inc-as-part-of-Wells-Fargo-led-Financing.html

[Lone Wolf]

Interesting buying today. Hmmmm.

[MrSparks]

Closed at .17 !! +25.93%

[MrSparks]

.14 fell with a 20k hit.

.16 on deck!!

[MrSparks]

Like what I'm seeing here. Still need more volume though.

HGGQ Chart

[MrSparks]

*Testing* - I've been away from this site for about 10 years lol
Making sure my Signature is actually gone.

[MrSparks]

Any charting gods out there that can do a review on this one?

Looks like a base has been pretty much established. Assuming it could pop with a little more volume.

[Amikik]

Broke and Bankrupt ..... A Low Floater .... What price target we can expect from HGGGQ ???? .05 or .30 ??? Any ideas

[hondaboost]

HGGGQ, $0.13, strong rebouncing coming! High: $2.75 (old symbol: HGG). Low float.

[Marilynt]

HGGGQ!

[Lone Wolf]

Scratching my head here...GMAN...exact same situation...small float...big short interest....chapter 11 filing. That one bounces big though this one has more assets. These are the things that drive me crazy. Either way...win some, lose some.

$HGGGQ

[Macaveli]

I think 0.05 is the bottom..

[Lone Wolf]

Just about bottomed.

[moimeme]

I think u need to learn more about how the market works before u do anymore trading . I bought in at 0.12 and I will msg u back in few days of how to make money

[gm99]

Yes. The symbol goes to HGGGQ and it'll take some time for some brokers to trade it. Dead money!

[gm99]

Wrong? Down 40% to $0.11 today! Bankruptcy and all shares are worthless!

[moimeme]

He is trying to scare off people. And too bad some did panic and sold low. It will go up in the next few days.

[90 West]

Wrong.

[gm99]

Yep. HGGG symbol will be changed to HGGGQ as a Bankruptcy! And all shares will be cancelled.

[Renee]

HGGG: effective March 8,2017 HGGG will change to HGGGQ, bankruptcy:

http://otce.finra.org/DLSymbolNameChanges

[Marilynt]

I wish I could take advantage of this buying opportunity. Out of available funds right now.

HGGG!

[The Scavenger]

The $80M in DIP financing is from Wells Fargo Bank and GACP Finance Co. It is the buyer of the assets that is being kept confidential. Two separate transactions.

[Sleepy2016]

the short position only increased since then

Nonsense. It isn't possible to economically short OTC stocks. When it was delisted to the OTC that forced all the shorts to cover and also caused a flood of selling by institutional holders who only hold exchange-listed stocks.

[Lone Wolf]

Not true...the short position only increased since then. The shorts volume stood at over 4 mil shares at the point of delisting and only in reas d since then based on that short report Marilynst posted. Now...go look at the volume Friday. Even if it was only shorts covering, which is not a remote possibility, you wouldn't even come close to the volume needed for them all to cover.

The move was based on the charts....and helped by the company's announcement of store closings that spurred on buying + covering.

Look at my post here the day before the news and you will see the first white candle accompanied by volume confirming the bottom.

[Sleepy2016]

Whatever shorts were left after the delisting covered on Friday - that's what drove the price to .034.

[Lone Wolf]

Yup...debt fee in 60 days does not suggest a scenario where the commons are cancelled. This is a 'fast track' filing. Very curious as to who the lender of the 80mil is and why that's being kept confidential.

[90 West]

Agree, should get a nice bounce here.

[Lone Wolf]

LoL. 80k shares trading on that news. Well folks, looks like the news is already baked into pps...now searching out my 'buy area' on the morning. The 60% short interest has gotta cover at some point!

[Lone Wolf]

Please don't make up lies on the board. If you're stating his as truth...please post the pa ER docs that shows the proceedings have been concluded and the judge has finalized the BK plans...

[Marilynt]

hhgregg Files for Chapter 11 Reorganization... (THIS IS GOOD NEWS!!!)_

Strategic decisions allow the Company to move forward as a stronger, debt free and customer-focused business

http://www.businesswire.com/news/home/20170306006468/en/hhgregg-Files-Chapter-11-Reorganization

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