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hmm after DD comms plan to be canned after recovering....but hey this is wallstreet anything can happen...will keep on watch
wait nvm im gonna hold off...HUGE bid support @.02...soo waiting for now
Jackson-Hewitt Tax Service Hiring Approvals Sought
Jackson-Hewitt Tax Service's official committee of unsecured creditors filed with the U.S. Bankruptcy Court motions to retain BDO Consulting (Contact: David E. Berliner) as financial advisor at the following hourly rates: partner/managing director at $475 to 795, director and senior manager at 375 to 525, manager at 325 to 425, senior at 200 to 350 and staff at 150 to 225 and Duane Morris (Contact: Michael R. Lastowski) as counsel at hourly rates ranging from 305 to 745.
hmm looks like .03 rightnow has support...hmm will still try to get lower after DD mmuuhhahahahaha! lol
At 0.03 the MV is only $.8M which is ridiculous low as a very famous
and the USA second largest tax service provider! JHTXQ is Extremely undervalued based on the MV compared to the similar industry leader!
JHTXQ is up 5% so far and ready to run as BLOXQ and BGPIQ did today!
Jackson Hewitt Pushes Chapter 11 Fight With Creditors To August
Peg Brickley
| 30 June 2011
Jackson Hewitt Tax Service Inc. agreed to push its Chapter 11 plan confirmation hearing from July until August, giving more time to creditors who say the prearranged restructuring needs a closer look.
The country's second-largest tax preparer is looking for a quick pass though bankruptcy to swap out debt for equity and shake off lawsuits brought by low-income people who accuse Jackson-Hewitt of running afoul of consumer protection laws.
Thursday, however, company attorney Mark McDermott said Jackson Hewitt agreed to a 30-day delay to give the official creditors committee time to perform its work.
That work includes testing the validity of the bank loan claims that will knock unsecured creditors out of any hope of recovery in the case. It includes vetting Jackson Hewitt's program for notifying consumers that its bankruptcy wipes out their right to sue over "refund anticipation loans."
Along with Jackson Hewitt's Chapter 11 plan, the refund anticipation borrower notice program will be reviewed Aug. 8 in the U.S. Bankruptcy Court in Wilmington, Del.
The short-term, high-priced loans against expected tax refunds are a thing of the past because of changes in Internal Revenue Service practices. However, they once accounted for a significant chunk of Jackson Hewitt profits. They also triggered class-action lawsuits accusing the company of victimizing low-income consumers with alleged predatory lending practices.
Jackson Hewitt's plan will end the threat of those suits, allowing the company's lenders to take over the operation minus the liabilities.
Creditor attorney Christopher Winter of the Duane Morris firm said Thursday that Jackson Hewitt is attempting to strip vulnerable people of legal rights in bankruptcy without giving them a chance to protest.
"The debtors here don't want to give notice to all the creditors," Winter said. "They want all the benefits of Chapter 11 without all the balance of the process."
Lenders say they have lost enough on Jackson Hewitt, which owes $357 million but is only worth an estimated $225 million.
Document DJFDBS0020110630e76u000jh
(c) 2011 Dow Jones & Company, Inc.
JHTXQ is up 14.3% so far and may soar to 0.21 at least in the coming weeks!
Jackson-Hewitt Tax Service Objection Filed
Jackson-Hewitt Tax Service's official committee of unsecured creditors filed with the U.S. Bankruptcy Court an objection to the Debtors' motion (I) for an order (A) scheduling a combined hearing on adequacy of the Company's Disclosure Statement and confirmation of the Plan, (B) approving the form and manner of notice of a combined hearing and commencement of the Chapter 11 cases, (C) establishing procedures for objecting to the Disclosure Statement and Plan and (D) waiving the requirement for a 341-meeting of creditors and (II) for an order (A) approving pre-petition solicitation procedures, (B) approving adequacy of the Company's Disclosure Statement and (C) confirming the Plan of Reorganization. According to the committee, "It is primarily the relief requested in connection with publication notice as it applies to 'known' creditors that the Committee objects to."
JHTXQ was up 61.3% to 0.05 yesterday and up 14.3% so far!
JHTXQ is up 2.2% today after yesterday's 4.2% gain! Ready to explode to 0.21 in the coming weeks as BLOBQ did.
The second-largest USA tax service preparer has 28M shares OS! 38.3%
insiders & institutions ownership! 0.17 a share cash & 13.38 a share
enterprise value! 0.51 a share earning and 7.5 a share revenue!
Jackson-Hewitt Tax Service Hearing Continuation Sought
Jackson-Hewitt Tax Service's official committee of unsecured creditors filed with the U.S. Bankruptcy Court a motion for an order to continue the final hearing currently scheduled for June 22, 2011 to no sooner than June 30, 2011. The committee asserts, "At the Final Hearing, the Debtors seek substantive relief that may irreparably impair the rights of creditors. The Committee and its professionals have not had sufficient time to understand, analyze and respond to the pending requests for relief. Allowing the Final Hearing to proceed as scheduled would be inequitable and highly prejudicial to creditors in these cases."
Jackson Hewitt unsecured creditor's committee appointed
June 17 | Fri Jun 17, 2011 10:39am EDT
June 17 (Reuters) - A U.S. bankruptcy trustee appointed printing services firm RR Donnelley & Sons Co to the official committee of unsecured creditors in the Jackson Hewitt Tax Service Inc bankruptcy case.
Jackson Hewitt, the second largest U.S. tax preparer, filed for a pre-packaged Chapter 11 in May, just weeks after the end of the tax season as a way to restructure a bank loan coming due in October.
Other members of the committee include Christian and Elizabeth Harper and Sherita Fugate, who had both filed separate lawsuits against the tax preparer.
The case is In re: Jackson Hewitt Tax Service Inc, U.S. Bankruptcy Court, District of Delaware, No. 11-11587. (Reporting by Tanya Agrawal in Bangalore; Editing by Roshni Menon)
The MM CARR has been selling the shares over a week now! Who is it?
Nice DD! I'm expecting some competitor like HRB make a buy-out offer
Won't ever happen IMO. For one JHTX is much stronger than Liberty Tax and the enterprise value alone is more valuable than Liberty's ability.
HRB had their chance for a buyout while the stock has been down in the gutter for a couple of years. They have enough of their own balance sheet problems (debt) to worry about.
Now Wal-Mart on the other hand or some large Insurance or Financial Services Company/Bank buying us out...that may be something to consider.
IMO honestly though I think it goes back private and gets back to the hardcore basics of being a tax prep service company without frills, bells and whistles. The individual tax prep industry is changing and the IRS/OTS and OTC is regulating the snot out of it now to drum up their own business.
DD22
Thanks Doubledown22. I was thinking a HRB or Liberty Tax buyout post bankruptcy. Wanted to pick up 20k or 30k for the ride.
Yes it does mean that the shareholders will be wiped out IF this Plan of Reorganization is fully executed as filed. The actual company will be more than fine as 90% of it's operations are conducted by Franchisees who actually own and operate the tax offices you see around the country. Nothing has changed with them in the thousands of towns across the US. The corporate headquarters does actually own some stores on its own but are very few in comparison to the franchisees.
That is what so disappointing about this whole scenario...Corporate got greedy and spent like drunken sailors and made poor decisions while the market was going good through tax seasons 2002-2008 and tried to borrow their way out of it and got into a bunch of unnecessary debt.
There is NO REASON why this company should be public. They don't need the market capitalization in order to operate...they successfully operated for years without being public.
You must be very nimble trading this and not buying and holding IMO. If the bankruptcy judge approves the POR in total...game over. There should be some major litigation before this all plays out but to be honest I'm not following it that close now but purely trading off of the chart only.
The best case is the major shareholders get an equity committee approved in order to represent the various classes of shareholders but you can't squeeze blood from a turnip. Just trade it with small lots unless you just like gambling.
All IMO,
DD22
Board! A little help here, please. Is this article saying that shareholders will lose their stock upon exit of the bankruptcy? The company will continue to operate, probably a little leaner and with fewer offices but this is not a close up shop and go home.
http://www.marketwatch.com/story/bayside-to-become-jackson-hewitts-majority-owner-2011-05-25-168320
Jackson Hewitt® Awards Prizes Through MyTaxManager and Social Media Sweepstakes and Contest
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Related Quotes
Symbol Price Change
JHTXQ.PK 0.05 -0.01
Chart for JACKSON HEWITT TAX
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Press Release Source: Jackson Hewitt Tax Service Inc. On Thursday June 9, 2011, 12:00 pm
PARSIPPANY, N.J., June 9, 2011 /PRNewswire/ -- Jackson Hewitt Tax Service Inc., the nation's second largest tax preparation company, today announced that it has awarded nearly $50,000 to consumers nationwide through its MyTaxManager Jackson Hewitt Sweepstakes, "Jackson Hewitt's Got My Back" Photo Sweepstakes, and its "Win Win with the Big Check" Video Contest.
MyTaxManager Jackson Hewitt Sweepstakes
Individuals who registered for MyTaxManager from December 10, 2010, to April 15, 2011, were automatically entered into the Jackson Hewitt Sweepstakes, which rewarded registrants through a daily drawing of a $100 gift card, for a total of 127 $100 gift cards ($12,700), and one grand prize of $10,000 in a final drawing at the end of the tax season. The grand prize winner was Jennifer Wright of West Des Moines, Iowa. Jackson Hewitt's MyTaxManager is a free online tax management tool and one-stop personalized Web destination that gives consumers a secure, centralized home for a range of tax-related documents and information.
"Jackson Hewitt's Got My Back" Photo Sweepstakes
The "Jackson Hewitt's Got My Back" photo sweepstakes encouraged contestants to take and submit pictures in front of any non-Walmart-based Jackson Hewitt location around the country, and then upload that image to Jackson Hewitt's Facebook page. The sweepstakes received entries from across the United States and seven randomly chosen entrants each won a $1,000 cash prize.
"Win Win with the Big Check" Video Contest
Sponsored by Jackson Hewitt Online, the "Win Win with the Big Check" video contest encouraged contestants to print out a downloadable "Win Win" image and then videotape themselves creatively passing that image along to another person. Contestants uploaded their videos to Jackson Hewitt's "Big Check" Facebook page, and site visitors voted on their favorite submissions. The 20 most popular videos were reviewed by a panel of judges and the winning entrant, Mary Walsh of Melbourne, Fla., received $10,000, and an additional $10,000 for a person of his/her choosing. Ms. Walsh selected Dana Parsons of Melbourne, Fla., as the recipient of the additional $10,000, which Ms. Parsons plans to use for her dance school, Dance Mania All-Stars, LLC. A compilation of entries can be seen on the "Big Check" Facebook video page.
"Over the course of the tax season, we wanted to energize people in creative and fun ways that encouraged them to enroll with MyTaxManager, become a fan of the company's Facebook pages, and interact with Jackson Hewitt both online and off," said David Koroghlian, director of interactive marketing, Jackson Hewitt Tax Service Inc. "These sweepstakes and contests celebrated both online creativity and human interactions, while also providing prizes to help people have fun, pay off debts or help others. We plan to execute several similar promotions, sweepstakes and contests next tax season."
About Jackson Hewitt Tax Service Inc.
Based in Parsippany, N.J., Jackson Hewitt Tax Service Inc. (OTCQB: JHTX) is an industry leading provider of full service individual federal and state income tax preparation, with franchised and company-owned office locations throughout the United States. Jackson Hewitt Tax Service® also offers an online tax preparation product at www.jacksonhewittonline.com. For more information, or to locate the Jackson Hewitt® office nearest to you, visit www.jacksonhewitt.com or call 1-800-234-1040. Jackson Hewitt can also be found on Facebook and Twitter.
Media Contact:
Michael J. LaCosta
Director of Public Relations
Jackson Hewitt
973-630-0680
michael.lacosta@jtax.com
Anything is possible if the shareholders can fight like BLOXQ's did!
Keep in mind, JHTS is the USA second largest tax preparer nationwide
Are we expecting a recovery plan from these guys?
That would be awesome for it to go up a 5 or 6 bagger from this point before the POR takes effect.
good luck and happy trading,
DD22
JHTXQ should explode to $0.3 soon to replicate BLOBQ's type of rally
Yep...nice consolidation and bounce off of the .05ish level. Play at risk and be very nimble entering and exiting this though as I'm not real sure how long the shares will exist and don't want to get stuck in a halt etc.. like with GM's shares.
It would be nice to see this POR be modified to not completely wipe out all the share holders. We'll see.
DD22
JHTXQ someone is accumulating at .05
New low at .037...will go lower IMO. Glad I didn't buy in the .07s and .08s.
DD22
Yeah. It is JHTXQ today. 0.071 x 0.085 now.
The "Q" has been added~
The enterprise value is $365.57M or $12.85 a share. The OS is 28.54M
shares.
Check the news in the details then you will know they will file now!
Not sure how you knew that. You guessed within 4 days.
***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.
Yes, saw lots of dumps at .075
Fake price! Not true!
New low today $0.070
JHTX still has to add the Q.
Then you should go somewhere else to find the so-called better "Q".
I am happy with my position and will add many more shares if it goes
lower again!
Fake price. Thank you!
No from what I have seen most companies going into Chapter 11 don't UPFRONT say they are going private and will eliminate the common equity holders in their initial internal company submitted POR.
Standby for litigation. But IMO this will have to trade much lower before I am tempted to risk any buying here. Too many other better stocks out there versus this POS.
DD22
.07? ... perhaps. Good luck.
Then you should wait, my friend! I saw the very solid bottom today!
I think it can go cheaper. imho
For me it is too cheap to miss! I have plenty of time to sell them.
K, it can go some
but this is too clearly stated
so, I will not buy any
MK
That is very standard to say that for the CH11 company!
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