Poseidon Concepts Crp (POOSF)

[Penny Roger$]

~ $POOSF ~ Parabolic SAR Buy Signals ~ Criteria alert for last trading session!

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[benchman]

Wow, .0012 now, I sold just in time.

[benchman]

Based on the news I sold my 50,000 shares at .01 today for a $100 loss. Basically, the company is selling all of it's assets and paying debts. After that they will probably close shop, and it's very doubtful that the common shares will be worth anything.

That being said, who has been buying all of these shares at .01??

[benchman]

News Out May 28th COB was not good:

http://www.marketwire.com/press-release/poseidon-concepts-corp-announces-entering-into-asset-purchase-agreement-with-rockwater-1795494.htm

May 28, 2013 15:58 ET
Poseidon Concepts Corp. Announces Entering Into an Asset Purchase Agreement With Rockwater Energy Solutions for the Sale of its Business Assets

CALGARY, ALBERTA--(Marketwired - May 28, 2013) - Poseidon Concepts Corp. ("Poseidon" or the "Company") announced today that it has entered into an Asset Purchase Agreement ("APA") with Rockwater Energy Solutions, Inc. ("Rockwater") of Houston, Texas, to purchase substantially all of the assets of Poseidon's high capacity water storage and containment systems business (the "Sale Transaction"). Rockwater is a water, fluids and environmental solutions provider offering customized products and services to meet the water, stimulation, fracturing, fluids, and production needs of its oil & gas industry customers throughout North America. Poseidon will continue to operate its business through the closing of the Sale Transaction.

Poseidon is currently operating under creditor protection in Canada and the United States pursuant to the Companies Creditors' Arrangement Act ("CCAA") and Chapter 15 of the United States Bankruptcy Code ("Chapter 15"). The Sale Transaction is subject to the approval of the Alberta Court of the Queen's Bench and United States Bankruptcy Court (collectively, the "Courts"). The Company expects to promptly file an application with the Courts to obtain the required approvals. PricewaterhouseCoopers Inc. is the court appointed monitor (the "Monitor") for purposes of the CCAA and Chapter 15 proceedings and will file a Monitor's report as part of the court application to approve the Sale Transaction. Subject to approvals from the Courts, the Sale Transaction is expected to be completed in late June or early July 2013. In connection with the CCAA and Chapter 15 proceedings, and concurrently with the Sales Transaction, the Company will continue to work on a plan to settle all claims identified as part of its restructuring process. Poseidon's secured lenders have indicated that they support the Sale Transaction.

Ernst & Young Orenda Corporate Finance Inc. acted as the financial advisor to Poseidon with respect to the Sale Transaction. Norton Rose Canada LLP is legal counsel to Poseidon. Dentons Canada LLP is counsel to Poseidon's secured lenders and Borden Ladner Gervais LLP, Stikeman Elliott LLP and Vinson & Elkins LLP acted as legal counsel for Rockwater, with Peters & Co. acting as an advisor. The Monitor's Canadian counsel is Bennett Jones LLP and United States counsel is Rothgerber Johnson & Lyons LLP.

[benchman]

Closed at .02 today! The only stock I own that actually was up today.

[benchman]

It's a long shot. If they can sell the company as a whole versus selling the assets, IMO.

[otterman]

Think this can survive?

[benchman]

Nice volume! .01 x .02 now.

[benchman]

Someone dropped 1,200 at .0075. Trying to hold this back. I wonder why.

[benchman]

Nice hits at .02, .0339 up now!

[benchman]

Sure, I'll take that!

[iidris]

Dyou mean going back to 10 dollars, maybe?
GO POOSF

[benchman]

POOSF .02!! Almost a double for me now. Going back to 10 cents maybe? I don't know, we'll see.

[benchman]

You are just about there

[FORTY-8]

No. I'm waiting for .01

[benchman]

Is that you adding at .013?

[FORTY-8]

Yes. She's not dead. It's going to be interesting here.

[benchman]

Well it's a crap shoot. There seems to be accumulation here around .0121 to .0125.

[FORTY-8]

I've decided to buy in packets ... hopefully right around your .01 target. I've got a suspecion that this bad boy could plunge downward through copper and into some sort of free-fall. I also believe that some further news may be forthcoming.

At any rate, I've not given up here. This stock fascinates me, in a curious way.

GLTY!

[benchman]

Haha, great! I used money that I don't mind losing. Kind of like a lotto ticket.

GLTU

[FORTY-8]

Thank you for replying. You'll have company soon. I'm just building up my nerve.

[benchman]

If the assets are stripped off, it's pretty much worthless. The only way this is worth anything, is if they sell the company instead. I figured for a penny, it was worth a shot.

[naturalborninvestor]

What value do you see left here? If assets are stripped off in May, there is no business.

[iidris]

Thanks.

[benchman]

Trading was halted a loooooong time ago in Canada. However, it has been trading here in the U.S. for all of that time.

[iidris]

Trading halted!!!
What is happening?

GO POOSF

[benchman]

Okay, I bought some at .0125. I was looking for a penny, but that is pretty close.

[benchman]

Greetings William! Yes, I am still looking, but think that .025 is still too high. If I could get it around .01, I would probably take a shot.

[FORTY-8]

Greetings benchman. Are you still looking at POOSF?

If so, would you care to share your thoughts. The PPS has become EVER so alluring.

TIA

[benchman]

Yep. Very bad. If they were looking to sell the company, that would be good. Selling the assets, bad.

[naturalborninvestor]

Looks like a fire sale of assets is coming in May.

As provided for under the Order, the Financial Advisor will conduct a process to solicit offers for a
transaction involving Poseidon's business, which may include a sale of all of Poseidon's assets, a
reorganization, a recapitalization or a restructuring of its existing loans. The process will commence with
information packages describing Poseidon's assets being distributed to prospective bidders on or about
April 10, 2013. Bids will be due by not later than May 15, 2013 (the "Bid Deadline").

[naturalborninvestor]

POSEIDON CONCEPTS CORP. OBTAINS CCAA PROTECTION ORDER AND PROVIDES INTERNAL INVESTIGATION UPDATE

http://poseidon.mwnewsroom.com/Files/70/706837fe-03ee-4121-97ca-a3da37507a3d.pdf


April 9, 2013, CALGARY, ALBERTA, Poseidon Concepts Corp. ("Poseidon" or the "Company") and
various affiliates obtained an initial order (the "Order") from the Alberta Court of Queen’s Bench (the
"Court") providing creditor protection under the Companies’ Creditors Arrangement Act (Canada)
("CCAA"). Concurrent with the CCAA filing, Mr. Dean Jensen and Mr. Harley Winger tendered their
resignations as directors to the Company, the Special Committee was disbanded and Mr. Dawson has
resigned as the Company's Interim CEO. The Company's Board of Directors is now comprised of Mr.
Scott Dawson and Mr. Neil Richardson.
While under CCAA protection, the Company will continue operating, under the supervision of a Courtappointed monitor, PricewaterhouseCoopers Inc. (the "Monitor"), who will be responsible for reviewing
Poseidon's ongoing operations, assisting with the development and filing of a Plan of Arrangement
("Plan") that is established by the Company, liaising with creditors and other stakeholders and reporting to
the Court. The Board of Directors will be primarily responsible for determining whether a Plan for
restructuring the Company’s affairs is feasible. In addition, the Company has secured interim financing
from a third party lender (the "Interim Lender") to finance Poseidon's working capital requirements and
other general corporate purposes and capital expenditures. Poseidon has retained Ernst & Young Orenda
Corporate Finance Inc. as its financial advisor (the "Financial Advisor") to assist the Company with,
among other things, soliciting and evaluating offers for a transaction involving Poseidon's business.
As provided for under the Order, the Financial Advisor will conduct a process to solicit offers for a
transaction involving Poseidon's business, which may include a sale of all of Poseidon's assets, a
reorganization, a recapitalization or a restructuring of its existing loans. The process will commence with
information packages describing Poseidon's assets being distributed to prospective bidders on or about
April 10, 2013. Bids will be due by not later than May 15, 2013 (the "Bid Deadline"). Unless extended by
the Monitor in consultation with the Financial Advisor, secured creditors, Interim Lender and Poseidon, a
proposed transaction must be approved by the secured lenders, and close within 30 days of the Bid
Deadline. The completion of a transaction will be subject to the satisfaction of a number of conditions,
including Court approval. Further details regarding the CCAA process will be available at
http://www.pwc.com/car-poseidon.
CCAA protection enables the Company to continue operating until the CCAA status changes. The
implications of this process for the Company's shareholders is not expected to be known until the end of
the restructuring process. If Poseidon has not filed a Plan or obtained an extension of the CCAA
protection by May 9, 2013, creditors and others will no longer be stayed from enforcing their rights.
Poseidon will be taking steps to have the Court's CCAA Order recognized in the United States.
As previously announced in its February 14, 2013 press release, the Special Committee (along with its
advisors) has continued its review and assessment of, among other things, the Company's public
disclosure of its financial results. This included the review and assessment of the Company's financial
statements for the year-ended December 31, 2011 (the "2011 Annual Financials"). Based upon the
investigation by the Special Committee, questions have arisen with respect to the recorded revenues in
the 2011 Annual Financials. At this time, it is uncertain whether or not a restatement of the 2011 Annual
Financials is required.

[benchman]

Usually the courts trim it down to one. At some point you will be contacted, if and when they win a settlement. However, it usually takes years.

[rokr]

Class Action Question - does it make sense to participate in all of them? Does it somehow change the odds of loss recovery? Can anybody provide more info how this works?
Thanks.

[benchman]

Thanks! I see POOSF is back above .20.

[FORTY-8]

Excellent post, chock full of relevant information, as well as a useable time-line.

Thank you VERY much for sharing it.

[benchman]

Yeah, it's good to be a lawyer...

[otterman]

Suits starting to pile up. And the lawyers get rich. Makes me wanna :P

[monkeypick]

. sorry , I read update in google finance and in 3000 shares. will in more

[benchman]

Did you read my post??? I called IR. You can do it too monkeypuke

[monkeypick]

benmarch, where you get this up date. if you in donot give an other fake info. I need to know where that update come from

[otterman]

Thanks for reporting. I know management is very optimistic despite this and are comittied to continue operations. Wish I was working and had a bit to throw in at these prices.

[pitacorp]

well, ok, so it does not trade in Canada, but it trades here. And maybe people here think it will be worth something more than it is now when trading in Canada resumes. And maybe Canada will watch the interest here in the states, so when trading resumes in Canada, it will start off at a much higher price in Canada reflective of what it is thought of here. Alot of maybe's, but I like these maybe's. I think this has been totally stomped on to death, and people here who can do something(like buy at these low prices)about it, will. This company still makes money, quarter after quarter, now it just isn't as much, and neither is the stock. I think that todays action is just a prelude to what will be transpiring sooner than later, which means I may add to my position tomorrow, I like what I see, and good luck to whatever everyone else does here.................

[Buckey]

I haven't worked in all business sectors but I have worked in many. I have consulted and owned numerous businesses in numerous sectors and have been a paid analyst to look at many others. Many dudnt make money. Few had Gross profits over 30%. Fewer had net profits over 5%. Many lost money.

This story sounded too good to be true. It was. Was it always that way?

[benchman]

Okay, so I spoke to IR. Anyone here can call. It's 1-800-842-4922.

I asked him about trading in the U.S. He said that as far as he knew the trading authorities here act independently of the ones in Canada, and that he has seen stocks halted in Canada continue to trade here. However, he said that he could not guarantee it would continue trading here, and was not knowledgeable about it beyond what he said to me.

As far as trading in Canada again. Once the financials have been re-filed, they should resume trading relatively quickly. However, they have to re-state the first three quarters, and also have to have their year end filing done by end of March. So he said there is a lot to do. They are working with Ernst and Young to complete them.

We talked about the lenders. He said that at this point there are a number of lenders who have been willing to talk to them, and he seemed to feel positive about that, but also added there are no guarantees.

Then he said that the management still feels they have a profitable business here, and that they just need to get past these hurdles.

Make of it what you will, and call if you want to verify or have more questions. I will keep watching to see if I want to get back in or not. I don't think they will file anything until end of March, but that's just my opinion.

GLTA

[otterman]

Hey! We're all friendly up here in Canada:)

[naturalborninvestor]

pretty much sums up my thoughts as well.

[benchman]

This seems like a hot and cold play. Either they get things straight with their creditors and financials and move on (which would create a huge spike in PPS, IMO), or they do not. In which case they never trade again in Canada, and their shares are worthless in the U.S.

[naturalborninvestor]

Just what I had been worried about earlier

As a result the Company is currently in default under its loan agreement dated June 29, 2012. The
Company is in discussions with its syndicate of lenders regarding short and long term support which is
subject to negotiation, credit approval and revised loan terms, which are yet to be determined

Now let's see if the company has friendly or hostile financing...If creditors take control of the company it ain't good for shareholders.

[naturalborninvestor]

Looks tempting here, but I'll wait to see if this is a dead cat bounce. Big 127k trade below bid went through after hours.