Overseas Shipholding Group Inc. (fka OGISZ)

[ilenes]

the only thing that I see interesting recently here is that their charter agreements are being allowed to be re-written, presumably a better deal for them than their previous agreements. But the speculation here is amazing! Could surge again.

Ilene

[basketball14]

What is the latest? I guess it could surge ?

[wallst10]

The reason it has spiked is the company last week got approval form the court to terminate and re-write several charters.

It's now one of the lowest cost shippers. There is no DIP fininancing in place. The common is money good.

[JPetroInc]

this will go well past $6.00 on re-audited financials - well past it indeed - a nice double from here

[stoman23]

I sold WAY too early here. Great job to all that bought at a dollar and below, and held on.

[stuartanton]

We've just missed a perfect opportunity!!.....that's what's happened here!!!

[petermic]

Ditto that question, and doubly so today.

[TradingSecret]

What's going on here? For the current uptrend without news that is.

[ilenes]

Hi guys. There is a hearing tomorrow @1:30 and I'll be there tweeting from court. If you're interested, you can follow along
#DelShareholder.

Ilene

[dr_praeses]

got it thx for the headsup

[wallst10]

Correct, if you were short the puts, you could buy to close the position. Follow the open interest on the options, you will see it decline with every trade.

[dr_praeses]

Are the options closing only?

The puts were 0.25 - 0.35 when I saw

The stock is 0.15 HTB until Dec expo

All makes sense to me

I think I could buy those if I wanted

[wallst10]

Right, it's a mock trade. You can't initiate opening option positions on bankrupt stocks.

[dr_praeses]

OSGIQ ~ mock trade ~ buying 10 Dec 1.0puts for 0.30

Break even 0.70 in the stock

Probably wont be at 0 before then

Which is why I'm only paper trading it

[albertinvestor]

OSGIQ piece on Seeking Alpha explains why equity is worthless. Investors should stay away from this stock!

http://seekingalpha.com/article/1027971-overseas-shipholding-group-inc-a-guaranteed-zero-for-equity-holders

[DADDY FAT SAXX]

Nice crazy action today

[beachboy3]

"AKA?" What does that mean? Where is OSGIQ being hyped? Here? What does EKDKQ have to do with OSGIQ? EKDKQ rose this Summer in anticipation of its huge patent auction upon which there was much speculation on its outcome. The auction didn't pan out, so the stock dropped to its previous level. Anyway, again, where are the "scammers" pumping OSGIQ?

[albertinvestor]

OSGIQ AKA EKDKQ situation

I would like to take a moment and talk about the current spike in OSGIQ. So let me make this short and accurate. I do not care about pumps and dumps. But about this scam I do because the same pumpers are behind this. They take bankrupt companies and pump them. They mislead investors by telling them the companies will exit bankruptcy and will reward them greatly. They promote this all over their sites.

Why do I care? Well I would not generally but on Thursday after seeing the sudden spike I was in shock. Here you had a company that just went bankrupt but went up immensely for no reason other than the fact that it was being pumped. You even saw the same MM's as you do in a pump and dump.

The bottom line is anyone who got in or who is long must get out if they are betting on a hopeful restructuring. See the company has $400m in assets minus intangible assets. Subtract that by the $2-3B in debt and you have an insolvent company. This company is so worthless even the bondholders who are senior on the debt structure have the bonds @ $.30 on the dollar.

Even for the traders this is a terrible pick because as you saw what these same scammrrs did to EKDKQ they will do the same here. EKDKQ had the same type spike after it went into bankruptcy it went from $.20 to.$.60 and then of course crashed.

[day_traitor]

So so close to 1$ Friday. I bought .83c. Maybe we can get to 1$ ? Penny experts still have on blog tonight.

http://blog.todayspickis.com/2012/11/25/stocks-to-watch-11-26-12---srge-osgiq-elay.aspx

[DADDY FAT SAXX]

I am expecting a dollar before too long. Nice to see some seasoned Q players in here.

[jaxstraw]

Shares Outstanding 30,909,605
a/o Aug 03, 2012

[jaxstraw]

Order Extending the Debtors Deadline to File Schedules of Assets and Liabilities , Statements of Financial Affairs, and List of Equity Security Holders



An additional 75 days , through and including Feb 27, 2013



http://www.kccllc.net/documents/1220000/1220000121115000000000024.pdf

[jaxstraw]

COURT DOCUMENTS



http://www.kccllc.net/osg

[jaxstraw]

Overseas Shipholding Group, Inc. Commences Chapter 11 Process


Overseas Shipholding Group, Inc. (NYSE: OSG), a market leader providing global energy transportation services, today 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. A complete list of the OSG entities which filed, and those which did not file, Chapter 11 petitions, is available at www.kccllc.net/osg. OSG intends to work with its constituencies to emerge from bankruptcy as quickly as possible while maintaining the company’s market position, business model and strategy.



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.



Morten Arntzen, President and CEO, commented: “The last few years have been difficult for everyone in our industry, but OSG has continued to provide safe, incident-free and reliable shipping services for our global client base. Our Jones Act fleet, in particular, has performed very well the last 18 months and has secured a number of notable contract extensions. Over the past two weeks, OSG has continued to fix vessels with our clients. We will use the Chapter 11 process to definitively resolve our financial issues. An orderly restructuring in Chapter 11 will provide stability both to OSG and to the entire shipping industry. We expect to emerge from our Chapter 11 reorganization with a solid financial base and clear path to future success.



“During the reorganization, we have more than enough cash to support our operations, and we expect it to be business as usual for OSG’s customers, employees, partners and suppliers. Thanks to our talented and dedicated employees around the world, we continue to enjoy a great reputation in our markets. I would like to thank them for their continued support and hard work,” Mr. Arntzen continued.



OSG has filed first-day motions that ask the Court to approve, among other things, payment of employee wages and benefits that were incurred before the petition was filed, payment of certain pre-filing amounts owed to vendors and suppliers, and continued access to the company’s cash collateral and cash management systems. The company is working closely with its vendors to secure their continued support.



On October 22, 2012, OSG informed investors that it is in the process of reviewing a tax issue arising from the fact that the company is domiciled in the United States and has substantial international operations, and relating to the interpretation of certain provisions contained in the company’s loan agreements. As a result of this issue, the company informed investors that its financial statements for at least the previous three years should not be relied upon.



During the process, John Ray, CEO of Greylock Partners LLC, will serve as Chief Reorganization Officer. OSG is being advised by its legal counsel, Cleary Gottlieb Steen & Hamilton LLP, and its financial advisor, Chilmark Partners LLC.

[Wildbilly]

Dang bro', nice work!

[day_traitor]

wow i fell asleep because monday this didnt move at all. now penny experts say 1$ possible ??? thoughts here ?

http://blog.todayspickis.com/2012/11/22/stocks-to-watch-half-day-11-23-12---elay-osgiq-lnet-ctle-slio.aspx

[wingtrade]

the ticker will end up completely worthless after the proceedings close, right? so all it takes is one big institutional seller to cash out and this stock drops like a rock and never recovers back to these near-dollar levels... it's a dangerous game... glty all

[DADDY FAT SAXX]

great day

[DADDY FAT SAXX]

Yup. It is just getting started IMO

[iheartweimers]

I am in at .51 and could make some nice money. But I
love the cushion and am afraid I'd be buying it back at
a higher price on the way to the real payday. Seems to
have broken the resistance and may hold. Nobody is
trading this much with such a low float and 80% IH
ownership. One of the best secrets on the Hub.

[DADDY FAT SAXX]

its push and pull today

[iheartweimers]

I am having a hard time following the MM on the L2.
They are absolutely all over the place with the bid/ask
right this second it is the same, .699.

[DADDY FAT SAXX]

Here we goooo

[DADDY FAT SAXX]

Strong action today

[DAD2]

Will hold above .60 this week imo.

[day_traitor]

watching this. looks good, Penny stock experts blog put it on watch tonight

http://blog.todayspickis.com/2012/11/18/stocks-to-watch-11-19-2012-elay-phot-trtc-osgiq.aspx

[DAD2]

Here come the sharks:

http://ih.advfn.com/p.php?pid=nmona&article=55075634&symbol=OSG

[KOUG58]

Strong close. Could gap to over .7 and run. This company used to be at $15. The still have tons of assets

[DADDY FAT SAXX]

NICE!!!!!!!!

[cicimici83]

going up here.

damn didnt get 52 today. trying 54 now.

[OCMillionaire]

do you know the a/s?

[~MulaGreen~]

lolzzzz.

[iheartweimers]

Somebody bought 4000 @ .74. To many cocktails for lunch?

[iheartweimers]

I got that info from our Twitter friend via FB. Too soon to
tell where this will go. I don't know if IH will hold or dump.
Many may already have, this has need predicted for awhile,
but I would love to know current holdings.

[DAD2]

Nice post, have you heard that our twitter friend will not be attending the hearing.

http://www.facebook.com/permalink.php?story_fbid=484035591646687&id=149947178388865

The docket looks pretty straight forward imo.

[~MulaGreen~]

Quarters,Dimes and Nickles tomorrow.

[iheartweimers]

First court hearing today at 3:00 PM.
http://www.kccllc.net/documents/1220000/1220000121114000000000133.pdf

[Interceptor8]

Fortune favors the bold my friend :)

[iheartweimers]

I was in at .50 and out at the first dip to .68. IMO a lot of
shares can enter the market when the Institutionals that
are not allowed to hold public employees etc funds in OTC
securities, especially ones declaring bankruptcy.

[kooleraid]

30M o/s 24M float 10M short
Look at SATCQ
This one can have a mean squeezer here still at least another 6-7 millie to be covered