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Good reply. But with the debt payment due in December 7th of this year why the rush into BK in April... They still had time and even stated that. The Greek investor sold and the upside down flag shirt issue, hindsight I can see now that they knew what they were going to do and the 10/15 10Q and last conference call was a charade. Not sure why G2(Greek investor)bought all those shares in the first place? He was even on the Board because of his big purchase. This Greek investor apparently still owns millions of PSUN shares, unless he dumped them on the OTC? Be interesting to find that out.
I also noticed all the millions of shares Adage Capital owned, they sold right after the BK notice. I wonder why they didn't sell at least some before? They just dumped them at the last minute like that. I called their office, but they didn't answer and didn't return my calls.
The insiders knew in advance what they were going to do, and it did mislead shareholders. Apparently they don't have to repay any of the loan or even the $27 million of payable-in-kind interest. Writing it all off as forward looking statements or uncertainties when they already had their plan in action is fraud.
So I don't think it's text book example.
Good points, however they are still in business and will continue to be selling the same overprice clothes, doing the exact same thing before the BK. Ultimately this was just to eliminate cost of being listed, and all the other debt they were looking at. They knew this and had this all planned out. Good bye Tedford and Gosselin with nice severance packages. Schoenfeld still at the helm making millions. Golden Gate is even giving them an additional $20 million to continue! Wet Seal and Quicksilver are no longer in the malls but PacSun is! They shouldn't even be allowed to continue as brick and morter stores. Just a warehouse and website maybe.
Are you a shareholder or were you one? Why chime in?
Fine, except that the bottom absolutely fell out of the casual wear market in mid-late 2015/early 2016. Their estimate of being able to hang on was wrong. Things changed quickly and their ability to keep creditors at bay quickly evaporated when Quicksilver went bankrupt in September 2015, but the writing was on the wall when Wet Seal went bankrupt in January 2015. There was little hope for PSUN's retail segment from that point forward.
PSUN was in a desperate situation for a long time before they finally went bankrupt in April. For anyone reading the SEC filings and the financial statements, the surprise wasn't that they went bankrupt, but that they were able to keep going for as long as they did. It had been a question of when, not if, for a long time before April 2016.
Another lesson - believe what you read in the SEC filings over what you hear in conference calls or analyst reports.
I'm talking about before April 2016, you'll see the could have r/s the shares and tranferred to the NASDAQ Capital Market.
"we believe that our cash flows from operations, together with our working capital, cash reserves, availability under the Wells Credit Facility and expected benefits associated with the Cost Reduction Program, will be sufficient to fund our operating and capital expenditure needs through December 7, 2016"
They rushed in to bk to get eliminate their debt and force a lower lease on their current stores for a fresh start. This robbed employees and shareholders. Listen to their last webcast were they made no mention of possible bk, stated their debt payement wasn't due until December 2016 and they are going to sell real estate and lease it back. Yet they already knew they were going to tank the company so Golden Gate could take over.
They withheld actual debt numbers, they said they were going to sell the real estate and lease it back. They stated any debt payments were not due until December 2016, yet they rushed into BK anyways. There was no mention of possible bankruptcy in their SEC filings or webcasts. The Greek investor sold most of his shares in March 2015. The upside down flag shirt issue in Foley Al was in May 2015. The share price decreased the next day and never recovered.
Rumors are it was staged to tank the PPS and make it easier for Golden Gate to take over. They had it planned. "golden state of mind"
The last SEC filing states shares are cancelled and that Golden Gate gets all the shares and the company. Employees, vendors were not paid, and Shareholders were robbed.
They are still in business.
Ernie Sibal, Gary Schoenfeld, Craig Gosselin, Michael Kaplan are crooks and should be taken to court to explain their actions. They are getting their million dollar salaries, bonuses and retirement packages.
Yes, yes I did miss the news.
apparently you missed the news.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=125042369
I mean just incase, is it crazy to buy like 3,000-5,000 shares? What if they down wipe out the shares and continue to trade?
Just got this Google Alerte'd to my email:
https://www.google.com/url?rct=j&sa=t&url=http://www.optionsclearing.com/webapps/infomemos%3BOCCPROD0PUBSESSION%3DFFDE9B1BA807988219A3F7349E7CEF18.occ-ppube4l%3Fnumber%3D39654%26date%3D201609%26lastModifiedDate%3D09%252F08%252F2016%2B15%253A45%253A23&ct=ga&cd=CAEYACoUMTIxNzU5ODU1MjIxMjYyOTU4ODkyGjU0NDhiZWM3MzBkZGUyZDc6Y29tOmVuOlVT&usg=AFQjCNGg0tL-2i6xpHJCBU1ea0QsHzHR3Q
Official OCC PDF explaining the cancelation/expiration process.
If I'm reading this correctly, shareholders do get smth in return?
Thanks Renee. Just the final notice of what any investor in this stock should have known was coming a long, LONG time ago.
PSUN told everyone that the equity was going to be cancelled in the 8-K announcing the bankruptcy way back in April. Assuming everyone read the SEC filings, as any investor should do, there was absolutely no reason to be holding this stock, much less buying it, since that announcement on April 8th.
Hmmm that's it no more trading for Psunq? ...RIP PSUNQ?????...ohhhh well if that's the case you win some you lose some. ..anymore takers here????..jmo
PSUNQ: BK PLAN effective. All shares cancelled at 14:58 (2:58 P.M. E.S.T.)
http://otce.finra.org/DLDeletions
That's not Investor Relations.
Call their IR department for yourself:
(714) 414-4000
Common Stock is delisted, not canceled. Show me documents.
Called PSUN Investor Relations yesterday left them two voicemails, got a call back later on in the afternoon saying common shares will be wiped out. Straight from the horses mouth. I asked how were they were still trading same day and they said smth about day-traders making some final moves.. sounded unreliable so I called E-trade (Where I'm holding 230k shares of PSUNQ) and they couldn't see anything on their end regarding a potential buyout of shares or any other news. But advised to take PSUN's word for shares being cancelled. Still holding against all odds, but very tempted to sell at this point. If they get cancelled best case scenario is that it's a tax write-off..
What the he'll ur talking about. I'm a shareholder losing some investment, I want this company to stay public so I can profit. Insiders my as s. Maybe u are. I'm trying to think or recommend possible ideas for this to stay public, kapish. .jmo
No rename the company to a better braND that can relate to the market..jmo
If they make a "new company" then all hope is lost. jMO
Ok bonds n shares, don't you have to stay public to sell or trade them?..such a low floater, that 20 millions bonds or shares will be profitable if company stay public, reorganize and 20 millions in equity loan.. correct me if I'm wrong. .jmo
Let's hope something will positive comes out. CrossING my fingers they will plan to stay public. ..crossing fingers n legs..lol...jmo
Golden Gate is Taking stock, then adding an additional 20 million in bonds. the question remains, will common shareholders be wiped clean? No date has been set. http://www.bloomberg.com/news/articles/2016-09-06/pacific-sunwear-has-retailer-s-dream-as-bankruptcy-wraps-up
Nice, but as long as this deal does not screw common shareholders, hmmmm then again, we been screwed, hopefully they can see the light of $$$$$... Will the owner own majority of the shares, if yes, my opinion since it is a low floater, stay public with new name, then raise the pps and dump and increase the shares then dump more..lol..just my 2 cents opinion
Well, duh. I'm not saying it doesn't happen. But ZQK had over 500 million in debt. PSUNQ has a different scenario in front of them. Maybe I'm wrong. Everyone should do their own DD.
I won't write a page, but Quicksilver also did a private firm reorg for a debt/equity swap....commons were cancelled.
Correct me if I'm wrong, but they are doing a debt for equity swap.... Meaning, debt-holders exchange bonds for common stock... Correct? About 70 million shares outstanding, wonder how many are Individual vs. institutional S/Hs.... GLTA.
Emerging with 20 Million in equity! Hold on everybody!
Private Equity Firm deal....commons bye bye.
Blue chips are for safe spaces. Go find yourself some bonds. Anything goes on this one. I'm going with my gut instinct, this cash cow is dried up looking for more green to munch on.
We will see this thing either hit triple 0's by december, or it will be sitting pretty. No in between. Risk it here or go find yourself a blue chipper.
It ain't over until the very day lady sing. .. but the song we are hearing now isn't pleasant. .lol... such a low floater less than 80 millions shares... be great if we see a hostile takeover of the shares..the kaboom she goes..just my 2 cents opinions. .lol
Lol, I wouldn't put any real money in these rigged markets. Fools.
To all I hope you guys did not put all your marbles into one stock like this?if u did, DAYUMMMMM. .,?????jmo
This stock has been at the hands of HF trading for well over a year now.
I'd just be happy to pay off my bills so I could begin to save again.
Aight, this was profit money I made in other stock...WTW,GRPN been flipping those in options. ..this was just in case it goes kaboom. ..jmo
"Oh hey guys, come throw your money at these stocks so we can jump ship."
Subtext is everything.
I think the moment folks started stock trading, being flucked was part of it...lol...jmo
You were dumping. .. this could be dollarland in months...I'm holding until no more or dollarland. ..it was something I can handle and responsible adult...jmo
Nobody cares about your last bk play.
Im out. 80% loss. Last bk play over a penny.
I'm out. We're f**ked.
I did get the paper work and from what I read we are Fd.
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