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Next time, try an AON with odd order sizes
I know ! bitter!!!....
Did u see who got the shares at .0136 today?
Nice grab buddy
someone was kind enough to whack a few to me today
the collection grows!
Added a few more INVX today. Sub .02's seem to be drying up in supply.
Much thanks. They're still alive. One of these days, we get an update.
sketchy translation but....
The flooding caused damage in the central region with a large number of factories in industrial estates. North seems to be the target of many. Factory to factory production line for Innovex is another option would be one of several factories.
I have more information about the status of the plant, it will send me Innovex.
moving north.. using innovex's northern Lamphun facility?
kinda putting that together
Link me cbo, thanks
new post on facebook page
maybe it will be a catalyst of sorts. Thai gov't to help companies come back from devastation and get back up to speed.
including innovex
Given the catastrophic results of the floods in Thailand on so many electronics companies
in the disk drive industry if a deal cannot be done on this company
in the next 3 months it will never get done,
Hi wakingbake. Came by Marked the board. GLTA!.
little bit on l2 action today (kinda random).
Been holding this for awhile too... someone is loading on the sly for sure
looks like we will have a .02 bid to start the day
October marks the beginning of the fiscal year in thailand
damn that chart looks nice :)
Yea, I'm holding mine for the re-emergence of INVX
This one has long term retirement potential written all over it. Thanks for the heads up WB.
In...going to buy more. EOM
Nice ask slapping today. Top offer was .05 at one point.
Thanks for the heads up Super, been scrounging around seeing if I can find any new DD that might indicate something is up, nothing yet. If anyone else stumbles on something please bring to the board. Either way, nice to see a little movement.
Maybe a short (I personally think all the MM's short everything that runs up knowing it will come back down eventually. We just need some follow through news to make them cover eventually).
But, there was never any real volume down here that they could have covered with. I can tell you I got all the .012s and .013s in the last month (Ok maybe not all of them but truthfully like 85%).
I do expect a run here to high levels very soon. there is simply no shares down here.
Yea, was nowhere to be found. Then the .016's got slapped, I grabbed a few too. AFter each slap at .016, it was followed by a 100 share whack at .014. Happened twice. Just look at the Time and Sales:
http://ih.advfn.com/p.php?pid=trades&symbol=INVX
I'm 99% we have a short and maybe AUTO was used for that reason.
Thanks cbo, sc
I don't beleive so. The charts is looking primed and I believe this caused buy side volume .
i was out all day. Did he stay away throughout the day?
chart seems like its time to move back up. :) maybe auto agrees
Howdy levelnever INVX very interesting volume today... 121k vs 5k_vol10dayavg
Recent DD uncovered?
sc
Hmm, is AUTO gone from the ask at .02 today?
Yea, was nice to see some volume
Could Cornick be the 'planner'?
Great post cbo!
Well we all know Innovex was headed into the ground by some pretty bad management. People that really didn't know the landscape lead the company... making ridiculous acquisitions, changing of the business model to include suspension assemblies in early 2000s, and not being the most upfront about what was/ wasn't profitable to the public.
But I've been thinking about why Innovex assets were not sold around 2008 when the company was headed for impending doom / BK. They had tangible assets that no doubt could have (and probably still could) pay off their creditors. I am sure this was bounced around the BOD when the sh*t hit the fan for the last 4 years. But their was never a hint to the public about changing their busniness model.... never a hint of selling the big $$$ parts of their assets... and never a hint about trying to disband the unprofitable aspects of their business to help the bottom line. Instead... they rode it out. Rode out bigger and bigger losses quarter after quarter. Seemingly, not doing much until they were forced to file BK.
Now I don't have access to alot of the info they do. So this might be a bit ignorant. But everyone knows that if you owe someone money and lets say you own a nice TV or something like that... you need to sell the d*mn TV to give that person money (or give them the TV to make good on the debt).
So i can't help to wonder why they wouldn't do this?
And all i can figure is that they knew they didn't have to. They could try to pull it out... but if they didn't Thai BK laws would protect them (I should point out people like Kenneth White were on Innovex board and but also part of Thai BOI that runs big business in the country). Along the same lines with my earlier analogy: Why sell the TV if you didn't have to. Lets says your big brother is the bully on the block and runs the whole neighborhood and your in bed with him. The questions (especially in corrupt Thailand) then turns to not if you should sell the TV but why would even think about selling the TV?
Wouldn't that be almost the only time you wouldn't sell your TV ... if you knew you didn't have to cus nothing would happen ?
Now im a bit of a conspriacy theorist.. but I almost think certain people knew about this outcome a good amount of time before the official annoucement. They fooled multiple hedge funds stateside outta millions invested (which can be seen via form 4s) and innevitably screwed certain thai creditors outta millions. And what happens when it all goes down????? insiders like Cornick and certain banks like SBC are there to pick up the pieces (and remember these two are friends!!!!). Picking up shares for pennies on the dollar and debt for a fraction of the original price. Market capitulation at its finest i guess ...
Here is to the little guys trying to get in on the big game! Kudos ya'll!
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* This is a speculative play, and while we present filings/documents to back up some of our DD here, as with many pink plays, it is grounded in speculation. There have been filings and documents that have piqued our interest, but as of yet, especially in relation to Thailand bankruptcy proceedings we do not have alot of information. If anyone has access to Thailand bankruptcy and/or court documents or knows how to get them that would be a big help to finding out what is going on with this play. The IBox will be continuously updated as more information is found.*
Basic Information :
Address :
Innovex, Inc
3033 Campus Drive
Suite E180
Plymouth, MN 55441
http://www.innovexinc.com
Phone: 763-383-4000
E-mail: info@innovexinc.com
SEC Reporting Status
SEC Reporting Company
CIK
0000050601
Estimated Market Cap : $184,710 as of November 9, 2010.
Outstanding Shares : 19,443,153 as of Nov 14, 2008. Authorized Shares : 30,000,000 as of Nov 14, 2008.
John M. Clark III | Chairman of the Board | |
Age: 58 | ||
Randy Lloyd Acres | President, Chief Executive Officer, Chief Financial Officer, Director | |
Age: 44 | ||
Brian R. Dahmes | Vice President - Technology | |
Age: 48 | ||
D. Allen Andersen | Director | |
Age: 58 | ||
Philip D. Ankeny | Director | |
Age: 47 | ||
Kenneth Lee White | Director | |
Age: 65 | ||
Thira Wipuchanin | Director |
Background :
On March 30, 2010, Innovex (Thailand) Limited, ("Innovex Thailand") a subsidiary of Innovex, Inc. (the "Company"), filed with the Central Bankruptcy Court in Thailand, a voluntary rehabilitation petition under the Bankruptcy Act for Business Rehabilitation in accordance with Thailand Law. The petition, dated March 30, 2010, was formally accepted by the Thai Court on April 2, 2010 and the decision on the final acceptance and approval to reorganize the business in accordance with the petition is expected to be provided in June 2010. The petition filing pertains to the restructuring plans of the Company's subsidiary, Innovex Thailand and does not extent to cover its parent, Innovex, Inc.
In the petition, Innovex Thailand has requested for its business to be reorganized under the Bankruptcy Act in Thailand which allows for the continuation of its operations while existing debts with all existing creditors are properly restructured. According to the Bankruptcy Act in Thailand, from the period commencing from the day on which the court makes an order accepting the petition until the expiration of period of time for implementation of the plan or the date on which the plan is accomplished successfully or the date on which the court dismisses the petition or disposes of the case or cancels the business reorganization plan, any concerned persons, Company or Partnership such as creditors (secured or unsecured) or owners of material property required for the business operations of Innovex Thailand, will not be permitted to take any legal action against Innovex Thailand. In addition, during the abovementioned period, all proceedings or filing of civil suits against Innovex Thailand and execution of any judgment will be suspended until the completion of the business reorganization or until the dismissal or cancellation of the petition. The rehabilitation petition provides Innovex Thailand with time to properly restructure the existing debt, finalize the potential investment from Standard Chartered Bank, restart its operations and further provides Innovex Thailand with an opportunity to re-emerge as a healthy business in the future wherein creditors will be able to receive debt repayments in an amount greater than the amount expected to be received if Innovex Thailand files for liquation.
http://biz.yahoo.com/e/100409/invx.pk8-k.html
Pretty much what is going on here and needs to be known is Innovex went bankrupt, but they (as far as we know) are attempting to restructure one of their Thailand subsidaries as the new company, and the parent company based in Minnesota is being left alone in this process.
Some DD compiled by various posters the past few months (and will be added to as we find more information, it is extremely difficult to find anything though) :
April 8, 2010 - Rehabilitation Petition
Innovex has announced that its subsidiary, Innovex (Thailand) Limited has filed a rehabilitation petition under Thailand law. The petition, which was dated and filed on March 30, 2010, was formally accepted by the Thai Court on April 2, 2010. In the petition, Innovex Thailand has requested for its business to be reorganized under the Bankruptcy Act in Thailand which allows for the continuation of its operations while the existing debts with all existing creditors are properly restructured. The decision from the Thai Court on acceptance and approval to reorganize the business in accordance with the petition is expected to be provided in June 2010. The petition filing pertains to the restructuring plans of the Company's subsidiary, Innovex Thailand, and it does not extent to cover its parent, Innovex, Inc.
Additionally, as previously announced by the Company on January 6, 2010, the Company entered into an agreement with Standard Chartered Bank (Hong Kong) Limited ("SCB") to restructure its capital structure, wherein SCB will purchase all of the Company's outstanding bank debt, approximately $55 million, from Bank of Ayudhya Public Company Limited and TMB Bank Public Company Limited, at a discount from the total value outstanding and will also provide the Company with additional working capital. Currently, the process is still ongoing pending internal approvals within SCB, reaching acceptable agreements with the Company's current banks on the final purchase price and arrangements or settlements with the Company's other creditors.
While this process was unfolding, a very wealthy and prominent individual by the name of Nigel Cornick started buying up Innovex's stock, as evidenced in the filings below. It should also be noted that when he wasn't buying and when he was finished, the stock barely trades with any volume at all, which leads one to believe it is being held in tight hands.
Cornick Filing : http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7363021
Who Cornick is : http://www.binswangerthailand.com/About_Us/Executive_Team/Nigel_J_Cornick/97/
Also, Cornick was recently on CNBC (Unrelated to INVX) : http://www.cnbc.com/id/15840232?video=1598821324&play=1
Information on Randy Acres, the CFO that was brought in before BK and is now the CEO:
DD by levelnever, MrPink33, Superfly15
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