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I appreciate you staying on top of things. This could run to dollars. A Billionaire will do what a Billionaire wants to do. This could be HUGE! $IRGTQ - War
Tilman Tweet
Filming for @BillionDollarTV has started again. Today we are in #California visiting a new company. #NoBetterFeelingThan being on location! pic.twitter.com/ti92zJSTYE
— Tilman Fertitta (@TilmanJFertitta) August 23, 2017
No they are probably preferential shares that would be sold off with the transfer so the mangement would get paid out.
It doesn't make sense that someone can pick and choose what they buy in a bk auction? Normally, you purchase "all" assets and liabilities, period.
Wrong. I'm not the one confused. The delisting has nothing to do with the actual b/k terms, which STILL include eventual share cancellation. Delisting and share registration, which Ignite still has, are not synonymous.
That said, share cancellation is not the same as deregistration, which still allows shares to trade, but without an SEC designation. Share cancellation equals, poof, worthless and untradable shares.
There is no language which detaches the LIVE TICKER from the sale of IRGT to Tilman. NONE. The only thing you cite is standard language when IRGTQ was delisted going into Chapter 11, and you are confusing delisting with cancelation. There is no cancelation. It is true that interest in the stock could dwindle to nothing, but given the fact that Tilman Fertitta is in charge, and the media blitz that will follow the close on Aug 29th, I don't think this ticker will suffer very long for lack of interest. YOU JUST BASICALLY SAID IT YOURSELF, The Brick Houses are part of the deal, which means he bought the whole company. If he wasn't interested in them, then why did he buy them? And you say, "which he is going to sell." AS IF THAT IS A BAD THING LMAO...so what?, he's in the business of buying selling and trading, and for all you know maybe he wants to get into the SPORTS BAR AND GRILL space that Buffalo Wild Wings seems to dominate nationwide at the moment with a pps of BWLD of around 105 a share.
The only other asset included in the auction was the Brick House chain, which he doesn't want. The auction was for the two assets. The public company was not included.
If Tillman keeps IRGTQ does he get the shares of the old management? One would think so....
Yes. Even though the price is 57 million, there is still back end debt and the last thing he wants to do is burn the creditors that he may need for future deals. He can make some fantastic allies here, both with his public customers and the bankers.
Were you the one that read all the bk documents? One thing that I did see was that Tillman would keep Crabshack only so that means there were other holdings involved, right?
Completed. Definitively.
Right now, even though it's a wrap, it's still NOT done yet.
It makes clear sense that he would keep Ignite public so he doesn't have to burn his own cash. Investors will come in after everything is approved and the paperwork starts getting inked. Tilman has friends in high places that will join him and bring in big dollars. There's a billionaires club for a reason...they keep each other propped up and in their club.
Anyone that thinks Tilman will automatically go private is fooling themselves.
Deal officially closes. It's like buying a house with a lot more moving and complex parts. Until funds are transferred it is not a done deal. In a house you got the inspection and appraisal...those check out then you head to closing, and things could still kill the deal at the last second. Here you have Credit Suisse, Landlords, THE FINANCIALS etc......
What's the 29th in terms of speaking freely? Wasn't he already approved by the court.
How is it we open at .08 with a 56k buy following a 95k dump at .03 EOD? MMs are wise to this one.
EXACTLY!!!A SPOT ON VERY EASY WAY FOR ANYONE TO UNDERSTAND WHY THIS GOES OFF THE CHARTS WHEN NEWS BREAKS.
Why would be buy his own company back and take it private? Obviously Ignite needs funding to keep running, going private would mean Tilman pulling it out of hia own pocket. A fool and his money part ways real quick...
Call him and tell him that. It might just be news to him....
FOX calls Tilman IRGTs CEO in that article towards the bottom. I've requested clarification. Either the writer made a mistake or this is a MASSIVE hint:
Joe’s Crab Shack now has a total of 72 operational locations — with more than 30 in just Texas, Florida and California — but it’s uncertain if more will close. Ignite’s CEO, Tilman Fertitta, remarked earlier this month that “we’ll probably end up with about 60,” according to Nation’s Restaurant News.
No, he bought Ignite FOR the crab shacks. He is CEO of Ignite now.
You know, I started this with NOTHING and I may finish it with NOTHING, but it is a lot safer and more possibilities than hitting the Powerball. I bought 10,000 shares @ 0.02 for my 8 year old grandson's account for his future. For you and several nay-sayers, how about letting some of us enjoy a dream that may [color=red][/color]payoff and give our lives a little boost. If it doesn't and shares are cancelled, then oh well, I made a gamble in a restaurant that I love to eat at and will and have traveled 100 miles just to eat there.
Totally. Tillman bought the assets for landrys he as absolutely no need for the ticker period.
Maybe because it's the way the auction was set up....which was before Tillman decided to enter a bid....
Are you 100% sure about that? Perhaps Fox News got it wrong:
http://www.foxnews.com/food-drink/2017/08/22/joe-s-crab-shack-closes-bunch-restaurants-doesn-t-warn-employees.html
Canceled? LMAO-CRMBQ still trades, and back then just before the epic run from .2 to .75 the same scare tactic was being used. Many people sold at .07-.10 days before because of the confusion. IRGTQ has already been delisted, and everyone knows that, thus the Q. 500,000 shares OF COMMON STOCK are still being held by IRGTQ directors, who are helping with the transition. Not only that, Tilman would have to go through a lengthy process to actually kill a ticker, changing the name is a much easier possibility, also possibly great for shareholders. The clever "canceled" usuage is designed to confuse people about delisting which has already happened. SOUPQ shares have been "canceled" according to your definition (which really means delisted)but somehow they shot up 1250% yesterday.
Then why do the Brick Houses come with the deal?
Hate to break it to ya, but, as has been repeated over and over, Tillman did not buy Ignite. He bought the crab shacks.
Yup. Right up to the day when the shares get cancelled.
Which will happen.
I'm definitely holding for the 29th.
Thank you, I'm happy with my position here, any kind of good news and we fly up
IRGTQ
High risk but has some legit info that may keep this very much alive
lordy sell 03?? LOL anybody see what soupq did today on a 8-k filing? lol see you on the 29th-IRGTQ
Aug 29 Mr Fertitta is free to speak candidly about making Joe's Crab Shack Great Again. IRGTQ Insiders still hold about 500,000 commons, and the backers would still like to see this return to its 333mil valuation, so where else is the money coming from? People need to understand there are no preferreds without commons, and keeping this public is lucrative for all parties involved. Exact date? I never said I had a crystal ball.
Sell Sell Sell and I will Buy Buy Buy.
I'm liking the possibilities on certain facts. Thanks for all the dd
Question please, when shall we know his plans for this stock?
IRGTQ
MASSIVE BUYS ALL DAY, even the weakling that dumped the 3's right at the end had them scooped up in a heartbeat. What a joke. Look at the history of CRMBQ THE EXACT SAME THING HAPPENED in the 3-4 days leading up to the vertical shot to .75 Weaklings that sold for .04 were talking about how glad they were to get out, they turned around and it was at SEVENTY FIVE CENTS.
Looks like she goes lower by the day.
Quite an accumulation day. Nice end of day scoop for someone.
FOX NEWS just named Tilman Fertitta, IRGTQs CEO. Story posted 3hours ago
http://www.foxnews.com/food-drink/2017/08/22/joe-s-crab-shack-closes-bunch-restaurants-doesn-t-warn-employees.html
BOTTOM OF ARTICLE
Joe’s Crab Shack now has a total of 72 operational locations — with more than 30 in just Texas, Florida and California — but it’s uncertain if more will close. Ignite’s CEO, Tilman Fertitta, remarked earlier this month that “we’ll probably end up with about 60,” according to Nation’s Restaurant News.
IMO they will have to clarify this...story posted today, hours ago, but it seems to be a collection of past stories...gears are turning
The fact that the CEO still holds almost 130k COMMON shares and that things are going smoothly speaks volumes to me.
I believe Tilman is going to keep this intact . If not I think the bloodshed would of already have happened . IMO .
Yeah, someone has a lot of faith in Tilman. We have a great chance of seeing some major action here. Just take a look at some other companies in the space like BWLD or CMG...they trade at super high PPS, I see no reason why a great brand like Joe's Crab Shack can not get a huge boost once Aug 29th rolls around.
68,OOO+ share buys last few
It's on the IHUB trades, public info. Someone, possibly you or someone just like YOU sold 2 shares to cause a chicken little sky is falling type to panic. We know what you said: https://investorshub.advfn.com/boards/read_msg.aspx?message_id=133692555
Anyone can look up your posts and see that you have been dedicated this stock for the past three weeks, AMAZING that as soon as the price drops you have an instant post at the ready...
Weeee up again.
Sounds like fake news lol
Now a 2 share sell LOL this thing is locked to rock.
On a 7 share trade walkdown by you? I like how you just happen to be right on top of it. None of us were born last night, we know what you're up to.
4 again I thought you said the cheap shares were gone ?
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Houston-based Ignite Restaurant Group submitted its Chapter 11 plan and bidding procedures for the company’s two brands— Joe’s Crab Shack and Brick House Tavern + Tap — in bankruptcy court this week.
So far, two companies have officially offered to buy Ignite’s brands. The bidding process will give other companies until 4 p.m. Central Time on Aug. 3 to submit a competing bid.
When Ignite first filed for Chapter 11 bankruptcy protection in June, the company said KRG Acquisitions Co. LLC, an affiliate of San Diego-based private equity company Kelly Cos., had agreed to buy both brands for $50 million.
Houston-based Landry’s Inc. then filed a bid with the bankruptcy court to buy the brands for $55 million. At the time, Landry’s also described how previous talks with Ignite had fallen apart and objected to Ignite’s earlier bid procedures motion. Landry's, led by Houston billionaire Tilman Fertitta, owned Joe’s Crab Shack in the 1990s and grew the brand to more than 100 locations nationwide before selling it in 2006.
Now, any other company wishing to bid on the brands must offer a purchase price of at least $55.1 million, among other requirements, according to the procedures filed July 6.
If a bid is received that complies with the requirements, it will be included in an auction with the previous bids. The auction is expected to be held on Aug. 7 at 10 a.m. local time at the offices of King & Spalding LLP in Houston. Then, a sale hearing is scheduled for 3 p.m. Aug. 17 in bankruptcy court in Houston. A deal won’t be considered accepted until it’s approved by the bankruptcy court.
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