Omega Navigation Enterprises, Inc.(fka ONAVQ)

[EZmoneyED]

Thanks for the reply man.

[RonnieD]

i'm not currently in it, as i was playing others, such
as the MMAB run in a similar range. Right now I'm big
on DMND. I still watch this closely and believe the recent
pullback is relative to no more than end-of-year tax loss
selling and perhaps some impatient ones moving on.
It should be a straightforward case.
Debtors will get some ships, Omega shareholders will retain others. I don't think the biggest threat to Equity is
this case, but the condition of the industry at large, which
has caused other blue-light specials such as FRO, FREE,
TRMD, SBLK, etc. Omega is likely to require further borrowing
once its non-included assets emerge, and you'll want to see
that backed by assets, not shares, which is likely not
a problem. Free use of cash extenstion grant, look for another
one of these surrounding December 12th:
http://www.omeganavigation.com/100511.html
Also has contact info. There may be a bump in pps
on the next court ruling around Dec 12th, especially
if it includes any extra comments. I am not finding any
documents on the Southern District of Texas (Houston)
court website. The co does still file with SEC and post
rulings on its website, but so far it's only shown
these extensions of free cash use approval by lenders.

I'm thinking that the lenders consistently
not objecting to free use of cash suggests they are aiming
to take ownership of all assets listed in the filing, and
Omega to keep all assets not in the filing.
Of course, there are still only 12 million shares.
We're in that range (2-3 million $ market cap) where it's just about certainly a buy and hold, for the patient. MMAB
is similar in some ways, not bk, but roughly the same price
and the big big money will only come through patience.

Stoved by recalcitrant lenders, the Athens, Greece-based tanker operator filed petitions for Omega Navigation and nine subsidiaries and vessels, citing more than $527 million in assets and roughly $360 million in liabilities.

Omega said that Chapter 11 remained the only viable way to deleverage after its senior lenders stonewalled out-of-court overtures.

The Chapter 11 filings include the following companies and vessels: Omega Navigation Enterprises, Inc.; Omega Navigation (USA) LLC; Galveston Navigation Inc (the Omega Lady Miriam); Beaumont Navigation Inc (the Omega Lady Sarah); Carrolton Navigation Inc (the Omega Prince); Decatur Navigation Inc (the Omega Princess); Elgin Navigation Inc (the Omega Queen); Fulton Navigation Inc (the Omega King); Orange Navigation Inc (the Omega Emmanuel); and Baytown Navigation Inc (the Omega Theodore).

The Chapter 11 filings do not include Omega Management Inc, the Company's technical vessel manager, nor does it include the Company's wholly-owned subsidiary Omnicrom Holdings Ltd, which indirectly owns a 50% interest in each of the vessels Omega Duke and Alpine Marina through two separate joint venture entities, or Omega Investments Inc, which owns 80% of OD Investment Inc, the owner of the vessels Megacore Honami, Megacore Philomena and of Hull 2295 (under construction) and Hull 2299 (under construction).

[EZmoneyED]

Hey Ronnie are you still in this one? Im thinking this is a buy just would like your opinion now. TIA
Ed

[EZmoneyED]

Not sure about your question but I think the question that needs to be asked is what revenue they can bring with the ships they have in the near future without the debt load they currently have? just my two cents though.

[mrholty]

Anybody have any thoughts that with the sale of the 80% of their JV for $31M which was basically for 2 current ships and 2 under construction. While these we smaller boats (37,000) as compared to 6 of the 8 that are twice their size. The valuation of $31M for 80% of 2 ships gives a value of $19.4M/vehicle. Since I know crap about shipping but assume that a ship 2x their size (71k-74,999) are worth 2x as much means that the value of the assets are:
6 @ $40M + 2 @ $20M = $280M.

I believe the only debts are the $241M by the HSA Nordbank. That means if they can sell the ships for that in a chapter 7 they should be some return.

Does anyone know what ships are currently under contract/terms?

[BIG bhapa]

it's going to be the ultimate bread winner..imo

[BIG bhapa]

it's buy only 16 million in OS.

[Pennypacker69]

quiet board. Any opinions on this stock?

[srm4u]

yea, i hear ya.....me too....lol........:)

[BIG bhapa]

I haven't seen any updates on CH-11

[BIG bhapa]

.30s is good, but, I want back in around the teens.

[BIG bhapa]

yea, it was a nice close, I'm still waiting for a good entry point.

[srm4u]

looks like we're getting some volume activity above the previous close.....:)

[srm4u]

did you see that, a few went through @.31, last trade @.3.....this week should be interesting.......:)

[BIG bhapa]

yes sir.

[srm4u]

only time will tell......:)

[BIG bhapa]

there's the "Q", I want to see the teens now.

[srm4u]

http://www.otcmarkets.com/stock/ONAVQ/news

[srm4u]

wow, 15 point spread on the L2 at close

[srm4u]

......:) otcbb, onavq, soon around the corner

[BIG bhapa]

it will be and hopefully, I see the levels I would like to get back in at.

[srm4u]

i know, "Q" will be telling

[BIG bhapa]

yup, still waiting for a bigger dip.

[srm4u]

nice close.....:)

[BIG bhapa]

drop to the teens coming...IMO

[BIG bhapa]

that's true.

[tkmoore]

run, they have a lot of $$$$ in assets and business going as usual for the most part

[BIG bhapa]

dip or run fellas?

[kittycattttt]

800 @.3879
Sum1 f'd up thought they had 800@.2879

[BIG bhapa]

yes sir.

[Pennypacker69]

confirmed on marketwatch.
http://www.marketwatch.com/investing/stock/onav

[Pennypacker69]

Is that right? After hours trade up almost 34% to .38 ?

[srm4u]

we're still looking good here, yesterday alone the volume was over 2.3m shares traded above at what it is currently trading today, wednesday we traded 2.2m shares from .017 to close above what we are currently trading today, looks like we had a correction today, hopefully next week we'll be back on the upside........:) glta

[$King]

Yea

[ErnieBilco]

You are aware it gets kicked off the Nasdaq as of Tuesday, right?

[srm4u]

lol, wish i could, maybe in time i will have what it takes to do that, but for now i have a sell order in to help support the ask with the intention of not selling which keeps me glued to the trigger......:)

[perfectpicksfor -you]

Sounds like maybe you guys whishing for 10-20 should have shorted the shit out of it instead of whishing it would hit .10 cents

[srm4u]

i couldn't help it, it just came out.....lol

[BIG bhapa]

me too, but, I didn't want to sound too excited, lol, yea, I am waiting for the .10 again...let's not beat around the bush..haha

[srm4u]

lol, i was thinking more like 10 cents....chances are this is being shorted.......:)

[BIG bhapa]

yup, I hope it pulls back to 20s, I will be reloading huge bunches...

[srm4u]

looks like a stale mate, who's going to give in first.....:)

[BIG bhapa]

they are not going to be bad, so, I am planning to add at the next dip.

[BIG bhapa]

excellent buying opp.

[Rdel]

pullback coming.

[srm4u]

i had 1 poster that sent me a pm, waiting for the ticker to add "Q", could be a wise decision......:)

[$King]

ONAV We should test .50s on Monday w/ more News :)

[$King]

LOADING

[$King]

AMATEUR HOUR

[$King]

ONAV BIG BUYS $$$ COMING THROUGH