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When will this start to try again?> Hopefully by the end of month.
Its just delisted. But it will come back as it has before.. Stay tune..
The judge rubber stamped the POR and they pulled the plug, right in the middle of the trading day.
gee....where did the price quote go !!
Nice and rare thing about RSH's BK was the simplicity despite RSH's 4000+ stores... one class of stock, one class of very simple debt, no preferred stock, no patents, no real estate. Securing the mailing list and the gift card debate were minor diversions and delays, but common these days.
Heck if RSH had been a penny we'd have five classes of common stock. Plus litigants from 6 different Caribbean Islands.
Got to get off to work now. This has been fun and educational.
I'll continued to post about the bonds.
I know over at Blockbuster the 2014's are getting about 40% recovery (Carl Ichan took a bath, hehe) and the 2012's, which are junior to the 2014's, 0% recovery. The 2012's were still quoted at a dime, last I heard. But that's just a pure waste of money. Maybe you can get a cert and hang it on your wall.
Note the advantage of bonds vs stock: Common shares off 100%. Bonds off 99.7%. LOLOL!
Junk is Junk!
Defaulted RadioShack bonds still trade despite yesterday's BK court cancellation of common shares. Bonds quoted now at $0.13 down from $0.25. That's per $100 of face value.
I think I'm reading this correctly. But I know bond trading is incredibly quirky. I'm going by Morningstar's site which may have a lag on very thinly traded bonds.
I realize I'm posting this mostly for my own information since NO IHUBer has ever bought a bond, even a profoundly troubled one. (I own quite a few munis and some corporates).
In the same way that young writers can benefit by studying dreadful composition, new investors should study the worst investments. Fortunately such cases are rare if you mostly stick, as I do, to the NYSE.
Focus on avoiding disasters such as Enron which is so rich in lessons about greed and the limitations of even blue chip CPA firms, Arthur Andersen in that case.
Or Bre-X, an early-1990s Canadian mining stock which briefly peaked at $200 a share and fooled some of the savviest American funds. Bre-X was a gold miner, with mines other side of the world, that had no gold!
Average investors can do QUITE nicely just by avoiding the worst garbage, eschewing hot fads and ignoring short term zigs and zags. In other words, be a Buffett.
RSHCQ bonds are now quoted at 0.13 down from 0.25 yesterday.
EGFEY - yes. But can equity survive there. 23 Billion shares out? The thing thats driving NBG is the potential sale of Turkish Finansbank for about $3.5 billion. They hold either 73% or 99% stake, I don't know which number is right.
Ouzo powered markets could be interesting. I see NBG is taking a little rest after some good gains over the last week. No shorting of bank stocks in Athens until end of Oct I believe. But just like BK stocks, DD and keeping up with the story is highly recommended.
Wilbur Ross sunk 1.4B into Eurobank.
I have a large bottle and jar of ouzo and olives as well.
BTW you have 4 or 5 Greek banks that you can trade here in the U.S. 1 on the NYSE and the others on the pinks (pink market shadows the foreign market). I can research the tickers if you want them. I will probably stick with NBG.
A true lotto ticket. Why not. In Blockbuster they had a 2009 Liquidation Trust that they raved about on the Y! board for years. A little while ago we found out there was nothing in it. Sometimes I waste too much mental energy following rotting corpses with maggots like this one. May be the same situation with the Greek banks - but at least they have Ouzo and olives on a string over there ;)
Some assets were put in a trust for those classes to bicker over. Maybe they'll throw a bone down to the note holders. So I guess that aspect may drag on for a time. Maybe I'll buy one $1,000 note for $25 to get a ringside seat.
Sounds like the only recovery would be through a lawsuit. Then you would likely have had to held as of a certain date. There are other fish to fry - I have been pretty steeped in NBG (National Bank of Greece). Ouzo and olives on a string. Especially if they sell their stake in Turkish Finansbank - $billions and billions - where's Carl Sagan when you finally need him
I see. With class 5 only 75% then any recovery below that is likely none.
Here's what the POR says about the bonds which are actually notes due in 2019. Class 5 claims will only get 75% payout. I doubt the notes (class 7) will get much if anything. The current bond quote of $0.25 on the $100 backs that up. It does appear the bonds will continue to trade after today.
Me neither. I am not gloating at all. Many of us tried to just call it like it is. It was a rather simple BK for the fate of the commons, especially when the company itself states they have no choice but to cancel them out.
And then people still get surprised when it happens. Amazing.
Right. And you know, I am not sitting here gloating about calling this one, but more disappointed really that so many just don't have a clue, even if they think so.
I guess a few got burnt at the last second and others escaped.
With the writing on the wall in a super sized sharpie, no one who held can blame anyone but themselves. Simple DD clearly showed the commons would be cancelled.
I don't have the POR in front of me, but what class are the bonds in? Do they expect to receive a distribution of any kind? Maybe talk to these guys. Not sure if you can buy bonds and crash the lawsuit party, though. Maybe you can.
http://bluelakefinancial.com/?q=content/radioshack-corp
My account shows a high of .14 today
What really happened
I know this is done.(right)
$64 question. RadioShack (now RSHCQ) stock is worthless and cancelled as of this afternoon. RS Legacy corp just said it will soon file a Form 15 to go dark.
But what about RadioShack's $300 million in outstanding bonds? Morningstar shows a feeble quote for them (about $0.25 on $100 face amount). Will the bonds still trade? They have been in default for the past year. I know that ancient and obscure bonds, such as Russian Czarist bond pre-1917 still trade a century after they were issued. A few were even paid off a few years ago.
So what's the story RadioShack on bonds. No I don't own any. Just wondering whether the stock cancellation by the court and the Form 15 affect the bonds.
What is sad is how many more 'tommers' are out there with the same delusional fantasies with real $ to back them up. Where did the $ go? To the person who sold to you.
I'll bet it was one of those bubblegum smacking interns over at FINRA that caught it was still trading and she pulled the plug.
looks like she slipped below the waves:(
Agree, but BKs are especially complex. One has to watch reams of court filings too. Best not to mess with them at all unless you're sitting in the courthouse. But common sense beads right off some addicted players.
Despite what some liars claim, virtually everyone loses with these deeply troubled stocks. I haven't seen one that's worked out really well in 2015, or for several years before.
No matter who you are, you still have to do at least minimal DD in these BK stocks, and have at least some 'tools' in your bag. Else you might as well go play a slot machine. At least you get free drinks.
This cancellation will catch plenty of "players" for several reasons: 1) there was zero last minute notice; 2) It happened in the middle of the day; 3) RSHCQ was still at 2 1/2 cents.
Many players think that a stock has to fall smoothly into the sub-pennies before cancellation. Actually they can vaporize at any point. EK was 4 cents on its final trades.
Like I've said for 18 months, pros dump when troubled firms drop below a buck, and certainly when they're booted from an exchange.
As for a dead cat bounce, that probably would be reversed if it had happened. These are sucker bets.
As mod, I posted that 8K warning on April 2. You can see it in large type in the IBOX above. It is interesting that it cancelled in the middle of the day.
just to catch a little dead cat bounce, hoped to sell for 20% profit tomorrow-ish
I took a screen capture of Radio Shack flatlining. see ya
Why did you buy it?
Effective 13:05 - pulled the plug right in the middle of the day. I would like to see the looks on some of those faces out there. Maybe not.
lol I bought @ 1:00, bye $1,100. They warned me in the 8K Tuesday so can't complain.
FINRA says RSHCQ cancelled.
http://otce.finra.org/DLSymbolNameChanges
party's over
where'd the bid go?
I first assumed that he came into his shares innocently because he bought them years ago or inherited them. Perhaps he's not in the US which might explain his ignorance of RSH's recent plight. In that case I'd offer sympathy.
Yes, more likely he bought them just days ago. And a pretty good amount of shares. He probably thought he was snagging a 1,000+ store chain with cleaned up financials. Maybe he "saw something" in a chart (LOL!) or "felt lucky" or "had a hunch."
What he clearly didn't do was homework.
How many "eyes" do you think remain on Shack shares? Thousands, including ex-employees and hundreds of savvy Wall Streeters, many with Ivy League brains, experience and bank accounts. We know some hedge funds are deeply involved. I'm sure he thought he was the "smartest one in the room" when he hit the buy button... a few days ago.
If he bought 300,000 at .08 and sold them at .03 thats a $15,000 loss. That is believable. But its more than just 'timing' - if he didn't realize like we did for months, that this stock was worth flat zero then he just threw away his money. And if he still thinks its just timing, he will keep throwing his money away until he 1) learns, or 2) quits, or 3) goes broke, or 4) depend on luck.
If your goal is to become fabulously wealthy over a lifetime then it's all about the QUALITY of the investments. Timing is a minor consideration. That's a key lesson from Warren Buffett, and that's the way I've always invested.
Besides, you'll never be good at timing. No one is.
Becoming wealthy over a lifetime concerns almost no one on these online flipper groups where trades are driven by the casino-like thrill of a quick payoff... to buy a nice boat perhaps or a bigger pickup truck. I don't see many investors here even thinking in terms of a more secure retirement, and most "players" won't have one.
Read some classic investment texts by Ben Graham, or anything by Buffett. One might argue that RadioShack was a Buffett-type stock 15 years ago. But not in recent years.
I gather that you bought your shares, a lot of them, very recently?
You can consider me a newbie, but I didn't get cleaned out. I learned...a lot. I do know the name of the game is timing. Nothing but timing.
Much worse by not being able to offload that stock at higher price than the next second when the value kept dropping and I had to sell each bulk of shares at a lower price than the ones before.
Much worse by not paying attention and missing the whole thing and not being able to sell it at anything higher than what it is now after falling as much as it could.
Take your pick.
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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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