Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
The q will get removed and they will be listed back on the big boards just like UPL it was down at this price and went all the way back to $12
no complete misunderstanding of how this works or short...lol. The company still has about 250 employees and will emerge in a much better position look at pre bankruptcy prices
headed to subpenny
I encourage everyone to read the filings, they commons are not being wiped out but rather increase their equity and the whole purpose of the BK was to force favorable terms on the debt. These so far they lower the rate about 3% with this loan its at about 4% NOT BAD!!!
Those sells this morning made no sense, this company just received $3 Million financing and plans to exit with a much batter position for commons
he is shorting, look at all the boards nothing personal just some are long some are short...that trader is short PTSXQ
Lol, looks like you’ve posted more than any actual stock holder...what’s up with that?
looks like it is headed to zero.
ptsxq falling into the abyss.
Lol what happened to $1?
I bought some of this today...gonna roll them dice!! Good luck everyone
doesn't look that way now, does it? lol looks like dropping to subpenny.
Between July 1, 2016 and March 31, 2017, the Company’s headcount has been reduced from 352 to 239 as the result of reorganization of services among our three facilities to better serve our customers and in response to reduced revenues. The sale/leaseback of real estate in October 2016 generated additional working capital to support the Company’s cash needs.
Revenues. Revenues were $21.2 million for the nine months ended March 31, 2017.
Some one lucky to get 9 cents today, will not last going higher today.
Media Services Company Point.360 gets Bankruptcy Funding
Point.360's clients include studios, independent producers, corporations, non-profit organizations and governmental and creative agencies.
Audio and video post production company Point.360 said it has entered into an amendment to its current loan agreement with Austin Financial Services Inc. to provide debtor in possession financing.
The Los Angeles-based company said the amended loan agreement will provide financing up to $3 million for general working capital needs and/or pay fees, expenses and costs incurred in connection with the amendment and the company's Chapter 11 filing.
The order approving the amendment was entered by the bankruptcy court on Dec. 22.
"We are pleased to continue our relationship with Austin,” Chairman, President and Chief Executive Haig Bagerdjian said in a statement. “The amendment is a major step our capital and balance sheet restructuring process which began with the Oct. 10 filing of the bankruptcy petition. My personal guaranty of borrowings under the company's Austin agreement illustrates my confidence in our ability to successfully complete the reorganization."
Point.360 (OTC-Pink: PTSXQ) said during the restructuring process, it plans to continue to operate its business as usual and to fulfill customer orders and pay vendors.
The company said it anticipates receiving approval of further customary motions to allow it to make certain necessary payments to employees and vendors that will ensure continued operations through the restructuring and beyond.
Point.360, which specializes in content creation, manipulation and distribution processes, filed for bankruptcy protection in October.
Point.360 performs high and standard definition audio and video post production, creates virtual effects and archives and distributes physical and electronic rich media content. The company provides services to edit, master, reformat and archive audio and video content, including television programming, feature films and movie trailers. Clients include studios, independent producers, corporations, non-profit organizations and governmental and creative agencies.
2,500,000 Float and as of March 31, 2017, there were 12,740,506 shares of the registrant’s common stock outstanding.
http://www.otcmarkets.com/stock/PTSXQ/profile
Yep...dollarland soon...;O)
PTSXQ
11k shares to .35, Multi Dollars coming imo
Point.360 Enters Into Debtor In Possession Financing AgreementDec 28, 2017
OTC Disclosure & News Service
-
Point.360 Enters Into Debtor In Possession Financing Agreement
PR Newswire
LOS ANGELES, Dec. 28, 2017
LOS ANGELES, Dec. 28, 2017 /PRNewswire/ -- Point.360 (OTC-Pink: PTSXQ), a leading provider of integrated media management services, announced today that it has entered into an amendment to its current loan agreement with Austin Financial Services, Inc. to provide debtor in possession financing. The order approving the amendment was entered by the bankruptcy court on December 22, 2017. Subject to certain limitations, the amended loan agreement will provide financing up to $3,000,000 to be used to fund general working capital needs and/or pay fees, expenses, and costs incurred in connection with the amendment and the Company's Chapter 11 filing.
Haig S. Bagerdjian, the Company's Chairman, President and Chief Executive Officer said: "We are pleased to continue our relationship with Austin. The amendment is a major step our capital and balance sheet restructuring process which began with the October 10 filing of the bankruptcy petition. My personal guaranty of borrowings under the Company's Austin agreement illustrates my confidence in our ability to successfully complete the reorganization."
During the restructuring process, the Company plans to continue to operate its business as usual and to fulfill customer orders and pay vendors. The Company anticipates receiving approval of further customary motions to allow the Company to make certain necessary payments to employees and vendors that will ensure continued operations through the restructuring and beyond.
About Point.360
Point.360 (PTSX) is a value add service organization specializing in content creation, manipulation and distribution processes integrating complex technologies to solve problems in the life cycle of Rich Media. With locations in greater Los Angeles, Point.360 performs high and standard definition audio and video post production, creates virtual effects and archives and distributes physical and electronic Rich Media content worldwide, serving studios, independent producers, corporations, non-profit organizations and governmental and creative agencies. Point.360 provides the services necessary to edit, master, reformat and archive clients' audio and video content, including television programming, feature films and movie trailers. Point.360's interconnected facilities provide service coverage to all major U.S. media centers. See www.point360.com.
Huge 8-K, $3,000,000 D.I.P. Financing >>
FORM 8-K. CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):December 22, 2017
Point.360 (Exact name of registrant as specified in its charter)
California 001-33468 01-0893376(State or other jurisdiction (Commission (I.R.S. Employerof incorporation) File Number) Identification No.)
2701 Media Center Drive
Los Angeles, CA 90065
91504(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code:(323) 987-9405
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 1.01.Entry into a Material Definitive Agreement
On October 10, 2017 (the “Petition Date”), Point.360 (the “Company”) filed a voluntary petition (the “Bankruptcy Petition”) and the case commenced thereby (the “Chapter 11 Case”) under Chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of California (the “Court”) under the caption Point.360, a California Corporation (Case No. 2:17-bk-22432-WB). In connection with the filing, on December 14, 2017, the Company entered into a DIP Postpetition Financing Addendum (the “Addendum”) to the Amended and Restated Loan and Security Agreement, dated as of July 13, 2016, and Assignment and Assumption of Financing and Financing Documents, dated as of July 13, 2016 (collectively, as amended, modified, restated, and supplemented prior to the petition, the “Loan Agreement”) between Austin Financial Services, Inc. (“Austin”) and the Company. On December 22, 2017, the Bankruptcy Court formally approved the DIP Facility (defined below). The Addendum amends the Loan Agreement (as so amended, the "DIP Credit Agreement"). The DIP Credit Agreement provides for, among other things, (i) a senior secured debtor-in-possession asset-based revolving facility in an aggregate principal amount of $3,000,000 (the "DIP Facility") to refinance the credit facility provided under the Loan Agreement, and (ii) certain other amendments to the Loan Agreement. Subject to certain limitations, the DIP Facility will provide financing up to the lesser of (x) $3,000,000 or (y) a borrowing base calculated with reference to specified percentages of the eligible trade receivables of the Company, which availability may be reduced by Austin in its reasonable discretion. Under the DIP Facility, revolving loans may be drawn, repaid and re-borrowed up to such maximum borrowing amount. In accordance with the terms of the DIP Credit Agreement, proceeds of the DIP Facility will be used to fund general working capital needs and/or pay fees, expenses, and costs incurred in connection with the DIP Credit Agreement and the Company’s Chapter 11 Case.
The DIP Facility matures on October 31, 2018 or, if prior thereto, the earliest of, among other things, the effective date of a plan of reorganization, consummation of a sale of all or substantially all the assets of the Company, conversion of a Chapter 11 case of any Debtor to a Chapter 7 case. Interest on outstanding loans under the DIP Facility is equal to the Prime Rate plus 1.5%, and a monthly management fee of 0.65% (7.8% annually).
All obligations of the Company under the DIP Credit Agreement and related loan documents are secured by first priority perfected security interests in all personal and real property of the Company. The Company is subject to customary limitations on its ability to, among other things, incur debt, pay dividends and make distributions, undergo fundamental changes, make investments and enter into joint ventures, dispose of assets and prepay or repay debt. There are no financial covenants in the DIP Credit Agreement.
The DIP Credit Agreement provides, in addition to the customary events of default provided in the Loan Agreement, for certain additional events of default in connection with the Chapter 11 Case. Upon the occurrence and continuation of such an event of default, Austin may, among other things, terminate the DIP Facility.
In connection with the DIP Credit Agreement, Haig S. Bagerdjian, the Company’s Chairman, President, Chief Executive Officer and Chief Financial Officer (the “Guarantor”), agreed to guaranty the Company’s performance under the DIP Credit Agreement (“the “Guaranty”). Pursuant to the terms of the Guaranty, the Guarantor has the right and option, but in either case not the obligation, at Guarantor’s election, to purchase all or any portion of Austin’s right, title and interest in and to the DIP Facility and related documents that Austin proposes to sell or assign, prior to such sale and assignment by Austin. In addition, at any time, Guarantor shall have the continuing right and option, but not the obligation, to purchase all of Austin’s right, title and interest in and to the DIP Facility and related documents, in which case Guarantor shall pay, in cash, to Austin the full amount of all obligations and indebtedness owed to Austin under DIP Facility and related documents.
- 1 -
Item 2.03.Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The disclosure of the DIP Facility in Item 1.01 is incorporated herein by reference.
Item 7.01Regulation FD Disclosure.
On December 28, 2017, the Company issued a press release announcing the matters described in Item 1.01. A copy of the press release is being furnished as Exhibit 99.1 and is incorporated into this Item 7.01 by reference.
The information furnished pursuant to Item 7.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing of the Company under the Securities Act of 1933, as amended (the “Securities Act”), unless specifically identified therein as being incorporated therein by reference.
Item 9.01.Financial Statements and Exhibits.
10.1 DIP Postpetition Financing Addendum dated December 14, 2017 to the Amended and Restated Loan and Security Agreement, dated as of July 13, 2016, and Assignment and Assumption of Financing and Financing Documents, dated as of July 13, 2016, between Austin Financial Services, Inc. and the Company.
10.2 Assignment and Assumption of Financing and Financing Documents agreement among Point.360, Summit Financial Resources, L.P. and Austin Financial Services, Inc. dated July 13, 2016 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by the Registrant on July 13, 2016).
10.3 Amended and Restated Loan and Security Agreement dated July 13, 2016 between the Company and Austin Financial Services, Inc. (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed by the Registrant on July 13, 2016).
99.1 Press release dated December 28, 2017.
- 2 -
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Point.360 December 28, 2017By: /s/ John Schweizer Name: John Schweizer Title: Vice President, Controller
- 3 -
you make almost drooling for that $10! Amen! IT IS VERY STRONG COMING TO .5 IMMINENTLY!
Definitely $2-$4 IMO....
you make almost drooling for that $10! Amen!
you make almost drooling for that $10! Amen!
The Float is only 2.5 Million the rest of the float is owned by the CEO.
This one reminds me of UPL oil company shares where down in this range and then the went to 10$ as they where relisted.
PTSXQ will get relisted also!!!
The case is going very very good for PTSXQ could see a a dollar in the next few days.
Wow huge buying coming 30 easily maybe .40 today
AGREED! there isn't too much selling from Dec 29 jump. Most are still holding. We should retest .4 resistance before the next leg up to .5
MARK MY WORD! .5 IMMINENT!
THE NEXTFLIX DEAL IS HUGE REVENUE!!!
Thanks...but I don't believe in luck when I trade/invest...anyway same to you.
PTSXQ
Good luck to you.
You mean the SOUPQ that went from 0,001 to 0,05?...it made a 50 bagger being under bk yep but PTSXQ will be MUCH better buddy.
Read again the 10Q...PTSXQ just need an agreement with the LONG term liabilities...actually assets almost double the current liab.
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12059343
This low floater will fly very soon.
What does that matter in a BK?Fact is the commons are the last to get paid and if the debt is greater than the assets the commons are worthless.If they keep the company intact they will probably issue a brand new stock.Thats how it works by law.Not that it matters but if being a preferred vendor for Netflix is such a big deal why the BK.Have you read the last 10Q?It will give you a better idea of where this company actually stands and why it's in BK.This is almost like SOUPQ where there was DIP financing also and creditors who owned over 50% of the stock but it didn't matter in the end.
Sure it DOES matter what the CEO wants...SURE.
And 99,99% of the otc stocks owe more money than they have...but none of them are a PREFERRED VENDOR FOR NETLIX...NONE OF THEN.
PTSXQ
or deny it.
they only approve it.
and no its not up to the courts. the courts do not put together a reorginization.
It doesn't matter what HE wants it is up to the courts now.Fact is the company owes more money than they have so the commons will be toast.It's not rocket science.Happens 99% of the time in BK.
yes, he is not going to want to let go of 54% of the company.
This is the KEY here imho:
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11731414
The CEO holds at least the 54% of the commons and there are no pref. issued.
From the last 10Q:
Shareholders’ equity:
Preferred stock – no par value; 5,000,000 shares authorized; none issued and outstanding - -
Common stock – no par value; 50,000,000 shares authorized; 12,630,506 and 12,740,506 shares issued and outstanding on June 30, 2016 and March 31, 2017, respectively.
When you enter into DIP you may either emerge from the bk or go to Chapter 7 and the holders of the common would be f%&($ then.
What would you try to do if you hold the 54% of the commons and no pref??
This company has 250 employees and is a NETFLIX preferred vendor
Incorporated In: CA, USA
Year of Inc. 1990
Employees 250 a/o Apr 30, 2017
Point 360 named Netflix Preferred Vendor for Quality Control
Point.360 is pleased to announce that we have been selected as a Netflix Preferred Vendor for Quality Control. The honor of being awarded this distinction acknowledges our commitment in upholding the highest standards possible for our clients, as well as providing exceptional service. We have been producing master-level quality control to the broadcast, digital distribution, and film industries for many years, and we are proud that Netflix has chosen us to ensure the level of quality for which they are renowned.
You can check out also the NETFLIX web, actually PTSXQ is one of the few master quality control preferred vendors:
https://npv.netflix.com/master-quality-control
The low float should do the rest here...looking for a 20-50 bagger here over the next 2 months.
Was there bad news? Why did Point 360 tanked so hard? I was away for a while and Boom... "Pump & Dump"????
you actually posted something that makes sence$. congratulations.
Earlier several people stopped over for a holiday visit. Disregard any posts made from my computer. I had my site open in another room and a couple of, so called friends, thought it was funny to mess with me and post on my behalf. I noticed, and read the entries later and have since, sent them packing. I have spent the last hour, or so arguing with them on the phone. My apologies and also to anyone who thought it was me. From now on my sites will be closed when I am not present. That kind of nonsense isn't funny.
do any of you realize that you cannot go down more than 100%? that's it. 1-100% on the way down, endless percentage on the way up. 100% represents an entirety of something. lord. the stock is down 77%, but not 200 or 400%. lmao lmao lmao it went up over 2000% yesterday, but even if it were at 0, it would have only lost 100%. that would be the max, representing the value of it's entirety.
Followers
|
13
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
570
|
Created
|
02/07/12
|
Type
|
Free
|
Moderators |
Point 360 is now a Netflix Preferred Vendor for Quality Control
Point.360 is pleased to announce that we have been selected as a Netflix Preferred Vendor for Quality Control. The honor of being awarded this distinction acknowledges our commitment in upholding the highest standards possible for our clients, as well as providing exceptional service. We have been producing master-level quality control to the broadcast, digital distribution, and film industries for many years, and we are proud that Netflix has chosen us to ensure the level of quality for which they are renowned.
Fully integrated digital media services to help you take your project from Camera to Customer
Point.360 (PTSX) provides the "gold standard" in digital media solutions. We combine award winning talent with state of the art technology to deliver the best product and customer experience available. We consistently deliver innovative digital media solutions to the theatrical, television, and restoration industries. Our superior talent and technology have attracted the industry's best directors and producers, making us one of the world's leading providers of creative services.
Click on a service in the list to the right to find out how we can help bring your vision to life.
Point.360 2701 Media Center Dr. Los Angeles, CA 90065
Copyright 2010 Point.360. All third-party trademarks on this site are the property of their respective owners. All Rights Reserved.
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |