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The bankruptcy filing was on Sunday and it was filed with the SEC on Monday www.sec.gov/Archives/edgar/data/1300744/000114420409043919/v158101_8k.htm
The discussion about it here since then hasn't be theoretical, it was based on the actual filing. It's officially dead.
Chapter 7 must first be approved by a fed judge, then filed with SEC. It should show up anytime, If they have the money to pay someone to write it. lol
Well... there ya go. I guess it's now official, upgraded from higly probable.
I haven't checked sec.gov, but aren't they supposed to file it there too?
Nope, no facts that I know of. Just high probabilities. I don't know of any official chapter 7. In fact we don't know anything official since June or so.
Granted, I wouldn't be surprised at all if they are filing, but has there been an official PR or something filed? It most certainly looks like they have, or are planning to, and it is probably not far from the truth to speculate the filing, but it's still speculation. For now at least.
SKNN Files Chapter 7
http://www.reuters.com/article/bankruptcyNews/idUSN1634971520090816
No. What i'm suggesting is; In reading these post, I would be led to believe SKNN is in chapter 7.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=40564960
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=40568797
If you type SKNN into a brokers platform you get a big "O"
If you figure out it's now SKNNE, then you get "restricted"
Are there any FACTS on this board to tell a reader what has happened ?
Looks like trading has been halted now.
The company's bankruptcy filing (chapter 7). I believe he's suggesting that putting up a sticky note that the company is essentially out of business would keep anyone from having to read through lots of posts which are now meaningless.
JB... what are you doing here? What chapter 7? I haven't been following since last week. Is is filed with the SEC or something?
I'm sure everyone will be very surprised to find out after 3 1/2 trading days, I have recieved no reply from the PR/x-PR guy.
A sticky note regarding the chapter 7 would save some people some reading.
Agree with you, but I would hope that if enough shareholders file SEC complaints they at least look at what went on. Don't expect any immediate results or response as everything the SEC does is in secret until there is a public announcement years later.
I would encourage everyone who lost money by being misled to help debunk that sort of behavior not just on MK's future ventures, but anywhere you see it on the Internet. Skins is far from the only such situation, nor is it even near the worst.
If you're already here or on Yahoo, pick a board or two where you see little or no dissent to a pump and become the board realist. It's a VERY good feeling to know that you behaved ethically and helped others make better investment decisions.
All of what you said is exactly true in this situation, but I'd like to emphasize the importance of one thing. Shareholders should file complaints with the SEC, and warn shareholders at Klein's latest venture as to his track record. People need to stop letting these so called CEOs get away with this sort of behavior.
Although there is next to no chance of recovering any money here, it looks like there might be enough evidence to make an example of Klein should anyone have the time and resources.
At least now you can take the loss on your taxes. That's the only reason I can see to sell at this price unless you have millions of shares.
As for a shareholder suit, selling doesn't remove you from being defrauded and compensated, but I would be stunned and amazed if there even was a lawsuit for several reasons:
a) the odds of winning are very small. Unless you can prove outright lies, "being wildly optimistic" isn't going to cut it.
b) creditors would have a much stronger "fraud" claim and are owed a ton of money
c) Where's any payment going to come from? The company has nothing, and the management likely not much more.
I think your best recovery will be from the IRS. Hopefully you have some gains to offset.
If you feel you were misled into buying shares by the company or anyone else, your best recourse is to contact the SEC and file a complaint. It won't get you your money back, but it will send a message that this behavior is not OK and perhaps result in those who did perpetrate any fraud being barred from doing it again.
I actually managed to sell my shares... to get a nice pittance back.
Will I still have claim to whatever results a lawsuit brings about, if there is one?
Unfortunately, it seems you guys are probably right. I really don't expect to hear from the PR/x-PR guy. But, I'll keep checking just in case.
I doubt anyone will be hearing anything from Skins now except for in bankruptcy court.
Amazing action pre-market considering the stock is worthless IMHO.
I can only think short covering or trying to reduce the number of investors.
I don't even understand selling at 1/2 cent unless you're an insider with millions of shares.
SKNN .0055 X .006
Since he's likely one of the creditors owed between $10 and $50 million against their (maybe) $50k in assets, my guess is you won't be hearing from him.
I would also bet he's worried about being attached to any claims trying to get money for creditors or investors.
No reply so far in pre-market. I'll keep checking throught the day.
Prayer?
A chapter 7 filing is liquidation, meaning they sell everything left and pay creditors (not stockholders) whatever cents on the dollar they collect.
With Skins listing $10-50 million in debts (which I don't understand since their last filing shows $3 million in debt) and assets of $50k, it won't be much of a recovery for those to whom they owe money.
Certainly looks like the end of the line to me and I think answers the credibility question of the Google finance post.
What is the best way to approach tomorrow as far as trading goes?
chapter 7... the last chapter of skins footwear
good luck to everyone on your other ventures
If you don't hear anything on Monday, I'll give him a call on Tuesday.
I just sent an email about 20 min. ago. I wouldn't expect to hear anything until Monday. I will let you guys know what happens.
Yes, that is what I am saying. But, like you said, I don't "know" if it is true; I'm only hoping it's true. Maybe itlogic will give us something tangible.
I tried contacting Ota a while back. When he was first announced as the new PR guy, he returned my emails pretty quickly. Then after some time I emailed him and all I got was crickets and tumbleweed. Maybe I will try again and let you know.
Where would Skins have gotten any money? Or are you saying that if the website is up and there's a fall line it means they must have gotten some?
The fact that it was posted on a little read board and not by the person who regularly spoke with Ota makes me think it is not true.
I would be cautious as there are no doubt many people who would love to see the stock jump a bit so they could get out before any real news. I think your discovery of the new efforts by Skins' CEO and COB tells the real story.
If, and only if, it is true, then the registration withdrawals of those 40 million shares from Tangiers is good news--40 million less shares of dilution while Skins still has the money to carry out their business model. That would be brilliant, but we must find out if that post is veritable.
I am highly suspicious, but anyone who holds shares might want to call Mr. Ota themselves and check.
Though at this price, it might be more fun to "play blind" as the price can only fall by 1 more cent.
If you're thinking of buying more, I'd definitely recommend a phone call as everything verifiable, is IMHO, pretty bad.
Anyone who does call, please post the results of the call here.
TIA.
The Board..let's try on keep it On Topic please...
If anyone would like an asst job just PM me.
Itlogic-----The reason was..you have had more than 12 off topic removed post (by ADMIN) in the last week
Pulled from a Google Finance post on August 13th from a ggivens:
Spoke to Kevin Ota, 203-947-3693, public relations. The website is in construction, he also told me that the fall lineup products will be released soon.
Time was 10:40 AM EST Gary
And isn't THAT a breach?
And then again, maybe not. Craziness.
Looks like they just figured out what to do. Sell 100k shares.
I doubt there is any hidden good news in all of this. I'm assuming Klein canceled the registration statement to avoid class action lawsuits for a breach of fiduciary duty. After all, his interests are elsewhere now.
Everyone is confused as to what is going on. There hasn't been a single trade since the filing. This is crucial news and yet no one knows what to make of it.
LOL!!!!!
So all this time we thought they had two million from Tangiers when really they got nothing? No wonder nothing happened, and no wonder why we were so confused nothing happened.
Does this have anything to do with JED? Or some other form of financing? Or a buyout?
So they weren't able to raise any money...It looks like the final nails are going in the coffin.
This was filed today:
Request to Withdraw Registration Statement on Form S-1 (RW)
http://sec.gov/Archives/edgar/data/1300744/000114420409043299/v157940_rw.htm
That's exactly what it is IMO, a new job for both of them. If there was anything for them left to milk here, there would be no reason to leave.
It's not uncommon to see similar names shuffled around between companies in the OTC world. It's like a game of musical chairs for them, and almost always about the stock, and rarely about running companies.
Actually, I missed the fact that his partner in raising money for Organnc Alliance is the chairman of Skins. Wow!
Exactly. I'm not a lawyer, but I don't see how you can be the CEO of one company, let alone one in the position of Skins, and be working to raise money for another company.
It would be one thing if he had resigned from Skins I would think. I also find it odd that there was no 8K about this filed by Skins. It certainly seems to me to be "material" to this company as well as to the startup.
Yes, I see it.
You forgot about Raging Artists. They ran GetSkinnedAlive.com and got cut because the money wasn't there anymore.
The sad part is that the money was there, it just appears to have all been mis-used.
No kidding Kezzek! That whole thing sounds shady to me. I don't really like Rosenthal's bio either. So many ties to investment banks and merger and acquisitions. I was under the impression this had something to do with shoes and apparel, not investment banking. Maybe I'm just getting cynical now. Maybe Mark and Rosenthal are looking for a new job because they have some big debts to pay now.
Thanks faith. What does this meas exactly:
Mark Klein, age 35, began working on the business concept behind the predecessor of Skins Footwear Inc.
The predecessor?
Yes, very odd, and yet the statement declares that MK still "is" the CEO of Skins.
I'm confused by the whole ordeal, to say the least.
There are still so many missing pieces in this picture for anyone to know what is going on, or why it is going on.
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