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I don't understand the math on this:
"I WILL GO AHEAD AND SHARE WITH YOU I LOST $15,000 ON THIS STOCK, BUT IT COULD HAVE BEEN MUCH WORSE OR BETTER YET IT COULD HAVE BEEN EVERYTHING IF NOT FOR THE MESSAGES ON THIS BOARD. FOR WHAT IT IS WORTH, THANK YOU."
Don't know what you paid and when. Perhaps some option security. But how could it get "much worse" than falling to 2 1/2 cents? For longtime RSH holders the current price *is* pretty much a total loss. Please explain more.
Sorry it had to come to this - but we knew the company was in trouble for a long time. When you have a backdrop of doom everyone is trading against it gets pretty tough. GL on your other trades.
By and large IHUB boards exist to pump worthless penny stocks that no one should ever buy. Many such players are addicted gamblers, or unsophisticated newbies who will be cleaned out quickly.
But you'll find nuggets here and there. The following SEC filing is the essential thing RSH shareholders should understand. It came from RadioShack:
2-Apr-2015 8K filed by Radio Shack [now RS Legacy Corporation] : "... there will be no value for common stockholders of the Company following the Sale and completion of the bankruptcy liquidation process. Equity holders of a company in Chapter 11 bankruptcy generally receive value only if all claims of the company's secured and unsecured creditors are fully satisfied. The Company believes that the claims of its secured and unsecured creditors will not be fully satisfied following completion of the Sale, the other transactions discussed herein and the liquidation of the Company's remaining assets."
You can read the full 8K here:
http://biz.yahoo.com/e/150402/rshcq8-k.html
First, let me apologize for my comment posted earlier and presumably deleted by the moderator. I'll be the first to admit it was ignorant and uncalled for.
Second, it is absolutely amazing that not one fucking web site out there with all their graphs and charts and catchy phrases and quips and blinking numbers and news articles and analyst reviews and forums and spreadsheets, NOT A SINGLE FUCKING ONE HAD ANYTHING POSTED ABOUT THE OUTCOME OF THIS STOCK, THE FILING THAT WAS DONE THIS MORNING, OR ANY TYPE OF ABBREVIATED OR NON ABBREVIATED WARNING OR ADVICE TO GET THE FUCK OUT OF IT AS SOON AS POSSIBLE.................EXCEPT ONE.....THIS SITE. THIS MESSAGE BOARD WAS THE ONLY REASON I MADE SURE TO LOOK AT EVERYTHING AND TO BE ALERT AND SURE ENOUGH, SCOTTRADE HAD THE TITLE OF THE NEWS EVENT THAT LIQUIDATION WAS GOING DOWN, BUT IT DIDNT EVEN LINK TO MORE ON THE STORY. I FOUND OUT FROM THIS SITE AND READING ON MY OWN THE COURT DOCUMENTS THAT READ LOUD AND CLEAR WHAT WAS GOING TO HAPPEN AND THAT THERE WAS NO DEFINITE DATE SET YET SO THERE WAS TIME TO SELL............AND SELL I DID. I WILL GO AHEAD AND SHARE WITH YOU I LOST $15,000 ON THIS STOCK, BUT IT COULD HAVE BEEN MUCH WORSE OR BETTER YET IT COULD HAVE BEEN EVERYTHING IF NOT FOR THE MESSAGES ON THIS BOARD. FOR WHAT IT IS WORTH, THANK YOU.
I've long searched for evidence that charting works. Sure it has supporters... lots of people make lots of money from charts. Charting stirs volume for brokers. On IHUB some members sell courses... surely worthless which is why they don't use their real names. Pennyland especially NEEDS charts to create volume to dump into.
Charting convinces idiots that they can "Win" by interpreting simple squiggles. Those are people who never tackle corporate finance or law. Too hard!
Truth is, charts can't even reveal when investments are going to be cancelled in 5 minutes. Sometimes you just have to read the hard stuff, like Buffett.
So funny.
Exactly, just the other one - a few will always straggle in, blinking, wondering what happened. Well . . . it went dark.
Summary RSHCQ's 10 creditor classes (organized by me for simplicity)
"The Plan generally provides for payment in full, in cash, to holders of Allowed Class 1 Priority Claims and Allowed Class 2 Secured Claims.
Holders of Allowed Class 3 SCP Secured Claims are generally entitled to receive, as soon as practicable after the date of a final order entered by the Bankruptcy Court determining, or an agreement among specified parties resolving, a dispute regarding whether or not the Debtors may distribute cash to Salus Capital Partners, LLC, as agent, and other lenders on account of the Company's 2013 credit agreement, such cash in full satisfaction of such claims.
The holder of Allowed Class 4 IRS Claims is generally entitled to receive treatment of such claims pursuant to terms and conditions as (i) may be agreed by the holder of such claims or (ii) ordered by the Bankruptcy Court.
Holders of Allowed Class 5 Dark Store Claims will generally receive cash equal to 75% of the amount of such claims.
Holders of Allowed Class 6 General Unsecured Claims are generally entitled to distributions of their pro rata share, with Allowed Class 7 2019 Note Claims, of the net distributable assets, as described in the Plan.
The Plan generally provides that holders of Allowed Class 7 2019 Note Claims are entitled to receive distributions of their pro rata share, with Allowed Class 6 General Unsecured Claims, of the net distributable assets, as described in the Plan, plus the potential for additional distributions.
Holders of Class 8 Intercompany Claims and Class 9 Stock Interests (consisting of holders of the Company's common stock) will not receive or retain any property under the Plan on account of such claims or interests. The outstanding equity interests of each Debtor other than the Company will remain outstanding and will be cancelled when the existence of such Debtor is terminated in accordance with the Plan.
Upon such cancellation, holders of Class 10 Stock Interests in other Debtors will not receive or retain any property under the Plan on account of such interests. "
Volume indeed does proceed price.
Implosion.
I love these message boards.
Gamblers don't come any dummmer than BK players.
With Eastman Kodak, two years ago, one poster looked at the strong chart (probably short covering) and bought shares an hour before his shares were cancelled.
MB, that stock was Exide Technologies XIDE(q) a big corporation at one time too. Funniest thing was the post from the guy who noticed the trading activity spike and was debating whether to average down. Next day it didn't open! You'll probably see the same ending with RSHCQ very soon.
Agree, it's pretty high. Once it falls below a cent we'll see the real idiots arrive. There will be some swings but they will be impossible to predict... except for the final price .000000000000000000
They just look at the chart and see the price in the lower end of the bollie . . . and hope that some 'news' is coming to bail them out .
Indeed. It is not a matter of if, but when.
And people will still wonder what happened.
Yep, I'm surprised it's still over a penny. FINRA can halt this any moment and delete the symbol/ticker.
How many traders can fit through a keyhole . . . I guess we will find out soon :)
volume proceeds price
BOOYAH!!!!
Short . . . what kind of fantasy koolaid you been drinking? The tap will run dry here, without notice.
Shorts have my permission to leave tomorrow.....
dont rush for the exits
wont happen with an ex big company like RSH
take your fear agenda somewhere else
you are short a 4.5 cent stock
BWAHAHAHAHAHAHAHA
A date might not even get announced. A couple months ago about half an hour before closing they announced a BK stock will not open the next day. It didn't.
Is doesn't drop to zero, it just stops trading one morning, or even in the middle of the day the plug gets pulled. Sudden non existence.
The judge said a few days ago he is ready to rubber stamp the final approval for the POR. Can you read the judge's mind? I can't.
Yup and it is still trading in a range....they announced they will and even when they announce a date it will trade in some range
Not trying to scare anyone. Radio Shack has already announced the common stock will be cancelled out.
Not my first rodeo either.
OK whatever....Not my first Rodeo dude
we will see....In the past 5 days it has gone from 5 to 7s and back down
No need to try to scare people
Umm, the common stock is slated to be wiped out, as in officially worthless.
It is already worthless, except in the Land of the Lotus-Eaters.
at least 45-90 days away...your fear stuff is silly
why should anyone fear a beaten up stock a little south of a nickel
Look for a bounce from here at some point soon
LOL funny. Pretty soon they are going to pull the plug on this and everything you are still holding will be worth zero.
This thing is too beaten up down here
should get some legs
"American Apparel Filing Shines Light on Hedge Fund Standard General"
http://www.wsj.com/articles/american-apparel-filing-shines-light-on-hedge-fund-standard-general-1444088326
Standard General, RSHCQ and other train wrecks
I was starting to wonder about that also. It seems that everything Standard General is involved in turns into a train wreck for itself within a matter of months. Standard General managed the whole RSHCQ situation so bad that they have managed to almost completely wipe out the unsecured liabilities and run the risk of even cutting into the secured debt that they own at some point.
The whole idea of limiting RSHCQ to being able to close only 200 stores per year made no sense to me. The reason given is that Standard General wanted to ensure there was enough inventory to cover their loans, but the inventory could have been stored in a warehouse and all of the stores that were losing money, closed, and RSHCQ would be a lot better off. Instead, Standard General demanded the money losing stores stay open, making the financial situation much worse.
It is as though someone is deliberately arranging it that way, like someone within the company is doing 'stupid deals' for some reason (self sabotage?, some kind of personal problems interfering with decision making process?, some kind of power struggle within Standard General so that a faction within Standard General is using problems with deals like RSHCQ to gain over another faction?, or something else that we have no way of telling from the outside) , to make it so Standard General could lose a lot of money. It is possible that maybe it is just a 'bad run of luck', but the kind of people that Standard General is supposed to be hiring are supposed to be people who have the 'golden touch', they always make money no matter what; instead they seem to have people that have the 'lead touch', everything they touch turns to lead.
Normally, a company like Standard General should be almost assured of making money in deals like this, even if the company goes bust, by making sure that there is such a wide margin of safety on their parts of the financing, that they would still come out whole, plus a profit. Instead, Standard General looks like its partnership could be at risk, since even if they still come out whole, and with a profit, who would want to stay in such a fund that seems to always be in the middle of a mess and at risk to lose their money?
Louis J. Desy Jr.
We always hear about hot hedge funds, their ridiculous 20/2 fee structure and the colossal exec salaries. But plenty of them fail quietly and are quickly forgotten. Ask Buffett about that!
Can't imagine things are good at Salus OR Standard General. Well, we know they're dreadful at Salus where the CEO departed a few months ago thanks to RSH dealings.
American Apparel has most of RSH's problems PLUS a nutcase CEO. Cutting edge women's fashion firms like APP NEVER last long. They're at the very top of my of list of stocks to never buy.
Another Standard General train wreck
I see a notice that American Apparel just filed for bankruptcy.
Louis J. Desy Jr.
Another Standard General trainwreck, American Apparel, is down to a dime from a buck at the beginning of 2015.
Every deeply distressed stock I've followed this year has performed terribly. IHUBers seem to have figured it out. Most of these boards are dead.
Good to see that RadioShack's plan was finally approved by the court.
$650 million underwater. Man what a trainwreck.
Over/under on number of posters stopping by wondering what happened when their shares disappeared out of their accounts. I say 6.
"I mentioned about filing a motion (basically a letter but it would get entered on the docket and require a ruling by the judge) with the court to ask for clarification but so far they have not wanted to do that." Yes, I've seen that done in BKs.
You've nicely described the typical final days of a retail chain bankruptcy.... the fractured chain of command.... everyone for himself.
I wonder how bk courts currently treat unpaid retention bonuses. Are they elevated to the lofty status of back pay? Or would they be considered an ordinary payable? Retention bonuses for top management have come into controversy in recent years.
GL to that guy. Let us know how it works out for him.
Why not phone for info?
The problem is that towards the end, things got so bad that they did not even know at times where the district manager was, or even if the person was still employed with the company. At another point the person waiting for the bonus was moved to another store, after the original store closed that they were in, and both the district manager and even the regional manager could not be gotten ahold of. It looked like first the district manager got laid off, and then before notice was given as to who was the new district manager, the regional manager was laid off.
After they left it took a few weeks for them to find anyone that knew them to be able to give a letter of reference, that the original district manager and admin assistant had promised, prior to both of them being laid off.
I mentioned about filing a motion (basically a letter but it would get entered on the docket and require a ruling by the judge) with the court to ask for clarification but so far they have not wanted to do that.
I was shocked at how the chain of command broke down towards the end for a lot of the stores and even at some of the stores. I heard that a few employees were fired for stealing and there were rumors that at some stores the employees just started to loot the place the last week or so. (My take on it is that some employees were upset at not being told anything, including not even having a definite last day at times or the store being closed in advance of the original deadline.)
I think part of the problem was that no one really communicated what to expect and even seemed to act like the company was not going to live up to the commitments it had made to people since it was not telling anyone anything. some employees only found out when their store was closing by the news or looking at the docket for the case. Even at the end, some of the management, including the liquidation company, kept harping on about things like staying in dress code and other things that were meaningless since the store was closing. (what was the company going to do, fire them?) At other times, some employees could not get anyone to help with things, such as the wiping of the computer system when the procedure sent out was not working for a workstation.
I also heard that some items were shipped and then reshipped to stores as stores closed down and the leftovers had to be sent to a still opened store in order to have a chance at selling.
Louis J. Desy Jr.
Why hasn't he phoned his employer for that important info? Perhaps he should have filed a claim with the BK court. Might be too late for that now.
Bonus and vacation for workers paid out?
Does anyone know if the retention bonuses for managers and assistant store manager were paid out? I thought they were due once the person was let go after the store was closed but one person I know has not gotten anything.
I expect that the bonuses are priority unsecured in the plan.
Normally I would know the details but since the stock looked dead I had not
Louis J. Desy Jr.
As I predicted, Yahoo just dropped "RadioShack" in favor of "RS Legacy Corp." Perhaps that pop a few days ago was caused by short sellers worrying about covering after the name change.
"Players" will have to be REALLY dumb to be caught holding RSHCQ when the shares are cancelled. But you know there will be some victims... as always.
Go RS Legacy Corp... do da MOON!
Thats funny - the stock sells off because they think the lawyers are trying to take money out of their pocket. Little they appear to know is their pockets are already empty.
Why it rose: "Ch. 11 Plan Stalled Over Lenders' Fee Demands"
"Law360, Wilmington (September 16, 2015, 8:37 PM ET) -- Disagreement over the RadioShack bankruptcy estate's obligation to pay the court costs of lenders embroiled in a lawsuit by its committee of unsecured creditors stalled the electronics retailer's bid Wednesday for approval of its Chapter 11 plan."
http://www.law360.com/articles/703417/radioshack-ch-11-plan-stalled-over-lenders-fee-demands
The name "RadioShack" is disappearing from IHUB's system, replaced by "RS Legacy Corporation" or "RSHCQ" so it won't be mistaken for the operating company, General Wireless, that runs the RadioShack titled stores. General Wireless is privately held.
Today, If you search IHUB for "RadioShack" you get nothing.
I find that Yahoo still uses the name RadioShack for RSHCQ. I suspect that will change very soon.
LOL there was this one other stock that went up because the CEO got shot dead. So I guess its all market perception.
I take this as a positive. RSHCQ going up as a result.p
RSHCQ: effective September 23,2015 RadioShack Corp. will change to RS Legacy Corp. ** Ticker remains RSHCQ.
http://otce.finra.org/DLSymbolNameChanges
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IBOX below line maintained by Mod Bar1080 who may not undertake to update iBOX info. Do your own research |
On February 5, 2015, RadioShack Corporation and 17 affiliated debtors (collectively, the "Debtors") each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The Debtors' cases are pending before the Honorable Brendan L. Shannon and are jointly administered under Case No. 15-10197. Name was changed to RS Legacy Corporation on June 22, 2015.
https://cases.primeclerk.com/radioshack/
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