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MPPCQ coming back to life finally... .0003 x .0004
http://www.otcmarkets.com/stock/MPPCQ/quote
Yup, adding on dips & holding long term for payout, should be $.5+ easy 6-8 months from now imo, should be a fun ride :)
All in on this gem, next run to .38
BVII - Filed for Chapter 11 8-27-12 http://investorshub.advfn.com/boards/read_msg.aspx?message_id=78984405
hello there! my computer crashed and erased my favorites and i lost all the lehmon brothers stock message boards i had marked,i dont know the tickers either,can you please send them to me? id be greatful...wanting to see how they are doing
VLNCQ oversold at $.03 bounce coming imminent imo
American Airlines, pilots reach tentative contract
Wed Jun 27, 2012 8:23pm EDT
* Union board asks membership to vote on proposal
* Judge postpones ruling on AMR plan to throw out contracts
* Meetings with flight attendants, mechanics unions next week
June 27 (Reuters) - Pilot union leaders at American Airlines reached a tentative agreement with management on Wednesday on a steep cost-cutting contract aimed at heading off a threat by the carrier to abandon the current deal in bankruptcy and impose stricter terms.
The Allied Pilots Association board voted 9 to 7 to send the last and best offer to its membership for consideration, the union and the company said.
A vote by members is expected in coming weeks, prompting the judge overseeing American's case in New York to postpone a ruling that had been scheduled for Friday on whether to allow the airline to abrogate the pilots' contract, the airline said.
Ratification by pilots would end years of bitter negotiations and introduce a measure of labor stability to American's bankruptcy.
The airline is seeking more than $1.2 billion in cost cuts from its unions annually, a key factor in its decision to seek Chapter 11 protection from creditors last November.
Added certainty from labor would allow the parties to shift focus to American's planned emergence later this year and whether it will do so alone or as part of a merger.
The six-year deal was revisited over the past several days after union board members rejected a previous proposal from American's parent, AMR Corp.
Details of the tentative deal were not released. But proposed terms disclosed over the past few days included $315 million in annual cost savings - down from $370 million - no layoffs, annual pay raises, and a stake in the new company.
The union representing 10,000 pilots had no immediate comment beyond confirming the deal and the board's vote.
American said it believed pilots would carefully consider the proposal, which would be a watershed in the company's restructuring if it is approved.
"We believe this agreement addresses the needs of our pilots while achieving the goals of our business plan, and further demonstrates our commitment to reaching consensual agreements with all of our unions," American said in a statement.
A final agreement by pilots, the most powerful work group, is likely to clear the way for American's flight attendants and mechanics also to reach new contracts. The airline said it would meet with those unions next week.
AMR is under pressure from unions to tie up with US Airways . American has said it would explore consolidation but prefers to exit bankruptcy as a standalone company.
US Airways struck a merger deal with America West in 2005 while still in bankruptcy, but the deal was necessary for its immediate survival.
American's case appears more along the lines of Delta Air Lines and Northwest. The two emerged from their bankruptcies with similar cost structures and then formed a partnership.
American's motion in bankruptcy court to vacate contracts follows a similar pattern by other U.S. airlines that took the bankruptcy route.
Even in cases where carriers won court permission to throw out collective bargaining agreements, they wound up reaching consensual deals with those unions before exiting bankruptcy.
The case is In re AMR Corp et al, U.S. Bankruptcy Court, Southern District of New York, No. 11-15463
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http://www.reuters.com/article/2012/06/28/american-pilots-idUSL2E8HRJZD20120628
Judge approves Dynegy bankruptcy pact with creditors
Fri Jun 1, 2012 3:21pm EDT By Jonathan Stempel
(Reuters) - Dynegy Inc (DYN.N) on Friday won a U.S. bankruptcy judge's approval of a settlement with creditors, putting the power producer's Dynegy Holdings LLC unit one step closer to emerging from Chapter 11 protection.
Chief Judge Cecelia Morris of the U.S. Bankruptcy Court for the Southern District of New York approved the settlement at a hearing in Poughkeepsie, New York. Some creditors this week dropped their opposition to the accord.
Dynegy said creditors who joined the settlement hold more than $2.7 billion of claims against Dynegy Holdings.
The company has said Dynegy and Dynegy Holdings will be combined. It has said unsecured creditors of Dynegy Holdings, including holders of about $3.4 billion of senior notes, would receive a 99 percent equity stake in a reorganized company.
http://www.reuters.com/article/2012/06/01/us-dynegy-idUSBRE85019G20120601
MF Global judge OKs payout; Freeh says no bonuses
Tue Apr 24, 2012 5:01pm EDT By Jonathan Stempel, Dave Clarke and Alexandra Alper
* MF Global customers may get $685 mln payout
* Parent company trustee Freeh says no bonus payout to execs
* Shareholder, customer lawsuits combined in Manhattan court
* MF Global, run by Jon Corzine, went bankrupt in October
April 24 (Reuters) - A federal judge on Tuesday authorized the trustee liquidating MF Global Holdings Inc's brokerage unit to distribute as much as $685 million to customers whose accounts had been frozen when the futures brokerage went bankrupt.
The payout authorized by U.S. Bankruptcy Judge Martin Glenn in Manhattan is on top of the more than $4 billion that the trustee James Giddens has already distributed, according to the trustee's spokesman Kent Jarrell.
It includes as much as $600 million to be paid to U.S. exchange customers, up to $50 million for customers who traded on non-U.S. exchanges, and up to $35 million for customers who held physical property such as gold bars.
Jarrell said the payout leaves Giddens about $750 million in reserve to cover potential claims by other parties, including other MF Global affiliates.
It may allow customers who traded on U.S. exchanges to recover more than 80 percent of their account values. It also represents a payback of about 10 percent for customers who traded on foreign exchanges.
Glenn approved the payout on the same day Louis Freeh, the former FBI director and now trustee for MF Global's parent company, told Congressional lawmakers he has no plans to pay bonuses to current or former company employees.
Customers had objected to bonuses in the wake of reports that executives including Chief Operating Officer Bradley Abelow, General Counsel Laurie Ferber and Chief Financial Officer Henri Steenkamp might be eligible for them.
These customers consider it unfair to pay bonuses to people they hold in part responsible for MF Global's sudden collapse.
"I want to make it very clear, it was never my intention to pay any bonuses," Freeh told the Senate Banking Committee. He said he needs to retain 15 employees to help manage the bankruptcy and secure a $22 million tax refund.
Once run by Jon Corzine, the former Goldman Sachs chief and New Jersey governor, MF Global filed for Chapter 11 last Oct. 31 amid a liquidity crunch prompted by worries over its $6.3 billion bet on European sovereign debt.
The collapse has prompted a variety of regulatory and congressional investigations, in part focused on an estimated $1.6 billion of customer money that remains missing.
On Monday, the U.S. Judicial Panel on Multidistrict Litigation consolidated more than 20 lawsuits by MF Global shareholders and customers into a single case in Manhattan federal court.
The panel overruled objections by commodities customers who thought their claims should be handled separately. U.S. District Judge Victor Marrero will oversee the combined litigation.
Separately, the National Futures Association, an independent regulator for the commodities and futures industry, in a letter dated Tuesday offered U.S. Attorney Patrick Fitzgerald in Chicago its assistance in probing any potential criminal conduct surrounding MF Global's collapse.
The cases are In re: MF Global Inc, U.S. Bankruptcy Court, Southern District of New York, No. 11-02790; and In re: MF Global Holdings Ltd., U.S. District Court, Southern District of New York, No. 12-md-02338. The bankruptcy case for MF Global's parent company is In re: MF Global Holdings Ltd et al, U.S. Bankruptcy Court, Southern District of New York, No. 11-15059.
http://www.reuters.com/article/2012/04/24/mfglobal-payout-idUSL2E8FOFO620120424
THMRQ THIS Q STOCK LOOKS TO GO HIGHER WITH VERY LITTLE PROMOTION. CHECK THIS LINK ... http://americanbulls.com/StockPage.asp?CompanyTicker=THMRQ&MarketTicker=OTC&TYP=S
TPUTQ Sounds like the next ASYTQ, 6 time winner of the Lazarus (raising the dead) Award.
Okay, thanks for letting me know
Hard to say, Arnold. That's what came out when they first announced filing for Chapter 11. Many things can happen between that time and final resolution. I haven't followed them closely enough to offer anything more than the most superficial view.
As a rule, unless you are just playing the death drop or the DIP bounce, they should have more assets than liabilities for equity to have a prayer, and usually then even the prayer can be perverted. Good luck with it Arnold.
Guess no value in the stock then, thanks
ENERQ Energy Conversion Devices, Inc. (.112) The Company's principal commercial products are its thin-film solar (photovoltaic (PV)) modules. ECD sells its PV modules globally.
Energy Conversion files for bankruptcy protection Shareholders will likely be wiped out.
Tue Feb 14, 2012 11:59am EST
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=72149110&txt2find=ener
Website: http://www.energyconversiondevices.com/
Pinksheets: http://www.otcmarkets.com/stock/ENERQ/quote
IHUB: http://investorshub.advfn.com/boards/board.aspx?board_id=6305
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Energy Conversion files for bankruptcy protection
Tue Feb 14, 2012 11:59am EST
* Filing comes amid solar shakeout
* Company plans to sell units separately
* Says 70 percent of bondholders support plan
* Shareholders will likely be wiped out.
Feb 14 (Reuters) - Lightweight solar product maker Energy Conversion Devices Inc filed for bankruptcy protection on Tuesday, the latest in a string of solar companies that have collapsed in an industry shakeout.
The company, whose filing follows years of losses and months of public discussions with bondholders, said it would sell its United Solar Ovonic unit and other assets in bankruptcy.
Energy Conversion, whose solar laminate products are used for panels on rooftops and buildings, said it would continue to operate during the sale process.
It shares were down nearly 80 percent to about 30 cents in morning trading on Nasdaq. Other solar industry companies were also trading lower. First Solar, for instance, was off 9 percent at $28.11 on Nasdaq, and Suntech Power was down 7 percent at $3.47 on the New York Stock Exchange.
Energy Conversion's failure is the fourth major bankruptcy in the industry in the past year. Evergreen Solar Inc , Solyndra and SpectraWatt have also sought Chapter 11 protection.
Energy Conversion struggled to keep costs down as prices on solar panels fell, due in part to government subsidies to the company's Italian and German rivals. The company temporarily suspended manufacturing of its lightweight solar products last fall and said it would cut 500 jobs. Its bondholders hired advisers last fall as the company's problems worsened.
"Ultimately, their cost structure has been deemed unsustainable for a while, and the effects of the market in 2011 just exacerbated it," said Shayle Kann, a solar analyst with GTM Research.
Energy Conversion filed for bankruptcy in Michigan, where it is based. It said holders of about 70 percent of its $263.2 million of 3 percent convertible senior notes due 2013 support its proposed operating and sales plan.
That plan will essentially keep the flexible, lightweight thin-film photovoltaic product business -- its United Solar Ovonic unit -- operating while shedding debt and other legacy costs. The product is used in roofs and also consumer products, such as a solar cover for Amazon.com's Kindle E-reader. Energy Conversion expects to complete the sale of the unit in 90 days.
The company plans to sell its 39 percent stake in Ovonyx, a semiconductor technology company, other intellectual property and some fixed assets.
It also said it had sold its Ovonic Battery Co, which licenses advanced battery technology, to BASF Corp for $58 million. It first announced that sale process in July.
Its bondholders include Sanders Morris Harris, Angelo Gordon & Co., Diamondback Capital and Wolverine Asset Management, among other creditors, according to court documents.
According to those documents, Energy Conversion had both assets and liabilities in the range of $100 million to $500 million range when it filed for bankruptcy.
In addition to the Chapter 11 filing of the United Solar Ovonic unit, the company also filed a Chapter 7 bankruptcy case for Solar Integrated Technologies, which does engineering, procurement and construction of solar technology.
The company does not expect to be able to pay back all creditors and said shareholders will likely be wiped out.
The case is in re Energy Conversion, U.S. Bankruptcy Court, Eastern District of Michigan, No. 12-43166.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=72149110&txt2find=ener
ENERQ - Anyone got info. on this stock?
RCFEF!
Just released from IR:
Dear Shareholder,
Thank you for your interest in RainChief Energy,
enclosed is a collection of information that I believe will help you in your due diligence for RCFEF.
I encourage you to take the time and read all the information provided in the attached links,
best regards,
IR
Larry K. Davis
250-595-7714
==================================================================
RainChief Energy is a dual reporting issuer; Canadian and US.
The Company files all corporate information on SEDAR and EDGAR and is 100% current and 100% transparent.
The following link is the executed LOI between Rainchief Energy's President "Brad Moynes" and Neuva Oil & Gas Corp's Mr. Norman Mackenzie:
http://www.sedar.com/GetFile.do?lang=EN&docClass=14&issuerNo=00027960&fileName=/csfsprod/data126/filings/01852941/00000002/p%3A%5CSEDAR%5CRainchief%5CMaterialContract%5CLOIJan252012.pdf
==================================================================
Who is Mr. Norman Mackenzie?
Will RainChief be his next success?
Mr. Mackenzie has over thirty years of experience in the domestic and international energy industry with companies that have developed significant energy projects in the North Sea (UK and Norway), China, Abu Dhabi, Dubai, Egypt, Bangladesh and Libya. In addition, he is Chairman and Founder of C & C Energy Canada Ltd http://www.ccenergialtd.com./ (trades on the TSX for $9.11 a share and their market cap is 570 million ), which is engaged in oil and gas exploration in Colombia, South America; these assets are currently capable of producing over 10,550 BOPD. Companies that Mr. Mackenzie has been associated with have been at the leading edge of technology in all sectors of the oil & gas business. In 1992, Scimitar Hydrocarbons, a public company founded by Mr. Mackenzie, was merged with Rally Energy Corp., which was subsequently sold for over $900 million in 2003.
.
Background for Norman Mackenzie
Employment History
Pacific Asia China Energy Inc.
C&C Energy Canada LTD.
Scimitar Hydrocarbons
Board Memberships and Affiliations
Board Member
Pacific Asia China Energy Inc.
Board Member
C&C Energy Canada LTD.
Founder
Scimitar Hydrocarbons
Board Member
Westlinks Resources Ltd.
Norman Mackenzie, Founder and Director; President of Normac Investments Inc and He is the founder & current board director CZE
Mr. Mackenzie has thirty years of experience in the oil and gas industry and is one of the founders of the Corporation. Most recently, he was President and Chief Executive Officer of Raptor Capital Corporation, a public exploration and development company, from 1997 to 2005. Prior thereto, he spent approximately seven years working as an independent consultant in the oil and gas industry in Western Canada and founded his wholly-owned petroleum company, Normac Investments Inc. Mr. Mackenzie received a B.A. in Economics and Law from the University of Cape Town in South Africa in 1969.
Website: ttp:http://www.ccenergialtd.com./
C&C Energy Canada LTD, Symbol CZE.TSX 9.11
Norman Mackenzie was board Director of Pacific Asia China Energy Inc. (PACE) is the first Canadian company to explore for and develop coalbed methane (CBM) resources in China.Corporation. To date there have been 21 coalbed methane Production Sharing Contracts (PSC) signed with 10 foreign companies in China with an investment of approximately US$150 million
Evidence link check board directors list: http://www.nafinance.com/Listed_Co/english/pacificasia_e.htm
Pacific Asia China Energy Inc PCE.V $5.35 /trades NASDAQ
Norman Mackenzie Today
2011 / 2012
Most Recent Independent Research Report For C&C Energia, TSX : CZE
IMPORTANT: A Must Read !!!
cut & paste into browser
http://www.ccenergialtd.com/upload/media_element/28/01/canaccord-genuity-3rd-annual-south-american-oil-gas-converence-janaury-2012-presentation-v5.pdf
American Airlines aims to bolster routes, fleet
Wed Feb 22, 2012 5:15am EST
(Reuters) - Bankrupt American Airlines (AAMRQ.PK) aims to boost revenue by $1 billion annually by beefing up its international routes and fleet to lure more well-heeled business travellers, the company said on Tuesday.
Lower costs achieved through bankruptcy will enable the airline's corporate parent, AMR Corp, "to create the premier airline for high-value customers, who choose airlines based on network, alliances, products and services," Chief Commercial Officer Virasb Vahidi said in a letter to employees.
"While the number of these customers is small, they provide a disproportionate amount of revenue and are critical to our success," Vahidi said.
AMR and American Airlines filed for Chapter 11 bankruptcy protection on November 29, citing high costs, including for labour.
The company said this month that it wants to trim $2 billion a year from its costs, including $1.25 billion in employee-related expenses, and generate $1 billion per year in new revenue.
The company, which has long targeted business travellers, said that by cutting costs and easing restrictive contracts, it can focus on network, fleet and partnerships to generate the revenue improvements.
About two-thirds of the revenue boost will come from "right-gauging our fleet," Vahidi said. The remainder will come from bolstering existing partnerships with foreign airlines like British Airways (ICAG.L), Iberia, Japan Airlines and Qantas(QAN.AX), he said.
Vahidi said AMR wants to move ahead with last year's order for 460 narrow-body airplanes and earlier plans to acquire wide-body Boeing (BA.N) 787 and 777 aircraft.
He said the airline also intends to invest in products and services like lie-flat seats and in-flight Wi-Fi that high-end customers who pay the most for tickets will find attractive.
"Our disadvantaged cost structure and balance sheet have greatly limited our ability to invest in products or match our competitors' actions in some cases," Vahidi said.
(Reporting By Kyle Peterson; editing by John Wallace)
http://www.reuters.com/article/2012/02/22/uk-amr-idUSLNE81L01D20120222
Good morning board GRBE is having it's debt acquired under a '363 sale' Has anyone any knowledge of one of these previously and will GRBE get a 'Q' at the end of the ticker or is this something completely different? MTIA
"To facilitate this transaction under the Section 363 sale process of the United States Bankruptcy Code, BGC has acquired the outstanding secured debt of Grubb & Ellis and has committed to provide, or will have an affiliate provide, Grubb & Ellis with "debtor-in-possession" ("DIP") financing to support Grubb & Ellis throughout this process."
NTRZ Nutrcea (.144) Rice/Food/Nutrition Play. Processing and distribution of stabilized rice bran, Rice Oil, and other proprietary, rice bran-based ingredients and formulations.
Food Manufacturers
Nutraceuticals
Petfood and Feed Manufacturers
Web page: http://www.nutracea.com/Home
Pink Sheets: http://www.otcmarkets.com/stock/NTRZ/quote
IHUB: http://investorshub.advfn.com/boards/board.aspx?board_id=6636
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NTRZ NutraCea Makes Final Payments Under Plan of Reorganization
Friday, January 20, 2012 8:43:56 AM
(special thanks to the_8th)
NutraCea (OTCQB: NTRZ) (PINKSHEETS: NTRZ), a global leader in the production and marketing of value added products derived from rice bran, today announced final payment of all amounts due to creditors under the terms of its Plan of Reorganization.
The Company confirmed today that it has met all of its obligations under the terms of the Amended Plan of Reorganization approved by the US Bankruptcy Court.
..........W. John Short............ - Chief Executive Officer of NutraCea, stated, "We are pleased to have made the final payments due to all creditors under the Amended Plan of Reorganization. We are proud to have paid in full all of the lenders, suppliers and vendors who supported NutraCea during the entire reorganization process that began with our Chapter 11 filing in November 2009 and culminated in our final payments to creditors at the beginning of this week. No creditor that participated in the court supervised restructuring process lost money doing business with NutraCea.
"NutraCea used the Chapter 11 process exactly as it was intended. Under the supervision of the bankruptcy court, we restructured our business, repaid all creditors in full and protected the interests of the shareholders who invested in NutraCea prior to the bankruptcy filing. I want to offer special thanks to Cary Forrester, bankruptcy counsel who represented NutraCea throughout the proceedings, for his guidance and wise counsel in guiding us through this complex process."
The Company's bankruptcy counsel, S. Cary Forrester, of Forrester & Worth, in Phoenix, Arizona, commented: "This is an extraordinary outcome. In the vast majority of Chapter 11 filings, the pre-petition owners lose most or all of their ownership interests and unsecured creditors receive pennies on the dollar. In fact, according to one study of bankruptcy outcomes, less than 10% of Chapter 11 debtors confirm and complete a plan of reorganization. In this case, NutraCea not only exited Chapter 11 intact and paid all of its debts in full, but it did so in a way that allowed its shareholders to retain 100% of their ownership interests in the Company."
http://ih.advfn.com/p.php?pid=nmona&article=50827947&symbol=NTRZ
IBNKQ 003 200%+ on watch for tomorrow. everyone load up here. RADAR. smart collecting and then major breakout tomorrow? could be. is on my radar
WaMu settles dispute, eyes bankruptcy exit
Tue Dec 13, 2011 2:13am EST
Dec 13 (Reuters) - Washington Mutual Inc, the biggest bank to fail in U.S. history, said it reached a settlement in a dispute between shareholders and certain creditors that had prevented the bank from emerging from Chapter 11 bankruptcy proceedings.
WaMu got a respite late on Monday when it said in a court filing that the shareholders represented by an equity committee would drop legal claims against settlement noteholders.
"The Equity Committee and its advisors are pleased with the result and look forward to and support the swift confirmation of the plan," said Michael Willingham, chairman of the Equity Committee appointed in the Chapter 11 proceedings.
Washington Mutual has languished in Chapter 11 bankruptcy since regulators seized its savings and loan in September 2008.
The plan to settle the dispute will allow WaMu to distribute $7 billion to creditors.
"The proposed settlement agreement represents a positive step toward completing the Chapter 11 process," WaMu said.
WaMu's reorganized assets will consist of its equity interests in WMI Investment Corp and WM Mortgage Reinsurance Co Inc. The reorganized company will be funded by a $75 million contribution from certain creditors. The reorganized entity will also receive a credit line of $125 million from the noteholders, according to the court filing.
WaMu said the majority of common equity in the reorganized company will be distributed to the company's current preferred and common equity holders.
In September, Judge Mary Walrath rejected WaMu's second attempt to end its bankruptcy as disputes raged between the shareholders and noteholders.
In her earlier opinion, Walrath had ordered mediation as a way to end lingering disputes between the warring parties.
Washington Mutual filed for bankruptcy in September 2008, at the height of the financial crisis, after regulators seized its savings and loan business.
The banking business was sold by the Federal Deposit Insurance Corp to JPMorgan Chase & Co for $1.88 billion.
Almost immediately after the bankruptcy started, Washington Mutual, the FDIC and JPMorgan began a legal battle to sort out who owned what of the failed bank.
The case is In re Washington Mutual, U.S. Bankruptcy Court, District of Delaware, No. 08-12229.
http://www.reuters.com/article/2011/12/13/washingtonmutual-idUSL3E7ND1L120111213
TDLPQ is on FIRE!!! Volume is the most since August and the trading day is less than 30 minutes old!!!!
VMSYQ .01 from .0075 Close. Court Hearing Monday... Buyout offers... Q droppped ... Commons are expected to survive... BIG DAY MONDAY!!
All my opinion
TLDPQ Has court on Monday.. Very quiet board and stock. about 9m or less in the float. Shareholders are trying to buy the debt out to protect the commons. Bio company with the 1st part of phase III complete. If approved could be worth $$$$'s. THX for checking it out.
DPTR Delta Petroleum Corporation (.60) Denver, Colorado based independent energy company engaged in the exploration, development, and production of natural gas and crude oil. Net production in the Vega Area currently exceeds 30.0 Mmcfe/d. Ended 2010 with 190 Vega Area wells producing. Piceance Basin interests are 5% working interest in 153 producing wells in the southern region plus a 5% working interest in an additional 75 wells remaining to be drilled,
Website: http://www.deltapetro.com/
Pinksheets: http://www.otcmarkets.com/stock/DPTR/quote
IHUB: http://investorshub.advfn.com/boards/board.aspx?board_id=2616
Delta Petroleum says may seek bankruptcy protection http://www.reuters.com/article/2011/11/09/deltapetroleum-idUSL4E7M93Y620111109
DYN Dynergy Inc. (2.95) provides wholesale power, capacity and ancillary services to utilities, cooperatives, municipalities in six states in our key U.S. regions of the Midwest, the Northeast and the West Coast. The company's power generation portfolio consists of approximately 11,600 megawatts of baseload, intermediate and peaking power plants fueled by a mix of coal, fuel oil and natural gas.
Website: http://www.dynegy.com/
Pinksheets: http://www.otcmarkets.com/stock/DYN/quote
IHUB: http://investorshub.advfn.com/boards/board.aspx?board_id=4009
Dynegy Holdings files for Chapter 11 bankruptcy http://www.reuters.com/article/2011/11/08/dynegy-bankruptcy-idUSN1E7A625J20111108
MFGLQ - Nearly All Of MF Global Employees Have Just Been Fired
* Friday, November 11, 2011
MF Global has laid off 1,066 brokerage employees, James Giddens, the court appointed trustee, said in a statement this afternoon.
This represents the first real move towards liquidation, even though the company had already filed for Chapter 11 bankruptcy protection on October 31. Up to 200 employees will be retained to help the company wind down open trades and process bankruptcy claims.
All terminations are effective immediately, but the bankrupt trading house will continue to pay salaries through November 15. Employees will not be paid severance. Health care for those laid off will end by November 30.
The layoffs represent the end of a possible sale of the trading-firms broker dealer network. Analysts had predicted that a takeover, much like Barclays purchase of Lehman Brothers, would occur. Other divisions, including those in Japan and the United Kingdom, had also come under scrutiny for purchase.
The company has retained both Ernst & Young, for forensic accounting, and Deloitte, for account transfers and claims processing.
MF Global plans to vacate New York offices as soon as possible to lower costs, moving trustee staff to lower cost space.
Julie Steinberg of FINS reports that some of those fired today were at work finding missing client assets that total more than $600 million. Approximately $1.5 billion in client funds and 17,000 client accounts have been transferred to other brokerage houses.
News of these terminations follow severance of 165 employees over the past two weeks. However, those layoffs focused on back office functions and did not include broker-dealers.
http://www.businessinsider.com/mf-global-fires-over-1000-employees-2011-11
BCON Beacon Power (.114) High-energy flywheel-based solutions for clean, responsive, and reliable performance in multiple electric power applications.
No Q yet.
Website: http://www.beaconpower.com/
Pinksheets: http://www.otcmarkets.com/stock/BCON/quote
IHUB: http://investorshub.advfn.com/boards/board.aspx?board_id=1945
Chapter 11 announcement 11-1-11 http://www.beaconpower.com/files/Beacon-Media-Statement.pdf
MFGLQ - MF Global Client Theft Estimate Doubled To $1.5 Billion?
Submitted by Tyler Durden on 11/02/2011 - 16:12
Even as we hear rumblings that the MF fire is spreading, and the associated auditor of the now infamous former Primary Dealer is about to get in serious hot water, the bankrupt company itself continues to dig itself an ever deeper grave. Because according to a just filed motion by the MF Global liquidating trustee, it seems that the gross criminal activity by the company may have been orders of magnitude bigger than anyone has expected. To wit: "As a result of the apparent segregation violations and the suspension of clearing privileges, more than 150,000 customer accounts essentially were frozen on October 31, 2011, of which more than 50,000 accounts were regulated commodities customer accounts. The CME estimates that MFGI’s current segregated funds requirement is approximately $5.45 billion. Moreover, the total amount of MFGI customer segregated funds on deposit at the CME is approximately $2.5 billion, and the clearing-level segregated collateral is approximately $1.5 billion or approximately 60 percent of the MFGI customer segregated funds on deposit at the CME." Doing some quick inverse addition and we get a (w)hole of $5.45 less $2.5 less $1.5 or $1.45 billion. In other words, the theft by MF Global was not stealing hunderds of millions form its customers: it has stolen a whopping $1.5 billion! For those confused, this is not a rogue loss of $1.5 billion, something which was enough to send UBS' Kweku to prison. This is outright theft resulting from illegally commingled accounts. Our only question is will $1.5 billion in theft be enough for the first real perp walk of an Obama-friendly Wall Street executive?
http://www.zerohedge.com/?page=2
MPPCQ - commons surviving and a RM? Sounds like its possible
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=67327603
Definately worth the price of a few lotto tickets
Thanks Iron Maiden. Just a reminder to all, this board is for Q stocks only. All others will be deleted. None of the picks geopressure threw out there are Q stocks so they are now GONE!
Are these Q stocks...? This is a Q stock board
Capital Growth Systems Inc.
CGSYQ: OTC; Technology/IT Services & Consulting
Company Information
Capital Growth Systems, Inc. (Cap Growth) sold Global Capacity Holdco, LLC, which represented most of Cap Growth's assets, to Pivotal Global Capacity, an affiliate company of Pivotal Group. According to court documents, the sale became final on May 16, 2011. As a result, Global Capacity has emerged from bankruptcy. Whereas, Capital Growth Systems will continue to operate as Chapter 11 debtors in possession, providing telecom services and retaining ownership of the Non-Transferred Assets.
Capital Growth Systems Inc.
200 S. Wacker, Suite 1650 Chicago IL 60606
Phone: +1 (312) 673-2400
Fax: n.a.
http://topics.nytimes.com/topics/news/business/companies/capital-growth-systems-inc/index.html
The news from 2009 included a name that tells me "don't walk, run!".
Really? That would be the first news since 2009.
Give us one good reason.
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~ Q STOCK TRADERS ~
Our stocks may be "up da creek" with a Q, but they are working their way back...and some get downright HOT & are taking us traders along for the ride :)
**Mods**
What Every Investor Should Know
(A MUST READ)
What happens when a public company files for protection under the federal bankruptcy laws? Who protects the interests of investors? Do the old securities have any value when, and if, the company is reorganized? We hope this information answers these and other frequently asked questions about the lengthy and sometimes uncertain bankruptcy process.
How Are Assets Divided in Bankruptcy?
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Federal bankruptcy laws govern how companies go out of business or recover from crippling debt. A bankrupt company, the "debtor," might use Chapter 11 of the Bankruptcy Code to "reorganize" its business and try to become profitable again. Management continues to run the day-to-day business operations but all significant business decisions must be approved by a bankruptcy court.
Under Chapter 7, the company stops all operations and goes completely out of business. A trustee is appointed to "liquidate" (sell) the company's assets and the money is used to pay off the debt, which may include debts to creditors and investors.
The investors who take the least risk are paid first. For example, secured creditors take less risk because the credit that they extend is usually backed by collateral, such as a mortgage or other assets of the company. They know they will get paid first if the company declares bankruptcy.
Bondholders have a greater potential for recovering their losses than stockholders, because bonds represent the debt of the company and the company has agreed to pay bondholders interest and to return their principal. Stockholders own the company, and take greater risk. They could make more money if the company does well, but they could lose money if the company does poorly. The owners are last in line to be repaid if the company fails. Bankruptcy laws determine the order of payment.
A company's securities may continue to trade even after the company has filed for bankruptcy under Chapter 11. In most instances, companies that file under Chapter 11 of the Bankruptcy Code are generally unable to meet the listing standards to continue to trade on Nasdaq or the New York Stock Exchange. However, even when a company is delisted from one of these major stock exchanges, their shares may continue to trade on either the OTCBB or the Pink Sheets. There is no federal law that prohibits trading of securities of companies in bankruptcy.
Note: Investors should be cautious when buying common stock of companies in Chapter 11 bankruptcy. It is extremely risky and is likely to lead to financial loss. Although a company may emerge from bankruptcy as a viable entity, generally, the creditors and the bondholders become the new owners of the shares. In most instances, the company's plan of reorganization will cancel the existing equity shares. This happens in bankruptcy cases because secured and unsecured creditors are paid from the company's assets before common stockholders. And in situations where shareholders do participate in the plan, their shares are usually subject to substantial dilution.
If the company does come out of bankruptcy, there may be two different types of common stock, with different ticker symbols, trading for the same company. One is the old common stock (the stock that was on the market when the company went into bankruptcy), and the second is the new common stock that the company issued as part of its reorganization plan. If the old common stock is traded on the OTCBB or on the Pink Sheets, it will have a five-letter ticker symbol that ends in "Q," indicating that the stock was involved with bankruptcy proceedings. The ticker symbol for the new common stock will not end in "Q". Sometimes the new stock may not have been issued by the company, although it has been authorized. In that situation, the stock is said to be trading "when issued," which is shorthand for "when, as, and if issued." The ticker symbol of stock that is trading "when issued" will end with a "V". Once the company actually issues the newly authorized stock, the "V" will no longer appear at the end of the ticker symbol. Be sure you know which shares you are purchasing, because the old shares that were issued before the company filed for bankruptcy may be worthless if the company has emerged from bankruptcy and has issued new common stock.
During bankruptcy, bondholders will stop receiving interest and principal payments, and stockholders will stop receiving dividends. If you are a bondholder, you may receive new stock in exchange for your bonds, new bonds, or a combination of stock and bonds. If you are a stockholder, the trustee may ask you to send back your old stock in exchange for new shares in the reorganized company. The new shares may be fewer in number and may be worth less than your old shares. The reorganization plan will spell out your rights as an investor, and what you can expect to receive, if anything, from the company.
The bankruptcy court may determine that stockholders don't get anything because the debtor is insolvent. (A debtor's solvency is determined by the difference between the value of its assets and its liabilities.) If the company's liabilities are greater than its assets, your stock may be worthless. Contact your local Internal Revenue Service (IRS) office or call 1-800-829-1040 for information about how to report worthless securities as a loss on your income tax return. If you don't know whether your stock has value, and you can't find a stock or bond price in the newspaper, ask your broker or the company for information.
Full Story: http://www.sec.gov/investor/pubs/bankrupt.htm
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Harvey Organ
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