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ONAVQ: Plan of Bankruptcy Effective; All Shares Cancelled. Deletion time: 10:48:59
http://www.otcbb.com/asp/dailylist_detail.asp?d=05/23/2013&mkt_ctg=NON-OTCBB
Thanks good luck
yes, check with your broker. they have 1 more filing with edger ( sec ).....if i see it i will post it
Does that mean we common shareholder lose everything
they will emerge from chapter 11 ( whats left ) but will be a private company....who knows in time they might become public again under a new symbol, but it won't be on pinks.....lol
I know I should have said that chapter 11 bankrupt restructurring ( the 1st post kind said that), however, does that mean they are going to emerge from BR chp 11 and have a new symbol, I thought that would happen the same time as a symbol change not deleted.
they did make it public....they wanted to pay off the OII Note Claim
before finalizing the exit of chapter 11 it's all here....
http://www.jagersmith.com/downloads/pdf/pleadings/omega_navigation/doc1096.pdf
http://www.jagersmith.com/practiceareas/bankruptcy/pleadings/baytownnavigation.asp
I guess that means the company went bankrupt. I had a much bigger post that just got deleted how funny (not). I would have thought that it would be made public first before the symbol got deleted.
All shares cancelled as of today
http://www.otcbb.com/asp/dailylist_detail.asp?d=05/23/2013&mkt_ctg=NON-OTCBB
MK
Hi.. any updates on omega?
The stock seems to have stabilised in the teeens
omega wants to liquidate to pay off the senior lenders ( without filing for chapter 7 ), the junior lenders will get nothing if this happens.....so far the courts are trying to get this done where both lenders will get something...no one knows at this time what will happen and what omega's future has in store....i hope that helps and as usual it's all imo
Does that mean that the court will allow the reorganization to go forward or not what's your opinion. I look at the doc. and not being a lawyer or in the business world (so I have no similarity with the doc.), so I really can't make head or tails of it. What if anythings, based what you see going on is the future for my or our investment in omega. My position is relatively small so even if it's a wash I'll have some write-offs.
this is the withdrawal their talking about
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=78191333
http://www.jagersmith.com/downloads/pdf/pleadings/omega_navigation/doc647.pdf
http://www.jagersmith.com/downloads/pdf/pleadings/omega_navigation/doc686.pdf
http://www.jagersmith.com/downloads/pdf/pleadings/omega_navigation/doc648.pdf
http://www.jagersmith.com/downloads/pdf/pleadings/omega_navigation/doc687.pdf
http://www.jagersmith.com/downloads/pdf/pleadings/omega_navigation/doc662.pdf
this is omega's new proposal
http://www.jagersmith.com/downloads/pdf/pleadings/omega_navigation/doc870.pdf
http://www.jagersmith.com/downloads/pdf/pleadings/omega_navigation/doc911.pdf
looks like the junior lenders are objecting
http://www.jagersmith.com/downloads/pdf/pleadings/omega_navigation/doc894.pdf
i'm expecting more doc filings soon
http://www.jagersmith.com/practiceareas/bankruptcy/pleadings/baytownnavigation.asp
Hey srm4u, sorry I missed your post back on 1/14. I would have liked to chat with your about the info. I have been invested for some time in Omega with little success, however, I kept my investment because I thought if it reorganized it might emerge from bankruptcy strong and a better investment. I'm really not sure what this withdrawl by debtors will mean for that. Is it saying they are not going to reorganize, or does it mean they are doing better and don't need any regranization??? I just don't know what to think I have never seen this before. Can you provide any input to clear it up for me and the board. Thanks in advance. money GO ONAVQ!!!!
NOTICE OF WITHDRAWAL OF PLAN,
DISCLOSURE STATEMENT, AND ESCROW MOTION
PLEASE TAKE NOTICE that the Debtors hereby withdraw their Joint Plan of
Reorganization (Dkt. Nos. 647 and 686), Joint Disclosure Statement for the Debtors’ Proposed
Joint Plan of Reorganization (Dkt. Nos. 648 and 687), and Emergency Motion for Order
Approving New Value Escrow Agreement (Dkt. No. 662).
http://www.jagersmith.com/downloads/pdf/pleadings/omega_navigation/doc870.pdf
http://www.jagersmith.com/practiceareas/bankruptcy/pleadings/baytownnavigation.asp
[867] Debtors’ Motion Pursuant to Bankruptcy Rule 9019 to Approve Settlement Agreement with Senior Lenders
http://www.jagersmith.com/downloads/pdf/pleadings/omega_navigation/doc867.pdf
[870] Notice of Withdrawal of Plan, Disclosure Statement, and Escrow Motion
http://www.jagersmith.com/downloads/pdf/pleadings/omega_navigation/doc870.pdf
[648] Disclosure Statement Filed by Baytown Navigation Inc.
http://www.jagersmith.com/downloads/pdf/pleadings/omega_navigation/doc648.pdf
Section 2.06 Common Stock
As of December 31, 2009, which was the date of Omega's last 20-F filing, Omega had
16,030,079 shares of Class A common stock issued and outstanding, of which 12,000,000 shares
of Class A common stock were listed on the NASDAQ Global Market exchange, $0.01 par value
per share. On October 6, 2011, Omega's shares of common stock were delisted.
The Debtors direct any person interested in additional information regarding the shares of
common stock of Omega to the periodic reports and other documents that Omega has filed with
the SEC. Such reports and other documents and information filed may be examined and are also
available for inspection without charge at, or copies may be obtained upon payment of prescribed
fees from, the Public Section of the Securities and Exchange Commission (the "SEC") at
Judiciary Plaza, 450 Fifth Street, NW, Washington, DC. 20549. The SEC maintains a website
(http://www.sec.gov) that contains reports and other information regarding Omega.
Why Omega Navigation Bankruptcy (ONAVQ) is Worth Following?
http://seekingalpha.com/instablog/614392-special-situations-monitor/198974-why-omega-navigation-bankruptcy-onavq-is-worth-following
Why Omega Navigation Bankruptcy (ONAVQ) is Worth Following?
http://seekingalpha.com/instablog/614392-special-situations-monitor/198974-why-omega-navigation-bankruptcy-onavq-is-worth-following
AMENDED NOTICE OF HEARING ON DEBTORS’ EMERGENCY MOTION FOR
ORDER APPROVING THE NEW VALUE ESCROW AGREEMENT
PLEASE TAKE NOTICE that the Court has set a hearing to consider the Debtors'
Emergency Motion for Order Approving the New Value Escrow Agreement for September 10,
2012, at 2:00 p.m. This hearing date has been changed from the previously scheduled date
of September 4, 2012.
http://www.jagersmith.com/downloads/pdf/pleadings/omega_navigation/doc671.pdf
SECOND AMENDED NOTICE OF HEARING ON DEBTORS’ EMERGENCY MOTION
FOR ORDER APPROVING THE NEW VALUE ESCROW AGREEMENT
PLEASE TAKE NOTICE that the Court has set a hearing to consider the Debtors'
Emergency Motion for Order Approving the New Value Escrow Agreement for September 17,
2012, at 2:00 p.m. This hearing date has been changed from the previously scheduled date
of September 10, 2012.
http://www.jagersmith.com/downloads/pdf/pleadings/omega_navigation/doc676.pdf
http://www.jagersmith.com/practiceareas/bankruptcy/pleadings/baytownnavigation.asp
ONAVQ: IN THE UNITED STATES BANKRUPTCY COURT
FOR THE SOUTHERN DISTRICT OF TEXAS
HOUSTON DIVISION
http://www.omeganavigation.com/files/Omega_Chapter_11_Disclosure_Statement.pdf
In the second lawsuit, Omega asserts, among other things, that Omega has been
and continues to be seriously damaged by, among other things, the Senior Lenders' breach and
abusive actions. Such damages amount to approximately $570,000,000.00 (plus interest) at the
time of filing the second suit, and, via the second suit, Omega seeks indemnification for such
damages.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=65183532
btw: where's the volume we had on the last 20 minutes of trade on friday?
Because the Plan does not propose to pay Omega's unsecured creditors in full, Chapter 11 does not permit a distribution to current shareholders. Accordingly, the Plan contemplates that Omega's current shareholders will not receive or retain any shares or other distributions on account of their equity interests and that Omega will emerge from Chapter 11 as a private company no longer subject to public reporting requirements.
Not a law dog here so take this with a grain of salt..
First the petrochemical market is hopping and has been
through the housing deal and to date. Very little slow down
of cargo operations. FACT,, I work in the industry. In Houston.
Check the vessel movement in Houston ship channel.
2 this firm is stating that the reason for this BK is due
to Banks not following up on contracted credit,, Very important
in any business to keep the time from pick up to discharge to payment
in a normal course of business. What the common holder has is a case
against the banks if they band together and form a class action
along with this firm. Will be putting this one on my watch list to see how it plays out..
Pilot
looking at the L2, there must have been a lot of open orders to buy....it only takes 1 to put a sell order @ market to trigger a down fall like this... will be interesting to see how this plays out monday morning
looks like its up to the senior lenders and im sure the courts will have something to say also
Well this ones going to no bid in a hurry.
OMEGA NAVIGATION ENTERPRISES FILES CHAPTER 11 PLAN OF REORGANIZATION
Omega Proposes to Emerge from Chapter 11 in November 2012
http://www.omeganavigation.com/080312.html
ATHENS, GREECE, Jun 01, 2012 (MARKETWIRE via COMTEX) -- Omega Navigation Enterprises Inc. announced today that, in connection with its Chapter 11 proceedings in Houston, Texas, Omega and its major creditor constituencies are continuing to engage in mediation discussions concerning a potential Chapter 11 plan of reorganization. In connection with the mediation proceedings, the parties have agreed (subject to Court approval) to extend various deadlines in the Chapter 11 proceedings, including the extension until July 20, 2012 of Omega's exclusive right to file a Chapter 11 plan of reorganization. The details of the mediation process remain confidential.
http://www.otcmarkets.com/stock/ONAVQ/news
Hey board, it been so long sense anybody has posted, just wondering what if anything is going on. Have not heard any news on the bankruptcy and follow up on if they are going re-emerge.
Got me a few with the little money I had freed up.
now's your chance
According to Lloyd's List - a leading publication in the maritime industry - Omega "scored a landmark victory in its Chapter 11 battle against senior lender HSH Nordbank in Houston, setting an extraordinary precedent for other foreign shipping companies seeking refuge from unpaid banks through the U.S. bankruptcy courts."
http://www.wikinvest.com/stock/Omega_Navigation_Enterprises_%28ONAV%29/News/3336897/Bracewell
Someone just dumped ten grand worth. They may regret that in a few months.
been watching the board, things looking good here for omega, looks like the end of may will be decisive.....Merry Xmas and Happy New Year
Sounds good to me seems like its fairly safe to buy a few more now and play it for at least a swing trade until something else develops. Im guess this could creep back up to .26 or so in the next few days to weeks.
Omega Navigation scores Chapter 11 victory over HSH Nordbank
Tuesday 20 December 2011, 10:35
by Rajesh Joshi
Interested in this topic?Set up a custom email alert and we'll tell you everytime we write more like this.
Outrage after judge accuses German lender of ‘reckless disregard for truth’
OMEGA Navigation Enterprises has scored a landmark victory in its Chapter 11 battle against senior lender HSH Nordbank in Houston, setting an extraordinary precedent for other
foreign shipping companies seeking refuge from unpaid banks through the US bankruptcy courts.
Judge Karen Brown has ordered HSH to show why it and its law firm White & Case should not face sanctions for “reckless disregard for truth and an intentional strategy to impede
and delay” the case.
The court has given Greece-based Omega until May 31, 2012 to present a reorganisation plan. Judge Brown rejected the bank’s attempt to convert the case to a Chapter 7
liquidation or to lift the automatic Chapter 11 stay.
Sources told Lloyd’s List the judge disposed of matters within 15 minutes of arriving at the Monday afternoon hearing.
“Rarely have we seen such judicial ire,” said one senior lawyer.
“I would not want to be at the receiving end of that,” said another.
Other off-the-record reactions used more colourful language.
The judge’s decision came after HSH sent a letter to Omega directors threatening to sue them for breach of fiduciary duty. She ruled against the bank in this regard, scheduling a
hearing in January to impose sanctions against HSH.
These sanctions will be distinct from the Omega case, possibly with a separate hearing.
HSH supporters are particularly concerned about Judge Brown’s threat to punish the bank with “equitable subordination”, which could jeopardise its voting rights in a reorganisation
and its position as a senior lender.
“This is at the extreme end of the range of unintended consequences,” said Blank Rome partner and bankruptcy specialist Jeremy Harwood.
The development attracted interest from players not usually concerned with corporate workouts.
Port Arthur, Texas-based Sinclair Oubre, president of seafarer-welfare body the Apostleship of the Sea, said: “It is ironic that a Greek shipowner has established status in a US
federal court, while foreign seafarers are routinely considered ineligible for such protection.”
The judge raised the possibility that if HSH’s existing counsel was sanctioned, the bank might need “other counsel to avoid conflict of interest”.
Judge Brown rejected all HSH’s allegations, saying they were not supported by evidence.
The bank had argued that the case was brought in bad faith, based on Omega’s alleged administrative insolvency. It also alleged impropriety involving a Glencore joint venture and
Omega’s relationship with hedge fund Delos.
However, some legal experts argued that Judge Brown “ignored the facts presented to her” and “was wrong”.
Blank Rome’s Mr Harwood said: “Most importantly this present issue distracts from showing whether the case should be dismissed and that collateral is deteriorating, which the
judge correctly said were ‘very important’ questions before her.”
The judge’s observations that HSH efforts to conduct marine surveys on Omega’s ships were not ordinary practice elicited some debate.
Lloyd’s List has unearthed a chapter on International Maritime Workouts, written by Holland & Knight partners Lennard Rambusch and Jovi Tenev, in the 2008 legal treatise
Business Workouts Manual. The chapter states that vessel inspections by surveyors are both normal and recommended lender practice in maritime workouts.
Omega counsel Evan Flaschen of Bracewell & Giuliani said his client was still open to a compromise. He hoped that HSH Nordbank would submit to Judge Brown’s suggestion of mediation.
Article from Lloyd's List
http://www.lloydslist.com/ll/sector/tankers/article387130.ece
Published: Tuesday 20 December 2011
© 2010 Informa plc. All rights Reserved. Lloyd's is the registered trademark of the Society incorporated by the Lloyd's Act 1871 by the name of Lloyd's
http://react.bracewellgiuliani.com/reaction/announcements/OmegaNavigationScoresChapter11Victory.pdf
Omega Navigation Enterprises Defeats Lender Motions
Senior Lenders' Motions to Dismiss, or Convert and to Obtain Relief From the Automatic Stay All Denied; Court Rejects All Allegations of Bad Faith; Omega to Continue to Operate in the Ordinary Course of Business
HOUSTON, TX--(Marketwire -12/21/11)- Omega Navigation Enterprises Inc. (Pinksheets: ONAVQ.PK - News) announced today that, in connection with its Chapter 11 proceedings in Houston, Texas, the Court has denied the motion from the Senior Lenders to dismiss or convert the Chapter 11 cases and the separate motion for relief from the automatic stay granted in Chapter 11 proceedings. This favorable decision will enable Omega to formulate a reorganization plan for emergence from Chapter 11.
The Court also entered a separate order criticizing the Senior Lenders for alleging that Omega had acted in bad faith, finding that the evidence was clear that Omega had acted in good faith with respect to each of the allegations.
Omega, while under the protection of the Court has:
The right to continue to operate and pay all operating expenses in the ordinary course
The right to continue to pay employees and crew in the ordinary course
The right to continue all cash management procedures in the ordinary course
The right to continue to maintain all insurance in the ordinary course
Omega continues to generate sufficient cash for operations and will continue to honor all of its charter obligations during the pendency of the court protection. Omega believes the Chapter 11 reorganization process will help the Company facilitate a restructuring of its balance sheet and is working towards exiting Chapter 11 as a financially stronger entity that will be positioned to enjoy future growth based on the strength of its existing modern fleet of product tanker vessels.
Additional information and a list of frequently asked questions and answers relating to the reorganization process and procedures is posted on our website www.omeganavigation.com.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. One can identify these forward-looking statements by the use of words such as "expect," "believe," "planning," "possibility," "opportunity," "goal," "will," "may," "intend," "anticipates," "working toward" and other words of similar meaning. One can also identify them by the fact that they do not relate strictly to historical or current facts. These statements are subject to risks and uncertainties that could cause actual results and plans to differ materially from those included in the Company's forward-looking statements.
These risks and uncertainties include but are not limited to (i) the ability of the Company to continue as a going concern, (ii) the Company's ability to obtain Court approval with respect to motions in the Chapter 11 cases, (iii) the ability of the Company and its subsidiaries to prosecute, develop and consummate one or more plans of reorganization with respect to the Chapter 11 cases, (iv) the effects of the Company's Chapter 11 filing on the Company and the interests of various creditors, equity holders and other constituents, (v) Court rulings in the Chapter 11 cases and the outcome of the cases in general, (vi) the length of time the Company will operate under the Chapter 11 cases, (vii) risks associated with third party motions in the Chapter 11 cases, which may interfere with the Company's ability to develop and consummate one or more plans of reorganization once such plans are developed, (viii) the potential adverse effects of the Chapter 11 proceedings on the Company's liquidity or results of operations, (ix) the ability to execute the Company's business and restructuring plan, (x) increased legal costs related to the Company's Chapter 11 filing and other litigation, and (xi) the Company's ability to maintain contracts that are critical to its operation, to obtain and maintain normal terms with its vendors, landlords and service providers and to retain key employees. In the event that the risks disclosed in the Company's public filings and those discussed above cause results to differ materially from those expressed in the Company's forward-looking statements, the Company's business, financial condition, results of operations or liquidity, and the interests of creditors, equity holders and other constituents, could be materially adversely affected.
Contact:
Company
Gregory A. McGrath
Chief Financial Officer
Omega Navigation Enterprises, Inc.
PO Box 272
Convent Station, NJ 07961
Tel. (551) 580-0532
E-mail: gmcgrath@omeganavigation.com
www.omeganavigation.com
Investor Relations / Financial Media:
Nicolas Bornozis
President
Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, NY 10169
Tel. (212) 661-7566
E-mail: omeganavigation@capitallink.com
Thanks I figured I would throw a couple hundred dollars at it first and see what happens.
going to need to wait and see if the judge allows
the Chap 11 case to proceed first.
either way i think its worth buying some, but not
a complete position.
Thanks man what is your take on this?
time to pay close attention here, a ruling is expected
soon.
Omega Navigation provides further test of a foreign debtor's access to the protection of the US bankruptcy courts
Mayer Brown LLP
Alastair C. MacAulay, Stuart McAlpine, Ashley Katz and Frederick D. Hyman
USA
December 14 2011
In the course of the next few weeks, Omega Navigation Enterprises, Inc. and its affiliates (collectively, “Omega”), an international shipping enterprise, will find out if motions by certain of their lenders to, among other things, dismiss Omega’s chapter 11 bankruptcy proceedings have been granted by the U.S. Bankruptcy Court for the Southern District of Texas.1 If not, then Omega may be permitted to continue its attempt to reorganize its business under chapter 11 of the Bankruptcy Code.
The Omega bankruptcy proceeding is another high-profile example of the relative ease with which foreign shipping companies may file for bankruptcy protection in the U.S. and thereafter remain under the protection of a U.S. Bankruptcy Court despite minimal U.S. connections and vigorous creditor opposition.
Background
Omega, organized in the Marshall Islands and headquartered in Greece, focuses on the marine transportation of refined petroleum products. Omega generates its revenues by employing its vessels on time charter and in the spot market. Omega’s most valuable assets are eight vessels, five of which operate under the flag of the Marshall Islands, and three of which operate under the flag of Liberia. Omega’s employees, other than its CFO, are located outside of the U.S. and its principal loan documents are governed by English law and designate the courts of England as the exclusive forum to resolve disputes.
Citing a down market and an extended period of failed negotiations with its senior lenders, Omega commenced voluntary cases under chapter 11 on July 8, 2011. HSH Nordbank AG, in its capacity as senior facilities agent on behalf of the senior lenders (the “Senior Lenders”) has argued that the company does not belong in a chapter 11 reorganization given, among other things, its minimal contacts with the U.S. Other junior lenders2 have sought to dismiss the bankruptcy case as well.
Eligibility for Bankruptcy Protection
Section 109(a) of the Bankruptcy Code provides that a corporation may be a debtor in bankruptcy if it has, among other things, “a place of business[] or property in the United States.”3 The bankruptcy proceeding of Marco Polo Seatrade B.V. (together with its affiliates in bankruptcy, “Marco Polo”) in the U.S. Bankruptcy Court for the Southern District of New York demonstrates that a negligible property interest in the United States is sufficient for bankruptcy eligibility.4
Marco Polo, similar to Omega, involves the bankruptcy of an international shipping enterprise. Marco Polo has hundreds of millions of dollars of assets and liabilities, is headquartered in The Netherlands, and operates its vessels, registered in Liberia, primarily in foreign waters. In response to an eligibility challenge made by its lenders, Marco Polo pointed to, among other things, an economic interest in a New York pool account and the unearned portion of a $250,000.00 retainer held by Marco Polo’s bankruptcy counsel in a separate New York account. Marco Polo argued that such property is sufficient for debtor eligibility under § 109(a). The Bankruptcy Court agreed, finding that the retainer was not paid to manufacture eligibility and that the retainer and pool account interest satisfied the relatively low bar of § 109(a).5
Dismissal, Conversion, or Relief from the Automatic Stay
Even if a debtor is otherwise “eligible,” the Bankruptcy Code recognizes that not all debtors are worthy of chapter 11 protection, and, therefore, provides creditors with the opportunity to move for the conversion of a chapter 11 reorganization to a chapter 7 liquidation or for the dismissal of the bankruptcy case in its entirety.
Seemingly acknowledging the result in Marco Polo, the Senior Lenders in Omega chose not to raise the issue of the debtors’ eligibility to commence the proceedings in the U.S.6 Instead, they moved for conversion or, alternatively, dismissal of the case under § 1112(b) of the Bankruptcy Code. Section 1112(b) provides that a Bankruptcy Court “shall convert a case under [chapter 11] to a case under chapter 7 or dismiss a case under [chapter 11], whichever is in the best interests of creditors and the estate, if the movant establishes cause.”7 The Senior Lenders argued that “cause” exists for conversion or dismissal, in part, because Omega did not file its case in good faith, as demonstrated by Omega’s minimal contacts with the U.S., and because the bankruptcy estates are suffering substantial and continuing loss in a hopeless reorganization proceeding.
As an alternative to conversion or dismissal, the Senior Lenders moved for relief from the automatic stay under § 362(d)(1) and (d)(2) of the Bankruptcy Code to allow them to exercise remedies with respect to their collateral. Subsection (d)(1) provides relief from the automatic stay upon a showing of “cause.”8 Subsection (d)(2) provides for relief from the automatic stay with respect to acts against property of the bankruptcy estate upon a showing that “the debtor does not have any equity in such property” and “such property is not necessary to an effective reorganization.”9 In support of each, the Senior Lenders raised similar arguments to those advanced in support in their motion to dismiss or convert.
Omega argued that it filed its petition with the Bankruptcy Court in good faith. Omega further argued that the bankruptcy filing was necessary to preserve its going concern value and that the liquidation of its fleet, or the lifting of the automatic stay to allow the lenders to exercise their remedies, surely would wipe out any such value.
Following a five-day trial ending on December 2nd, the parties were asked to submit proposed findings of fact and conclusions of law. Omega, the Senior Lenders and the Junior Lenders have so filed. The decision of the Bankruptcy Court is expected no later than December 19th.
Conclusion
It is well known that shipping companies are facing a period of great financial distress, as evidenced by the bankruptcy filings of Marco Polo, Omega, and, more recently, New York-based General Maritime Corporation.10 Marco Polo and Omega demonstrate the relative ease with which foreign shipping companies are able to commence chapter 11 cases in the United States. Foreign shipping companies appear to understand the benefits and opportunities of a chapter 11 bankruptcy, including, of course, the global scope of the automatic stay. Creditors worldwide should share that understanding, contemplate the risks of a chapter 11 bankruptcy, and prepare accordingly by proactively evaluating all available options. Pre-emptive action may be possible but, in any case, creditors must be aware of the possible complications which can arise and the steps which may be taken to protect its interests, should the debtor commence a chapter 11 bankruptcy proceeding
Good Moring Board, I agree at these levels it looks attactive, as I stated in a earlier post I'm in at much higher levevels. I still like the stock, but the debt ratio and the Greek nat. debt concern me. They have made a few purchases of ship a year ago or so. Which to me made so sense, maybe they were dollar cost avg. but stock has done nothing but go down from there. They are on the verge of going bankrupt and it's a real gamble if they are going to come out of this. I'm in for the long haul hopefully they do survive. GO ONAV!!!!
Bloomberg Law's Lee Pacchia and Bloomberg News bankruptcy columnist Bill Rochelle revisit the Chapter 11 filing by Greek ship owner Omega Navigation Enterprises Inc. and ask whether it may become a test case on the question of when foreign-based companies can reorganize in the U.S..
I would have to go back and read their last filing but I know they still have significant revenue but they had a heavy debt load and were losing money after all expenses but their are hundreds that are in the same boat and trading at several dollars per share.
That is asking for quite a bit. Asset based companies sometimes can never seem to take off. I would be more interested in their real revenues right now, on that I could make a decision. Any thoughts ?
Jen
Hey guys with the stock here its all about the assets they hold as far as future profits it may be a long time but this stock is still well undervalued imo. Once more details come out I would not be surprised to see over a dollar a share but these BKs take a long time so dont invest if you have an itchy trigger finger or you dont like to see big swings. Otherwise buy some flip some and hold a core position for the finish line. This could be a 2-3 dollar stock another year or two down the road imo.
I am liking this, what are the sales like ? I can see potential in devices which save fuels, but I am concerned as to the sales? Can you please tell me?
Jen
Good Morning board, this is first time posting long time investor. I hope this reorganization will bring the company out from under this mess, how much do you think Greek debt is effecting this stock. I invested in this stock in 09 ouch, I have only a few hundred shares left. Here's Hoping!!!!
Seeing that the management part of onav (Omega Management Inc) is not under chapter 11 I think it is interesting to note that didn't onav sell its 80% interest in OD Investments for about 32 million dollars? This cash might be used in the restructuring but if it isnt doesnt this just add value to the Omega Managment thus Omega's shareholders? 32 million in cash is $2/share of value here.
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