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Stock will be cancelled, investors will lose 100%. Ticking time bomb, will happen without warning.
If there is a nice run up going into close, could be a good sign that some kind of positive news could be coming, and have another gap up and run up tomorrow.
But yea I would like to see it break back up end of day, let's see. If not I still don't think run is over.
More fuel for the short term party, as they get their butts kicked on the next big uptick
I think it's being shorted because there are still 5M that need to cover. I think that's what INTL is doing.
some of us took what we figured was a fair price---still got orders over $4
End of day big run up a good possibility, sets up for a twenty cents break tomorrow morning.
I was thinking .20s here as well.
Gotcha. Yeah RSI cooled, bouncing back.
If .11 holds could see continuation to .22s
It was extended. Look at rsi on hourly and daily
WTF just happened. Was crushing and they slammed it down
Mdriq .168 +51% another huge day. Looking for .22+
No, that is absolutely false. The bankruptcy plan is approved, it says right in it that the common stock will be cancelled.
Once again, here's an article that describes the plan. It was updated on March 13, saying this:
Yup, and whomever bought at 0.03 till now is golden :)
It all depends on litigation going forward. Pinks will trade long after they have 'been canceled'. If not, MDRIQ wouldve gone to zero on March 13 and never traded again.
Since you are now seeing it at 13 cents, SOMETHING BEHIND THE SCENES is obviously going on. Likely dirty pool as usual with stinky pinkies. Didnt chatterjee have 22 million shares they needed to dump,,,or,,,something?
I’m not overlooking anything. The approved bankruptcy plan does not even pay all the debt owed, which is a requirement before the shareholders would see anything. This stock is going to be cancelled and it’s just a matter of time.
What you are overlooking, is the fact that Jones told the shareholders on March 12 that they were free to appeal. Dont know if the SEC would adjoin Nova Scotia and that CRIMINAL lawsuit against dickson and spence, but appeal rumors will be why this stock continues to trade IMO.
The OLD new McDermott inside boys still have a big problem with the Nova Scotia suit IMO. When I last checked, it had not been settled. It was filed before the bankruptcy, so Jones did not have the authority to vacate it.
The stock is going to be cancelled by the court approved bankruptcy plan, and when that happens, whoever owns it will lose 100% of their investment. That is guaranteed.
If the stock has NO VALUE they would suspend trading!
How many shares outstanding ? I believe this would be trading below .01 cent,I think something is missing here?
This company is in bankruptcy proceedings to reorganize and restructure its debt. Couldn't care less what new business it is doing or getting, it is irrelevant to that restructuring. Part of the restructuring is the cancellation of the common stock. It's in the court approved plan, issued March 12, 2020, page 133. Costs $3 on pacer to read the whole thing.
It's also in this article, read the top lead in where it says "update" and says the plan was approved, then the rest of the article where this excerpt is included:
horsefeathers ---SVP, Middle East & North Afr. are active trading, and
MCDERMOTT is working to expand a terminal
NEWS june 1 5;30 PM
Golden Pass asks for more capacity at Texas LNG export plant
my DD --your DD stinks, and sucks
Nobody shorts a stinky pink stock, would be stupid to tie up $2.50 per share in a margin account for a maximum gain of a few pennies. That's a stinky pink myth.
NOT SO FAST BRO...………………
remember---the shorts figured they were safe---not so-----there is another equation here
SHORTS are covering
Once again, the plan approved on March 12, 2020 (my bad on the date) by the bankruptcy judge cancels the common stock with no compensation. Period. They're in the implementation phase, had a list of creditors to deal with, and had to distribute some new equity to several of them. It is simply a matter of time, but whoever holds this stock when the music stops will lose 100% of their investment.
I get that but by reading the Arrangement plan of My 2020 ---there was no mention of March 13
might be tomorrow that's why the breakout today
some get cornfused with MDR....Not same with MDRIQ still trading
last 12 cents
https://ih.advfn.com/stock-market/NYSE/mcdermott-MDR/stock-news/81567197/current-report-filing-8-k
I see that none of the Tweeter pumps mention the cancellation of the common stock that is coming, so no thanks, not into con artistry.
Page 133 of the court order issued on March 13, 2020. This is the approved plan for the common shares. Take heed.
Once again, the plan has been approved. Shareholders get nothing. This stock will be cancelled.
try and get the wording on what the common shareholders get
“Plan of Reorganization” means the Chapter 11 Plan of Reorganization of McDermott International, Inc. and its Debtor Affiliates, as finally approved by the U.S. Bankruptcy Court.
the time is near----up 60 % when will it be 2 bucks ?
gamble take it now or nothing----ie all or none
If they get an equity group assigned by the court, you could get warrants in new company.
I was on TROXON (TRX) equity group. New warrants did well.
The company still has to have equity value to proceed.
So what dude, I'm already up 100% and it's probably going to go into the .20s from here :)
This is a bankruptcy runner at its finest LOL, join the fun. FTRCQ starting to run too.
A complete waste of time. This walkup today is just sloshing shares back and forth to give the illusion of interest in this "walking dead" common stock hoping to coax up a bid to dump on, and if there isn't, still need to sell it all at the end of each day or risk the cancellation happening.
I'll have to check Tweeterland and other social media, I'll bet the fact this common stock is absolutely going to be cancelled isn't being shared.
MDRIQ 0.107 common let's break pass them 10's
thank you all for your warning i will not swing it, just for trading
one thing that is for sure, it will be canceled once the market is closed. Then it can be profitable for daytrading , the chart is very bullish. Now i am +45%.
LOL!!! Who cares????
Anybody that's even looking at this stock would want to know that cancellation is imminent............
Who cares. Know your risk then
The common shareholders get nothing, and that has already been determined. It is right there in the court approved plan. This common stock is going to be cancelled, and it can happen at any time.
Current common shares are cancelled and new ones are issued. If people are not understanding this, they may infer from it that there will be nothing left after the company comes out of bankruptcy. The only thing yet to be determined is whether there will be anything left over after everyone ahead of common shareholders is paid off. They may only get pennies on the dollar but that's not the point I was making. I haven't read the documentation from the courts but if someone could C/P where it clearly states that it's already known that common shareholders will not receive anything at all, I'd appreciate it.
If not, no problem. It doesn't matter to me one way or the other.
Nope, the plan has been approved by the judge and the shares will absolutely be cancelled. It happened in mid-March, big 200+ page document with the creditors dealt with one by one. It is just a matter of time, ticking time bomb.
As a result of the upcoming Chapter 11 filing, McDermott expects to be delisted from the New York Stock Exchange within the next 10 days. McDermott common stock will continue to trade in the over-the-counter marketplace throughout the pendency of the Chapter 11 process. The shares are proposed to be cancelled as part of McDermott's restructuring.
"The shares are PROPOSED to be cancelled" (It's a possibility).
Is it mentioned in another news that it will be canceled for sure.
The restructuring transaction. I read that if it is done, it will be done once The restructuring transaction is finished. There seem to be delays due to the Covid. They are in remote communications which complicates the process. I'm thinking about whether I continue or not, I will see the market reaction tomorrow. graphically it's very bullish.
http://www.mcdermott-investors.com/news/press-release-details/2020/McDermott-International-Inc-Announces-Comprehensive-Prepackaged-Restructuring-Transaction-to-De-Lever-Balance-Sheet-and-Immediately-Position-Company-for-Long-Term-Growth/default.aspx
Yes, it does say that shareholders will get nothing, and the dust has settled. It’s right there in the plan. It’s just a matter of time.
Yes, I know this.
Their Chapter 11 plan is approved by the judge, and it cancels the common stock and gives the new equity to the creditors
That's how it works, generically.
But does it state somewhere that common shareholders will get nothing? The current common stock will be replaced by new shares but I don't see how it can be determined that there will be absolutely no equity left after debt holders and preferreds are satisfied since the Lummus division has yet to sell.
I'm not saying there will be. Only that there's a small chance. We won't know for sure until the dust settles.
No, that isn’t going to happen. Their Chapter 11 plan is approved by the judge, and it cancels the common stock and gives the new equity to the creditors. This is an active musical chairs game, and the music can stop any day they notify FINRA.
Some people playing this ticker are just hoping that it continues trading long enough to flip it for profits.
I imagine there may also be some people who hope that McDermott has money left over after paying senior creditors and preferred shareholders in order to receive new shares of the reorganized company. Happens in rare instances. They may not receive a one for one ratio of new to old but there may be a chance that the current low price will offset the lesser share total and the stock appreciation after coming out of bankruptcy will make up for it.
It may be a long shot but McDermott, with Chicago Bridge and Iron's backlog, etc, there is a chance that the business, if run properly, could once again be a profitable company.
I'd use J C Penney as an example of just the opposite. If they were to go through bankruptcy, I'd be hard-pressed to think they'd survive in any way shape or form and there'd be zero chance of any shareholder ever getting anything back from their common shares.
This is all my opinion based on what I've learned about bankruptcies over the years. But I'll stand firmly behind everything I've stated. (-;
It´s good to know driving this MDRIQ penksheet made somebody happy...
thank you for the warnings it’s nice of you. I will continue my dd
Tweeter? Not sure what you mean.
The stock ticker is used on Twitter to lure in new bagholders.
Why would there be a lot of purchases if the cancellation of the stock was about to happen?
I didn't see anything related to an announcement, but I didn't look for it either. Not sure why they'd need to do that, since it's right there in the plan approved by the judge. Anybody buying this stock is pretty much willfully ignoring the warnings from the SEC and FINRA on Q stocks and, in particular, the ticking time bomb that this one is.
can you give the link for tweeter please?
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