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Greed, love and happiness- hedge fund way..house prices in Connecticut going up. Judge, please let us "bullshit with you"!! US Trustee, shut up. Fuck those 99 per cent shareholders..Hedge fund style.
Consult an attorney.
The U.S. Trustee does not believe such an appointment is appropriate, but reserves the right to further respond to such requests if the requesting party or parties provide the basis for the appointment of such a committee under applicable law. If you send something make sure it is not JUNK. Consult your attorney.
Under this proposed plan, insiders go private after bankruptcy. Read the objections to the plan - they all say basically the same thing.
The U.S. Trustee represents everyone's interest. They are the "fairness" police. Their objection was basically "this plan isn't fair to anyone but the people who have already benefited".
The judge listens to the trustee. They are not adversaries here. They are the non-interested parties looking in.
That's my take.
And lets not forget, the "new" company...meaning the one that emerges from bancruptcy, will be a very, very strong, very profitable company....
Even a small percentage to the equity will equal a substantial amount
All in my humble opinion
Doesn't matter. The company is jamming this through with a garage sale valuation. Everyone else takes the downside, they benefit from any and all upside.
If it goes on too long, they will have a hard time justifying how they collected 95% of accounts receivables that they valued as 60% collectible to the court. Or how that written down inventory was sold near cost. They wrote off approx. one-half of ALL fixed assets and 90% the value of book rights, copyrights, and trademarks purchased and developed over the years.
The big dogs in this fight are just starting to howl.
The U.S. Trustee is none too happy either. Reading between the lines: insiders grabbing all the goodies, releasing themselves and their cohorts from any obligations, yet offering nothing in return.
From the filing:
In fact, at the hearing
on the Disclosure Statement on April 22, 2013, the Court adjourned the confirmation hearing
to a date beyond the milestone date for plan confirmation, indicating that such milestones were
being used to “bully” not only certain parties in interest, but also the Court. Thus, not only
have the Bayside DIP Lenders and the ABL DIP Lenders not made substantial contributions to
the Plan, they have taken positions that have actually hindered the plan process.
Sorry, i cant even venture a guess
significantly higher than it is today, but i cant give an exact number
Let us say shareholders got representation and be successful to get some interest in the new company after reorganization. How much do you think say 10,000 shares before bankruptcy worth's after reorganization? High and low estimate
Any 11th hour appeal is a long shot..but....the nature of this case begs for 11th hour appeals.....this is a blatant case of shoddy management, questionable accounting...bad decisions and sometimes blatant misrepresentation....(check the IRS objection)
These people made a complete mess of this company and are now trying to get a "do over"...problem is, they are trying to start over with everyone elses money..and they dont want to share any!!!..
Long shot yes...but there is definitely a shot!
This of course is all IMHO
sounds like a long shot, but people were still betting on that long shot today!
Alright people, read the note holders' objection to POR confirmation filed today (docket 1072). No way this POR gets approved on Monday. Even US Trustee is objecting.
Here is what is up....objections to the POR are coming in including objection by the IRS....hopefully the judge will see through all tom foolery and grant an Equity committee and allow for equal distribution of this once excellent company.....should not be allowed to run divisions of your company into the ground...declare bankruptcy...and run away with all the profitable parts.....!!
Time for some honest dealings in this sham......
Lets hope!
Anyone like to get me up to speed on the DD, pretty pretty please? Would like to buy in tomorrow.
It's the trustee. Read docket #1031. Not worried about the debtors.
It is not the trustee, it is the debtors.
why haven't shareholders don't enuff= https://www.facebook.com/DelawareShareholderServices
Any other pre petition holders interested in putting something together to make the case for the equity committee? I see the US Trustee is asking the court to deny the motion for appointment of an equity committee based on not having received adequate responses from shareholders stating valid reasons for the formation of an equity committee.
1.5M bid @ .04 SCHSQ
2013/04/12 0.12 0.20 0.10 0.18 4,765,303 0.18
2013/04/11 0.080 0.13 0.080 0.12 2,197,732 0.12
luv yur profile pic!
May 09, 2013 Current Report Filing (8-k)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
http://ih.advfn.com/p.php?pid=nmona&article=57502561
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): May 3, 2013
SCHOOL SPECIALTY, INC.
(Exact name of registrant as specified in its charter)
Wisconsin
000-24385
39-0971239
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
W6316 Design Drive
Greenville, Wisconsin 54942
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (920) 734-5712
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01.
Entry into a Material Definitive Agreement.
School Specialty, Inc. (the “Company”) and certain of its wholly-owned subsidiaries (collectively with the Company, the “Debtors”) executed amendments to the following agreements:
(A)
the Senior Secured Super Priority Debtor-in-Possession Credit Agreement (the “Ad Hoc DIP Agreement”) by and among the Company, certain of its subsidiaries, U.S. Bank National Association, as Administrative Agent and Collateral Agent and the lenders party to the Ad Hoc Amendment (the “Ad Hoc Amendment”); and
(B)
the Debtor-in-Possession Credit Agreement by and among Wells Fargo Capital Finance, LLC (as Administrative Agent, Co-Collateral Agent, Co-Lead Arranger and Joint Book Runner) and GE Capital Markets, Inc. (as Co-Collateral Agent, Co-Lead Arranger and Joint Book Runner and Syndication Agent), General Electric Capital Corporation (as Syndication Agent), and the lenders that are party to the Asset-Based Credit Agreement and the Company and certain of its subsidiaries (the “ABL Amendment”).
The Ad Hoc Amendment, executed on May 3, 2013, among other things, (1) sets a new schedule of milestones; (2) modifies the deadline for a Ad Hoc DIP Agreement covenant related to certain third party agreements to no later than May 31, 2013, and (3) allows the lenders under the Ad Hoc DIP Agreement to accept repayment consideration in the form of capital stock of the reorganized Company in addition to cash.
The ABL Amendment, executed on May 6, 2013, among other things, (1) sets a new schedule of milestones, and (2) limits the revolving loan amounts to $55,000,000 until the Administrative Agent has received exit financing commitment letters.
The foregoing descriptions of the Ad Hoc Amendment, the ABL Amendment and the other agreements described herein do not purport to be complete and are qualified in their entirety by the full text of such agreements.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SCHOOL SPECIALTY, INC.
Dated: May 9, 2013
By: /s/ David Vander Ploeg
David Vander Ploeg
Chief Financial Officer
April 18,2013 Current Report Filing (8-k)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): April 12, 2013
SCHOOL SPECIALTY, INC.
(Exact name of registrant as specified in its charter)
Wisconsin
000-24385
39-0971239
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
W6316 Design Drive
Greenville, Wisconsin 54942
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (920) 734-5712
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01.
Entry into a Material Definitive Agreement.
On April 12, 2013, School Specialty, Inc. (the “Company”) and certain of its wholly-owned subsidiaries (collectively with the Company, the “Debtors”) executed amendments to the following agreements:
(A)
the Senior Secured Super Priority Debtor-in-Possession Credit Agreement by and among the Company, certain of its subsidiaries, U.S. Bank National Association, as Administrative Agent and Collateral Agent and the lenders party to the Ad Hoc Amendment (the “Ad Hoc Amendment”); and
(B)
the Debtor-in-Possession Credit Agreement by and among Wells Fargo Capital Finance, LLC (as Administrative Agent, Co-Collateral Agent, Co-Lead Arranger and Joint Book Runner) and GE Capital Markets, Inc. (as Co-Collateral Agent, Co-Lead Arranger and Joint Book Runner and Syndication Agent), General Electric Capital Corporation (as Syndication Agent), and the lenders that are party to the Asset-Based Credit Agreement and the Company and certain of its subsidiaries (the “ABL Amendment”).
The Ad Hoc Amendment, among other things, (1) sets a new schedule of milestones, based on certain revisions to the schedule of hearings related to the Debtors’ previously filed voluntary petitions (the “Chapter 11 Cases”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) seeking relief under the provisions of Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”); (2) authorizes additional borrowing in an aggregate principal amount of $10,000,000 as early as April 25, 2013 (earlier than the May 2013 dates specified in the original agreement).
The ABL Amendment, among other things, (1) sets a new schedule of milestones, based on certain revisions to the schedule of hearings related to the Debtors’ Chapter 11 Cases, which corresponds to the milestones set in the Ad Hoc Amendment, and (2) attaches a revised budget to the agreement, as prepared by the Company.
The foregoing descriptions of the Ad Hoc Amendment, the ABL Amendment and the other agreements described herein do not purport to be complete and are qualified in their entirety by the full text of such agreements.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SCHOOL SPECIALTY, INC.
Dated: April 17, 2013
By: /s/ David Vander Ploeg
David Vander Ploeg
Chief Financial Officer
Good to see folks posting again, heck I thought everyone disappeared. Now we need some skill and some luck. Why is the Canadian part of this company not in the ch 11? Is it making too much money? There is an article from Funding Universe about School Specialty, Inc. History, interesting read. Just type history of school specialty in your search. Happy Wednesday
It is on the radar!
Ilene
still exited to see if the equity lawyers are gonna talk about those mega trades on April 11th April 12th. Was it insider trading or the pumpers of ihub? Hard to tell. Some of the pumpers are quiet here.
shit happens to shitty people. write letter to the judge and help the equity lawyers if you think you find something credible, once equity team is formed. that's what you can do right now instead of hoping and praying.
I love this...you can just tell everyone is holding their breath waiting, hoping. We all know that there is so little we can do but selling isn't an option, buying seems like an absurdity, and all of us who are in have no choice but to remain locked and loaded and await the date. I absolutely love it. This is when playing the "Qs" gets REALLY GOOD. It's like the NBA Playoffs - WIN OR GO HOME!!!!!!!!!!!!!!!!!!!!!!
V. Conclusion
The decision in School Specialty provides further comfort to creditors that bankruptcy courts will enforce properly drafted make-whole premiums. However, creditors must be vigilant to make sure that a make-whole premium is, in fact, triggered by acceleration (including upon a bankruptcy filing) and that the make-whole formula seeks to approximate the lost yield from the time of prepayment or acceleration through maturity, discounted by an appropriate discount rate, which may include the Treasury rate.
Roadmap to cheating for upcoming make-whole agreements. It's like- do it certain way and they won't know your original intention.
http://www.lexology.com/library/detail.aspx?g=427ffa19-1de6-4292-befc-75294c821915
Appeal filed today by Unsecured Creditors regarding the court's approval of the make whole payment to Bayside.
docket #0982
http://www.kccllc.net/schoolspecialty
when the going gets tough, tough gets going!
http://en.wikipedia.org/wiki/When_the_Going_Gets_Tough,_the_Tough_Get_Going
I was in 'happy hour' mode, my bad. But I am one polite SOB! :)
quit calling me ma'am LOL
This is a loaded question, so I'll try to give an answer that is equally loaded...yes. I think Judge Carey is aware of the raping and pillaging that is happening here at the hands of the creditors. Having said that, he will not lay down and rollover. This Judge has been absolutely 100% clear in past cases that he can only rule on that which is brought before him. So, it is now incumbent on a hired gun, or a pro se shareholder, to effectively lay out cogent arguments as to why an Equity Committee should be appointed. On that, he will rule. On emotion or "should haves" he will dismiss...
Ilene
Ilene, based on your assessment of last week's hearings, does it seem likely that the judge would be favorably disposed towards directing the appointment of an equity committee? I understand this question is potentially loaded, and I'll regard any answers you provide as purely your opinion. Thanks in advance.
found it! hope your realize you sent me a pm after hours and this is a pinksheet stock, so no trading after hours= hehe
yes Ma'am, he does...lol
WOW!! Dwight, you're the man. A hearing is the first start, and my belief is that many parties here understand exactly how this is being rammed through. Lots of work to do, but a great first step!
Ilene
That is to be expected, when you think you are going to walk away with the pie, and somebody steps in and says that some of it is theirs. I am sure it will be interesting.
Yes, I wouldn't be surprised to see many objections in the days to come.
No PR's on rulings, so no one sees it.
Have to just watch and see. Bid has been bumping all day.
Hearing will be same day as the POR confirmation hearing. I hope we have good lawyers to argue the case for the formation of an equity committee. Objections to POR confirmation continue to pour in, this should work in our favor eventually.
Do we have a sliver of life back again? Thank you Dwight indeed.
Surprised we haven't seen any speculative buys from this.
Judge to hear motion for Equity Committee for SCHSQ - docket #978.
http://www.kccllc.net/schoolspecialty
...and thank you, Dwight!
MM pulling your leg. entire O/S only 19.4 mil.
Anyone else notice that the volume on the bid/ask has increased dramatically? 5 million shares on the ask at one point yesterday
Black swan
Shareholder advocacy was a critical feature in
the seven 100 cent+ cases we studied. In four
of them, an Official Committee of Equity
Holders was appointed. In the other three
cases, equity holders remained in control and
assisted with the restructuring. With or even
without an Official Committee of Equity
Holders, key shareholder advocates participated
actively and vigorously in all cases to maintain
ownership and control of the entity upon its
emergence. Pershing Square Capital
Management was not only an ardent
shareholder advocate, but also a major equity
contributor to the reorganized GGP.
ASARCO’s parent, Grupo Mexico, displayed
the same level of fervor, putting forth a
competing plan of reorganization that was
ultimately approved by the court. In the Flying
J case, the equity owners worked tirelessly to
http://www.grantthornton.com/staticfiles/GTCom/Advisory/Restructuring%20and%20turnaround/Case%20studies/Case_Study-100_cent_%20cases-FINAL_%2001252012.pdf
Liam, it may be that you kicked up some interest!! Please feel free to write anyone with my email and have them contact me. I am making contact with the large shareholder, also someone I know from a previous case...
Ilene
Thanks Ilene, that's good to hear. I sent emails over the weekend to some large shareholders and also included the response I had received from the US Trustee. Perhaps one of them decided to take me seriously? Hoping this moves forward pretty quickly. From filing today on KCC, it seems some "disenfranchised" note holders are also retaining counsel.
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SCHS News: School Specialty Receives Nasdaq Stock Market Delisting Notification | 01/30/2013 04:09:27 PM |
SCHS News: School Specialty Initiates Financial Restructuring and Enters Into Agreement With Private Investment Firm | 01/28/2013 07:47:02 AM |
SCHS News: Free Research Reports on DSW, DY, PGNX and SCHS Issued by the Bedford Report | 11/21/2012 08:45:00 AM |
SCHS News: School Specialty Announces Fiscal 2013 Second Quarter Results | 11/20/2012 08:30:00 AM |
SCHS News: School Specialty to Hold Fiscal 2013 Second Quarter Conference Call | 10/30/2012 06:00:00 PM |
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