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4 again I thought you said the cheap shares were gone ?
Man......that would be awesome! That news would definitely set this on fire!
I like rumors also!!! Bring the news stating this. He will make it $180 million business again.
I like rumors! https://twitter.com/baconboysteve/status/899613561999306752
Weeee down again.
It is a great concept and you deserve to be compensated because you had good faith and did nothing wrong. I'm on the "First Coast" and the Joe's Crab Shack here is a landmark which is packed by both locals and tourists every night. I love the place. Great location on the beach, great food, great service. When I told my broker about the play I was making, his first reaction was, "what? You're kidding me Joe's is in BK?" Because up here it looks like a thriving business. It'll come back. IMO without the commons there are no preferreds. There has been some misinformation here IMO possibly intentional that states "the shares will be canceled." All I can say is "really?" CRMBQs never got canceled even though Marcus Limonous eventually backed out of the deal. They use "canceled" in place of "delisted"...well it's already been delisted that's what the Q is for. Everyone knows that.
We are waiting for CNBC and other big media groups to run with this .
"THOSE ORIGINAL INVESTORS'
I am an original investor in JOE'S CRAB SHACKS... IGNITE..more so the concept. the restaurant/ fish camp/crab house with in it self. Mr. Fertitta will turn this around no doubt..the only question here is if the commons will remain intact. I am a believer that he will make good with commons and i shall hold on for a FULL recovery of his PRODIGAL son.
HA!
IF you only knew...
$IRGTQ
War
This is great info you guys are posting. I think I'm going to roll the dice based off what I've read here today. You guys NEED to spread the word around ihub, this could be at .50 in a heartbeat.
War lol the only thing that your going to war with is your bank account with this bankruptcy play.
I would be very thankful and happy for all
IRGTQ
Personally....I'm betting we get a big run soon!
Same here Curt
IRGTQ
Just kicking back, holding my shares, and watching to see which direction this one takes!
That is a nice post!!!!
IRGTQ
Lock n load - lets see how high this one take us. Doesn't take much to ignite uber momo
4M float. Lol. #ignite is an appropriate name. Next coupla weeks gonna be interesting.
Sweet. I agree.
Looking forward to the coming couple weeks.
Was that info found out before, or after you sold out too low and trying to buy back in?
Ya before I found out more info
He was right on this one though...
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=133692555
As opposed to your made up claims from post #2120 & #2104?
"Ya but again not common share holder"
"Shareholders as in preferred class A most likely. Regular joe shmo common gets 0"
Nice try I'm not convinced. Your making up possibilities that's simply not verifiable. Next argument please
BEAUTIFUL!!!! Nice discovery
Landcadia Holdings, Inc., Sponsored by Fertitta Entertainment, Inc. and Leucadia National Corporation
“…Landcadia Holdings, Inc. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses…”
http://www.prnewswire.com/news-releases/landcadia-holdings-inc-sponsored-by-fertitta-entertainment-inc-and-leucadia-national-corporation-announces-pricing-of-250-million-initial-public-offering-300275330.html
Note the date (8/8; just after acuction) of massive volume spike for Landcadia…notice a similarity between that and IRGTQ!!? Seems to me there are speculators taking a different approach to capitalize on the same situation…
https://www.barchart.com/stocks/quotes/LCAHU/interactive-chart
Don't you understand that the special acquisition company that would be needed to acquire a recognized brand is no longer necessary, because he just bought back his old company, with a very recognized brand name for far less than 300 million? AND IT ALREADY HAS A TICKER BUT HAD TO LEAVE NADSAQ BECAUSE OF PPS. Landry's can now spin it off and keep the shares intact. There's no reason not to, in fact there's more reason to do so because the primary rule of making money in business is to use other people's money. Whose money would that be? Uhmmm how about Credit Suisse, and the others that already pumped hundreds of millions into it, along with new public money from recognition via the Billionaire Buyer TV show? Those original investors in IRGT still want to make their money back. Why do you think things are going so smoothly? Obviously lots of people think some thing is going on, otherwise the price would have dropped already. Did you notice the language in the WSJ article "this has been very complex" If you had any basic experience buying and selling real estate, which everyone should have by at least age 30, then you KNOW THAT NOTHING IS DONE UNTIL IT IS CLOSED. Aug 29th is the day. And it is my guess that there is another complex leg of this trip which involves the rolling of certain other brand names currently operating under Landry's into the new public entity.
Lol! True, heard it doesn't work for the hair removal though!
It's simple !!! Just do a rs and the food will magically be better !! Lol !!
Ya but it dosnt mean it's going public through this bk ignite group. And besides he has plans to set up an entirely separate puplic acquisition company apart from landrys. And guess what. Landrys acquired ignite group. Now that's a fact.
RS?! What does that have to do with anything?
You don't seem to know the definition of hearsay. Tilman was in the process of raising 300 million dollars to launch a company capable of acquiring companies in order to TAKE THEM PUBLIC. That is a fact. Now he just got back his old company and it has a ticker. http://www.nrn.com/blog/tillman-fertitta-wants-buy-another-company
No one is going to come out and give you a written promise on this, just not how it works. But real investors do research, then take their chances. If you don't like money, hey no problem, there are plenty of others that do, i'm not trying to sell you anything.
Yeah, I'll bet on a Billionaire turning around his old company versus putting a dime on that other thing...but good luck to you over there, if ONE of those deals comes through you guys are off to the races.
It's like bankruptcy wasn't enough? I'd say the score sucks, possible RS to keep the doors open now. Sorry crab, but this is all washed up. Those restaurants really suck, and there is a reason they all go under. They took ours away 15 years ago only after being open a few years. Roach problems, and pubic hair in the food. That was very nasty at Joe's Crab Shack,
Your a dreamer and real investor deal with real facts. Not hearsay
That's like wanting to know the score of the Superbowl before you make your pick. Well, I'll be happy to sell you some of my shares when they hit a dollar, because then we'll know for sure.
I do not. I could have bought at 4 if I wanted. I don't want to I would only buy on confirmation the commons are intact that's it.
Wall Street Journal:
By Tom Corrigan
A bankruptcy judge signed off on the sale of Joe's Crab Shack and Brick House Tavern + Tap casual-dining chains to Landry's Inc. for $57 million.
Following a hearing Thursday at the U.S. Bankruptcy Court in Houston, Judge David Jones said he was satisfied Landry's offer was the highest and best available.
"I do think the sale process under the circumstances has been fair, has been transparent," he said.
A committee of unsecured creditors on Thursday also voiced support for the sale, the proceeds of which will be used to help repay debts the prior owner of the chains took on before filing for bankruptcy in June.
"This has been a challenging case," a lawyer for the committee told Judge Jones. "We would obviously have liked to have seen a much, much higher price."
Court papers show Landry's, a privately held restaurant and casino specialist, had been eager to buy the restaurants since their parent company, Ignite Restaurant Group Inc., began searching for a buyer.
Landry's, owned by Houston businessman Tilman Fertitta, already operates a broad spectrum of more than 500 restaurants. With the sale approved, it will gain 112 Joe's Crab Shacks and 25 Brick House Tavern restaurants, with many concentrated in Texas, Florida and California.
Landry's agreed to lead the bidding for Ignite's assets with a $55 million offer and won the court-supervised auction for $57 million. Purchase offers Ignite received before filing for bankruptcy were either withdrawn or "not viewed as viable," according to court papers.
In total, Ignite employs more than 8,000 people, court papers show, and the company has continued operating while in chapter 11. Like many of its competitors in recent years, the business has experienced declining comparable-restaurant sales and income.
Ignite also faced a liquidity squeeze after defaulting on its secured debt earlier this year. The company holds a $30 million revolver and $165 million term loan provided by Credit Suisse AG, Credit Suisse Securities LLC and KeyBank Capital Markets Inc.
Private-equity firm J.H. Whitney & Co. holds a majority stake in Ignite, which went public on the Nasdaq Global Select Market in 2012 but was delisted in April.
Write to Tom Corrigan at tom.corrigan@wsj.com
Is it that obvious?
That now wants back in at a lower price.
Like i said I was a believer. As in past tense.
Read this whole article. It is from last year. It is about Landry's wanting to form an entity to get back into the public space. You have to do some DD+math here, but things seem to be lining up. Take:
1. Shareholders are mentioned in the court docs as needing a better chance to be compensated.
2. Landry's went to court with the argument that their offer was better for shareholders.
3. This article which clearly shows that Landry's has been planing to spin off a company with brand recognition for at least a year in the public domain. (Now they are saving 300 million in costs).
4. The ticker is still ticking.
5. The CEO of IRGNTQ still has almost 130,000 COMMON SHARES (you can find that easily in IHub's filing section).
6. The high level of cooperation which seems to be happening in this transition as evidenced by the closures of the Shacks that are just not up to Tilman's standards.
7-THIS
http://www.nrn.com/blog/tillman-fertitta-wants-buy-another-company
So who's right about what?? What's the latest??
It looks like you were right! NICE CALL
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=133692555
WSJ Posts Breaking IRGTQ News With Joe's Crab Shack Headlines!
http://quotes.wsj.com/IRGTQ
What class!? I have yet to see any...
It does not say anything about your class of stock .
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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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