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The 90M shares is the maximum number of common shares they can currently issue under their articles. This could be changed by the new shareholders and the might need to to take into account the three sets of warrants. Ignore the par value for determining what a share might actually be worth. If they stay at 90M shares, the break-out should be 58.5 new common issued to the OpCo Note Claims (65% diluted), 13.5M for A Warrants (HoldCo Note Claims) 15% diluted, 9M B Warrants (current shareholders - lower strike price) (10% diluted) and 9M C Warrants (current shareholders - higher strike price) (10% diluted) - adding the B and C gets 20% diluted. If that is the case, then you would get only about 1 B Warrant and 1 C Warrant for each 6.5 shares of stock (~15%). They probably would want to leave room for more shares, so there might be a greater concentration. However, they would need to increase the allowable common to about 600M shares so that there is enough for 1 B Warrant and 1 C Warrant for each current share of stock (the percentages would be the same (65% new common, 15% A, 10% B and 10% C) - again, probably higher if they want to leave room to issue more stock in the future.
I'm still confused as to if riding this out is a "good" thing or a "better than nothing" thing.
I meant 20% of 0.01 would be 0.0020?
We will receive warrants for our shares that will result in converting into 20% of 100 million shares. Our warrants are worth 20million shares. The party value is 1cent. We should see sseiq at the $1/share mark when the dust settles imo
I am not sure if I am understanding what I am reading below?
The Certificate of Incorporation provides that the Company is authorized to issue 100,000,000 shares of capital stock, divided into two classes consisting of (a) 90,000,000 shares of common stock, par value $0.01 per share and (b) 10,000,000 shares of preferred stock, par value $0.01 per share.
The Debtors plan to emerge from Chapter 11 on or about August 1, 2016 (the “Effective Date”), Upon the Effective Date, as previously disclosed, all of the Company’s existing common stock will be cancelled and the reorganized Company will issue to such stockholders two series of warrants exercisable for an aggregate of 20% of the new common stock at predetermined equity values.
CANT cant be hiding shares can they? SSEIQ emerging from Chapter 11 next week supposedly should run
Well another day of 77 hope the three or four shareholders here are well, have a great day!!!
We should be getting news next week about them emerging from bankruptcy!!$$$$$$
Quiet today maybe some super news will come out that all are unaware of , 77
I think share holders will be getting one warrant for one common share.
Yep unless those are broken orders for 8, 1, 7, 12 etc. by the MM's, who knows, wouldn't pay to spend more on commission than the shares you bought(for the most part). IMO of course we need more volume , and buying on the ask, yet peeps may be waiting until the final numbers that will be stated in the reorganization plan come out, I thought 77 would be at .20 by now and holding, still gotta try to figure out if possible what %age of shares one will have after the new shares are issued
People who are trying to buy at bid not getting their orders filled and when they do they get 86 shares or even less. It seems like someone is deliberately trying to keep the PPS low, who knows maybe it's the market makers?
GM, 77 it is Friday, time to break .20 and hold and yes is 2 million in volume too much to ask, GLTA and have a great day to all!!!
good the bulls are running again...
and its clear those saying the Company is done
are wrong about it as they were about UPLMQ
ACIIQ .. ZINCQ .. and SGY and so many others
We don't have a strike price yet beyond the equity values listed in the restructuring docs, as the final share count, which has not yet been approved, will determine this. We are hopeful all of that information will be available on August 1st.
-----Original Message
Ur welcome ??
Hey guys, I just emailed Bob Jarvis. Will post his reply as soon as I get it
I found this article useful because of some similarity between the C&J and seventy seven's restructuring terms. In my opinion seventy seven's 20% is much better compared to C&J's 6%. The article may answer some of your questions about how the process works.
How C&J Services' Restructuring Affects Shareholders $CJES
http://www.seekingalpha.com/article/3987782
I will send him an email right now hopefully he responds immediately
He won't reply to a cricket , Bob will reply to omri , I've sent two e-mails and no reply ever from Bob, I will call from now on, Friday seems like a good day to do this
Good idea, please contact Bob and find out what he thinks.
Agreed and forgot to add that the shares I received from AAL, were in five distributions, I'm fairly certain, maybe four its been a while, anyway, wonder if someone at 77 would be of any help like Bob Jarvis? I would really like to know the formula before Aug. 1
I think we need a professional opinion from someone with yahoo finance or seeking alpha to figure out the value of current shares. But one important aspect of this deal is that no insider sold any shares after 07/07. Also not to forget that 1.1B of debt is wiped out in favor of company.
There will be a formula for what you as a shareholder will end up with, once they extinguish all of the old shares, and I do stand to be corrected
IMO I went through the AAMRQ deal with shares and every Chapter 11 I'm sure is different, yet we need to find out what %age of the shares we now own will remain, I believe I received 74.1% of my AAMRQ shares at that time of merger when the ticker became AAL
I see..thx.. Do you know when we will get that new PPS? Is it when they come out of bankruptcy on in August? I have never been in a stock that has come out of bankruptcy so I'm new to all of this. Tia gltu ????
I was trying to find the value of current shares based on the information from the recently released 8k, but I don't know if this price will be realized by the stock holders. Or maybe people done their own DD and found a different value for their shares.
So when would we get that $1.60 a share? TIA
When's the big breakout coming? 77 must be under the radar right now
divide 524 million by the number of company's common shares it gives $8.88/share and 20% of that amount equals to over 1.60/share.
I hope so????gltu$$$$$
Looks like you'll get some cheapies o at this rate 77 !!!
I'm hoping it doesn't go up too much today.. I plan on buying more tomorrow..but this is great news!!! Glta $$$$$????
According to current report 8k that states:
As of June 30, 2016, the Company had 58,968,427 shares of common stock, and it goes on saying that:
The warrants that will be provided in exchange for the 2022 Notes and to the existing common stockholders will be exercisable at any time until their expiration date. The 2022 Warrants will be exercisable for a per share price based upon a total equity value of $524 million and will expire 5 years from the effective date of the reorganization, subject to the earlier expiration upon the occurrence of certain extraordinary events. The two series of warrants that may be provided to existing common stockholders will be exercisable at share prices based on total equity values of $1.788 billion and $2.5 billion and will expire 5 years and 7 years, respectively, from the effective date, subject to earlier expiration upon the occurrence of certain extraordinary events.
So when you divide 524 million by the number of company's common shares it gives $8.88/share and 20% of that amount equals to over 1.60/share.
Well that's sounds great M, wonder how the market will react today ? 77 let's see a dollar plus!!!
According to my own calculation, this deal puts the current value of common shares at over $1.60/share.
This news is beyond awesome:
The warrants that will be provided in exchange for the 2022 Notes and to the existing common stockholders will be exercisable at any time until their expiration date. The 2022 Warrants will be exercisable for a per share price based upon a total equity value of $524 million and will expire 5 years from the effective date of the reorganization, subject to the earlier expiration upon the occurrence of certain extraordinary events. The two series of warrants that may be provided to existing common stockholders will be exercisable at share prices based on total equity values of $1.788 billion and $2.5 billion and will expire 5 years and 7 years, respectively, from the effective date, subject to earlier expiration upon the occurrence of certain extraordinary events.
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