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Aren't they supposed to be announced in a news, the day they'll be written off? It was mentioned that it was in May that he would do it. Maybe that's why there were a lot of purchases today?
With a Pacer account and a few bucks per document, you can read the actual court records. Anybody that does that will know the plan was approved by the judge, it gives the details of the deals made with the secured creditors, and how the common stock will be cancelled. The stock can be cancelled at any time, all it takes is the company working through the listing of all the actions to be taken, and all it takes is notification of FINRA to effect it.
Playing with a time bomb trying to flip this stock.
thank you trader59, I'm going to read all the articles more deeply this weekend. The graphic was super beautiful
It's a really dumb game of musical chair. I can guarantee you that on Twitter and other social media, there is no mention of the absolute certainty of share cancellation in the pumps as the flippers con their flock.
This company is in bankruptcy proceedings that will cancel the common stock. The plan is approved and moving forward, stock cancellation can happen anytime the company sends notice to FINRA to do it and will happen without warning.
https://www.constructiondive.com/news/judge-approves-mcdermott-reorganization-27b-sale-of-lummus-technology/573907/
Excerpt:
It's like playing financial musical chairs, trading Q stocks. If you're holding shares when the fat lady sings, it's over and you're left standing with nowhere to park your ass.
We achieved $1.9 billion in revenue during the first quarter of 2020
http://s22.q4cdn.com/787409078/files/doc_downloads/Business_Overview/MDR-Q1-LenderCall-Script-050820.pdf
hifting now to revenue. Because of the planned sale of Lummus, results
from the Technology business are reported as discontinued operations and
therefore excluded from our revenue.
We achieved $1.9 billion in revenue during the first quarter of 2020. This is
relatively consistent with revenue reported in the first quarter of 2019. Our
stable revenue level reflects our ability to deliver on projects and continue
operations on projects to support progress despite significant market strain
caused by COVID-19 and record-low oil prices beginning late in the first
quarter. The main driver in the year-over-year quarterly revenue decrease
relates to revenue decreases in our NCSA operations, which were offset by
increases in revenue for our EARC, MENA and APAC segments
That's why i asked u if u have an idea when
It will matter to those who are stuck holding the bag when the stock is cancelled.
Doesn't matter. It's only a trade. If u dont get it then u missing out
WARNING - COMMON STOCK CANCELLATION per the pre-packaged bankruptcy plan. Don't be a bagholder.
LOL, a little bit of sloshing shares back and forth to give the illusion of interest in this walking dead stock goes a long way...
MDRIQ 065 ugh...
Common stock to be cancelled with no compensation per the pre-packaged bankruptcy plan.
Watching this closely. Solid contracts with a really established petro chemical company. $MDRIQ
TODD HORNBECK JUST DID A MCDERMOTT TO HIS LOYAL SHAREHOLDERS AND CANCELING ALL THEIR SHARES COME NEXT MONTH
HOSed by Hornbeck Offshore HOSing their shareholders and employee stockholders ( those that bought into his farce) just like McDermott, although Hornbeck is issuing warrants to existing shareholders who want to get screwed over TWICE.
LOL, Run it??? LOL...
Why would it run if the stock is going to be cancelled? Who's going to tell the fairy tale to get people to buy dead stock?
They could run it days before it's cancel
I'd have to check on the court docket for the calendar, but just as soon as that pre-packaged reorganization is approved by the judge, those shares should disappear. Will look at it in a bit.
Oh wow. Thx. Im just trading charts
The stock will be cancelled, why is there even a bid?
From the 8K:
Perplexing to say the least
Weird. 1M shares bought took to .065 then right back down.
MDRIQ 0.058 getting taken by someone ???
so that's how you got to me--hacker
I Just ducked ---Short is a nasty word around my house---unless referring to short-shorts
Well
As the old traders saying goes
“It’s always a trade....until something makes it a long position”
Iknow……..and am sick of it--been thru this a dozen times---the only answer is---NEVER BUY ANY HIGH FLYING AMERICAN STOCK THAT HAS DEBT
Shareholders always get screwed in bankruptcies in the end. They will lose at least the vast majority of their investment and will usually lose it all even when the company continues operations. In this case, the company has put them on notice that when the plan is approved, the shares are gone.
YEAHHHH the potlickers only know how to screw a million of us for a few bucks---let them try and shaft somebody for a million bucks---then its a different game-----to davy jones locker o-r deep 6
Not sure. There is a lot of movement and progress on the case shown on pacer, and with the promise of stock cancellation, can't really imagine much headway being made before the stock disappears. Not saying it'll happen in a few days or a couple weeks, but they aren't just meandering around. Can't imagine this being a place to park money very long, especially with clear evidence that it's just a "trade" at most.
It’s not canceled up until the actually gavel comes down.
That date could be moved back and or extended.
Now with stimulus, I’m wondering how much of these small businesses are going to survive?
Got atleast another couple months before we see something
Ok, I called that sort of trade a flip, semantics. Narrative is pretty bad on this one since they already told everyone the stock will be killed off. Wouldn’t think it’d be much of a trade/flip for that reason and for the fast track nature.
Haven’t checked on court dates in awhile, is there a timetable to cancel the stock?
Who said “investment”?
Not I
I said “TRADE”
I’m convinced
investable down in this hole, is pure luck if found. And there’s a very small percentage of THOSE.
Everything is trading down here
When they file in court they’re gong to cancel the common shares, it’s certain somebody is going to lose 100% of what they paid for the stock. Flippers like to play, but it is short lived. This one is fast tracked, so it won’t be long.
And they are bankrupt, there’s no question. It is the common shareholders who nearly always get screwed out of their investment because the creditors are paid first. This is absolutely a terrible investment. Might be worth a flip, but probably not.
NEVER TRUST ANY OF THEM.
Even when they claim bankruptcy,
The last minute somebody swoops in and saves it if there is something worth value.
From the looks of the buying there’s a trade here
He did not buy into this company at all. That was pure pump. If he ever thought about buying into this or other bankrupt companies, he’d do it in conjunction with the cancellation of the existing equity/shares. If creditors are willing to restructure debt or swap it for equity, companies have a shot of continuing their business. And, yeah, sometimes there is money to be made by the Carl Icahn’s and others, but they’re not doing it to save the common stock that existed prior to the filing, they’re doing it to buy up the new stock that is inevitably issued.
This company has already stated directly the common shares will be cancelled. I’d believe them.
Don’t know,
I just read that but in reality if one of those dudes buys they can make something happen and have the connections to salvage these types of companies.
Icahn specialty was buying these and bringing them back to life ya know?
Nope. That was just another pump. Why would he buy stock in a company that has told everybody they intend to cancel all the common shares as part of their restructuring.
Didn’t carl Icahn buy in?
Somebody is sloshing shares around again trying to give the illusion of interest. Investing in bankrupt companies is always risky, but this is one has already told its shareholders they’re going to cancel the common stock. It would be really stupid to buy the stock of a company after they’ve said directly they’re going to cancel it.
Weeeee bankruptcies are a gamble.
Did carl Icahn buy this in the form of common?
I'm well aware of that fact. All I was addressing was the business end of things.
Hell no
Buying as many as possible
The shares will be cancelled. It’s in the bankruptcy plan. Better read it before buying this stock.
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