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Brokers like E-Trade have a "Worthless Securities Liquidation Request" form you can submit.
https://us.etrade.com/e/t/estation/pricing?id=1203012000
I guess it's time to write this stock as a tax write off. Anyone know how to go about writing it as a tax write off, since I never got a chance to sell it. Thanks for the help!
I read thru a lot of paperwork this morning. Class 7 (common shares) are wiped out 100%. I didn't read anything that even hinted at getting any new shares.
PPMIQ is dead as of about 11:13 am this morning.
PPMIQ is still a ticker, I will let you know when it becomes a serial number!
SO will we be part on the new symbol at all with the shares we had or we lost it all.
makemoney,
I really don't know to that level of detail. I just knew that the 'potential liabilities' they had from mortgage insurance played a big part.
I haven't heard or seen what the new symbol will be, curious myself.
ps. I got left holding the bag on this one myself. When I read the 'Emergence from BK' article this morning, I thought it was indicating that the stock would trade today, thru the end of the day. I was waiting for a surge & then I was going to dump. About the time I decided I'd better just dump, they pulled the plug (literally in the middle of editing my sell order).
I learned a lot on this one myself and it will stick, cause I never forget losing money.
Thanks for the post Trucking. I've had trouble getting access to those docs.
The kccllc site won't load for some reason. I've only read what pmi posts on its web site receivership page.
I suppose this means the final chapter hasn't been written for equity holders?
Ok, those seem like valid points. I can certainly believe that the surge in late May was the one big pump and dump.
As for the double dipping assets, though, weren't there other tax assets and such won by regulators separate from the $1.1 billion. I recall a deal being reached in November to divide NOLS. I got a sense they'd be using that and the Arch transaction money to take care of insurance liabilities and leave the shell for equity and creditors to try to make something of.
Wonder if the new PMI that creditors have will be a publicly traded company and if so, what the symbol will be. Either way, I'm also curious what their business plan will be.
Still Nobody following Docs:"Effective 10/01/2013":::
From Today's Court Docket#1130: " Effective Date. Pursuant to the Confirmation Order, the Debtor hereby declares that (i) all conditions precedent to the Effective Date of the Plan have been satisfied or waived and (ii) the Effective Date occurred at 12:01 a.m. (EDT) on October 1, 2013. "
Docket#1130 : http://www.kccllc.net/pmi/document/1113730131001000000000001
" 5. Bar Date for Administrative Expense Claims. Requests for the payment of
Administrative Expense Claims other than Professional Claims must be filed and served on the
Reorganized Debtor, its counsel and the United States Trustee no later than December 2, 2013
(the “Administrative Expense Claims Bar Date”). Holders of Administrative Expense Claims
that are required to, but do not, file and serve a request for payment of such Claims by such date
shall be forever barred, estopped, and enjoined from asserting such Claims against the Debtor,
the Reorganized Debtor, or their assets or properties and such Claims shall be deemed
discharged as of the Effective Date. Objections to such requests, if any, must be filed and served
on the Reorganized Debtor and the requesting party no later than March 3, 2014. Notwithstanding the foregoing, no request for payment of an Administrative Expense Claim
need be filed with respect to an Administrative Expense Claim previously Allowed by Final
Order, including all Administrative Expense Claims expressly allowed under the Plan.
6. Copies of Plan and Confirmation Order. Copies of the Confirmation Order
may be obtained by contacting the Debtor’s Claims and Voting Agent either by mail at PMI
Ballot Processing, c/o Kurtzman Carson Consultants LLC, 2335 Alaska Avenue, El Segundo,
California 90245, or by phone at (866) 381-9100. In addition, copies of the Confirmation Order
can be accessed (i) free of charge via the Claims and Voting Agent’s case-designated website at
http://www.kccllc.net/PMI, (ii) during regular business hours at the office of the Clerk of the
United States Bankruptcy Court for the District of Delaware, 824 North Market Street, 3rd Floor,
Wilmington, Delaware 19801, or (iii) at the Court’s website at http://www.deb.uscourts.gov.
Dated: October 1, 2013
Wilmington, Delaware
YOUNG CONAWAY STARGATT & TAYLOR, LLP "
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Not to be rude, but apparently you don't understand the nature of the business.
It is a mortgage insurance company. It has to have 100s of millions of dollars in reserves to pay out potential liabilities if & when they come due. They can't 'double-dip' on the assets and say I'm using them to secure creditors interests AND insurance liabilities.
You didn't see the typical dumping in the later months bc all the people in the know dumped their shares back in May when you had the big Fannie / Freddie run. PPMIQ, and stocks like it, rode on the coattails of that run. PPMIQ got up to .28 if I remember correctly.
People who didn't know just thought it was running up bc of FnF but people in the know knew it was their best chance to dump and they did, big time.
Well I guess it's completely out of our hands now.
Yes, the stock has been cancelled. Yes the price dropped pretty hard and fast on some pretty significant volume.
But to me it seems it traded pretty funny the final few months and minutes. 90 million share volume in one week in June, and yet not even 90 million volume in total the following 3 months as it moved towards cancellation.
Even bluntly worded statements regarding share cancellations in late July didn't bring about as much volume as we had at .15-.20 cents when there was so much uncertainty.
I'm used to seeing pump and dumps with Q stocks. But I'm also used to seeing more volume during the dumps. I'm sure those involved knew what they were doing the whole time.
At times even recently it seemed as though MMs were trying to keep a lid on prices by painting them down on low volume. That doesn't seem like something you'd try to do of you wanted to unload as many shares at as high a price possible to under-informed suckers blinded by greed.
We also didn't see a high volume P&D like Ambac had in the days leading up to its cancellation. Not that such a move was guaranteed, but there was as least as much potential hype and mystery surrounding this stock as there was for bankrupt and doomed Ambac shares.
Less than a million shares sold at the opening bell after the bankruptcy emergence news was out and very little volume I'm the past week.
I guess everything will be sorted out by 4PM today and we'll have a better idea as to why this behaved like it did.
I just don't understand how a court could recognize $1.1 billion in tax "assets" for a company then give 100% of the company to creditors who are only owed $500 million.
The plan filed & approved 3 months ago said commons will be wiped out. Trading is now halted. Existing shareholders to be, correction - are wiped out.
Bad as the stock price is reflecting. It means nothing was amended in favor of the commons. Just a matter of time now.
My take.
Coupe
Sounds like you are on the wrong board :)
I am back in! Just purchased 150,000 shares @ .05 . this thing is going to run! JK, Lol. Not to jack this thread but I started another Thread regarding "Frontier Rare Earths Limited" (FREFF on USA Market) and (FRO.TO on Toronto's Market). Have any of you looked into this stock? I would like some input if anyone has any. Her is my last post on that thread; FYI - So I found out today that if you purchase this stock in the USA it's Stock Symbol is FREFF. If you purchase it through the Toronto Exchange it is FRO.TO. When I was checking the stock on Yahoo Finance FRO.TO was doing much better than FREFF. I purchased my stock in this company through the Toronto Exchange but my account kept showing me the FREFF and it's stats. After speaking to my Broker he said that I will usually see it as FREFF on any of the USA Stock Quote Websites. Since it does not trade in the USA very often the Stats I am seeing are usually a couple weeks old. If I/you want a more accurate picture than I/you have to check the FRO.TO and convert the dollar amount to USA dollars which right now is about a 3% difference.
"Don't be so skeptical" Really?
Nice run. All the way back now.
I am not sure how you could have anything more the skeptism for PPMIQ.
GLTA
Coupe
Saw the "plan of distribution" came out Friday::
http://www.kccllc.net/pmi/document/1113730130919000000000004
Most here now are only watching movement of stock - NOT the progress of this CH11...
GLTA
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Q'S ARE HOT Is pmmiq the next one... it has been riding the 50 day weekly for sometime..too early to tell but 8 cents is the target thus far..after that???
Don't be so skeptical! We know this thing is capable of running. Maybe today's the start of another run!
Now what is this? Flat line for months and then a jump. Prob just drop back down like usual.
I smell something good cooking here:)
Well the drop came about 6 hours after my post, but no I'm not happy. I'll wait and HOLD what I've got for now, though.
You got what you asked. large space in between few minutes after your post also dropped.you happy now?
I noticed lot's of buying today also 1.6 mill ,that's a good thing .
Has anyone else noticed that virtually every trade for the last 2 weeks has been for .047?
It's trading incredibly tight for a stock that used to have a 10-15% spread on bids that were usually only for 1 share.
Any insight? Is it manipulation to keep a lid on the price? Are big time holders trying to sneak out at .047 before the bottom drops out?
I can't tell if this strange trading pattern is good or bad.
Then again, maybe it means nothing.
"$1.1 billion in tax deferred assets"
Haven't been here in a while, whats new? No more mods? lol maybe I should take it back
Hi Coupe00. I still keep an eye on PPMIQ each day to see how it's gonna play out.
I see that. It will be interesting to see how PPMIQ ultimately plays out here.
Me too.
Hey, 6 months isn't such a long time when you've been through all these spikes and drops as well as the mysteriously long halt to trading in October and November of 2011. Not to mention the day we went sub-penny on a 200 share trade.
I just can't help but get the feeling that this is different from other doomed Q stocks.
Strange low volume trading manipulation and cloudy asset valuations...
Trucking glad to see you back. Looks like all the quick money buyers are gone for now.
I see ANOTHER extension for filers...
I knew it would be another 6mo before ANY direction at all..
GLTA
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.a
I think you'll be able to make your losses back from PPMIQ on something else. At least you sold and have something left whereas waiting may not have turned out that way.
Yes that's true , but the problem in my opinion is and was , that the company not say exactly what will happen
to us shareholders !
Really curious in my opinion too!
But i don't like to think now about that anymore too!
Thanks Garyst !
I am very happy for have been sold
my shares yesterday too and you always say to me what's going on here too!'
Very true. It is always interesting to know how things play out just for reference and for future plays.
What kind of sucks is that (as far as I can figure) unless there is a poster on here (that will give updates) that keeps the shares when the day comes that the shares get cancelled/or redistributed or whatever, we won't know whether common shareholders would have lost everything or not. I'm too curious to not know lol
Although you too sold with a loss, at least you have money left to build back off of. Waiting til the end with no certainty could result in ending up with 0 if the shares are cancelled so your $ you walked with today (even at a loss) is better than the possibility of nothing.
Unfortunately we can never predict the direction of these plays. When PPMIQ had the large run back a couple months it turned out to be a one day event and then it fell and never came back up. I actually bought before the rise at 089, rode it to the 28 level and never sold and thinking it would continue upward. Within days it fell and I ended up holding and ultimately selling today.
It's looking like that was a good choice. Likely the same trend for the rest of the week.
I sold today at .05, I was holding 67,000 shares.
Thanks Man6677. Good luck to you too!
Very good , i had always problem to sell some shares, but it's better than risk everything !
Well done and GLTY with a lot of new
possibilities too;)!
My initial entry was a small amount at 0.14 (the first trace back after hitting 0.28, thought it would go back up), then I was able to average down by getting more at 0.08. Turns out, it never went back up lol.
Yes, the slow decline (as well as steady training) with increased volume was a bit misleading, but the overall picture looks like it'll keep slowly decreasing in pps. And add on the fact that nobody knows if our shares will be cancelled. Oh well, I put my 40 % remaining from PPMIQ into NXHZ. Maybe that will make up my loss
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