HH Gregg Inc. (HGGG)

[BuckBuckBuck]

And we wait some more, Seven Year Itch .

[Lime Time]

So what happens next?

[Renee]

HGGGQ: effective DEC. 28,2023 BK PLAN dismissed. Ticker will return to HGGG.

https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes

[ologun]

This looks to still be trading.

[Homebrew]

Usually, "Q" stocks eventually get cancelled, and common shareholders holding at that time lose their investment.

Just curious how this works. Relatively new to Bk stocks but from what I've read it will trade under the q symbol until new shares are released once making a come back from the BK. If and when does that normally occur and does it trade under the original ticker?

[Tharickster07]

Just curious how this works. Relatively new to Bk stocks but from what I've read it will trade under the q symbol until new shares are released once making a come back from the BK. If and when does that normally occur and does it trade under the original ticker?

[BONGO68]

90% buys over the last several sessions.... looking good.

[BONGO68]

This could go to .15 like CBRIQ diD a few months ago... setting up that way.

[BONGO68]

Its accumulation before the pump my bet

[MDee]

My Bet is.. it will never cross 0.039 again.. Sir, look at it..

[saj]

Like to see this hit .05 today

[raheem84]

any expectations for tomorrow guys?

[BONGO68]

Where to from here? A lot of buys today at .03-.035.

[TeddyCaswell]

Boooommmmm

[TeddyCaswell]

Knew it

[MDee]

Yeah, the news is there was a buying from the small ones, the highest buy was at 0.039, i think that was a peak, now the road to 0.0001

[BONGO68]

Good NEWS comn?

[makinezmoney]

$HGGGQ: Wow... now that is a monster POP on the day

UP 300% at $0.035 now


$HGGGQ

[MDee]

No more fundamentals here, i would say, it will never go up, this is a liquidation, let this s**t die.. The new owner has the old domain and the life goes on..

[BONGO68]

IMO. Getting ready for a run before the great fall...News any day on sell off.

[Value_Investor]

HGGGQ still has too high Market Value --- $152,944.91! 0.0010 will be the Final Bottom!

HGGGQ is trading at $235K Market Value now v.s. its Q peer (KIDBQ) at Mere $19K MV at its Bottom $0.0009!

To match the Same MV with KIDBQ, HGGGQ should hit Another New 52-week low 0.0010 finally!

[Value_Investor]

HGGGQ has 27,808,166 shares OS and 52-week New low 0.0065.

HGGGQ is trading at $235K Market Value now v.s. its Q peer (ICNVQ) at Mere $58K MV currently!

To match the Same MV with ICNVQ, HGGGQ should hit Another New 52-week low 0.0021 finally!

[harbs]

if you no longer like it or have dumped out..just say so, nobody forced us to buy it..nobody blames you..but feel free to answer a question when asked over and over...adios

[TeddyCaswell]

It's coming soon.

[harbs]

any further thoughts? tia

[BONGO68]

Holding patiently here.

[harbs]

any thoughts on the 8k filed today? tia

[BONGO68]

Sure is quiet here lol everyone got all the shares they wont lol

[BONGO68]

Good!!! I grabbed some

[harbs]

ya, hoping there's some value here..we shall see..

[BONGO68]

Could be another CBRIQ. imo

[BONGO68]

http://bankruptcompanynews.com/hhgregg-retail-bankruptcy-6-9-17/

[BONGO68]

Any thoughts on a run and how high?

[keekee]

Currently have some $6000 in the stock. It's possible I add another $4000 or so but that will be after I see May numbers

[harbs]

ya i'm not scalping this, not enough liquidity, just swinging it..riding your coattails on this one..either it's worth something good in distribution like you say, or i'm prepared to ride to zero...

just amazed whomever keeps putting up huge asks and whacking all bids..

[keekee]

By the way I intend to be here for the distribution so the price movements mean nothing to me... except as opportunity if I have spare change

[keekee]

Swinging (like that) is your call. I don't trade it as I may not get it back. I am holding some 400k and cool with that number. Actually wanted to buy the $0.0175 but didn't know TD won't fill with cash I.moves in yesterday. So, we will see whether I add next week.

[harbs]

every bid put up gets hit..hopefully turns soon...and there is some value here..i'm planning to swing it, either it's worth nothing or something huge ha..

[TeddyCaswell]

Bought some

[zeekhoe]

8K filed - lots of firings going on.

[zeekhoe]

so what are the projections with the updated numbers?

[keekee]

Oich- hope you saw the numbers just filed for April. It blows away my conservative estimates. They have sold $72 Million of the $100 Million inventory for just about cost basis. They have sold over percent of PPE just in April. I'm sure they are done mostly by May. Meanwhile the liabilities subject to compromise went up while deferred rent went down. I am hold lots of this stuff and this will.be my biggest 2017 gig if my hunch pays out. Good luck

[keekee]

Thanks. Not sure where you got the April number from. The last filing on May 4 was for March. If we are talking about the same statement, then for the loss, bear in mind that the company was then operating with full capacity. It was shutting the 88 stores. By April 7 it started liquidation. So, I am more interested in the assets and liabilities it issued for March 31 before the liquidation. When we see the April number that will.help. But even a residue of $25 Million assuming your calculations are right still leaves Shareholders with great hope. Hope you see my point

[oich]

When I look at the April Statement of Income the figures there look scary with cost of goods sold at 73m and operating expense of about 40m.

When I look at the as of April 30 consolidated condensed balance sheet I get a positive balance. My number sits at about $25m left over. But that assumes the deferred rent and the liabilities subject to compromise are subject to the lease rejections cap.

[keekee]

They go very quickly and may worth the wait. Actually for HH Gregg, all the stores will shit down today. Docket filing last weekend indicated that it will retain 38 employees through July and then about half of that Number and by October, it would be three employees. I don't have the hard figures as I'm driving but this is looking to wrap up soon. Now, the recovery might not mean much to bigger Investors because they may not get much volume down here to justify the trade but for smaller players, two thousand dollars invested down here could become twenty or more in under one year. Now that's the deal.

[harbs]

thanks for posting all those details..in your experience, is there an estimated time frame where recovery becomes apparent and things move along?

[keekee]

Oich- we are holding this board. Fine. I Wanted to share my note here on the numbers. I have shared this to two people privately.

KeeKee’s Trading Note: ESTIMATED RECOVERY FOR HH GREGG

Cash = $1.7 Million, Estimated Recovery Rate: 100.00% Actual = $1.7M
Credit Card = $13.5 Million, Estimated Recovery Rate: 85.00% Actual = $11.5M
Accounts Receivable = $31.2 Million, Estimated Recovery Rate: 90.00% Actual = $28M
Inventories = $100.80 Million, Estimated Recovery Rate: 70.00% Actual = $70.56
Prepaid Expenses = $5.6 Million, Estimated Recovery Rate: 100.00% Actual = $5.60
Income Tax = $0.70 Million, Estimated Recovery Rate: 100.00% Actual = $0.7M
Property and Equipment = $70.6 Million, Estimated Recovery Rate: 75.00% Actual = $49M
Capitalized Financing Fees = $4 Million, Estimated Recovery Rate: 100.00% Actual = $4 Million
Other Assets = $2.9 Million, Estimated Recovery Rate: 90.00% Actual = $2.6 Million
TOTAL RECOVERABLE ASSETS : $173.6 Million

HERE ARE LIABILITIES AT MARCH 31, 2017

Liabilities

Accounts Payable $14.70
Customer Deposits $17.90
Other Accrued Expenses $16.20
DIP $23.70
Other Long Term $4.00
Deferred Rent 47.7 Actual (Payable assuming Landlord’s Cap to rent applied at 15% of total sum) $7.2M
Liabilities Subject to Compromise is $122.3 Million. Actual (Payable assuming Landlord’s Cap to rent applied $15% of total sum) $18.3M .
TOTAL EXPECTED LIABILITY BASED ON MARCH 31, 2017 NUMBERS ONLY $102.

FINAL $173.6 - $102 is $71.6 Million. This is the basis of this trade. I have not made adjustments for leases that may be under one year, or the leases that were successfully transferred. I have knocked down ERR on Credit Cards with Synchrony Bank to 85% even though this will likely trend at $95% because Synchrony does the collection. Also, for the inventory, if you followed the sale like I did, most of the items were sold closer discounts at other stores which implies that the gain on these items were discounted but the basis was recovered. The later day sales with huge discounts were for mostly items that were damaged, out of shape etc. Note that recently Sports Authority recovered $101% on their inventory plus $1.8 million.

CONCLUSION: Although we don’t have expense for April and May, we know that most stores handed over sales to Hilco in April and froze most admin expenses. In March, only about $650 was paid to professionals handling the bankruptcy (attorneys, accountants, etc). With a very high probability VHP pool of $70 million in play, you can see that any recovery here would be substantial based on current PPS. Thank you again and goodluck to all.

NOTE: I used the Universal Recovery Model on this. Numbers may come in slightly lower or higher but I rely on it.

[keekee]

Sure. They successful transferred about 7 from.what I saw so far. Now for 10 that was mutually agreed I haven't checked the store numbers to see whether the were part of the transfers. But all the stores are cleared now with few objections. So thesis here is looking greener. It will just require a little patience and maybe some buying with spare money. Good luck.

[oich]

Yes I read it earlier today. They also requested not to re-notice. I have to imagine that there will be some leases where there will be no damages claim because of failure to timely claim or if landlord mitigates damages and re-leases the premises. Our lease obligations figure would go down even more then. Translation... less liabilities more assets.

[keekee]

See today's docket filing? Motion to approve 125 lease rejections (no objects filed by lessor) and another 10 leases Debtor mutually agreed to terminate with lessor.