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There is no need to pump this. nice DD here.
Thank you for the excellent DD, man.
Important Dates
JENNQ - Jennifer Convertibles, Inc.
January 14th hearing:
SOURCE: https://ecf.nysb.uscourts.gov/doc1/126010212287 (from Scad's Post/DD)
01/11/2011 426 Statement Of The Official Committee Of Unsecured Creditors In Support Of Debtors' Motion Pursuant To 11 U.S.C. § 365 For Approval Of The Assumption Of Executory Contracts With Licensor, Effective As Of The Effective Date Of A Plan Of Reorganization (related document(s) 362 ) filed by James S. Carr on behalf of Official Committee of Unsecured Creditors of Jennifer Convertibles, Inc.. with hearing to be held on 1/14/2011 at 02:30 PM at Courtroom 617 (ALG) (Carr, James) (Entered: 01/11/2011)
January 25th hearing:
Source: 1/11/11 10-Q filed
"On November 19, 2010, we filed a plan of reorganization and accompanying disclosure statement with the Bankruptcy Court, which are subject to the Bankruptcy Court’s approval. On December 21, 2010, the Bankruptcy Court approved the disclosure statement and set a hearing date of January 25, 2011 for confirmation of the plan of reorganization, which is subject to the Bankruptcy Court’s approval."
Other timeline events
Source: from Scad's Post and Pacer
not like there's a huge amount of shareholder debt here, only 7 MM shares (currently $32,000 worth)... the BK court might just leave us in tact. Not like the shareholder debt is in the millions, which in that case, is usually why commons get wiped. We're such a small amount that the court might make the company keep us, especially if Ashley opposes us being wiped out...
Interesting DD Scad, thanks for looking this up.
Click the link to the filing and it shows that the actual last two sentences are:
"The ultimate resolution of the Chapter 11 proceedings will be determined by the Bankruptcy Court. "
"Accordingly, there is no assurance that the contemplated plan of reorganization will be implemented. "
So, yes, that is what is being "proposed" in the current plan of reorganization. However, it "is subject to the Bankruptcy Court’s approval" (also as stated in the filing).
At this point it is a proposal and not 100% certain.
And in light of the further hearings plus the opposition by Ashley Furniture, there is room to speculate....
IMO
It's all good. Consolidation is in order. Collect all you can on pullbacks. My believe is .01 base is firmly set. pretty soon, 02 will be next base. Radars will be set off for JENNQ very shortly.
i will be personally adding 100,000 more shares at the open. That should set the tone for the day :)
Penny Watch has sent an alert via Twitter regarding JENNQ!!!!
JENNQ DD:
1) HUGE NEWS: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=58702810
http://www.otcmarkets.com/stock/JENNQ/news
2) MMs scrambling for shares - failed to box it in today!
3) Great Fundamentals + LOW FLOAT 7M = UNDERVALUED!!
4) Q stock = CANNOT DILUTE
5) They are stronger than ever ---> working their way OUT of bankruptcy
6) HUGE SQUEEZE - MOASS - once .05 taken out, ALL RESISTANCE BROKEN!
7) >.15 coming?
I say after BK - this can see $1 (mark this post)
no matter what anyone says- just watch the action tomorrow!!! You dont think people have read the fillings? This stock is going to emerge from BK. I been trading BK stocks for 10 years now on a steady basis, and this is by far one of the best opportunities I have ever seen.
I will be adding more shares tomorrow, however, it probably will be a lot higher than what it closed today
you missed a decimal you mean 0.08
Nice to see a new board started. very happy to get 008's and .012's. Going to be looking for more tomorrow. Upside for JENNQ is unlimited @ current pps range.
The original Plan for reorganization was filed on 11-19-10 DE # 339. That Plan included reference to the Assumption of Leases or Executory Contracts (Ashley)
On 12-3-10 JENNQ filed a Motion to Assume Leases or Executory Contracts DE # 362
On 12-17-10 JENNQ filed an Amended Plan DE # 384, 385, again referencing the Assumption...
On 12-22-10 Another Amended Plan DE # 399, 401, again, referencing the Assumption...
So, Ashley had THREE opportunities to see what the plan included and like I said, they included the Assumption AND they were aware of the Motion to Assume Leases...filed on 12-3.
Then, on 12-23-10, JENNQ filed another Motion to Assume Leases or Executory Contracts DE # 402 (not quite sure why they filed it again)
It wasn't until 1-4-11 that Ashley actually filed an objection and they objected to DE # 362, not the most recent one filed on 12-23 DE # 402
In my opinion, that just begs the question, why did Ashley wait so long to object and why are they just now objecting to the FIRST motion when there is a SECOND, more recent one, they should be objecting to. They were aware of JENNQ's intentions since 11-19-10....
We'll see....I say commons canceled...end of story.
Great job reading in between the lines. You are correct. Nothing is final until the COURT says so.
Oh yeah? I would say that there is PLENTY to speculate about sweetie. Just checked Pacer...
01/11/2011 426 Statement Of The Official Committee Of Unsecured Creditors In Support Of Debtors' Motion Pursuant To 11 U.S.C. § 365 For Approval Of The Assumption Of Executory Contracts With Licensor, Effective As Of The Effective Date Of A Plan Of Reorganization (related document(s) 362 ) filed by James S. Carr on behalf of Official Committee of Unsecured Creditors of Jennifer Convertibles, Inc.. with hearing to be held on 1/14/2011 at 02:30 PM at Courtroom 617 (ALG) (Carr, James) (Entered: 01/11/2011)
No one seems to have mentioned anything about the January 14th hearing where Ashley Furniture will object to terms of the plan...
SOURCE: https://ecf.nysb.uscourts.gov/doc1/126010212287
last sentance.....The last sentenceThe present equity interests will be cancelled.
Not much to speculate there
From the latest Quarterly Financial filing (1/11/11), there is still room for speculation as to the outcome of the commons however:
(See: http://investors.jenniferfurniture.com/pics/userpics/File/2010-11-27%20Form%2010Q.pdf)
HOWEVER, that does NOT mean that the stock won't skyrocket until that happens. same thing happened to CTDBQ.
current shares WILL be canceled, and here's your proof:
after five minutes of searching:
press.jenniferfurniture.com/
click the third link down, entitled "Jennifer Convertibles Files Voluntary Petition for Chapter 11 Reorganization; Reaches Plan Support Agreement With Key Foreign Vendor For Continued Shipments, Sustained Viability and Quick Turnaround
April 13, 2010"
download it, and go to the second page, and read the last sentence of the second to last paragraph, which reads:
"The expected plan of reorganization does not contemplate that there will be any continuing value for the present stockholders of the company."
that is a pathetic forgery. "old high's again" - - if these people can't properly write the plural "highs" then i don't trust that this email is real. i'll email them myself.
after we break 4 cents tomorrow (todays high) - we will have a clear path to .10
and we have another person from yahoo message boards wanting to get in with 250,000 shares tomorrow!!! Let's spread the word people, we have a GEM here.
http://messages.finance.yahoo.com/Stocks_(A_to_Z)/Stocks_J/threadview?m=tm&bn=109082&tid=17&mid=17&tof=1&frt=2
this email makes me SUPER CONFIDENT. I am sure the market will follow where the money is going tomorrow. I think we might see .10 range a lot sooner than most thought!!!!!!
this was a $5 stock back in 2007 -2008 I believe.
I will be selling every other stock I own tomorrow, to buy more shares of this !!!
Great news...hey, I'm a newb here, what were the "old highs" way back when.
From: invest@jenniferfurniture.com
To: kiaranmclaughlin@aol.com
Re: Investor Question
Thank you for contacting Jennifer Furniture relations department. Yes, that is correct on the 25th we will have court hearings. We have a reorganization plan that in all likelihood will be approved by the courts. Once we emerge from bankruptcy, those loyal investors who stuck with us will be greatly rewarded. As far as seeing the old high's again, I could not comment on that specifically. However, I can inform you that you will be happy with the results. We take great pride in each investor with our company and it will show once everything pans out. If you have any further questions, please feel free to e-mail directly again at invest@jenniferfurniture.com
-------------------original message---------------------------
My name is Kiaran McLaughlin and I purchased shares 2day of ur stock and I have a few questions. Where do you see this stock after the proceedings? are the hearings on the 25th? Is there any chance your company can see $3 again, where you guys were b4? I am thinking about buying more shares, and just wanted 2 touch base.
Not sure, but when this thing consolidates next week...I'm in. Can't buy right this minute.
is there any doubt we see .10 by friday? there shouldn't be!
I live in the midwest and Ashley stores are everywhere. There are two stores within a 5 mile radius. They seem to always have a steady flow of people whenever I'm in one as well.
Every rent-to-own company around here buys their furniture from Ashley. I am 100% convinced, they are just having a temporary setback.
I used to live in Cali and knew the Jennifer Sofa Bed Stores and now in Ohio and Ashley Furniture is still HUGE here. This is a temporary thing due to the recession...I have no doubt.
This is a strong company and will pull out of BK at some point soon.
Again, I'm in!
don't be fooled. There were tons of shares purchased at 0.025 and higher today. The MMs have no shares. There is a very small float. We will see .10 by friday is my guess
if they emerge from BK, we will see $1
we should gap at the open tomorrow. There is no resistance till about .15 range. So this will run hard for the next few trading days. People are starting to realize what an amazing opportunity this is at these levels!
I'm in on this one...will buy in next week. I know this company well and believe they will turn around and pull out of BK.
This will be a real winner soon.
About to jump in have to wait three days for new funds to clear...Am i going to be too late?
Nice to see a board set up kuning - JENNQ = ATM?
They will exit BK a stronger company. Anyone remember General Growth Property? This has even bigger potential!!!
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