Jackson Hewitt Tax Service Inc. (fka JHTXQ)

[Value_Investor]

As I can tell the CEO is too bad and too greedy to cancel the stock!

[Chodeadactyl]

We'll miss ya Jackson!

[Value_Investor]

All the common shares are canceled now!

[monda2frida]

12:22 JHTXQ Jackson Hewitt Tax Services Common Stock 8/16/2011 100 Plan of Bankruptcy Effective. All shares have been cancelled. Deletion Time: 12:19:54 **

[Value_Investor]

Another new 52-week low 0.004 was created today after the huge sell-
off! All the common shares might be canceled as early as today...

[johnnytrader33]

aernt the old shares gonna get canceled???

[Value_Investor]

Warning: all the common shares may be canceled as early as today...

[Doubledown22]

People will buy and pump anything...but hopefully it will run to $35 so all the bagholders trapped in this can sell out and not be completely destroyed by it.

I've already made my $$ off of JHTX....maybe it will run back up to .08 so you can trade even before they halt this...lol

From the 8-K FILED TODAY. Please read and absorb the ENGLISH words that are written by the company itself in the filing. This is not speculation or guessing. It is fact stated by the company itself.

http://ir.jacksonhewitt.com/phoenix.zhtml?c=177359&p=irol-secText&TEXT=aHR0cDovL2lyLmludC53ZXN0bGF3YnVzaW5lc3MuY29tL2RvY3VtZW50L3YxLzAwMDEzNDEwMDQtMTEtMDAxNjIxL3htbC9zdWJkb2N1bWVudC80

"Under its Court confirmed Plan of Reorganization, Jackson Hewitt will emerge as a private company. The majority owner of Jackson Hewitt’s new equity will be Bayside Capital, an affiliate of Miami, FL-based H.I.G. Capital, and the largest holder of Jackson Hewitt’s secured debt prior to its restructuring. A new five-member Board of Directors will be named and become effective on emergence. Under the Plan, approximately two-thirds of Jackson Hewitt’s term debt was forgiven in exchange for newly issued common equity on emergence. Jackson Hewitt’s pre-emergence common stock will be extinguished on emergence in accordance with the Plan.

I don't know how else to say this to you..The common shares you are encouraging others to buy here will be wiped out at any moment. Not my words, the new owners' words.

But other famous words applicable here are "the market can remain irrational longer than you can remain liquid".

DD22
p.s. trading $17K in dollar volume is hardly cause for all the pump celebration and bold lettering...but go ahead...party on while you can.

[Value_Investor]

Huge rally (up 120.34%) today! Buy at the ask ASAP tomorrow to catch
the fast train because all the common shares are survived after CH11

[Chyn3s3boi]

LOL. Something happening today?

[Value_Investor]

0.011 just hit! Cover the shorting position ASAP...

[Value_Investor]

.0075 x .008 now. Buy at the ask price ASAP to catch the fast train!

[Value_Investor]

When I said "the CEO is lied to all" which means he said all the OS
would be canceled after the CH11 confirmation. However the CH11 was
already conformed, but the common shares were not canceled so far!

[Doubledown22]

No he didn't. From the original Chapter POR filed in May th company stated that the common shares would be wiped out. Go back and actually read the filings. The company has been very transparent.

DD22

[Value_Investor]

0.006 x 0.007 now. JHTXQ is already bottomed out at .0051 unless the
very sick CEO cancels the common shares later! The CEO lied to all.

[Value_Investor]

JHTXQ is up 18.7% so far! You should buy some shares at the low MV!

[Value_Investor]

Wrong! At least so far all the common shares are still survived now!

[Value_Investor]

Jackson-Hewitt Tax Service Disclosure Statement Approved, Plan Confirmed

The U.S. Bankruptcy Court signed an order approving Jackson-Hewitt Tax Service's Disclosure Statement and concurrently confirming the Company's Amended Joint Prepackaged Plan of Reorganization. Under the Plan, the Debtors current secured lenders will receive their share of a new $100 million term loan and all of the equity in the reorganized company, and existing stockholders will receive nothing. The Company expects to enter into a new $115 million revolving credit facility to fund operations until the new tax season begins. "We're very pleased that the court approved the plan," Mark A. McDermott of Skadden, Arps, Slate, Meagher & Flom, the Debtor's bankruptcy counsel.

[Value_Investor]

Hard to say, my friend! Sometimes the company cancel the stock after
several days or a couple of weekw from the conformation day...

[Chodeadactyl]

This could of been a Sweet play!

[Sooky4810]

thank you, saw someone post commons survive and in IHUB, you're never sure who to believe, but thought I had right idea. and today down she goes, tons of plays out there. I'm always open for tips and or good plays, I use EF and just got it a few weeks ago, been trying to get some help on some tips for filters and alert type settings, any help in your spare time would be appreciated tyia

[Doubledown22]

That is exactly what it means Sooky. The commons DON'T SURVIVE. This will be HALTED AT ANY TIME NOW so folks please be careful playing with fire here.

DD22
p.s. GM had the same scenario when they emerged from Chapter 11. Their stock traded several days and then BAMM!!!! SEC halted it and it was gone. This company IS NOW PRIVATELY OWNED by the creditors who bought JH. There are no longer any reporting requirements. Everyone has been warned.

[Sooky4810]

just got home and read the whole thing. sounds like we need more info if commons survive. I'm not too good on these issues, so I might have to stay on the sidelines and keep watch. Might jump in when my funds clear. from what I've read >
"the pre emergence stock will be extiguished according to the new plan" and the rest I'd like to dig deeper to find what this really means. thanks for the link

[Value_Investor]

Surprised! All the common shares are survived now after exiting from
the CH11 today! Hopefully the very sick CEO won't cancel it tomorrow

[paperboy22]

NP at all Snook!

[Sooky4810]

thats what I thought, thank you for your help

[Value_Investor]

Breaking News: JHTXQ will exit from the CH11 today!

Jackson Hewitt wins OK to emerge from bankruptcy

Mon Aug 8, 2011 2:11pm EDT

* Plan turns bulk of company over to lenders

* Creates $1.1 mln trust for unsecured creditors

* Equity holders wiped out

By Nick Brown

NEW YORK, Aug 8 (Reuters) - Jackson Hewitt Tax Service Inc (JHTXQ.PK) won court approval of its reorganization plan on Monday, clearing the way for the second-largest U.S. tax preparer to emerge from bankruptcy under the control of lenders led by Bayside Capital.

The deal effectively completes a swift restructuring for Jackson Hewitt, which filed for Chapter 11 protection from creditors in May with a prepackaged restructuring plan.

U.S. Bankruptcy Judge Mary Walrath confirmed the plan at a hearing in Wilmington, Delaware, lawyers for Jackson Hewitt and its creditors said.

The Bayside group will take a 75 to 80 percent stake, with the remainder going to Wells Fargo & Co (WFC.N) and Bank of Ireland (BKIR.I), said Mark McDermott, Jackson Hewitt's bankruptcy lawyer.

"We got a lot accomplished," he said. "We managed to leave behind most of the litigation, and we did it all in only a couple of months."

The plan also creates a $1.1 million trust to be paid out to unsecured creditors, said Christopher Winter, a lawyer for Jackson Hewitt's official creditors' committee, which supports the plan.

It will also allow a trustee to pursue about $2 million in so-called avoidance actions on behalf of unsecured creditors, Winter added. Shareholders will recover nothing.

"It was a very difficult case and there was no apparent value for unsecured creditors, so the committee is pleased with the outcome," Winter said.

Jackson Hewitt did not immediately provide a comment. An attorney for the Bayside lenders could not be reached.

Jackson Hewitt filed for bankruptcy May 24, after regulators began clamping down on refund anticipation loans, which tax preparers often provide to tide over customers expecting refunds. Regulators called the loans unsafe, making it harder for tax preparers to secure funding for them.

The curbs caused Jackson Hewitt to get into trouble with lenders when it failed to secure full funding for the loans, a key covenant in its credit agreement.

In its May 24 bankruptcy filing, Jackson Hewitt showed assets of $388.6 million and debt of $444.8 million. The company said at the time it hoped to emerge within two months.

The case is In re: Jackson Hewitt Tax Service Inc, U.S. Bankruptcy Court, District of Delaware, No. 11-11587.

(Reporting by Nick Brown; Editing by Richard Chang)

I'm not sure if the common shares will be canceled today or later!

[paperboy22]

The commons shareholders get nothing.

Paragraph 7..


http://www.reuters.com/article/2011/08/08/jacksonhewitt-idUSN1E77711L20110808?feedType=RSS&feedName=bankruptcyNews&rpc=43

[Sooky4810]

says the pre emergence stock will be extiguished according to the new plan although JHTXQ will be a private compny, so new shares might be issued and old ones cancelled? Like I said I am still learning these bk stocks any insite?

[Value_Investor]

The common shares should be canceled today based on the common sense
unless the company forgot to cancel the stock at the end of today...

[Sooky4810]

court confirms POR today. I'm not good at reading these things, but from the pr, does it mean the pre POR shares are cancelled? I'm not in this stock, just trying to learn tia for any help

[Value_Investor]

Huge sell-off and new 52-week low 0.0051 was created today! However
the shares has not been canceled yet! It may survive for a while...

[Chodeadactyl]

9:30am in Wilmington, De. Wonder if they cancel today. I'm just sitt'n on the sidelines.

[Value_Investor]

Jackson-Hewitt Tax Service Plan, Supplements Filed

Jackson-Hewitt Tax Service filed with the U.S. Bankruptcy Court an Amended Joint Prepackaged Chapter 11 Plan of Reorganization. According to the Disclosure Statement, "In accordance with Bankruptcy Rule 9019, the Plan constitutes a good faith compromise and settlement among the Debtors, the Lenders, the Administrative Agent and the Creditors' Committee, regarding the treatment of the General Unsecured Claims under the Plan, and reflects and implements such compromise and settlement, including by establishment of the Post Effective Date Trust and transfer of the Post Effective Date Initial Funding and the Transferred Avoidance Actions into the Post Effective Date Trust. Such compromise and settlement is made in exchange for consideration and is in the best interests of the Debtors, the Estates, the Lenders, the Administrative Agent and the Holders of General Unsecured Claims; is within the reasonable range of possible litigation outcomes, is fair, equitable and reasonable and is an essential element of the resolution of these Chapter 11 Cases. The compromise and settlement embodied in this Plan: (i) falls within the jurisdiction of the Court under 28 U.S.C. § 1334(a), (b) and (d); (ii) is an essential means of implementing the Plan pursuant to section 1123(a)(5) of the Bankruptcy Code; (iii) is an integral element of the transactions incorporated in the Plan; (iv) confers a material benefit on, and is in the best interests of, the Debtors, the Estates and holders of General Unsecured Claims; (v) is vital to the overall objectives of the Plan to finally resolve all Claims; and (vi) is consistent with sections 105, 1123 and 1129 of the Bankruptcy Code and other applicable provisions of the Bankruptcy Code." The Company also filed Plan Supplements for its Chapter 11 Plan of Reorganization.

[Value_Investor]

Warning: Tomorrow (08/08/20111) will be a key day to decide the fat
of JHTXQ: dead (shares cancellation) or live (shares survived)?

[Value_Investor]

No any new at all today! Shocking news may be on the next Monday...

[Chodeadactyl]

Will we get some news today? JHTXQ is looking oversold.

[Value_Investor]

Tomorrow will be the last normal trading day before the key date of
next Monday (08/08/2011)! Let's send the CEO to the jail or file the
lawsuit to the court to prevent the JHTXQ from exiting from the CH11

[Value_Investor]

JHTXQ is up 20% so far! Buy at the ask ASAP to catch the boat...

[Value_Investor]

JHTXQ is currently a very risky player after 07/25/2011's ugly news! It is a "buy" in terms of the low MV, but a "sell" per the key date 08/08/2011 which will cancel all the common stock if no objection!

[buddhabelly2]

What gives you any hope this bankrupt POS has any future?

[buddhabelly2]

Its in Bankruptsy

[Value_Investor]

If the shareholder can file the lawsuit to the CH11 bankruptcy court against the company or CEO we might have some hope! Otherwise it is
totally depends on the very sick CEO if he cancels our shares or not

[stockjoke]

IS THERE ANY HOPE HERE?

[Value_Investor]

How to send the CEO to the jail? Because he is too greedy & crucial to decide to cancel the stock in such short period! I will only play the swing trade to gamble the very small money until 08/08/2011...

[Value_Investor]

The CEO is too greedy and crucial to decide to cancel the stock in such short period! I will only play the swing to gamble some money!

[Cakeman28]

this one seems like its done....companies just S#$@ on the shareholders...im glad I did dd...I mean u could play the pops but unless they change their minds stick a for in her!

[Value_Investor]

Another new 52-week low 0.0161 was created today! What's wrong here?

[Value_Investor]

Yesterday there was no "0.02 walls" at all! JHTXQ was 0.015 x 0.02!

[Value_Investor]

If my understanding is correct it seems a very bad news! Which means the very sick CEO might cancel all the common shares on 08/08/2011.