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Shares will be cxld though and
it will emerge as a private co
from todays news
MK
Why would you advise anyone to buy this POS since "It is anticipated that upon consummation of the proposed Plan, Jackson Hewitt's new equity will be privately held. Under the proposed Plan, all of the Company's existing common stock will be cancelled upon Jackson Hewitt's emergence from bankruptcy.
They are going back private and cancelling their public equities. I wouldn't touch this with a 10 foot pole now and I love the Company. Except maybe to short it down to a penny.
DD22
No, not in at the moment.
Are you in yet, my friend? Today it should be the buying opportunity
As most predicted.
As I predicted JHTX finally filed the CH11 today! 0.08 is the bottom
and which is 60% decline from yesterday's close 0.2! The 0.18 ~ 0.22
buyers perhaps wait for months to get out even. That is why I advise
the potential buyers not to buy a soon-CH11 stock before the CH11!
JHTX BANKRUPTCY
Jackson Hewitt Reaches Agreement With Lenders to Restructure Debt
Jackson Hewitt Tax Svc (QB) (USOTC:JHTX)
Intraday Stock Chart
Today : Tuesday 24 May 2011
Jackson Hewitt Tax Service Inc. ("Jackson Hewitt") (OTCQB: JHTX), the nation's second largest tax preparation firm, today announced that it has reached a definitive agreement with its secured lenders on a restructuring plan that will significantly reduce the company's outstanding debt and interest expense, while putting the company on solid financial footing with an appropriate capital structure to support its business plan going forward. Jackson Hewitt expects the restructuring plan to be fully implemented in 45-60 days. During this period, Jackson Hewitt will have the liquidity and financial flexibility to operate in the normal course and begin preparations for the 2012 tax season. In connection with the restructuring plan and its implementation, Jackson Hewitt expects that no disruption will be experienced by its clients, franchisees or employees.
"This is a very important and positive day for Jackson Hewitt and its key constituents," stated Philip H. Sanford, president and chief executive officer of Jackson Hewitt. "Our clients, franchisees, employees and business partners can be confident in our future, as we take the steps to reduce our debt and interest expense, while significantly strengthening our balance sheet. The debt and interest rate burden we have carried in recent years has limited our potential and financial flexibility and, this will no longer be the case. With the solid support of our secured lenders, the debt restructuring we are implementing will position Jackson Hewitt with a strong balance sheet, a fully funded business plan and the ability to make investments that will better position us to compete and win in the market place going forward. The Jackson Hewitt brand is greatly strengthened by the actions we are taking today, and we can confidently begin our preparations for the 2012 tax season and beyond. Our only regret is that there is insufficient value for our equity holders and unsecured creditors to share."
"It is also important to note that the day-to-day operations of our business will not be affected by the implementation of our debt restructuring plan," continued Sanford. "We want to assure our clients, franchisees and employees that we are committed to strengthening Jackson Hewitt for the long term and to continuing to provide quality, accurate tax preparation services that meet the needs, and exceed the expectations, of our valued clients."
In order to implement the financial restructuring, Jackson Hewitt and its subsidiaries today filed voluntary petitions for reorganization under chapter 11 in the U.S. Bankruptcy Court for the District of Delaware. The Company also filed, with the petitions, a pre-packaged plan of reorganization that contains the terms of the restructuring agreed to with the company's lenders.
Since Jackson Hewitt has already received all of the necessary approvals from its secured lenders for the proposed Plan, it will request that the Court confirm the Plan on an expedited basis. In the interim, Jackson Hewitt's franchisees will experience no changes in their day-to-day business activity and Jackson Hewitt clients will have continual access to tax preparation services at Jackson Hewitt offices nationwide.
Under the terms of the proposed Plan, Jackson Hewitt's current secured lenders will receive their pro rata share of a new $100 million term loan and all of the equity in the reorganized enterprise. The Company also anticipates entering into a new $115 million revolving credit facility upon consummation of the Plan. It is anticipated that upon consummation of the proposed Plan, Jackson Hewitt's new equity will be privately held. Under the proposed Plan, all of the Company's existing common stock will be cancelled upon Jackson Hewitt's emergence from bankruptcy.
Moelis & Company is acting as financial advisor to Jackson Hewitt, and Skadden, Arps, Slate, Meagher & Flom LLP is acting as Jackson Hewitt's counsel.
Sorry! I mean during the past week, not today! 0.2 is today's high.
Millions of shares above .20?? Its low volume and currently .185
CH11 (hope it is not the CH7) should be filed before the end of this
week per the schedule! I am wondering who are buying the millions of shares above 0.2? Why buy the soon-CH11 stock before the bankruptcy?
That is the news that is pertinent at the moment as it lays out what is being weighted right now.
It is the last bit of news to enlighten investors/public.
It should be stickied imo.
That is a piece of very old news. Everyone knew it several weeks ago
Lenders extend Jackson Hewitt's principal payment deadline
* Says lenders amend credit agreement
* Amendment delays $30 mln principal payment to May 20 (Follows alerts)
(Reuters) - Jackson Hewitt Tax Service Inc , the second-largest U.S. tax preparer, said its lenders amended a credit agreement, delaying a principal payment and the possibility of a pre-packaged bankruptcy.
The amendment extends the date by which the company has to make a $30 million principal payment, due April 30, to May 20, the company said in a regulatory filing.
The amendment also gives the company time until May 20 to work with the lenders to agree upon a 'mutually satisfactory restructuring' of its balance sheet.
In March, Jackson Hewitt said it was working with its lenders on a restructuring plan that may include a pre-packaged bankruptcy as it struggled to make payments on its ballooning debt. [ID:nL3E7EA1LW]
Jackson Hewitt, which had $362.3 million in outstanding debt under the credit agreement as on Jan. 31, had less than $5 million in cash and cash equivalents, according to a regulatory filing on March 10. (Reporting by Jochelle Mendonca and Tenzin Dekeva)
Not yet. They will file before 05/20/2011.
They filed bankruptcy??
The 52-week low 0.14 was created yesterday before the bankruptcy...
There were only a couple thousand sold at .14 this morning. I added most .15. Volume is low currently.
I bought tens of thousands of shares at the bottom price 0.14 ~ 0.15 this early morning and enjoy the big profits now! 0.14 seems the new
bottom price or 52-week low.
I got 1000 at .14 only
The daily low is 0.14 so far. Not bankruptcy yet which is good news!
What will happen to JTX on Monday, how will I be able to trade my shares if it's no longer in the NYSE. What happens to my shares.
Today is the last day for JTX trading on NYSE. Pink Sheets on Monday
Tomorrow will be the last day for JTX trading on NYSE! I bet it will
hit 0.1 or below once it is trading on the Pink Sheets in next week.
ITEM 3.01 NOTICE OF DELISTING OR FAILURE TO SATISFY A CONTINUED LISTING RULE OR STANDARD; TRANSFER OF LISTING
On May 2, 2011, Jackson Hewitt Tax Service Inc. (“the Company”) received notice from the New York Stock Exchange (the “NYSE”) that the Company’s common stock would be suspended from the NYSE prior to the opening of trading on the NYSE on Monday, May 9, 2011. As indicated in a press release issued by the NYSE on May 3, 2011, the NYSE determined to suspend and initiate delisting of the Company’s common stock because the Company’s common stock did not have an average closing price of at least $1.00 per share over the prior 30 trading day period, the average aggregate value of the Company’s common stock over the prior 30 trading day period was less than $50 million and the Company did not have stockholders’ equity of at least $50 million. The Company understands that bid and ask quotations for its common stock may be available in the over-the-counter market.
As previously announced by the Company on April 29, 2011, the Company remains in discussions with the lenders under its Amended and Restated Credit Agreement, originally dated as of October 6, 2006 and amended through April 29, 2011, with Wells Fargo Bank, N.A. (as successor-by-merger to Wachovia Bank, National Association), as Administrative Agent, to agree upon a mutually satisfactory restructuring of the Company’s balance sheet and go-forward funding needs. While the terms of any restructuring remain to be finalized, the terms of the restructuring currently under discussion with the lenders do not contemplate that any value will be available for shareholders. No assurance can be given with respect to the terms or timing of any contemplated restructuring.
There is no enough time for JTX to do anything before 05/20/2011. On
the next Monday (05/09) JTX will be de-listed from NYSE & downgraded
to the Pink Sheets world which is very negative event to the price!
Book values can change qtr to qtr. Yes, they are in very bad shape at the moment. But BK not for sure....yet.
GLTU
How could JTX avoid the CH11 or CH7 with -$1.97 a share book value?
Depends on negotiations and whether they can make their payment by the deadline.
If JTX avoids BK, it will fly hard with such a low float and huge current short interest.
Totally about 160,000 shares dumped at 0.16 as of yesterday! CH11 or
CH7 after or before 05/20? The CEO run the company to the ground now
Another new 52-week low 0.16 was hit in the after hours of yesterday
The enterprise value is $374,710,000 and cash value is 0.17 a share.
The institution ownership is 33.6% and insiders ownership is 4.66%.
New 52-week low 0.2617 was created today!
Jackson Hewitt Falls 24% After Lenders Amend Credit AgreementBY Midnight Trader
— 11:47 AM ET 05/02/2011
11:47 AM Eastern Daylight Time, 05/02/2011 (MidnightTrader) -- Jackson Hewitt (JTX) is down after it said its lenders amended a credit agreement, delaying a principal payment and the possibility of a pre-packaged bankruptcy. The amendment extends the date by which the company has to make a $30 million principal payment, due April 30, to May 20, it said in a SEC filing, according to Reuters. The amendment also gives the company time until May 20 to work with the lenders to agree upon a 'mutually satisfactory restructuring' of its balance sheet, Reuters reports. Jackson Hewitt shares are down 24.3%. Price: 0.394, Change: -0.127, Percent Change: -24.34
http://www.midnighttrader.com
I,m in for a bit here @ .38 anyone joining me ??
well I have 5000 shares guess I will hold for now!
thatz a lota $$$$$$.....time will tell
would watch the stock.....it should tell u whatz about to happen
volume proceeds price
have been in-n-out couple times
itz a day trade for now for me till end of March
c c
do you think they will come up with the money!
daffy.....JTX has a note due April, 30.......IMVHO they will need to come up with all/most of the money in order to continue funding
From the last 10-Q under liquidity......link:
http://ih.advfn.com/p.php?pid=nmona&article=46816453
mandatory payment of $30 million due on April 30, 2011, at the direction of a supermajority of Lenders representing two-thirds of the aggregate loans.
------------------------------------------
so this is saying no BK !
Weeeeeeeeeeeee!!!!!!!!!
JTX.....lenders agreed to mutually satisfactory restructuring of Jackson Hewitt's balance sheet and go-forward funding needs
Jackson Hewitt Tax Service Inc. ("Jackson Hewitt") (NYSE: JTX), the nation's second largest tax preparation company, today announced the cancellation of its 2011 third quarter earnings conference call and webcast (originally scheduled for Thursday, March 10, 2011 at 8:30 a.m. Eastern Time) in light of ongoing discussions between Jackson Hewitt and lenders under its senior secured credit agreement. As previously disclosed, pursuant to the credit agreement, Jackson Hewitt and the lenders agreed to use good faith efforts to agree upon a mutually satisfactory restructuring of Jackson Hewitt's balance sheet and go-forward funding needs, and to execute definitive documentation relating thereto on or prior to April 29, 2011. Jackson Hewitt expects to file its Quarterly Report on Form 10-Q for the period ending January 31, 2011 on March 10, 2011 in compliance with the rules of the Securities and Exchange Commission
http://pr-usa.net/index.php?option=com_content&task=view&id=650338&Itemid=29
c c
H&R Block Must Face False Advertising Claims brought by Jackson Hewitt, Judge Says
Mar 21, 2011 5:50 PM PT
Business ExchangeBuzz up!DiggPrint Email .H&R Block Inc. (HRB) lost a bid to get a lawsuit dismissed that was brought by Jackson Hewitt Tax Service Inc. (JTX), the second-largest U.S. tax preparer, accusing its competitor of making “false and misleading” claims about errors in returns prepared by Jackson Hewitt.
Jackson Hewitt alleged that its larger rival made a “highly material and false and disparaging advertising claim” that it “found errors in two out of three Jackson Hewitt tax returns,” according to the complaint.
In a one-page order today, U.S. District Judge Alvin K. Hellerstein in Manhattan wrote that Parsippany, New Jersey- based Jackson Hewitt should be allowed to seek further evidence on the issues and that “plaintifff has alleged sufficient allegations to survive the motion to dismiss” by H&R Block.
The claims were made in connection with the “Second Look Review” service of H&R Block, the biggest U.S. tax preparer, which reviews customers’ past tax returns prepared by other companies, according to the complaint.
The suit asks the court to bar H&R Block from making the allegedly false claims, plus unspecified damages.
“H&R Block stands behind our advertisements and will vigorously defend our claims,” Kate O’Neill Rauber, a spokeswoman for Kansas City, Missouri-based H&R Block, said in a statement.
The case is Jackson Hewitt Inc. v. H&R Block Tax Services LLC, 11-cv-00641, U.S. District Court, Southern District of New York (Manhattan).
To contact the reporter on this story: Pamela MacLean in U.S. District Court, Northern District of California in San Francisco;
http://www.bloomberg.com/news/2011-03-22/h-r-block-must-face-false-advertising-claims-by-jackson-hewitt-judge-says.html?cmpid=yhoo
c c
Hey, thanks for the info. Well then something is up for sure, I hope
the rules have changed
it has gotten tighter to do naked shorting
naked shorting is selling shares not there...rokers seling shares non existant
If u had 1 mill. shares worth $ 1,000,000.00
naked shorting would increase share count
say it increased share count to 2 mill. shares = $ 500,00.00
it has gotten harder to short shares
very few brokerage firms are naked shoritng in todays market
TdAmeritrade won't do it
called them
they only have 100 shares you could short
c c
I think this horse still has some legs for Monday and Tuesday, there was no real reason for this company to go this low.
Pardon my ignorance on shorting, but could it be naked shorting?
aparently some one sees/knows something
c c
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