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I hope we get to hear her sing. Appears she is no where in sight yet.
not yet. will wait for the fat lady to sing most likely.
Have you unloaded your shares at such a depressed price.
I just had a word with the Savient Attorney, David Hurst over the phone and learned from him that tommorow (05/30/2014) SVNTQ shares are cancelled 100% sure.
Do not see any run so far, this is truly strange.
Interesting that there is hardly any selling 1 day before the grand finale. Either everyone has already given up on their money in this stock or everyone is holding tight for some expected big news. Most Q stocks i have played usually have a flurry of activity leading up to the final day, but this one zilch.
Wed, May 28, 2012 / Total Volume: 878.864 / % Short Vol: 0% http://www.mightymarkets.com/short-volume-lookup/
Tomorrows action will be telling. Hope we do get a last minute run from MMs. Another poster posted that the date of cancellation would be on 5/30/14. I will look into cancel date some more.
Anyone else want to chime in on this topic?
Thanks
Is it 100% sure that SVNTQ cancelled effective 05/30/2014 or cancellation was confirmed on 05/19/2014 but the effective date not yet announced. I am a little confused on this.
Moreover, do not see any big runs in case the cancellation is just round the corner...all that I see is the PPS is very very dissapointing and depressed and someone shed his ton of shares at such a depressed price.
Someone is loading up shares big time today.
D. Consequences of Non-Occurrence of Effective Date[color=red][/color]
If the Effective Date does not occur within ninety (90) days following the Confirmation Date, or by such later dates after notice and hearing, as is proposed by the Debtors, then upon motion by the Debtors and upon notice to such parties in interest as the Court may direct, (a) the Plan shall be null and void in all respects; (b) any settlement of claims shall be null and void without further order of the Court; and (c) the time within which the Debtors may assume and assign or reject all Executory Contracts shall be extended for a period of thirty (30) days after such motion is granted.
Bid went up to 0.0068, the evident ones shows 700K plus shares on the bid.
What are the bid amounts and the requested number of shares. I do not have access to this info on my trading account.
Is a RM possible even now...so late in the game almost on the verge of going kaput?
Best of luck to all longs next week.
Happy Memorial Day/Weekend.
Very encouraging words from you...Thanks
It ain't over till the fat lady sings. Anything can happen from now till then. Most people are lurking Bears and Bulls. I sense a run may hit at anytime.
So is it 100% official that SVNTQ curtains down on 05/30/2014.
Hardly 4 more days if that's the case.
Most likely the same that happens with all Q's, the end is quick and fast and if you don't have a sell order in then your stuck.
Sometimes there is a little bit of hype thinking it will survive to drive in more buyers and then it ends. Or at least that is how all of the ones i played in went.
I'm in with 700k shares, but was only buying to average down over the last couple of months.
So what turn of events you foresee in the case of SVNTQ before the sun sets on it.
Same codes went thru on two of the Q stocks i was in before they went kaput - Asytq and Spnsq. Asytq happened so fast i didnt even have time to put an order in and that stock sat dormant like this until the very end. Spnsq had a lot of nice runs and i made good money. The last day was very wild with huge dips and big rips, i bailed on that with my tail between my legs.
Interesting Codes...good that you have decoded them.
"MM Codes"
"
-100 I need shares.
-200 I need shares badly,but do not take the stock down.
-300 Take the price down so I can load shares
-400 Keep trading it sideways.
-500 Gap the stock. This gap can be either up or down, depending on the direction of the 500 signal.
"
Interesting how there is a 100 shares trade today. Is someone after your shares?
SVNTQ trading hasn't even begun today - more than one hour after the market began trading... No idea where we are headed. Nothing looks bright here.
Approx. $60.00 worth of panic selling so far today.
No selling, No buying. Waiting: What? I don't know.
Practically no interest in selling at these level?
Just a thought.
Dear Friend,
What do you mean by locking the shares, would you please explain I didn't get the gist of your statement.
Attention Shareholders:
I encourage you to lock all of your shares.
Thanks
Wed, May 21, 2014/ Total Volume: 130555 Short Volume: 20000
% Short Vol: 16%
http://www.mightymarkets.com/short-volume-lookup/
Does anyone know how many total SVNTQ shares are short?
Funny thing, I don't see a mass of shareholders fighting for the exit. Hanging in there myself.
Despite the impending cancellation of the common shares on 05/30/2014 or before...No BK Run...Only a few days left before the curtains are down for SVNTQ.
Impressive $66.00 sell off after 8-k filing.
http://www.law360.com/bankruptcy/articles/539187/bankrupt-savient-wins-approval-for-ch-11-planBankrupt
Savient Wins Approval For Ch. 11 Plan
By Jamie Santo
Law360, Wilmington (May 19, 2014, 7:45 PM ET) -- A Delaware bankruptcy judge on Monday blessed Savient Pharmaceuticals Inc.'s Chapter 11 liquidation plan, allowing the estate of the former drug developer to distribute $120 million in sale proceeds and other remaining assets among its creditors.
U.S. Bankruptcy Judge Mary F. Walrath, who in December approved the company's $120.4 million sale to Crealta Pharmaceuticals LLC, signed off on its Chapter 11 plan Monday after overruling outstanding objections from shareholders at a hearing in Wilmington.
“I will confirm this plan,” said Judge Walrath, who noted that it merited approval based on the record and the lack of other objections.
Concerns voiced by the Internal Revenue Service and U.S. Department of Health and Human Services were resolved prior to the hearing by the inclusion of additional language, Savient attorney David R. Hurst of Cole Schotz Meisel Forman & Leonard PA said, while shareholders' objections should be denied because there is no possible recovery for equity.
“The sale to Crealta was more successful than anyone anticipated,” Hurst told the court, “but there is still not enough value to flow down to shareholders.”
Savient's liquidation plan earned the resounding support of eligible creditors, Hurst said, as both solicited classes “voted overwhelmingly” to approve it.
Of the ballots received, every senior secured noteholder favored the plan, while 97.9 percent of general unsecured creditors voted for its acceptance, Hurst said.
With only minor alterations, the plan remains largely unchanged from that outlined in the disclosure statement approved by the court in March, Hurst said.
Administrative and tax claims will be paid in full, while senior secured noteholders with approved claims of about $147.5 million will recover approximately 87.7 percent, according to court documents.
A liquidating trust will be established for the benefit of general unsecured creditors to be funded with $2 million in cash and proceeds realized from avoidance actions and other litigation, according to court documents.
Unsecured creditors, a group that includes convertible noteholders with about $123.6 million in allowed claims, are expected to recover approximately 1.3 percent.
Savient entered court protection in October in the face of a severe cash crisis, having spent hundreds of millions of dollars on its would-be flagship — the gout-fighting drug Krystexxa — with limited results.
The Bridgewater, New Jersey-based company saw its cash reserves dwindle by nearly $115 million prior to its filing despite increased sales and a series of cost-saving efforts, according to court documents.
Savient's Section 363 auction in December lasted 21 rounds and more than doubled the $55 million price initially established by the debtor’s stalking horse bidder, a subsidiary of US WorldMeds LLC, according to court documents.
Winning bidder Crealta — a partnership between Chicago-based private equity firm GTCR and Ed Fiorentino, former CEO of Actient Pharmaceuticals — was formed in August with the goal of acquiring specialty pharmaceutical companies and products, according the company's website.
Judge Walrath approved the Crealta sale Dec. 13, and the deal closed Jan. 9, according to court documents.
In its initial filings, Savient listed roughly $73.8 million in assets against nearly $260.4 million in liabilities as of June 30. The debt consisted primarily of two series of bonds, senior secured notes with an outstanding principal of about $145.4 million, and unsecured convertible notes valued at about $122.4 million, according to court documents.
Krystexxa, designed to treat severe chronic gout that doesn't respond to conventional therapy, was approved by the U.S. Food and Drug Administration in September 2010. Since then, Savient had spent $73 million on research and development and $141.2 million on sales and marketing, according to court documents.
Savient is represented by Cole Schotz Meisel Forman & Leonard PA and Skadden Arps Slate Meagher & Flom LLP.
The case is In re: Savient Pharmaceuticals Inc. et al., case number 1:13-bk-12680, in the U.S. Bankruptcy Court for the District of Delaware.
--Additional reporting by Drew Singer and Chelsea Naso. Editing by Philip Shea.
Absolutely. Good luck to all in the coming days.
Hope it has a BK Run and a lot of us recover the money we have invested in the common shares of Savient Pharmaceuticals Inc.
Shareholders reaction to the recent 8-k that came out seem very telling.
Thanks
With the recent 22 Million shares on the bid (almost certain they are lurking) and this 8-K comes out without a mass exodus to follow, in my opinion this stock is about to have a BK run.
The two companies that Savient owned are as follows:
(i) Savient Pharmaceuticals Inc (Company - This ran into BK situation)
(ii) Savient Pharma Holdings Inc (This would be merged into the former and both of them dissolved for good.
This is what is meant by merger in the 8-K document.
Effective Dissolution Date: 05/30/2014
Common Shares would be cancelled and receive nothing in return.
Savient had two companies that went by that single name.
One of them ran into BK situation. Savient is no longer economically viable to run the other entity too so it is merging both the entities and dissolving them both for good.
What is meant by "Merger" in this statement?
"(c) Savient Pharma Holdings, Inc. shall be deemed merged with and into the Company; and (d) following such merger, the Company shall be deemed dissolved for all purposes."
Good luck longs
They are usually more specific with regards to shares being canceled. No dumping of shares makes me feel better about holding on to my shares.
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