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whats up with this one?
I only had 1000 shares from way way back. So they gave me $20 then TD Ameritrade charged me a $20 fee for a mandatory sale. ??
I had a 1000-RS a few years back that cost me $20 for $5 worth of stock...
fAt
Good to get something out of this. .02 beats .00. I still have shares in my account under a id number. Schwab indicates that future distribution is possible. So maybe another surprise for us down the road.
geez, I was confused from where $10K came to my account today's morning... well, Bob did what he promised to...
I got it too man.What a deal.Awesome Gift.Best I ever got.
Not many shares.But I am glad I have kept this much.They costed me like .008s.So a nice more than 100% profit:)
02/07/2011 12:30:36 Sold 17400 NXTI @ 0.02 348.00
I got my liquidation payment yesterday. Amounts to .02 per share.
According to the American Research Group, clothing sales of any kind, especially shirts, sweater and all tops are in high demand this Christmas. Dam!! One year to late.
RIP NXTI
deregistered all securities remaining unsold - officially on pinksheets now... shell...
2 more filings came out
going to pinks; NXTI will be an empty shell (maybe someone will pick it up, who knows):
...The Company expects that after the deregistration of its common stock, the shares of the Company's common stock will no longer be quoted on the Over the Counter Bulletin Board, but its common stock is expected to continue to be quoted on Pink Sheets, LLC ("Pink Sheets"), an electronic network through which participating broker-dealers can make markets, and enter orders to buy and sell shares of companies....
expecting payments:
...The Company is in its final stage of closing permanently. As stated in previously filed 8-K's, after the sale of its remaining assets and the payment of all liabilities, costs and expenses, and upon complying all corporate and regulatory requirements, the Company intends to distribute any remaining cash to its stockholders.
Another 8K has been filed. I haven't read it yet.
they paid 100K for 200K note from 2008
Chalk up one more for the record books.
One more done and dusted hyped penny stocks in his stable....
How does he do it?
Google this, C&H Capital Engaged To Assist.
Would be nice if they had $500k to $1m to distribute to shareholders.
• the distribution to the Company’s Stockholders of the Company’s remaining assets, if any.
As consideration for the sale of substantially all of our assets to TSI, on the closing date of the Sale of Assets (the “Closing Date”) we will receive the difference between $3,184,000 and the aggregate principal amount of indebtedness owed by the Company as of the Closing Date on its line of credit with National City Bank of Indiana, plus or minus the difference between the value of the Company’s inventory and prepaid royalties to be sold as of the Closing Date and $934,000. TSI will pay the Company’s debt to National City Bank, estimated to be $1,950,000. In addition TSI will assume certain liabilities associated with the assets sold.
Now read the yesterdays 8-k and see they got the full value...
now do the math on the OS and you will get a general idea here
You didnt fully read it then ~~
I thought the form read that all proceeds would go to payoff debt. and the 3 mil + doesn't cover all the debt.
all in pre-14c and the 8-ks ~
liquidation of assets ~ $3+ mil ~ gonna be some spare change to pay the shareholdas
What is going on here? In biz, outta biz??
.007s going ~
anyone see if they are taking the difference between the sale and the DEBT and disbursing to shareholders as per the pre14c???
Didnt see any confirmation on that in the 8-k..
If so, this could go another 3 bags from here ~~~
Just frustrating ~ :))
Fully reporting company with nice revenues... looked like they were turning the corner... then BAMMM ~:*(
You are right, no stock or person is immune...
Good lesson for me on this one
IT WAS A SUDDEN THING.UNEXPECTED.SO IT IS NOT YOUR FAULT.
WE ALL LOSE AT TIMES.NO ONE IS IMMUNE.
Glad to hear Taki... got taken to the woodshed here.... most at .03/.04 ... held some thinking they may use any free cash as disbursement to shareholders
WHAT A SHAFT TO THE SHAREHOLDERS.WOW.GLAD I BAILED WITH ABOUT 300$ LOSS.LAST ROUND.BUT OVERALL MADE $$$ ON PREVIOUS TRADES ON IT.
8-k out readin it now
Wednesday, September 22 2010 4:25 PM, EST NEXT INC/TN FILES (8-K) Disclosing Completion of Acquisition or Disposition of Assets Edgar Online "Glimpses "
Item 2.01 Completion of Acquisition or Disposition of Assets.
On September 20, 2010 , Next, Inc. , a Delaware corporation (the "Company"), and its wholly-owned subsidiary, Next Marketing, Inc. , a Delaware corporation, completed the disposition of substantially all of the assets of Next Marketing for approximately $3,184,000 (the "Transaction") under the Asset Purchase Agreement with T-Shirt International, Inc. , a West Virginia corporation (the "Buyer"), dated as of August 16, 2010 .
The proceeds from the transaction will be applied to reduce the Company's outstanding bank debt and ongoing costs associated with the completion of the liquidation and dissolution of the Company.
Under the Transaction, the Buyer acquired substantially all of Next Marketing's inventory, intangible assets (including trademarks), contracts, licenses, and certain other assets.
The description of the Asset Purchase Agreement described above is qualified in its entirety by reference to the terms of the Asset Purchase Agreement previously filed as Exhibit 2.1 to the Form 8-K filed with the Securities and Exchange Commission on August 20, 2010 .
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b)
In connection with the consummation of the Transaction, the Company eliminated the position of David O. Cole , Chief Financial Officer and Secretary of the Company.
Robert M. Budd , the Company's President and Chief Executive Officer, will also serve as Chief Financial Officer of the Company.
ok so..i see the downward action, and theres some filings
but got no time for the play by play
whats the readers digest here...worth a shot at a bounce or is this thing over?
peace
my guess that you're highly overvalued the knowledge of this message boards pumper... no-one knew what happened with company in 9month in advance...
well, company is still reporting & filing for stock compensation (if any) should be after 10-Q
(2) to approve the Plan of Liquidation and Dissolution of the Company,
So I guess the big pump back in November was just to help a shareholder exit. Thanks a lot Dave.
HOLY COW! Ok I boardmarked this board back in June I think, back when everyone was talking about how undervalued and great this stock was. I personally, have not been following it, but kept it on my radar to come back to another day. BOY am I glad I did not buy back in June based on what people were posting here!
WTF happened to the share price? What is going on? Guess I have some reading to do.
hmmm, are some alternatives on the horizon? by the way, I haven't received proxy yet - they sent mid- last week (judging by Budd's words...)
it's DEF form that must be filed after the PRE form;
nothing has been changed since August 17th...
The proceeds from the Sale of Assets would be used to pay off the Company's debts and ongoing costs associated with the completion of the Sale of Assets and Plan of Dissolution. The remaining amounts, if any, would be distributed to Stockholders
Bad news out on a filing.Dissolution,and sell of assets.Unreal.
NXTI--attractive prices at these levels
I have been loading.Sellers are Welcome.Will Rock it soon.
The good news is, they won't have a 3 mil debt hanging over their heads. Just don't know what it means for the company. Did they use sacrificial assets to begin with? I really haven't had time to research because I'm to wrapped up in HSCC right now.
So it is kind of 50-50 right now on that then
CashCowMoo...it's called Streamlining. They are paying back their line of secured credit by selling assets. That can be both good and bad. I haven't read the details yet so I can't say one way or the other.
Havent been on this board in a bit, what is all this bankruptcy talk and selling assets? Is this company done?
for "us" means to all common shareholders, some of "us":
Dan F. Cooke
6430 Cobble Lane
Harrison, Tennessee 37341 6,356,900 22.4 %
Charles W. Reed
P. O. Box 211
Wabash, Indiana 46992 6,267,913 21.2 %
amount? depends on accounts receivable... usually August is the best "sales" month for NXTI...
After the creditors are paid off how much you figure is left over for us?
what are you talking about???? care to read 8-K? (especially "PLAN OF LIQUIDATION AND DISSOLUTION" part...)
They might as well filed chapter 7 as far as us stockholders are concerned.
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On September 10, 2010, Next, Inc., a Delaware corporation (the "Next") announced that it adjourned the special meeting (the "Special Meeting") at which its stockholders were to have considered and voted on (i) the sale of certain of the assets of Next's subsidiary, Next Marketing, Inc., a Delaware corporation ("Next Marketing"), pursuant to the Asset Purchase Agreement by and among T-Shirt International, Inc., Next Marketing and Next, dated August 16, 2010 (the "Asset Sale"), and (ii) the voluntary dissolution and liquidation of Next pursuant to the Plan of Liquidation and Dissolution of Next, Inc., in order to provide its stockholders additional time to consider and vote upon each proposal (along with the Asset Sale, the "Transaction").
The Special Meeting will reconvene at 10:00 a.m., local time on September 15, 2010 at its original location, the executive offices of Next Marketing, located at 1295 Vernon Street, Wabash, Indiana 46992. The record date for the Special Meeting remains August 23, 2010.
Next, Inc. (OTCBB: NXTI: 15 years in business; around $12,000,000 annual revenues; 80 full-time employees; experienced management team Brands: Campus Traditions, American Biker, American Wildlife, RPM Sports USA |
Next Inc. Next Marketing Inc. Investor Relations - 260-563-2186 bobb@nextmarketinginc.com |
NEXT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended | ||||
February 28, 2010 | March 1, 2009 | |||
(unaudited) | (unaudited) | |||
Net sales
| $ | 2,824,439 | $ | 3,058,345 |
Cost of sales
| 1,861,435 | 2,459,882 | ||
Gross profit
| 963,004 | 598,463 | ||
| ||||
Selling, general, and administrative expenses
| 948,215 | 1,136,987 | ||
Operating income (loss)
| 14,789 | (538,524) | ||
| ||||
Interest
| (101,322) | (152,556) | ||
Other income
| 2,384 | 380 | ||
Loss before income taxes
| (84,149) | (690,700) | ||
| ||||
Provision for income taxes
| – | – | ||
Net loss
| $ | (84,149) | $ | (690,700) |
Net loss per share, basic and diluted
| $ | (0.003) | $ | (0.025) |
Weighted average shares outstanding, basic and diluted
|
27,398,396 |
27,363,846 |
NEXT is a creative and innovative sales and marketing organization that designs, develops, markets, and distributes licensed and branded promotional products and imprinted sportswear primarily through major college and university, motor sports and other major promotional key licensing agreements and the Company's own proprietary designs. NEXT is one of the dominant companies in the highly fragmented licensed promotional products and imprinted sportswear industries.
Highlights:
Executive summary:
Next, Inc. has a strong management team with extensive experience in the promotional products and imprinted sportswear industries. The following is a profile for each of the executive management team members:
Robert Budd, CEO
Mr. Budd has over 25 years of sales and management expertise with both public and private companies. Prior to joining Next, Mr. Budd was a founding Partner of TBA Management a consulting firm that specialized in working with both public and private companies fulfilling the roles of both CEO and COO helping companies determine their core competencies and leveraging them to achieve strategic growth both organically and through strategic acquisitions. Over his career he has led companies involved in manufacturing, distribution and service industries. Since joining Next Marketing Inc. in November of 2005 he has successfully led a major turnaround that resulted in the company's first profitable year since 2003.
David O. Cole, C.F.O.
Mr. Cole, a C.P.A., has over 30 years of financial management experience having held senior management positions with publicly traded and privately held companies. He has founded and operated his own corporate financial management consulting and interim executive firm. Mr. Cole earned a B.S. in Business Administration with a concentration in Accounting from Indiana University.
David Gleason, Vice President Sourcing & Program Development:
Mr. Gleason has been Vice President Operations of Next, Inc and its predecessor since January 30, 1997. He has extensive experience in the promotional products and licensed apparel industry specializing in vendor product management and program development for retail partners for over 27 years.
Rick Talbert, Vice President Operations:
A high impact leader with a record of implementing change and achieving results in multiple settings, joins Next Inc. after spending the last 10 years with Honeywell International working as a Critical Projects Manager with integrated supply chains in addition to being an Operations Team Leader in a significant business unit. His background is in Program/Project management, Operations Management and Supervision. He holds an MBA from Purdue University, Krannert Graduate School of Management.
Joe Ferragina, Executive Vice President Sales Marketing:
Mr. Ferragina brings over 23 years of experience having held ownership and senior management positions with several companies in the apparel industry. Post positions include President and Owner of Dakota Sportswear, National Sales Manager for W.E. Stephens Manufacturing, and was responsible for growing national retail sales for Tee Jays Manufacturing. In 1997 Mr. Ferragina formed Ferra Sales & Marketing, LLC, a sales and marketing company representing apparel manufacturers to national retail chains. In 1997 he made the transition to represent Next Inc. to retail. Since that time, Mr. Ferragina has been instrumental in building retail business on behalf of Next.
Ross Litz, Vice President of Sales Merchandising
Mr. Litz has over 12 years experience in sales to national retail chains and has worked with Joe Ferragina as a partner in Ferra Sales & Marketing for the last 7 years. Mr. Litz's experience includes Account Executive for W.E. Stephens Manufacturing and partner in Ferra Sales & Marketing. LLC. Throughout his career, he has been instrumental in opening new accounts and building programs for national retail chains. Mr. Litz earned a Bachelor's Degree in Business Administration and Marketing from Belmont University.
The Company's licensed and proprietary products include the following:
See thousands more at http://www.campustraditionsusa.com/index.html
Share Structure: http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7185213
Authorized: 100,000,000
As of April 4, 2010, there were 27,399,055 shares of the registrant’s common stock issued and outstanding.
Insiders ownership 42.8%; Institutional ownership 21.8% (see below)
Free trading: ~8,301,192
Name and Address of Beneficial Owner |
| Amount and Nature of Beneficial Ownership (a) |
| Percent of Outstanding Common Stock (b) |
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Greater than 5% Beneficial Owners (excluding directors, nominees and named executive officers) |
|
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The William B. Hensley III Marital Trust 1627 Holliston Trail Fort Wayne, Indiana 46825 |
| 2,750,000 |
| 9.8% |
|
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Jeffery Kellam P.O. Box 256 700W 50N Wabash, Indiana 46992 |
| 2,212,450 |
| 7.9% |
|
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|
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The William B. III & Cindy S. Hensley 1627 Holliston Trail Fort Wayne, Indiana 46825 |
|
1,120,000 |
|
4.1% |
|
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Directors, Nominees and Named Executive Officers |
|
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Ronald J. Metz |
| 170,000 |
| * |
|
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Salvatore Geraci |
| 50,000 |
| * |
|
|
|
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Robert M. Budd |
| 199,500 |
| * |
|
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Dan F. Cooke 6430 Cobble Lane Harrison, Tennessee 37341 |
| 6,356,900 |
| 22.4% |
|
|
|
|
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Charles W. Reed P. O. Box 211 Wabash, Indiana 46992 |
| 6,267,913 |
| 21.2% |
|
|
|
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David O. Cole |
| 100,600 |
| * |
|
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David C. Gleason |
| 70,000 |
| * |
|
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All directors and executive officers as a group (7 persons) |
| 13,214,913 |
| 42.8% |
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