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Hey sorry...
failry new to stock
does that mean the current stock I have now on SCHSQ
I will loose all my money on.
Existing common stock
Sorry in advance if someone has already posted this thread
but I was wondering what they meant by Exisitng common stock will be extinguish, and no distribution will be made to holders of the company's current equity. New common stock with voting rights will be issued to current noteholders and Ad Hoc DIP lenders.
Im farily new to stock, and I had purchased previously SCHSQ and still holding onto it...
does this mean that I will loose all my money on this stock
Thanks for any tips and advice
My poker face - I bought tons in the 3s to break even and so I lost 2k and that was some vacation money that I helped supply to someone but I did get to buy in the 3s and sell in the 6 to 8 cents range. Going forward, side change and will only buy unsecured bonds, if ever. Obscure equity with structured and understandable debt is what makes sense to buy as there will be no vultures around and only the people wishing to cash out to remodel their home or to pay debt or go to the vacation.
Thanks for making the motion before the court on behalf of us shareholders. Also appreciate the quick reply yesterday regarding the EC denial. It is what it is. If you can hit 1/10 of these BKs you can do well. I made a lot on General Growth and Metromedia, but of course have missed on ones like SCHSQ and JRC. It is what it is. Best of luck on future picks. Enjoy the holiday weekend.
Same here, I learned a lot on this one. Not too many know that I was the movant for the EC. Anyway, good luck on your ventures.
I let emotion get the best of me on that last bounce...my fault completely....I am not ashamed to say, I really thought based on the filings and the way the judge seemed somewhat leary of the company antics, that this one had a chance to really score...
really nice vacation score for me if it did.....but alas not to be....
as I said lesson learned....good luck friend, nice to talk with someone here who just shares info
gl to you
oh
i did well, actually got in a .035 and .04 and sold at .07 each time it bounced up....this time with the pending hearing and the fact that the filings gave this a shot...i took a chance at the the homerun...thanks for the interest in what I made...i think it would probably be better if you worried about what you made.
but that, as all else I post here, is just my opinion
Good luck to you
Like to see how you approach the next one after schsq as it had 2 chances to double in last couple trading days..
That is a good Q, I sold 100k wed @ .0899, it was a very lucky break for me and I usually don't get lucky. lol I still lost enough for an extremely nice vacation though. Very pricey tuition for a truly un-forgettable learning experience. I am now completely out of schs.
You are totally correct...but first they will skip away with everything that remains after the charade is over.....what a joke this was.....
saddest part is there are folks posting on here who think things "will turn around" with the current stock they own....they dont seem to realize the shares of SCHSQ are worthless...
I follow Q stocks and do ok with them....I truly thought that this was one of those long shots that was going to come in and pay handsomely....
the fact that this deal and this filing were allowed to be signed and completed really shocked me!!
The one thing that still confuses me is who bought all those shares on Wednesday to push the pps to .09 and more importantly what did they think that they knew????
(and why didnt I sell!! LOL)
Life is a series of lessons...this was a lesson for sure...just not quite sure yet what I learned.
GL to you and to all
on to the next
They will probably do a public stock offering after they polish this turd up a little and return to profitability in a couple of years and the dust will be settled from this. They will need Other Peoples money (stockholders) to make some acquisition that they will tout as the best thing since sliced bread. This is just a game to these people, and the law is on their side.....ever see a broke lawyer? jmo
The company will be a private entity, (clearly stated in POR)...we dont get to smell those roses....
It's over......
Under the Plan, School Specialty will reduce its total debt obligations by half and enable the Company to secure $320 million in new financing.
Existing common stock will be extinguished under the Plan, and no distributions will be made to holders of the Company's current equity.
New common stock with voting rights will be issued to the Company's current noteholders and Ad Hoc DIP lenders. School Specialty expects to continue to comply with public reporting requirements as designated by the U.S. Securities and Exchange Commission, although the new company does not expect initially to be listed on a stock exchange.
While the shareholders take one up the old "hey don't touch me there"
http://www.fuquay-varinaindependent.com/view/full_story/22670070/article-School-Specialty-honors-Tedder-Parker-as-Teacher-of-the-Year....................go schsq......please do not disapoint ....in my opinion will make it just fine.
This company will survive.....and come out after all smelling like a pink rose....in my opinion.
POR approved, hearing has been adjourned...the end
It is clearly written in the POR that the equity will receive nothing. This is now an argument about how they will divide up the pie...equity will get nothing regardless of the outcome of the hearings...once the EC motion was denied stockholders were toast... the equity has no voice, the agreement will not be changed to include a distribution for stockholders....dont be fooled....equity will be worthless the moment the agreement is signed.
Docket 1145 - "this matter will be going forward"
Looks unsettled. Am I missing something in these filings
OK. That is what I was wondering. Thanks for info!
LOL. Where in my post do I say I believe anything. Simply asking how you know as I don't see anything in docs. Can you explain how you know? Are you in court? Do you have a link for a court doc?
I was on court conference court call, EC is denied. sorry
Ok
believe what you wish....I am telling you the EC motion was denied....
I do not see anything in todays docs that reflect this. All I see regarding EC is in doc 1145 submitted today:
"Exhibits for the Equity Committee Hearing Scheduled May 20, 2013 Submitted in Support of the Appointment of an Equity Committee as Required in the Order Signed by Judge Carey May 1, 2013 [D.I. 1050; 5/15/13]"
WTH am I missing? Are you in the court room? TIA
Dont be fooled here even though battle rages on in court room over POR...equity receives zero when this is approved...that will not change...EC motion is denied...party is over
Its over folks EC motion denied..get out now
See docket 1147 -- looks like a pissed off shareholder is also chiming in.
Docket #1144 challenging valuation of emerging enterprise. Estimates are 90 mil apart.
Also new variance report - net cash flow just keep coming in over estimates month after month. Amazing SCHSQ.
The dog and pony show is being exposed for what it is and the anticipation of a possible EC is driving the pps.
If the EC is approved this price will be a distant memory!!
SP and volume up. Something up this afternoon?
I hope that whoever is arguing on behalf of equity does a darn good job of convincing the judge that this case has not been run in the best interest of the Estate. The fact that the DIP holders were initially going to be assigned 95% of equity in the reorganized company in satisfaction of their claim and is now accepting 65% in satisfaction of that same claim really does call into question the valuation of the debtors in the first place. Anyway we wait and see at this point.
I'm placing faith in Judge Carey...that, and the fact that we get to argue for an EC and then argue confirmation...
You're right about the whole case reeks. Noteholders recovery increased to 35% to keep them quiet. Time to request an examiner. This is fraud!
The whole case reeks, but I'm a bit cautious of throwing up the examiner mention if we can get an EC. So far, I think Judge Carey is going to be pissed at the Debtors antics, er, actions. Each questionable action gets the POR farther from confirmation, IMHO.
Ilene
Get in contact with the UST, and the Judge. Go for it.
With all of that stuff I'm reading in the note holders' objection, I think it's time someone requested the judge to appoint an examiner. The punch line of their supplementary objection was the mention that the reason class 7 accepted is because they're mainly composed of the DIP lenders who hopped on to the secured class when bayside's post petition loan got refinanced. They're requesting that the details of the votes be made available for inspection. The debtor had argued that since a lower class (class 7) accepted the deal, the rejection by class 5 should be over ruled. If it is indeed the case that the class 7 voters were mainly holders of the DIP loan, then this whole voting process was a sham.
We need an examiner at this point to put a stop to this nonsense.
these next couple of days (or weeks, if hearing is delayed) should be very interesting!!
Excellent!!
A few other subtle signs point to good things happening....someone (who may or may not know something, wink) keeps making purchases of shares...(above the ask) for decent amounts...most all sells have been small....and any time the pps drops to an uncomfortable level....bid support kicks in and stabilizes situation...
This IMHO is a very, very good sign....by all indications the mass sell off should have begun and it hasnt.....something very good is cooking here.....
I'm counting on that! After conferring with a number of people (large shareholders and attorneys), I think we'll have a winning argument for Judge Carey.
The fact that the entire body of the deal is being questioned by all parties...bodes very well for the equity......
If proof can be provided that the company attempted to pull a fast one...judge may feel that all parties, including equity deserve a voice in the formation of a new agreement...
Long shots come in everyday...this may be one of them!!
IMHO
stopping in to say hello :)
nice to see the company's feet being held to the fire here. hearing on the EC has been rescheduled to Wednesday, but another objection may delay that by as much as two weeks.
Ilene
Thanks. Finger crossed!!! I did not get a chance to read at the objection...I appreciate if you direct me to the link
That hearing has been reset for 5/23/13....but I wouldnt count on it that day either......so many objections....this deal is so one-sided....this could all fall apart.
and dont know if you read the objection by the attorneys for the Equity committee formation....the objection is very strong in favor of the formation of a committee..in my opinion....
good, good things to come here!!
What is the outcome of forming an Equity committee hearing ?
This makes me wonder who the Company's friends are. lol
Plenty of sleep depravation & heartburn @ SCHS HQ jmho.
And still more objections pouring in!! Debtholders tried to negotiate and company did not respond....oh the possibilities here are getting better and better....nice to have the US Trustee advocating "no deal" and basically saying...."Nope you cant take all the good parts and go private"
Nice hit well above the ask also....things are heating up in a big, big way here!!
IMHO
Ok SCHSQ up 40+% off low today put "stays" in memory bank for next Q play.
Going into a US court is very similar to going to a foreign country. If you don't speak the language, you will not be able to accomplish a thing. I went to a city council meeting in a small community a couple of years ago and was astonished at how "British" our system is, even at that level.
or to put it in non legal terms....
The US Trustee has stated "you cant screw up everything, keep all the money for you and your friends and walk away scot free!!"
Good for you US Trustee!!!
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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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