Overseas Shipholding Group Inc. (fka OGISZ)

[~MulaGreen~]

id 10t...read my ForeCast BK here.lmao

[DAD2]

Here comes a pullback imo.

[Bmandretti]

lol you are the worst.... best... bullsh*tter on here. :) compliment, i think :)

great BK play though.

[~MulaGreen~]

Good ATM from 0.45

[iheartweimers]

What do we have to do to get iHub on the new ticker so
the L2 works?

[Bmandretti]

LOL is money suppose to be THIS easy to make? :P

[Bmandretti]

This is guaranteed a bounce up to $1 or more. Long history company 60+ years, billions in assets, chapter 11 financing.

Got to love it :)

[Newmanz]

They are trying to avoid losses on puts the price is up (institutional players)

[Bmandretti]

HUGE bk chapter 11 play here. They have BILLIONS in assets. Awesome.

[DAD2]

Open at .35 close at .70 for the double ???


Will be fun to watch imo.

[~MulaGreen~]

May go down to a Nickle.::)))

[G. Falcone]

OH LE DO IT!

[envyme]

thanks

[mkinhaw]

OSGIQ tomorrow

http://www.otcbb.com/asp/dailylist_detail.asp?d=11/14/2012&mkt_ctg=NON-OTCBB

MK

[iheartweimers]

No, I didn't know that, but it is the 2d or 3d largest in the
world, so it doesn't surprise me. I have read many articles
as of course all one has to do is Google OSG BK and they
are everywhere mentioned. So far I am getting the impression
they know with the election over and the President instructing
the IRS to turn over every leaf to get every cent out of big
corporations, these guys see tax problems. They also said:

The company, which employs 3,600, said in a court filing it determined it needed a fundamental overhaul of its finances and operations to recapitalize the business.

Full article here:http://www.baltimoresun.com/business/sns-rt-us-overseasship-bankruptcybre8ad1st-20121114,0,2984793.story

Since this will be in the Delaware Court, we have a spy that
attends all of the BK hearings there and reports on Twitter
from the courtroom. I have already sent her a email to
alert her to this one.

I have a lot of money in another shipping company, and only
bought a small start in this one last week. For which I am
now sorry, of course. But when they get a new ticker I may
buy a lot of this, as there is money to be made here. The
company says they have lots of money. I bet they do, and
it is all overseas and if they bring it back it will be taxed.
Mostly they want to get out of unprofitable leases. Mark it

[wingtrade]

hope you got out quick...

[wingtrade]

nice. i've been following this company for some time, realizing some losses by selling in the $34 range in 2010. tried to play it again last year and got beaten to a pulp in the low teens range. have stayed away since then, but been watching. the assets here are extremely valuable. did you see the blackrock filing just a few days ago showing they own 5%? blackrock doesn't buy junk...

[iheartweimers]

So far this tells the story as well as any do.

http://www.bloomberg.com/news/2012-11-14/overseas-shipholding-group-files-for-bankruptcy.html

[iheartweimers]

This is the 4th BK so far this year, so I should be getting
good at it but I'm not. I have learned a lot, and the first
thing I read about them was that they are all different. In
most cases people start showing up and posting. It seems
that there are people who just specialize on BK stocks and
come to the boards like buzzards to a dead horse.
I'll try to keep an eye on this and I have a lot of info, but a
lot of DD is yet to be done on this one. It worries me that
they have just said that the financials in the last 10-Q can
not be trusted.

[wingtrade]

thanks... probably will happen soon. i see you are a poster on another board that is similarly just got their 'q' status recently... interesting development here today. where do you go for information about BK proceedings?

[iheartweimers]

Before they can trade on the OTC they have to get at least
one MM to agree to handle their trades. They may be
working on that, questions might be answered by the IR
of OSG.

[Newmanz]

Thanks :) when you have the new stock symbol please share.

[wingtrade]

just read it on the wire... here you go:

NYSE Suspends Trading of Overseas Shipholding (OSG), Plans to Delist
2:27 PM ET, 11/14/2012 - Street Insider

The New York Stock Exchange announced today that the staff of NYSE Regulation, Inc. has determined to commence proceedings to delist the common stock of Overseas Shipholding Group, Inc. (NYSE: OSG) from the NYSE.

Trading in the Company's common stock will be suspended immediately.

NYSE Regulation has determined that the Company is no longer suitable for listing. Pursuant to Listed Company Manual Section 802.01D, this decision was reached in view of the Company's November 14, 2012 announcement that it filed a voluntary petition to reorganize under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. NYSE Regulation noted the uncertainty as to the timing and outcome of the bankruptcy process, as well as the ultimate effect of this process on the Company's common stockholders.

In addition, NYSE Regulation noted that the Company recently concluded that its previously issued financial statements for at least the three years ended December 31, 2011 and associated interim periods, and for the fiscal quarters ended March 31 and June 30, 2012 should no longer be relied upon, in connection with a tax issue arising from the fact that the Company is domiciled in the United States with substantial international operations, and relating to the interpretation of certain provisions contained in the Company s loan agreements.

NYSE Regulation notes that it may make an appraisal of, and determine on an individual basis, the suitability for continued listing of an issue in light of all pertinent facts and circumstances whenever it deems such action appropriate. In addition, NYSE Regulation may, at any time, suspend a security if it believes that continued dealings in or listing of the security on the NYSE are not advisable.

The Company has a right to a review of this determination by a Committee of the Board of Directors of NYSE Regulation. Application to the Securities and Exchange Commission to delist the issue is pending the completion of applicable procedures, including any appeal by the Company of the NYSE Regulation staff's decision.

[Newmanz]

do you have a source for the delisting?

[wingtrade]

OSG just delisted from NYSE... anybody know if it will open up on OTC? Or just have to wait until they go through the BK process?

[Newmanz]

is there any value left on the stock?

reported assets of $4.15 billions and debts of $2.67 billions.

[mlkrborn]

Overseas Shipholding confirms it commenced Chapter 11 process to reduce debt and other financial obligations (OSG) 1.13 : Co filed voluntary Chapter 11 petitions for itself and certain operating subsidiaries in the U.S. Bankruptcy Court for the District of Delaware. The company intends to use the Chapter 11 process to significantly reduce its debt profile, reorganize other financial obligations and create a strong financial foundation for the Company's future. Certain subsidiaries, including those that manage the Company's facilities in Manila, Singapore, Greece, London and Newcastle, have not filed for Chapter 11 reorganization. OSG will continue to serve customers without interruption while it reorganizes its debt. OSG has more than adequate cash to allow the company to continue operating as usual and does not require debtor-in-possession financing. In addition, the company expects to generate significant cash flow while in Chapter 11, further ensuring its ability to maintain safe, reliable and high-quality operations throughout the process.

[slowshoes]

It's halted at this time. No idea when it will start trading again

[DAD2]

Not finding it yet

[JayTee72]

Is OSG trading at all? New ticker?


Anyone know?

[CowBoE]

REUTERS: OSG Filed for Chapter 11 Wednesday.

REUTERS – 7:54 AM ET 11/14/2012
Debt-laden Overseas Shipholding Group Inc (OSG), the world's No. 2 independent tanker operator by fleet size, filed for Chapter 11 bankruptcy protection on Wednesday. The company, which has been struggling to plug a $300 million shortfall in its $1.5 billion fully drawn revolving credit facility, warned last month that it may have to seek bankruptcy protection.

[~MulaGreen~]

And It came True today ::)))

[~MulaGreen~]

YoungMan!Another Nickle Play here.lolzzz

[~MulaGreen~]

CH11 is here...

http://www.reuters.com/article/2012/11/14/overseasship-bankruptcy-idUSL3E8ME36520121114?feedType=RSS&feedName=marketsNews&rpc=43

::))

[DAD2]

Gut feeling more is up then just a late 10Q filing imo.

[Carna4z]

deadcat in play 10ish...

[CowBoE]

Yup down to $.35 cents (~70% drop) in pre-market.

OSG delays filing Form 10-Q. Could be interesting today.

[DAD2]

Down 60% p/m am i reading that right??

[Fibanotch]

does anyone dare to buy and or catch a falling knife?

[Fibanotch]

cant be good...could it?

[Fibanotch]

summitting late

[Fibanotch]

i mean .72 cents

[Fibanotch]

i mean 1.72...lol

[JayTee72]

Is there an ER today?

Are they supposed to have earnings on 11/5?

[Fibanotch]

My final short term call...dont know where the entry pt. is ; but i think we see 1.75...

[Fibanotch]

maybe on monday

[Fibanotch]

hope ur right

[Fibanotch]

not that bad today!

[Fibanotch]

for years..it looks like

[Fibanotch]

ok..then thats a good sign