Point 360 fka PTSXQ

[Renee]

PTSXQ: BK PLAN effective. All shares cancelled:

https://otce.finra.org/otce/dailyList?viewType=Deletions

[papadedavid]

Is this dead Penny? TIA

[papadedavid]

What happened with this? TIA

[bankmade]

236 court Hearing Continued (Other) Fri 5:22 PM

Hearing Continued re Scheduling and Case Management Conference1 Status hearing to be held on 6/28/2018 at 10:00 AM at Crtrm 1375, 255 E Temple St., Los Angeles, CA 90012. The case judge is Julia W. Brand (Pennington-Jones, Patricia)

235 court Hearing Set (Other) Fri 4:13 PM
Hearing Set Related [+] Status hearing to be held on 6/28/2018 at 10:00 AM at Crtrm 1375, 255 E Temple St., Los Angeles, CA 90012. The case judge is Julia W. Brand (Kaaumoana, William)

court Hearing Continued (Motion) Fri 5:20 PM
Hearing (Bk Motion) Continued Related [+] Hearing to be held on 06/28/2018 at 10:00 AM 255 E. Temple St. Courtroom 1375 Los Angeles, CA 90012 for15 , (Pennington-Jones, Patricia)

[bankmade]

Adversary case number: 2:18-ap-01141

Summons Issued on Deloitte Corporate Finance, LLC Date Issued 5/9/2018, Answer Due 6/8/2018; Deloitte Transactions and Business Analytics, LLP Date Issued 5/9/2018, Answer Due 6/8/2018; Medley Capital Corporation Date Issued 5/9/2018, Answer Due 6/8/2018; Medley Opportunity Fund II LP Date Issued 5/9/2018, Answer Due 6/8/2018

Status hearing to be held on 7/10/2018 at 02:00 PM at Crtrm 1375, 255 E Temple St., Los Angeles, CA 90012. The case judge is Julia W. Brand (Kaaumoana, William)

[bankmade]

I didn't think that was the case, only a possibility. But thanks for the insight. Always appreciated. Kind of disappointing that they plan on delisting but hopefully they don't screw over their investors.

[GM26]

Company isn’t getting bought out bro, I worked there, it’s a legit company and profitable company. They simply got screwed over buying the Modern Video Film building and got stuck with them. Lot of the employees went from modern to .360 and are still there. It’s a great company to work for and they are making major moves into the next generation (4K) material and all. Major clients include Netflix, Amazon, Paramount, Sony Pictires and HULU, not including all the other remaining studios. It’s a top of the notch company. 1 of only 3 preferred vendors in Post Production for Netflix, that’s a big deal in the industry. Hope this helps.

Disclaimer: I have zero shares.

Hope this helps!

Good luck all!

[FastBuxJones]

Get this one on your watch list ASAP should be fun for the next couple weeks

[bankmade]

Another possible outcome is another company may come in and buy them out since everythings out on the table now... but i dont forsee that happening at this point.

[elevate333]

Good analysis. It's a long shot at best and contingent upon the litigation outcome. No idea why shares will be issued unless it will be in a new class of securities post effective date.

[PennystockID2017]

Point 360 may now be a perfect buyout candidate, now that everything is out for interested parties.

[bankmade]

So the tl:dr of the plan for shareholders is this:
1. point 360 is suing medley for over 5m in damages
2. in the 4. Class(es) of Interest Holders... all shareholders will get a portion of that claim after class 5 is paid off
3.class 5 debt is $1,828,459.92... this debt will be reduced by 4 factors
a. $25,000 monthly payments
b. the sale of mvf assets
c. almost 300k in disputed claims
d. outcome of the medley lawsuit
4. barring points a,b,c 5,000,000-$1,828,459=$3,171,541 for payoff of shareholders.
5.the outstanding shares count is 12,740,506 and the float (outdated?) is 2.5m
6.based of the outstanding shares the pps would be about 25 cents a share.
7.based on the float it would be $1.26 a share.
(this is based on the fact point 360 wins the case. the payout would be oct 1st.)

8. This is a plan that has not yet been approved by the court as a plan confirmation date has yet to be set.
9. disclosure statement hearing is set for 6/28
10. they acknowledge that there is a possible adverse outcome in both the medley lawsuit and mvf liquidations but go on to say this will not affect the plans feasibility.
11. company is looking to delist.


the only question I have is why issue 5,000,000 shares to HWAY if they are delisting?

[PennystockID2017]

According to the plan there would be about 3.4 Million dollars to buy 12 Million commom shares and take the company private. Thats how I read it...so about $0.26 Cent per share a nice increase from here!!!

[bankmade]

The company would have to buy everyone out at current bid price which makes no sence why people are selling

[bankmade]

8. On the Effective Date, Debtor shall cancel all outstanding equity securities,including stock, options and warrants, and complete such regulatory requirements to delist Debtor’s securities from the public market.

The members of a board of directors can authorize the repurchase of shares by the company. The bylaws may require the shareholders to approve this action, as a buyback means spending the company's cash. In order to cancel shares, the company must first redeem them by paying the current price on the public stock exchange. A redemption of shares reduces the number of outstanding "issued" shares available to public investors, also known as the float.
https://budgeting.thenest.com/happens-value-issued-stock-common-stock-redeemed-canceled-32057.html

[elevate333]

Can you point out the page? I only see that equity positions will be extinguished with a potential return if the lawsuit is successful. Could be why the selling today.

[PennystockID2017]

Looks like PTSXQ plans to buyout the common shareholders based on the filings. may be a good thing depends where they set the price at. Hopefully 20 to 40 cents.

[bankmade]

DOLLARLAND HERE WE GO!!!!

[bankmade]

BIG NEWS OUT ... SEE BELOW!!!!!

[bankmade]

https://www.pacermonitor.com/view/ASYOOCY/Point360_a_California_Corporation__cacbke-17-22432__0232.0.pdf

Disclosure Statement with Proof of Service Filed by Debtor Point.360, a California Corporation

[bankmade]

https://www.pacermonitor.com/view/AXG3VHY/Point360_a_California_Corporation__cacbke-17-22432__0231.0.pdf

[bankmade]

BAMN THERE WE GO!!!
Chapter 11 Plan of Reorganization with Proof of Service Filed by Debtor Point.360, a California Corporation. (Landau, Lewis)

[bankmade]

https://www.pacermonitor.com/view/QPYGBFI/Point360_a_California_Corporation__cacbke-17-22432__0230.2.pdf

[bankmade]

Looks like they are launching a countersuit against the creditors for over 5m$ in damages

[bankmade]

UPDATE!
Adversary case 2:18-ap-01141. Complaint by Point.360, a California Corporation against Medley Capital Corporation, Medley Opportunity Fund II LP, Deloitte Corporate Finance, LLC, Deloitte Transactions and Business Analytics, LLP. (Charge To Estate). Nature of Suit: (14 (Recovery of money/property - other)),(81 (Subordination of claim or interest)),(02 (Other (e.g. other actions that would have been brought in state court if unrelated to bankruptcy))) (Landau, Lewis)

[bankmade]

still nothing on pacer

[bankmade]

Should have news within the next 40 minutes or so

[bankmade]

Tuesday, May 08, 2018
229 order Appear pro hac vice (BNC-PDF) Tue 11:22 AM
Order Granting Motion To Appear pro hac vice (BNC-PDF) Signed on 5/8/2018 (Kaaumoana, William)

Looks like they are in court right now...

[bankmade]

Nothing yet... its only 9 am in cali.. so we will see

[klimanjaro]

news yet out of court?

[klimanjaro]

RUN RUN RUN! $1.0+ TODAY!

[bankmade]

No problem. there's also a chance that if the courts approve we may not see a pr until the bankruptcy is finalized... which I believe is 3 months from the approval making it around Aug 8th. but either way its a major milestone thats needed to boost this stock.

[elevate333]

Ah, thanks. For some reason I thought today was the deadline.

[bankmade]

Hopefully its approved by the courts and there is a pr on it...

[bankmade]

No, but tomorrow they need to have their plan presented before court so that will show up sometime tomorrow.

[elevate333]

Anything hit pacer today?

[bankmade]

Even looking at the average for the last 10 years .50 is a solid bet for this stock... only once did it drop 2 20 cents then it shot up over a dollar...definitely a safe bet to get in at these levels before the run.
$PTSXQ

[klimanjaro]

this jewel will sure perk up this week, get your loads folks and be ready to reap monster profits. MARK MY WORD!

[bankmade]

LAST FRIDAY:
Withdrawal of Claim(s): 20 Filed by Creditor BB&T. (Page, Aleksandra)
SOON WE WILL SEE DOLLARS HERE!
$PTSXQ

ALL COURT CASE INFO:
https://www.pacermonitor.com/
CASE: 2:17-bk-22432

[PennystockID2017]

If the chapter 11 does go thru and the Q falls off and PTSX can be relisted on the as a big board stock. This was a restructuring bankruptcy not a liquidation bankruptcy so once the court approves the restructure this one will fly.

[GM26]

I have a question. What will happen if the chapter 11 does go through, after all this is all due to couple of bad investments they made by purchasing the Modern Video Film facility and now they realized that it was a bad deal. From my understanding, all employees from Modern Video Film went to .360 Burbank location. Company still operates on 2 separate buildings is my understanding and has close to 500 employees and is profitable.

Thanks

[bankmade]

its been slow, people are just waiting for the news.

[elevate333]

I'm surprised there is no buying today.

[bankmade]

MAY 8TH is when they present the plan to the courts

[elevate333]

Court date next week?

[bankmade]

I believe (not 100% yet) that they have 90 days to complete the bankruptcy after the plan is released. Although with how quick they are moving and the almost daily case reports on pacermonitor they may complete it sooner than that.
$PTSXQ

[bankmade]

Easily 1.5 ... hopefully the restructuring and foward plan is pr'ed on may 8th latest may 9th..will definitely see a huge run on this.
Go $PTSXQ

[klimanjaro]

1.5 minimum on the near horizon. IMMINENT!

[PennystockID2017]

News Status Update 04/30/2018

Point : Point.360
Point.360 Status Report Filed -- Point.360 filed with the U.S. Bankruptcy Court a status report and request to continue its status hearing to anticipated disclosure statement hearing date with proof of service. The report notes, "Debtor hopes to reorganize its operations and capital structure and gain access to liquidity, reduce costs and liabilities, optimize operations to meet customer needs and create value for employees, customers and creditors.... Operationally, the Debtor has already closed its Empire facility and consolidated operations in the remaining facilities. The problem of the remaining REEP claim may be resolved in connection with pending negotiations to resolve the remaining claim through receipt of credit for fixtures and equipment that are of inconsequential value and benefit to the estate upon fully vacating the facility, subject to Bankruptcy Court approval. Debtor is concurrently working toward resolving the Austin claim through a pending motion to approve Debtor in Possession financing. Ultimately, the Medley claim that arose in connection with the MVF acquisition may become a principal dispute to be resolved through the case. Debtor will be able to fully assess such matters once a claims bar date is set and all timely filed claims are evaluated.... Debtor's most significant unexpired leases are its leases for the Media Center and HWay facilities. The HWay facility is owned by Haig Bagerdjian, Debtor's president. Debtor presently intends to continue operations from both facilities and ultimate assume these leases. Pending development of Debtor's chapter 11 plans, Debtor shall maintain these leases and meet all postpetition financial obligations there under and Debtor intends to extend the time to assume or reject pending plan formulation."

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[bankmade]

Is there a link for the uplisting?